Alice Queen finds high-grade gold beyond Horn Island resource

68g/t interval leads Horn Island results

Alice Queen Limited (ASX:AQX) has struck a headline 68.0g/t gold interval at its Horn Island project in Queensland, with the result forming part of a wider set of high-grade intersections from the first 11 holes of its Stage 1 reverse circulation programme.

“Pan concentrate sample (39-40m depth from drill hole 26NGRC004) reveals multiple visible gold grains up to ~0.5mm.”

“Photo of 26NGRC005 Chip tray with gold assay grades from 28m to 40m (within existing MRE).”

Caption and image © Alice Queen Limited. From “Bonanza Gold Grades Returned at Horn Island Gold Project”, 28 Oct 2026.

The strongest interval was 15m at 10.3g/t gold from 30m in hole 26NGRC005, including 3m at 36.7g/t and 1m at 68.0g/t. Other results inside the existing Mineral Resource area included 14m at 5.9g/t from 32m in 26NGRC004, 13m at 3.5g/t from 32m in 26NGRC006 and 83m at 1.2g/t from 73m in 26NGRC001.

“Cross-section showing interpreted mineralised zones for drillholes 26NGRC001 (within resource area) &, 26NGRC007 (south and outside the resource area) with gold assay intercept…”

The drilling is testing a project whose current resource stands at 21.1 million tonnes at 0.84g/t gold for 569,000 ounces. Alice Queen’s recently reported Horn Island resource study outlined a conceptual development case based on that resource, while this programme is aimed at testing grade continuity and the larger Exploration Target around it.

Step-out holes find gold outside resource boundary

The more consequential geological question is whether the mineralised system continues beyond the defined resource. Initial step-out drilling to the south and northwest intersected gold over an approximate 50m to 550m strike extent, with the northwest mineralisation remaining open.

“Cross-section showing interpreted mineralised zones for drillhole 26NGRC008, south of the resource (MRE) boundary with gold assay intercept results.”

“Cross-section showing interpreted mineralised zones for drillhole 26NGRC010 (northwest ET and outside the existing resource area), with gold assay intercept results.”

Caption and image © Alice Queen Limited. From “Bonanza Gold Grades Returned at Horn Island Gold Project”, 28 Oct 2026.

Results outside the resource included 3m at 2.7g/t from 48m in 26NGRC011 and 4m at 1.4g/t from 54m in 26NGRC010. The company said gold was intersected in all northwest drill holes reported to date, with multiple zones identified from near surface to depth. Those findings follow the start of the 5,000-metre drilling campaign, which was designed to test resource extensions and the broader Exploration Target.

Pending assays and sampling caveats

Alice Queen has results from 11 of the 20 holes completed in the programme. Assays for the remaining nine holes, which provide further northwest step-out coverage, are expected in four to six weeks, subject to quality-control procedures. The company plans to incorporate the validated dataset into a geological model before assessing its effect on the Exploration Target and any future resource work.

“Stage 1 drill holes completed across the Horn Island Project.”

“Pan concentrate sample (39-40m depth from drill hole 26NGRC004) reveals multiple visible gold grains up to ~0.5mm.”

Caption and image © Alice Queen Limited. From “Bonanza Gold Grades Returned at Horn Island Gold Project”, 28 Oct 2026.

The results remain exploration data rather than a revised resource. True widths have not yet been established, and the programme’s average sample recovery was approximately 71%, with recovery ranging from 56.5% to 81.6% by hole. The company also reported a 63.9% coefficient of variation and a 26.3% negative bias for 92 field duplicate pairs. Screen fire assay results for samples above 5g/t gold and some laboratory sizing checks were still pending, while visible gold observed in pan concentrates was qualitative only.

West Pit and Pioneer Lode emerge as follow-up targets

Within the resource area, Alice Queen identified shallow high-grade mineralisation at West Pit, immediately beneath and adjacent to historic open-pit workings, as well as indications of a deeper higher-grade zone around the historic Pioneer Lode. Further drilling and modelling will be needed to determine whether these zones have enough continuity to influence a future Mineral Resource Estimate.

“Longitudinal section (West Pit Area) showing interpreted mineralised zones for drillhole 26NGRC003, 26NGRC004, 26NGRC005 & 26NGRC006 (within resource area) with gold assay…”

“Cross-section showing interpreted mineralised zones for drillholes 26NGRC009, 26NGRC011, 26NGRC012 and 26NGRC013 (northwest ET and outside the existing resource area), with…”

Caption and image © Alice Queen Limited. From “Bonanza Gold Grades Returned at Horn Island Gold Project”, 28 Oct 2026.

The next test is therefore less about the existence of isolated spectacular assays than their geometry, repeatability and relationship to the broader mineralised corridor. The outstanding northwest holes, followed by the completed geological model, should provide the first meaningful indication of whether Horn Island’s Exploration Target can move closer to something resource-grade and mine-plannable.