Advanced gold and copper explorer, Alice Queen Limited (ASX: AQX) (Alice Queen or the Company), is pleased to advise that drilling has recommenced at its Yarindury Project (EL8646) in New South Wales.

HIGHLIGHTS

Three targets have been tested and drilling has recommenced; Cover thickness is approximately 60m, substantially less than previously predicted (200m); Molong Belt basement rocks have been intersected in all three holes; Petrological and Litho-geochemical studies from the first three holes indicate that the Molong Belt basement rocks intersected are most probably: Late Ordovician in age, which is the specific age of the major porphyry deposits in NSW; The rocks are also of shoshonitic affinity, which is another favorable indicator; Five additional targets have been generated and added to the current program for a total of 11 targets (3x drilled, 3x outstanding and 5x additional targets) and Target generation work is ongoing and access arrangements continue across all Northern Molong Belt Projects.

YARINDURY

The current program has been increased from three holes to at least eight holes with eleven targets in total, to test a wide range of basement magnetic features under younger cover in EL8646 (Yarindury). These magnetic features are variously comparable to the magnetic signatures of major porphyry mineralisation at Cadia and North Parkes and to the magnetic character of Alkane's Boda discovery in the adjacent exploration licence to the south.

Alice Queen previously drilled three holes in Yarindury in October this year and is encouraged by the results, which have shown that the cover thickness of around 60m in the area drilled was substantially thinner than anticipated. Whilst no significant mineralisation or porphyry-indicative alteration was intersected in the three holes, it is significant that petrological and litho-geochemical work indicates that the Molong Belt basement rocks intersected are most probably Late Ordovician in age, which is the specific age of the major porphyry deposits in NSW. The rocks are also of shoshonitic affinity, which is another favourable indicator.

NORTHERN MOLONG BELT PORPHYRY PROJECTS

The Northern Molong Belt porphyry projects (Yarindury EL8646, Mendooran EL's 8565, 8469 and 8563), represent approximately 700km2 of highly prospective ground of the Molong Belt, north along strike from Cadia and adjacent to the recent Boda discovery by Alkane Resources Limited.

Alice Queen's Managing Director, Andrew Buxton, commented, 'We are very excited by the unexpectedly shallow cover and the petrological and litho-geochemical results achieved in the first few holes of this program.'

'We are now working towards increasing our target inventory across our Northern Molong Belt Projects.'

Contact:

Andrew Buxton

Tel: +61 403 461 247

Email: andrew.buxton@alicequeen.com.au

(C) 2019 Electronic News Publishing, source ENP Newswire