Unseen gold deposits? Alice Queen gears up for high-stakes drilling in Fiji

Alice Queen Limited has announced the mobilisation of a drill rig to Fiji to explore a promising copper and gold target at its wholly-owned Sabeto Project on Viti Levu, Fiji. The Australian company aims to test a conceptual porphyry ‘Cu-Au subvolcanic breccia pipe’ target, indicating potential for significant mineralisation. The planned exploration is set to commence in October 2024, marking a major step in Alice Queen Limited’s ambitious plan to establish itself as a key player in the Asia-Pacific gold sector.

Drilling Targets for High-Value Mineralisation

The Sabeto Project is strategically positioned within the mineral-rich Sabeto Range, flanked by the Vuda copper-gold project to the west and Lion One Metals’ Tuvatu gold mine to the east. Alice Queen Limited, led by Managing Director Andrew Buxton, is focused on tapping into this underexplored region. Buxton stated that the company’s recent funding from Gage Capital will support its exploration strategy across various projects, with initial efforts concentrated on Fiji.

The Sabeto Project targets a porphyry copper-gold system, a subvolcanic breccia hosted gold/copper ore body, conceptualised to contain 80-100 million tonnes of mineralisation. This target, situated within an area characterised by significant geological formations such as sanidine feldspar porphyry (SFP) and hydrothermal diatreme crackle breccia, has shown promising signs from previous drilling. Drillholes SBDD0001, SBDD0003, and SBDD0004 have all intersected notable copper and gold mineralisation, which remains open to the west and is coincident with a ‘bullseye resistivity high’ airborne ZTEM anomaly.

High Expectations from Upcoming Drilling Programme

The exploration plan includes three diamond core holes extending up to 1,800 metres to test the target’s potential at depth. Proposed Diamond Hole A is designed to explore for gold-copper mineralisation to the west of the previous drillholes SBDD0001 and SBDD0004. Diamond Hole B will target beneath the outcropping gold-copper diatreme sampled at the surface and under gold soil anomalism, while Hole C aims to test the extent of the copper anomalous diatreme to the south. If successful, these holes could confirm the presence of a porphyry copper-gold system, potentially transforming the project into a major gold discovery in the region.

Expert Opinion: High Stakes but High Rewards

Patrick Creenaune, a seasoned technical advisor for the project, highlighted the high potential of the Sabeto Project. Creenaune has over 40 years of experience in gold and base metal exploration across various continents and believes the project holds significant promise. He noted that the Sabeto target is a classic example of an alkaline porphyry system, with significant potential for higher-grade mineralisation at depth based on surface sampling and previous drill results.

Alice Queen Limited’s move aligns with its strategy to become a substantial player in the Asia-Pacific region’s gold exploration market. The mobilisation of the drill rig, expected to arrive in the first week of October 2024, signifies the company’s commitment to unlocking the potential of its Fiji assets. If the upcoming drilling proves successful, it could set the stage for a series of discoveries and an expanded exploration campaign well into 2025.

Market Update: Share Price and Sentiment Analysis

Alice Queen Limited, listed on the Australian Stock Exchange under AQX, is currently trading at AUD 0.007 per share. The company has experienced a decline of approximately 59.16% from its 52-week high. Despite this, market sentiment could shift positively with a successful drilling programme at the Sabeto Project. The company has a market cap of around AUD 4.84 million, with a high free float, suggesting significant potential for share price movement. Investors are closely monitoring the upcoming drilling results, which could provide a major catalyst for stock performance.

Looking Ahead: Anticipating Major Discoveries

With both the Sabeto and Viani projects scheduled for drilling in the coming months, Alice Queen Limited is gearing up for what could be a transformative period. The company has strategically positioned itself in a highly prospective area, leveraging historical data and advanced geophysical techniques to de-risk its exploration programme. As the drilling begins, the market will closely watch Alice Queen Limited’s progress, eagerly anticipating a potential breakthrough in the Fiji gold exploration sector.