Alice Queen Commences Drilling at Looking Glass
The technical advisor of the Looking Glass Project is John Holliday, the principal discoverer of Newcrest Mining’s (ASX:NCM) Cadia Valley deposit.
Alice Queen (ASX:AQX) announced the commencement of drilling at the Looking Glass Project, the company’s copper gold exploration project. The technical advisor of the Looking Glass Project is John Holliday, the principal discoverer of Newcrest Mining’s (ASX:NCM) Cadia Valley deposit.
Situated within the Lachlan Orogon, formerly known as Lachlan Fold Belt, the Looking Glass Project is a grass roots exploration project that has not previously been subject to exploration for gold or base metal mineralisation. Following a capital raising in July and NSW government grant, Alice Queen can now focus on drilling activities in order to determine the commercial potential of this project.
“Potentially Game Changing Time” for Alice Queen: Andrew Buxton
Managing Director Andrew Buxton commented: “The commencement of drilling at Looking Glass is a key milestone for the Company. Our exploration team has worked hard over the past few years to finally be at the starting block of this exciting project.”
The project is supported by the NSW government which will reimburse up to 50 per cent of the drilling costs to maximum amount of $190,000.
Andrew Buxton sees similarities between the Looking Glass Project and Cadia Valley: “The opportunity to drill test a Cadia style geographical target that is situated on the same structure as Cadia and furthermore a target that was hand-picked by the geologist that discovered Cadia, makes this a potentially game changing time for the company.”
Background of the Looking Glass Porject
The Looking Glass Project consists of one granted exploration licence in the New South Wales, approximately 30km north west of Coonabarabran and approximately 300km north-West of Sydney. The granted licence (EL8225) covers an area of 216km2 , and was recently renewed for a period of two years commencing January 2016. Application for a second licence has been lodged (ELA5207; “Mendooran”). Alice Queen’s interest in Looking Glass is 90% with the remaining 10% split amongst the founders.
Looking Glass is a greenfield project, subject to no previous exploration at the basement rock level for gold or base metal mineralisation. Certified resources have yet to be defined. The Looking Glass Project is situated mainly within cleared and non-cleared grazing and pastoral land and is well serviced by existing road and electricity infrastructures and both are easily accessible from nearby Coonabarabran.
Author: Simon Herrmann
Oct 18, 2016
Simon is a financial analyst at independent research firm Wise-owl who wants to change the world by disrupting the cliché approach to investment decision making with convergent thinking. Wise-owl’s goal is plain and simple: Find the best opportunities for our members by following a proven methodology and to create long-term value through high-quality advice, innovation, technology and education. We combine industry experience and the agile mentality of a start-up. Wise-owl is the future of stock market investing.