Alice Queen on Track at Looking Glass
The drill hole had a total vertical depth of over 700 meters confirming that the Molong Volcanic Belt rocks are analogous to the rocks at Cadia Valley
Australian exploration company Alice Queen (ASX:AQX) announced that the first drill hole at its Looking Glass project indicates the presence of porphyry gold-copper mineralisation. The company is on track to advance the Looking Glass project, led by Chief Technical Advisor John Holliday, who was the principal discoverer of Newcrest Minings’s Cadia Valley deposit.
The drill hole had a total vertical depth of over 700 meters confirming that the Molong Volcanic Belt rocks are analogous to the rocks at Cadia Valley and contain indications of porphyry copper-gold mineralisation. Further tests on the drill hole will commence shortly and reported as soon as information becomes available.
‘Project Significantly De-Risked’: Andrew Buxton
The Molong Volcanic Belt, which hosts the Cadia Valley deposit, is one of Australia’s major copper-gold provinces, however the northern part is largely unexplored. The Looking Glass Project is believed to incorporate a northern extension of the Molong Volcanic Arc. It has not previously been subject to exploration at the basement rock level for gold or base metal mineralisation.
Alice Queen’s Managing Director Andrew Buxton is confident that the drilling results ‘significantly de-risked the project’. He emphasised that it is too early to jump to any conclusions, but emphasised that early drilling results are positive: “This early sign of cooper-gold porphyry mineralisation at Looking Glass opens up a whole new range of opportunities for the Company.”
Following a capital raising in July, and subsequent $190,000 NSW Government Grant Alice Queen is fully funded to advance exploration activities at Looking Glass. Commenting on the next steps, Andrew Buxton is looking ahead to the next drilling hole: “Our technical team is already flat out assessing the petrology and geophysical model, with the immediate intention of making hole 2 even more valuable to the advancement of the Looking Glass project.”
Drilling is expected to resume within the next few weeks, which should provide further indications about the commercial potential of the Looking Glass Project. AQX gained 8.3 per cent or 0.3 cents to be last quoted at 4 cents.
Author: Simon Herrmann
Nov 09, 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.