Alice Queen : DRILLING FIRST ANOMALY HAS COMMENCED AT HORN ISLAND

ASX Announcement

1 March 2022

onlyDRILLING FIRST IP ANOMALY HAS COMMENCED AT HORN ISLAND

useAdvanced gold and copper explorer, Alice Queen Limited (ASX:AQX) ("Alice Queen" or the "Company") is pleased to announce that is has commenced drilling the first target generated by its recently completed Dipole Dipole Induced Polarisation (DDIP) survey at the Company's Horn Island Gold Project, located in the Torres Strait, Queensland.

Highlights

• Drilling commenced yesterday testing the first target (Jedha 1)
• Jedha 1 is part of a large IP anomaly beneath the Southern Silicified Ridge (SSR) which extends for more than 3.5km (see Figures 1 and 2)
• This target is vertically below surface alteration, stockwork veining and mineralisation
• Site preparations were completed over the past fortnight with drilling commencing yesterday Monday 28 February 2022

personal
Alice	Queen's Managing Director, Andrew Buxton said,
				We remain focused on new discoveries at Horn Island. We are increasingly confident
				that Horn Island is host to a large Intrusion Related Gold System and has the potential
				to host multiple gold deposits. All the work and studies we have completed previously,
			along with the most recent IP survey, gives us great encouragement that this first hole			"
For	"of our new exploration strategy will greatly contribute towards realising the full
			potential at Horn Island."

only	Figure 1. Cross section of the first target and current drill hole designed to intersect the Jedha 1 anomaly at
personal use
	depth and below surface alteration, stockwork veining and mineralisation.
For		Plan view of DDIP 3D inversion chargeability gradient (6 to 15ms) outlining three broad target areas -
Figure 2.

Tatooine 1, Endor 1 and Jedha 1. First drill hole 22NGD106 targeting the Jedha anomaly.

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Exploration Drilling - Jedha 1 Anomaly

The current geological model and target generation exercise at Horn Island resulting in this first drill hole (22NGD106), is the product of multiple work programs and studies over many years. These have been carried out separately to our resource programs that were focused at the historic pit area, where

onlythe Company has a mineral resource of *~0.52Moz Au Indicated and Inferred.

These previous work programs have established a ~35km2 hydrothermal footprint and geological model at Horn Island that suggests a large Intrusion Related Gold System (IRGS), that is increasingly likely to host multiple gold systems. The work programs that have been completed previously include:

use	♦ Geological mapping
♦ Rock chip sampling
♦ Channel sampling
♦ Airborne magnetics
♦ Limited shallow drill program of 9 holes for 1,500m at the SSR
	o Best previous result of 11m @ 2.89 g/t Au from 70m in hole 18NGD052
	♦ Metal Zonation Studies
	♦ DDIP Survey

The key objectives of this first hole (see Figures 1 and 2) are to intersect features of the hydrothermal system that contribute to gold mineralisation that will inform the geological model and subsequent drill targets and holes including:

• Alteration zoning
• Sulphide veining
• IRG pathfinder enrichment
• Gold intercepts

personal*The Mineral Resource Estimate (JORC 2012, Indicated and Inferred) is reported at a > 0.4g/t Au cut off for 16.7Mt at 0.98g/t Au for a total of 524,000 ounces Au (see ASX release 11 November 2021, HORN

ISLAND SCOPING STUDY AND MRE). For

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use only
	Image 1. Drilling commenced at Jedha 1 anomaly.
Approved by the Board of Alice Queen Limited.
For more information:
personal		Investor and Media Queries
Andrew Buxton
Managing Director, Alice Queen Limited	Victoria Humphries
[phone]		[e-mail]
[e-mail]
For

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Competent Persons Statement

The information in this announcement that relates to exploration results is based on information compiled by Mr Adrian Hell BSc (Hons) who is a full-time employee of Alice Queen Limited. Mr Hell is

a member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Hell has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and onlythe activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the

"Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves". Mr Hell consents to the inclusion of this information in the form and context in which it appears in this report.

ASX Listing Rule 5.23 Statement

The information in this ASX Release that relates to the Company's Mineral Resource estimate is

extracted from and was reported in the Company's ASX announcement titled "Horn Island Scoping Study Outcomes and Mineral Resource Estimate" dated 11th November 2021, which is available at www.asx.com.au the competent person being Mr. Dale Sims who is a chartered Professional Fellow useof the Australian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientist. The Company confirms that it is not aware of any new information or data that materially

affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in those announcements continue to apply and have not materially changed

All information mentioned in this report and relating to previous resource estimates, drilling results, surface sampling, metal zonation studies, geological mapping, airborne geophysical surveys and completed induced polarisation survey have been reported (with JORC tables 1 & 2) in the below ASX releases.

personal	o	ASX Announcement 24 February 2022 titled "FINAL IP RESULTS. DRILL READY AT HORN ISLAND."
o	ASX Announcement 20th February titled "Investor Presentation 2020"
	o	ASX Announcement 10 February 2022 titled "IP ANOMALY EXTENDS TO OVER 5KM AT HORN ISLAND"
	o	ASX Announcement 1 February 2022 titled "IP SURVEY COMPLETED AT HORN ISLAND"
	o	ASX Announcement 19 January 2022 titled "1.4KM IP ANOMALY EMERGING AT HORN ISLAND"
	o	ASX Announcement 30 November 2021 titled "IP SURVEY COMMENCED AT HORN ISLAND"
	o	ASX Announcement 11th November 2021 titled "Horn Island Scoping Study Outcomes and Mineral
	o	Resource Estimate"
	ASX Announcement 30th June 2021 titled "Drilling Confirms New Broad Gold Zone at Horn Island"
	o	ASX Announcement 28th April 2021 titled "Further Results from Horn Island RC Infill Drilling"
	o	ASX Announcement 13th November 2020 titled "Multiple Gold Intercepts Returned from Horn Island
	o	Gold Resource Extension Drilling"
	ASX Announcement 6th October 2020 titled "Horn Island St Barbara JV Drilling Commences Ahead of
	o	Schedule"
	ASX Announcement 30th June 2020 titled "St Barbara Limited Confirms Fy21 Horn Island Work Program"
	o	ASX Announcement 23rd January 2020 titled "Exploration Update Horn Island and Northern Molong
	o	Projects"
	ASX Announcement 28th November 2019 titled "Horn Island JV Surface Sampling Results"
	o	ASX Announcement 7th October 2019 titled "Horn Island JV Soils and Rock Chip Program Completed"
	o	ASX Announcement 20th August 2019 titled "Maiden JV Works Program Started at Horn Island"
	o	AusIMM, FNQ branch Mining Roundup Conference, Cairns, May 2019 Presented by Dr. Gregg Morrison
Foro	and Adrian Hell titled: Exploration Potential of the Horn Island Gold Project North Queensland
ASX Announcement 29th May 2019 titled "Metal Zonation Mapping Further Strengthens Horn Island as
	o	A Large-Scale Gold Project"
	ASX Announcement 17th October 2018 titled "New Intrusion Related Gold (IRG) Target Zones Identified
	o	Across Horn Island"
	ASX Announcement 27th July 2018 titled "Updated Horn Island Major Expansion of Exploration Upside"
	o	ASX Announcement 7th May 2018 titled "Updated Resource Drilling Bonanza Interval 7m @ 22g/T Au
	o	From 30m"
	ASX Announcement 30th April 2018 titled "Further Significant Gold Intersected At SSR"

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