Alice Queen : IP ANOMALY EXTENDS TO OVER 5KM AT HORN ISLAND

ASX Announcement

10 February 2022

IP ANOMALY EXTENDS TO OVER 5KM

only	AT HORN ISLAND

use
	Highlights
personal	♦ The completed DDIP survey confirms an open and large scale DDIP chargeability anomaly of
sampling gold assay results greater than 5 g/t Au and up to 250 g/t Au (see Figure 1)
		over 5km in length (see Figure 1)
		♦ The geophysical anomaly has a NW-SEstrike extent greater than 3.5km and a northern strike
		extent of approximately 1.7km, both coincident with surface gold (see Figures 2 and 3)
		♦ High concentrations of coarse gold have also been returned from previous pan concentrate
		sampling from multiple locations across the survey area associated with this anomaly (see
		Figure 1)
		♦ The surface expression of this anomaly is associated with previously identified broad and
		complex altered stockwork vein zones reporting numerous high-grade chip & channel
		Alice	Queen's Managing Director, Andrew Buxton said,
				Our strategy at Horn Island is focused to make new discoveries. Seeing this IP anomaly
				emerge over the past few weeks that is now over 5km in extent and coincident with
				surface gold is an exciting step forward for Alice Queen. The results from the IP survey
For"	combined with previous surface geochemistry sampling fits our geological model of		"
Horn Island. With our drill program planned to commence in February, we are one step
			closer to fulfilling our strategy to realise the multi-million ounce potential of Horn Island.

Advanced gold and copper explorer, Alice Queen Limited (ASX:AQX) ("Alice Queen" or the "Company") is pleased to provide results from the recently completed Dipole Dipole Induced Polarisation (DDIP) survey at the Company's Horn Island Gold Project, located in the Torres Strait, Queensland.

personaluseonlyFigure 1. DDIP survey across an area of 16km2 area including additional extension lines across the northern
boundary to test for deeper occurring targets. Preliminary results highlight Jedha 1 CHG DDIP anomaly with
	an approximate 3.5km NW-SE and 1.7km NE-SW extent covering ~188.8ha. Pan concentrate gold nugget
(images of pan concentrates are magnified and thus not to scale) and grain distribution associated with this
For	anomaly shown, Image is overlain with 2D inversion DDIP CHG -218m slice.
"Pan concentrate samples collected from drainage areas involving a 50kg sediment
sample collected from a trap site areas to 0.5m depth. This is subsequently panned on
site to identify visible gold grains. Gold grains are counted using an optical microscope"
	Please refer to ASX release, 20th February 2020 Investor Presentation and ASX release 20 April 2020"

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only
use	Large scale chargeability DDIP anomaly at the SSR prospect. Anomaly is greater than 3.4km and is
Figure 2.
open to the NW with a vertical target depth range between 50-300m. 2D INV CHG pseudo sections with 3D
For personal	isolines (ranging from 8 to 19 milliseconds)

Figure 3. Horizontal section -218m depth slice of large-scale chargeability DDIP anomaly (Jedha 1) at the SSR

prospect. This anomaly deepens and widens towards the SE boundary of the survey area and trends

northwards for ~ 1.7km towards the Horn Island gold resource (approximate position superimposed at -218m depth). 2D INV CHG pseudo sections with 3D isolines (ranging from 8 to 19 milliseconds) at -218m depth from surface

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Dipole Dipole Induced Polarisation Survey (DDIP)

Final processing of the data including merging of previous DDIP surveys is being carried out by our geophysical consultants, Resource Potentials. Once the technical report of the large, merged DDIP survey areas is completed, a further announcement will be made.

onlyThe completed DDIP survey area covers a total distance of 64 line-kms over 16 km2.

These results confirm the occurrence of large-scale chargeability anomaly (the Jedha-1 anomaly), which is located within the SSR Prospect and measures over 3.5km (NW-SE) and 1.7km (SW-NE).

The chargeability anomaly fits within the Company's conceptual target depth window (see Figure 4) that may represent a zone of intensifying mineralisation and therefore be a strong indicator towards

usethe source intrusion where higher-grade gold may develop. personalFor

Figure 4. Conceptual 3D IRG metal zonation model outlining source intrusion driving potential gold deposits across the project area between Horn Island Resource and SSR prospect. Sb zone at SSR Prospect distal to the potential main gold zone which has not been drill tested to depth. DDIP CHG anomaly correlates with the projected IRG pathfinder metal zoning target depth.

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Approved by the Board of Alice Queen Limited.

For more information:

onlyAndrew Buxton

Managing Director, Alice Queen Limited [phone] [e-mail]

Competent Persons Statement

Investor and Media Queries

Victoria Humphries

[e-mail]

useThe 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 the 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

personalThe 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 f 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.

1. ASX Announcement 1 February 2022 titled "IP SURVEY COMPLETED AT HORN ISLAND"

For	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 20th February titled "Investor Presentation 2020"
	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"

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