Alice Queen : IP SURVEY COMMENCED AT HORN ISLAND

ASX Announcement

30November 2021

only	IP Survey Underway
To Generate Targets For New
Discoveries At Horn Island

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	Highlights
personal	♦ A surface dipole-dipole induced polarisation (DDIP) survey covering an area of 11km2 at Horn
Island is underway
♦ The DDIP survey is designed to generate additional high priority targets for drilling
♦ DDIP is a proven technique for generating sulphide targets at Horn Island (see ASX release 30
June 2021, "Drilling Confirms New Broad Gold Zone at Horn Island")
♦ The hydrothermal footprint at Horn Island covers an area ~352km
♦ Much of the hydrothermal footprint at Horn Island remains untested
♦ Horn Island has the potential to host multiple deposits and be a multimillion-ounce gold
system
♦ Drilling will commence once results have been received and targets assessed - anticipated
Q1 2022
	Alice	Queen's Managing Director, Andrew Buxton said,
				The commencement of the IP survey is a key step forward in the Company's strategy
				to find more gold at Horn Island. IP has proven itself as the key geophysical method
				by which to locate buried sulphide mineralisation, and it is within the sulphides that
For	"
all of the gold at Horn Island is hosted. Importantly, this survey will also expand upon
significant areas of known gold mineralisation at the Southern Silicified Ridge (SSR)
	just 2km south of the Company's historic open pit resource. Once the results are
			analysed and new targets defined, Alice Queen is intending to drill test the highest
			priority targets immediately. The diamond core drill rig remains on site and is ready			"
			to go."

Advanced gold and copper explorer, Alice Queen Limited (ASX:AQX) ("Alice Queen" or the "Company"), is pleased to announce it has commenced a second DDIP Survey at its Horn Island Project, located in the Torres Strait in North Queensland.

Dipole Dipole Induced Polarisation Survey (DDIP)

The Company has commenced a ground dipole-dipole induced polarisation survey (DDIP) totalling 55-line kms and covering an extensive 11km2 prospective area from south of the Horn Island historic pit area to the Southern Silicified Ridge (SSR) (see Figure 1).

onlyThe survey is designed to identify near surface to deeply occurring chargeability anomalies which may be caused by sulphide minerals that are often associated with gold mineralisation at Horn Island.

This DDIP survey is based on the success of previously completed historic ground array induced polarisation (GAIP) surveys and the recently completed DDIP survey, which recognised a new gold zone across the Tatooine target area and may possibly represent extensions to the known resource area (see ASX release 30 June 2021, "Drilling Confirms New Broad Gold Zone at Horn Island").

useImportantly, the survey will cover areas of interpretive structurally complex zones and mapped urface veining. These zones also display coincidental gold and pathfinder surface geochemistry anomalism, which collectively forms an extensive prospective hydrothermal IRG footprint (see Figure 2). This footprint is similar in scale to the Ravenwood 7M oz Au deposit (see ASX release 29 May 2019, "Dr Morrison Horn Island Metal Zonation").

personalFurthermore, a limited and shallow 9-hole diamond drill program previously completed by Alice Queen at the SSR prospect revealed vertical & strike extensive veined mineralisation. The best

intercepts returned were 11m @ 2.9g/t Au from 70m (18NGD052) and 2m @ 5.6g/t Au from 160m incl. 1m @ 8.2g/t Au (see ASX release 21 March 2018, "SSR Results Confirm New Gold System" and 30 April 2018, Further Significant Gold Intersected at SSR).

It is important to note the gold system at the SSR prospect remains open. Surface gold indicates a 3km strike which is coincident with historic GAIP chargeability anomalies located SE and outside of the Company's previously completed drilling. This adds further encouragement of a potentially large scale Intrusive Related Gold System (IRGS) that may host multiple gold deposits across Horn Island.

Next Steps

Alice Queen will review the results from the DDIP survey in conjunction with its airborne magnetics, surface mapping & geochemical data to define additional priority target areas for diamond drill testing.

ForThe Company plans to commence this drilling in the first quarter of the 2022 calendar year.

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personalFor	Planned DDIP survey area (11km2) totalling 55 line kilometres and located SW of the Horn
Figure 1.

Island Resource including the 3km SSR surface gold zone. The Horn Island Resource is 16.7Mt at

0.98g/t Au for 524k oz Au (JORC 2012, 53% Indicated and 47% Inferred, see ASX release 11

November 2021, "Horn Island Scoping Study and MRE").

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For personal use only

Figure 2. DDIP survey area overlaid on IRGS metal enrichment pathfinder zones, associated with major NW and NE fault structures which may act as primary fluid source zones of gold deposits.

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personal	Image 1. DDIP technician accompanied by Kaurareg Native Title Aboriginal Corporation (KNTAC)
		representatives. Photo taken recently at Horn Island.
Approved by the Board of Alice Queen Limited.
For more information:
Andrew Buxton		Investor and Media Queries
Managing Director, Alice Queen Limited	Victoria Humphries
[phone]		[e-mail]
For
[e-mail]

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