Alice Queen Limited provided an update in relation to prospective battery metals tenements under application and the rationalisation of its highly prospective copper-gold porphyry assets situated on the world class Lachlan Fold Belt (LFB) in New South Wales. Battery metals are increasingly important in the context of the global transition away from fossil fuels. The Company has therefore elected to rationalise its LFB projects in order to make room in its
exploration portfolio for the diversification into new opportunities in the critical mineral or battery metal space. After reviewing many projects for potential vend-in opportunities globally, Alice Queen has identified
and applied for, two highly prospective tenements for battery metals, Gongolgon (ELA6608) and Byrock (ELA6601) in NSW. Alice Queen will retain a strong focus on copper and gold exploration in the Torres Strait, Queensland,
Fiji and its Lachlan Fold Belt projects in NSW. However as part of this new move into the battery metals space, the Company has decided to relinquish its superfluous tenements on the LFB, namely: EL8563, EL8985, EL9303.
Relinquishing these tenements will reduce the Company's overall administrative burden and enable further operational cost reductions. Alice Queen will continue to pursue opportunities to either divest or jointly fund the remaining LFB projects. Discussions with various parties have been ongoing for more than a year and are continuing. The Company will, as always, continue to review and assess new potential exploration projects. Gongolgon is located in NSW approximately 37km south of Brewarrina and 35km east of Sky Metals' Doradilla Project. This ELA covers a large gravity anomaly indicative of a very extensive granite intrusion complex. On the southern edge of the anomaly, there is a small area of outcrop of Gongolgon Granite. The majority of the rest of the area is under shallow younger regolith cover and is completely unexplored. A chemical analysis table of limited sampling in the same Blevin report shows the Gongolgon Granite and the Midway Granite demonstrate roughly similar anomalous REE levels. The extent and geochemistry of these pegmatites is currently unknown. Other mineral occurrences
(Au, Sn, Cu) also occur within the application area.