Alice Queen Limited provided an update in relation to its Viani (SPL1513) Precious Metals Project located on the Pacific Rim of Fire, at Vanua Levu, Fiji. The reconnaissance sampling program conducted by Alice Queen at the Dakuniba Prospect in November 2022 has successfully upgraded the potential for the Viani Project to host significant epithermal gold mineralisation. Highlights: Epithermal gold mineralisation recorded in outcrop samples over a >3km strike length extending from a newly discovered vein reef (Chris Reef) in the west to Inoke Reef in the east Multiple epithermal veins within the historic 5km by 1.5km surface gold-in-soil geochemical anomaly - the footprint of the epithermal mineralisation is comparable to other economically productive gold epithermal deposits globally.

From the limited number of samples (87) taken in 2022, a high percentage (10%) of gold mineralised samples >1g/t Au. 33% of samples had anomalous gold results >0.1g/t Au which is highly encouraging for a pre- discovery epithermal project with this degree of anomalous samples. The higher-grade gold samples show quartz textures and geochemical associations characteristic of both low sulphidation epithermal gold mineralisation and intermediate sulphidation epithermal gold mineralization.

Many sampled rocks display classic "bonanza" low-sulphidation epithermal crustiform and colloform banded textures indicative of boiling, necessary for high-grade epithermal gold mineralization. Au:Ag ratios and geochemical pathfinders indicate multiple gold mineralising events. Limited historical drilling focused on a small, shallow part of the overall system and intersected high grade epithermal gold mineralisation that remains open at depth.

Based on discovery knowledge from epithermal systems worldwide, it is apparent the historical drilling was an inadequate test of the Viani precious metals system. In November 2022, over 5 days, Alice Queen conducted a 5-day program of reconnaissance surface rock sampling program over the main gold-in-soil anomaly at the Dakuniba prospect, Viani. 64 rock samples of float, rock chips and channel samples were collected with results including: 10% of samples returned gold values >1ppm Au 27 samples returned mineralised gold assays >100ppb Au 43 samples returned silver values >1ppm Ag with the highest value being 53.1ppm Ag.

In the West, at Nakasaiki Creek, a new quartz vein referred to as Chris Reef was discovered. Chris Reef demonstrates classic low sulphidation epithermal colloform, crustiform and re-brecciated textures, with overprinting of high sulphidation epithermal mineralisation. The samples at Chris Reef returned high silver values of 53.1ppm and 26.3ppm Ag with Au:Ag ratios of 1:60.

Further to the East, in the headwaters of Nagagani Creek, subcrop samples 500111 & 500112 returned 1.15ppm Au & 1.26ppm Au respectively, in the immediate vicinity of Trench 27 (8m @ 1.89ppm Au & 6.25ppm Ag), Trench 28 (4.3m @ 1.35ppm Au & 15.7ppm Ag) and Trench 29 (5.0m @ 4.27ppm Au & 104.3ppm Ag). These samples display classic quartz banding with local vuggy quartz overprint associated with abundant sulphides and confirm this as a key drill target area. In the Central part of the gold anomaly, towards Karikarimasi Creek, there is a continuation of the quartz veins, with samples returning ore grades of 3.36ppm Au, 3.53ppm Au, 4.61ppm Au and 1.9ppm Au, associated with epithermal crustiform and colloform boiling textures and vuggy quartz sulphide brecia.

This area is proximal to the historical JICA drilling and confirms this area as a target for further drilling. In the eastern section of the +3km long anomaly is Inoke's Reef. Alice Queen's sampling has located large boulders of chalcedonic quartz.

At Inoke's Reef, colloform and crustiform textures were noted in quartz vein hosted in silicified volcanics. Previously explorers (Pacific Island Gold) have recorded high gold in samples at the Inoke Reef, including 21.3ppm Au and 500ppm Ag. Previous drilling by JICA in 1997 returned multiple epithermal gold intersections in shallow drilling.

Hole MJFV-5 intersected 6 vein zones at 50 to 100m below surface (best results are 0.6m @ 27.6ppm Au & 900ppm Ag, 0.4m @ 11.7ppm Au & 4.3ppm Ag). The JICA drilling was limited to only 600m of strike-length of the 5km long gold-in-soil anomaly (>10ppb Au) supported by epithermal geochemistry i.e., Ag and As. Viani is an early-stage exploration project.

The results of this reconnaissance sampling program and the size of the near-surface epithermal gold footprint are highly encouraging. Intensive trenching and rock sampling followed by drill testing will be undertaken to unlock the high potential of this project.