Explorer Alice Queen is hailing Horn Island’s potential as a multimillion-ounce gold asset after a string of positive developments.

Interim results from a dipole dipole induced polarisation (DDIP) survey point to a 1.4km anomaly associated with surface gold.

The company this week also released final assays from close-space drilling carried out for the scoping study for the Horn Island gold project, with intercepts including 10m at 11.7 g/t gold from 30m (full results HERE).

And a limited drill program to test legacy mining stockpiles on Horn Island returned positive gold results from all tested stockpiles.

Horn Island, about 17km off Queensland’s coast in the Torres Strait, hosts a former gold mine which ceased operation in 1989.

Alice Queen is now in a trading halt pending the release of another announcement.

Announcing the DDIP results on Wednesday, managing director Andrew Buxton said it was likely that Horn Island hosted multiple deposits representing multimillion-ounce potential.

“Our 2022 exploration strategy at Horn Island is to make further discoveries and continue to grow our resource base,” he said.

“DDIP survey with coincident gold has been proven to be a successful target generation tool at Horn Island.

“From the interim results received, we expect that the large emerging IP anomaly at Horn Island will extend considerably further to the south-west.

“The survey is expected to be complete by the end of this month and, with the diamond rig waiting at site, we hope to be drilling for discovery later in February.”

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The anomaly is associated with previously identified broad and complex altered stockwork vein zones reporting numerous high-grade chip (>10g/t gold) and channel sampling gold assay results.

The ground DDIP survey is more than 40 per cent complete and will cover a total distance of 55 line-km over 11sq km.

It is being conducted from the southwestern edge of the Horn Island Mineral Resource area. The mineral resource estimate stands at 16.7Mt at 0.98g/t gold for a total of 524,000 ounces.