Funds will be used to undertake further drilling activities across the company’s Northern Molong Projects in New South Wales.
Alkane recently drilled 689 metres at 0.46 g/t gold and 0.19% copper confirming the porphyry discover as significant.
Drilling is also planned for the Mendooran and Yarindury prospects.
Overwhelming support from investors
Alice Queen’s managing director Andrew Buxton said: “We are very pleased with the overwhelming support from investors and we look forward to delivering on our objective of enhancing the value and prospectivity of our assets in the northern Molong Belt over the course of 2020.
“The funds received will allow us to continue our exploration efforts at Yarindury.
Results due soon
Buxton added: “Beginning with sampling results of a 2,000-metre drill program (due to be released soon), we will commence a maiden exploration program at the Boda East prospect, recommence exploration drilling at Mendooran and we will also continue to undertake drill target generation in conjunction with our joint venture partner St. Barbara at our Horn Island Gold Project in far-north Queensland.”
Alice Queen is also managing a parallel process to progress the areas excluded from the JV towards a production decision.