Alice Queen Limited provided assay results from the recent RC drill program designed to test the profile of the legacy mining stockpiles at the Company's Horn Island Project, located in the Torres Strait, Queensland. Assay results from the RC drill program, carried out late in 2021 designed to test the legacy stockpile profiles have been returned with all stockpiles returning positive gold results. This drill program tested a number of legacy heaps which had been stockpiled on surface from previous gold mining operations from the late 1980's and are estimated to contain in excess of 4 million cubic metres of mined material.

The stockpiles are all located immediately around and adjacent to the abandoned Horn Island mine pit. The drilling program comprised of 51-holes for a total of 1038m and broadly tested several sites Including, the low grade stockpile; bund walls; run of mine (ROM) areas; waste dump. The drill program was designed to test the profile of the stockpiles to assess if the heaps held sufficient gold values that could potentially be exploited in a potential future mining operation at Horn Island.

Although not the key focus of the drilling program, all holes were drilled through the legacy stockpiles into the underlying surface. The underlying rocks, these being analogous to the host rocks of the Horn Island gold resource, displayed sericite alteration and veining with number of holes returning low grade gold values, potentially identifying another area that may be subject to future extension drilling. The gold assay intercepts located underneath the legacy stockpile areas are as follows: 4m @ 0.5g/t Au from 3m (21NGRC102); 2m @ 0.5g/t Au from 6m (21NGRC104); 1m @ 0.6g/t Au from 15m (21NGRC121); 3m @ 0.8 g/t Au from 6m incl.

1m @ 1.7 g/t Au from 6m (21NGRC131); 2m @ 0.4g/t Au from 9m (21NGRC114).