Alice Queen (ASX:AQX) has secured approximately $960,000 through a placement to advance diamond drilling at its Viani Gold Project in Fiji. Major shareholder Gage Resource Development will participate in the placement, led by GBA Capital, to maintain its 51% stake. The company will issue shares at $0.004 each in two tranches. The initial tranche aims to raise $411,000, while the second, pending shareholder approval, will secure the remaining $550,224. Investors will also receive options exercisable at $0.008 before the end of June 2028.
Two of Alice Queen’s directors have committed to participating in the second tranche, contingent upon shareholder approval. Alice Queen, with a market capitalization of around $7 million, intends to allocate the raised capital to continue exploration and diamond core drilling at Viani, review its existing project portfolio, and explore new opportunities. Recent drilling at Viani has yielded encouraging results, with gold grades reaching up to 26.4 grams per tonne. This suggests the presence of a high-grade epithermal gold zone extending from the surface to a depth of 175m. Surface exploration has also identified a 3km anomaly of gold-silver and other related compounds, correlating with low sulphidation epithermal quartz veining.
