The final set of drill results (17 holes) from the Phase 2 Resource Definition Drill Program on Horn Island are due any day now. Last announcement (7 May, 2018) which delivered further impressive Phase 2 mineralisation of 7m @ 22.2g/t Au from 36m, also indicated that the final drill results for Phase 2 Resource Definition would be expected to be returned by late May.
Last announcement also mentioned that the Resource Upgrade following completion of Phase 2 Resource Definition Drilling is expected to be released in late May or early June.
The next upgrade after that is already being prepared with the Phase 3 Resource Definition Drill Programs being prepared.
With a current established JORC resource at the Horn Island project of 375,000 oz Au, it will be interesting to see what the immediate upgrade from Phase 2 drilling will take it to. With a further upgrade after Phase 3 and number of further prospects (eg discovery of new gold system at SSR) on Horn Island that seem very promising from early indications, the gold resource could grow quite substantially.
Also in the background AQX have a joint venture with Newcrest on its tenements at Mendooran NSW. These tenements are located along the highly prospective Molong Volcanic Belt north of the Newcrest's Cadia Valley mine (50M ounces Au + 9M tonnes copper). Newcrest has identified 15 porphyry Cu/Au targets with drill testing underway.
AQX has a modest market cap of $18M with the Horn Island gold resource growing and a joint venture with a large gold producer to explore their highly prospective ground in NSW. This small cap has a lot of potential to grow in my books.
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