Alice Queen Ltd (ASX:AQX) has been granted a trading halt by ASX ahead of an announcement regarding a proposed capital raising.
The halt will remain in place until the beginning of regular trade on Monday, May 17, or when an announcement is released to the market, whichever occurs earliest.
Horn Island bulk ore sorter tests
The company recently received positive results from bulk ore sorter test-work at its Horn Island Project, Torres Strait, Far North Queensland.
Alice Queen commissioned Tomra Ore Sorter Solutions Pty Ltd to assess the amenability of two bulk Horn Island samples to Tomra’s XRT ore sorting technology.
Diamond core totalling around 2 tonnes from the inferred resource area of 7.9 million tonnes at 1.9 g/t gold for 492,000 ounces was assessed along with a separate sample collected from legacy low-grade stockpiles from mining operations in the 1980s.
Results of the Tomra Ore sorter test-work demonstrated the suitability of this low-cost, low-energy processing solution.
High-volume feed rates of 48 tonnes per hour (tph) and 79 tph were applied with high gold recoveries of 94% and 93% respectively.