Depending on what sorts of chats there have been before, I might ground. Because for my teens, vanishing off to heaven knows where is Not On. I don't police heavily, but do insist on knowing roughly where they are, which friends are with them, and when they'll be back. I get cross about not responding to messages if I ask for a sitrep - but they know that's a specific issue, not disapproval in the round
We've had lots on convos about drinking, the risks of getting drunk, how to recognise when to call for help (as a parent for advice or get an ambulance), looking uncool for doing so is always better than tragedy, always looking out for each other, realising that everyone makes the odd mistake about capacity and how to cope when you get it wrong, the perils of drunken apparent consent, and that nothing is so terrible we can't deal with it together.
Learning to recognise the 'happy place' level of drinking and to stop there is often found by trial and error. If she has friends who look out for each other, if she makes a mistake it shouldn't end up with anything worse than an appalling hangover (for which she should get no sympathy). If her friends are sketchy, then that needs tackling as a separate issue.
As teens get older, the bottom line is that you can't prevent most of the nightmare scenarios. What you can do is teach your DC to recognise the nightmares, so they self regulate away from them. I think the key to this is good communication, so I agree with all the posters who say the best thing you can do is talk.