Queenston Mining Inc.
TSX : QMI
FRANKFURT : QMI

Queenston Mining Inc.

February 22, 2010 09:29 ET

Queenston Drilling Expands Resource Potential at Upper Beaver

(Results include: 68.2 g/t Au over 3.0 m, 10.6 g/t Au over 17.3 m and 15.8 g/t Au over 12.0 m)

TORONTO, ONTARIO--(Marketwire - Feb. 22, 2010) - QUEENSTON MINING INC. (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI) ("Queenston" or "the Company") announces that new drilling results continue to expand the gold-copper mineralized envelope at the 100% owned Upper Beaver property located in Kirkland Lake, Ontario. The on-going drill program employing three rigs is providing both in-fill drilling to upgrade the existing NI 43-101 mineral resource as well as expanding the deposit along strike and to depth. A total of 12 holes and wedges are reported representing 5,726 m of drilling. The significant new results are summarized below and presented in Table 1. The new drill holes are outlined on the longitudinal section accompanying this news release which is also available on the Company's website (www.queenston.ca).

Upper Resource Area – Drilling expands deposit to surface and east

  • 6 new holes completed in the upper eastern portion of the deposit all intersected the primary Porphyry Zones with high-grade gold intervals (core length) of 68.2 g/t Au over 3.0 m (1.99 oz/ton over 9.8 feet) including 394.7 g/t Au over 0.5 m (11.5 oz/ton over 1.6 feet) in hole UB10-113W2, 15.8 g/t Au over 12.0 m (0.46 oz/ton over 39.4 feet) in hole UB09-156 and 12.2 g/t Au over 3.0 m (0.36 oz/ton over 9.8 feet) in hole UB09-153. Holes UB09-151, -153 and previous hole -149  that intersected 15.8 g/t over 13.1 m (0.46 oz/ton with 1% Cu over 42.9 feet) are located in the upper portion of the deposit and suggest the mineralization remains open to surface. The thick high-grade interval in hole UB09-156 (15.8 g/t Au over 12.0 m) located near the base and outside of the existing mineral resource shows the deposit remains open to the east. 

Deep Western Area – Drilling begins to fill gap at depth, mineralization open to the west and at depth

  • 3 new wedge holes completed from pilot hole UB09-148 in the deep western portion of the gold-copper corridor all intersected multiple zones of mineralization 300 m below the existing mineral resource. As previously announced (see news release dated December 15, 2009) pilot hole UB09-148 intersected the Porphyry Zone assaying 20.3 g/t (0.59 oz/ton) Au with 2.5% Cu over 6.0 m (19.7 feet) at a vertical depth of 1100 m. The 3 wedge-holes have extended the mineralization 50 m to the west and 100 m up. Hole UB09-148W1 intersected 7.9 g/t Au (0.23 oz/ton) with 0.4% Cu over 4.0 m (13.1 feet), hole UB09-148W2 assayed 11.0 g/t Au (0.32 oz/ton) with 1.7% Cu over 3.5 m (11.5 feet) and hole UB10-148W3 cut a 30.3 m (99.4 feet) thick zone assaying 7.2 g/t Au (0.21 oz/ton) with 0.6% Cu including a higher grade interval of 10.6 g/t Au (0.31 oz/ton) with 0.5% Cu over 17.3 m (56.8 feet). These new deep holes are beginning to fill in the 350 m gap between the base of the existing mineral resource at a depth of 800 m and previous deep hole UB08-135W2 that assayed 6.3 g/t (0.18 oz/ton) Au with 0.5% Cu over 19.7 m (64.6 feet) at a depth of 1150 m. The drilling in this area of the deposit indicates the mineralization remains open along strike to the west and to depth.

Footwall Zone at Depth – New high-grade zone intersected

  • At the bottom of hole UB10-148W3 a new gold zone was intersected assaying 30.2 g/t over 0.5 m (0.88 oz/ton over 1.6 feet). Referred to as the "Foot Wall Zone" the mineralization contains no appreciable copper and lies approximately 100 m to the south of the Porphyry Zones. Hole UB10-148W3 is the only hole that has tested the mineralized corridor this far south and the new zone is open towards surface and to depth.

Table 1 - Assay Results

Hole # From (m) To (m) Interval (m) Cu (%) Au (g/t) Zone
UB09-113W1 625.0 626.0 1.0 trace 7.68 North Contact*
  634.5 635.5 1.0 trace 10.29 North Contact*
  649.0 650.0 1.0 0.30 11.56 North Contact*
  687.5 690.0 2.5 trace 11.10 North Contact*
  730.0 735.0 5.0 trace 2.70 Porphyry
UB09-113W2 697.0 700.0 3.0 Trace 68.30 Porphyry
including 698.0 698.5 0.5 Trace 394.65 Porphyry
UB09-148W1 1117.6 1118.8 1.2 1.60 22.16 New
  1135.9 1136.4 1.0 1.50 5.29 New
  1209.0 1213.5 4.5 0.50 6.00 Porphyry*
  1228.8 1232.0 4.0 0.40 7.90 Porphyry
UB09-148W2 1104.0 1105.0 1.0 0.37 9.70 New
  1183.0 1188.0 5.0 0.67 5.16 Porphyry
  1192.0 1196.0 4.0 0.80 6.07 Porphyry
  1206.0 1209.5 3.5 1.66 11.0 Porphyry
UB10-148W3 1100.0 1100.5 0.5 0.50 14.10 New
  1166.0 1196.3 30.3 0.52 7.21 Porphyry
including 1179.0 1196.3 17.3 0.77 10.56 Porphyry
Including 1179.0 1184.0 5.0 0.60 12.35 Porphyry
and 1189.0 1196.0 7.3 0.82 15.74 Porphyry
including 1191.7 1192.2 0.5 2.35 126.60 Porphyry
  1300.5 1301.0 0.5 Trace 30.24 New
UB09-151 235.0 236.0 1.0 0.92 9.35 North Contact*
  260.0 267.0 7.0 Trace 5.70 North Contact*
  313.0 317.0 4.0 0.60 2.41 North Contact*
  330.0 337.0 7.0 0.90 2.35 North Contact*
  401.0 407.5 6.5 1.00 2.58 Porphyry
UB09-153 258.0 265.0 7.0 Trace 5.29 North Contact
including 259.0 260.0 1.0 0.30 26.54 North Contact
  272.0 282.0 10.0 Trace 5.51 North Contact
  320.0 323.0 3.0 Trace 12.24 North Contact*
  370.0 372.0 2.0 0.98 4.18 Porphyry
  400.7 407.0 6.3 0.94 3.98 Porphyry*
UB09-155B 508.9 519.0 10.1 0.20 4.30 Porphyry
UB09-156 748.0 749.8 1.8 Trace 14.26 Porphyry
  821.0 833.0 12.0 Trace 15.83 Porphyry
UB10-158 139.0 143.0 4.0 Trace 7.47 South Contact*
  311.0 313.0 2.0 Trace 5.70 South Contact*
  381.5 382.0 0.5 1.70 4.10 South Contact*
UB10-159 206.0 207.0 1.0 1.00 1.07 South Contact*
  308.0 310.0 2.0 3.20 3.57 South Contact
  316.9 318.6 1.7 4.10 2.40 South Contact
including 316.9 317.5 0.6 9.33 4.66 South Contact
UB10-159W1 227.0 230.0 3.0 Trace 3.19 South Contact
  293.0 295.0 2.0 0.10 3.40 South Contact
  308.0 309.0 1.0 0.70 1.30 South Contact

NOTE: True widths are interpreted based on drill-hole intercepts and interpreted orientations of intersected lithologies and are estimated at 65-80% of the core length interval. Assays are uncut. * Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Holes UB09-150 and -152 (790 m) encountered difficulty and were abandoned prior to reaching target depths.

Charles Page, Queenston President and CEO, said, "Today's results confirm that both the infill and deep drilling at Upper Beaver continue to expand the deposit. Mineralization was intersected in each of the 12 holes with 7 reporting high-grade values. Hole UB09-156 completed outside the resource envelope in the upper portion of the deposit indicates that the mineralization continues to remain open to the east. Within the resource envelope hole UB10-113W2 intersected the highest grade interval recorded to date assaying 394.7 g/t (or 11.5 ounces per ton) over 0.5 m. In the deeper portion of the deposit three wedge holes all intersected significant mineralization at a depth below 1000 m that included 10.6 g/t Au and 0.8% Cu over 17.3 m and a new high-grade zone assaying 30.2 g/t over 0.5 m. The deep drilling confirms that the deposit remains open at depth and to the west. Three drills will continue to operate at Upper Beaver for the balance of the year".

Holes UB010-158, -159 and -159W1 targeted the South Contact Zone in the upper western portion of the deposit. Hole UB10-158 intersected three mineralized intervals with a best intersection of 7.47 g/t Au over 4.0 m. Hole UB10-159 intersected significantly higher-grade copper mineralization including 3.57 g/t Au with 3.2% Cu over 2.0 m and 2.4 g/t Au with 4.1% Cu over 1.7 m. 

The Upper Beaver deposit contains total indicated NI 43-101 mineral resources of 1,373,500 t grading 8.5 g/t Au (375,000 oz.) (9.7 g/t Au uncapped (427,900 oz.)) with 0.43% Cu and total inferred resources of 1,061,300 t grading 7.7 g/t Au (262,800 oz.) (8.5 g/t Au uncapped (291,300 oz.)) with 0.39% Cu. The mineral resource was completed by Watts, Griffis and McOuat Limited of Toronto under the supervision of independent qualified person Michael W. Kociumbas, P. Geo. The Porphyry Zone is the largest gold-copper component of the deposit containing 82% of the mineral resource totaling 942,600 t grading 9.6 g/t Au (10.9 g/t uncapped) in the indicated category and 859,200 t grading 8.3 g/t Au (9.2 g/t uncapped) in the inferred category.

Quality Control

The design of the Queenston's drilling programs, Quality Assurance/Quality Control and interpretation of results is under the control of Queenston's geological staff including qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. The Upper Beaver project is supervised by Queenston's Vice President Exploration, William McGuinty, P. Geo. A detailed review of Queenston's QA/QC procedures is filed in the 2008 Annual Information Form on SEDAR. The drill core is logged and split with half-core samples shipped to Swastika Laboratories of Swastika, Ontario and analyzed employing the appropriate gold fire assaying technique. For QA/QC purposes the Company as well as the lab submits standards and blanks every 25 samples. Approximately 5% of sample rejects and/or pulps are sent to other laboratories for check assaying.

This news release was reviewed by Queenston's Vice President Exploration and QP, William McGuinty, P. Geo.

About Queenston

Queenston maintains a significant land package in the Kirkland Lake gold camp containing 22 contiguous properties totaling approximately 15,600 hectares or 964 mineral claim units. The Company's strategy is to return to producer status through the development of four 100% owned gold projects including the Upper Beaver, McBean, Anoki and Upper Canada. The Company is also carrying out deep exploration targeting the new South Mine Complex with joint venture partner Kirkland Lake Gold Inc. on the South Claims property and on its 100% owned AK property. Queenston is well financed with working capital of approximately $40 million and has an exploration budget for 2010 of $15 million employing up to 12 diamond drill rigs.

Forward Looking Statements

Except for historical information this News Release may contain certain "forward looking statements". These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the Company's expectations and projections. A more detailed discussion of the risks is available in the "Annual Information Form" filed by the Company on SEDAR at www.sedar.com.

Contact Information

  • Queenston Mining Inc.
    Charles E. Page, P. Geo.
    President and CEO
    (416) 364-0001 (ext. 224)
    or
    Queenston Mining Inc.
    Hugh D. Harbinson
    Chairman
    (416) 364-0001 (ext. 225)
    or
    Queenston Mining Inc.
    Andreas Curkovic
    Investor Relations
    (416) 577-9927
    Info@queenston.ca
    www.queenston.ca