Queenston Mining Inc.
TSX : QMI
FRANKFURT : QMI

Queenston Mining Inc.

February 16, 2010 10:20 ET

Queenston Drilling Extends Bulk Tonnage Gold Target at Upper Canada

(Results include: 1.93 g/t Au over 32.0 m, 1.12 g/t Au over 71.3 m and 1.02 g/t Au over 41.2 m)

TORONTO, ONTARIO--(Marketwire - Feb. 16, 2010) - QUEENSTON MINING INC. (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI) ("the Company") is pleased to announce new results from the diamond drilling program at the 100% owned Upper Canada property located in Gauthier Township, Kirkland Lake, Ontario.

An additional 21 drill holes have been completed targeting the broad alteration zone at the past producing Upper Canada mine. As initially announced in October 2009 (see News Release dated October 1, 2009) drilling at Upper Canada has identified the potential for a bulk tonnage resource where wide widths of near surface gold mineralization have been intersected above and along the old mine workings.

Highlights from the new drilling include:

  • 1.93 g/t Au over 32.0 m in hole UC09-34
  • 1.12 g/t Au over 71.3 m and 4.58 g/t Au over 11.0 m in hole UC09-24
  • 1.02 g/t Au over 41.2 m in hole UC09-31
  • 1.37 g/t Au over 20.7 m and 0.91 g/t Au over 32.9 m in hole UC09-33
  • 0.92 g/t Au over 44.6 m in hole UC09-30
  • 0.95 g/t Au over 19.2 m in hole UC09-26
  • 0.78 g/t Au over 65.2 m in hole UC09-25

Charles E. Page, President and CEO of Queenston said, "The new drilling continues to enhance the potential for an open pit resource at Upper Canada. The results have expanded mineralization along the main mine horizon an additional 380 meters to the east for a total length of 1.3 kilometers. The bulk tonnage mineralization at Upper Canada represents a new target where we are expanding exploration efforts in 2010. Our Upper Canada project along with Upper Beaver, Anoki and McBean are four key 100% owned gold deposits located in Gauthier Township that the Company is advancing towards production. With a strong treasury we are aggressively accelerating our exploration efforts in Kirkland Lake where currently 11 drills are operating".

The Upper Canada mine was an important past gold producer in the Kirkland Lake camp from 1936 to 1972. During that period the mine produced 1.5 million ounces of gold at an average grade of 11 g/t from narrow, steeply dipping 2 m wide veins. The mine closed in 1972 due to the low gold price and there remains an historic measured and indicated resource of 1,899,973 t grading 6.9 g/t (approximately 422,000 ounces). The historic mineral resources at Upper Canada were reviewed by Roscoe Postle and Associates in a report prepared for the Company in 1995 and should not be relied upon as the report is not compliant to National Instrument 43-101 and the resource has not been verified by a Qualified Person. The mineralization that has been outlined by the recent drilling programs does not form part of the historic mineral resource.

The new drilling has extended the mineralization 450 m east along the North Branch and 380 m east along the South Branch of the Upper Canada Break increasing the total length of the gold system to 1.3 km. The mineralization consists of disseminated gold-pyrite in albite-sericite-quartz altered sedimentary, volcanic and intrusive rocks. Narrower, higher grade mineralization is hosted in silicified zones within volcanic and sedimentary rocks. Past production from the Upper Canada mine was entirely hosted in the South Branch of the break and serviced by the #1 and #2 shafts developed to 1,930 m and 884 m respectively. The Brock Shaft located on the North Branch is 190 m deep with limited underground development and was used for exploration purposes only. Attached to this news release is a surface drill plan that is also available on the Company's website at www.queenston.ca

A total of 16 holes (UC09-20 to -35) were completed on the South Branch near the #1 Shaft and were successful in expanding the mineralization 380 m to the east with intersections including 1.93 g/t Au over 32.0 m in hole UC09-34, 1.12 g/t Au over 71.3 m in hole UC09-24, 1.02 g/t Au over 41.2 m in hole UC09-31, 1.37 g/t Au over 20.7 m in hole UC09-33, 0.92 g/t Au over 44.6 m in hole UC09-30 and 0.78 g/t over 65.2 m in hole UC09-25. On the North Branch, 5 holes (UC09-15 to- 19) were completed and extended the mineralization 450 m to the east including intersections of 2.55 g/t Au over 6.1 m in hole UC09-18 and 0.54 g/t Au over 42.2 m in hole UC09-17.

Upper Canada Property - New Assay Result

Hole # Section (ft) From (m) To (m) Interval (m) Au (g/t) Zone
UC09-15 22+00W 140.8 143.5 2.7 0.61 North Branch
    153.2 156.3 3.1 1.04 North Branch
    233.2 234.2 1.0 1.46 North Branch
    242.3 246.9 4.6 0.64 North Branch
UC09-16 22+00W 38.6 42.0 3.4 0.74 North Branch
    52.7 53.7 1.0 8.2 North Branch
    74.4 77.1 2.7 1.01 North Branch
    135.6 137.4 1.8 1.58 North Branch
    223.1 228.6 5.5 0.64 North Branch
UC09-17 22+00W 79.9 83.5 3.6 0.73 North Branch
    102.7 105.4 2.7 1.74 North Branch
    169.7 211.9 42.2 0.54 North Branch
  including 169.7 174.5 4.8 2.09 North Branch
UC09-18 22+00W 232.1 239.7 7.6 1.06 North Branch
    355.7 361.8 6.1 2.55 North Branch
UC09-19 22+00W - - - NSV North Branch
UC09-20 10+17W 53.0 58.5 5.5 0.72 South Branch
    164.3 175.6 11.3 0.69 South Branch
    196.6 200.6 4.0 1.75 South Branch
UC09-21 10+17W 54.6 65.6 11.0 0.81 South Branch
    84.1 96.3 12.2 0.96 South Branch
    240.5 246.9 6.4 1.18 South Branch
UC09-22 10+17W 21.6 25.3 3.7 0.89 South Branch
    84.1 85.1 1.0 6.24 South Branch
    207.0 213.4 6.4 1.19 South Branch
UC09-23 7+28W 227.3 237.3 10.0 0.58 South Branch
UC09-24 7+03W 22.2 33.2 11.0 4.58 South Branch
  including 25.0 26.0 1.0 7.20 South Branch
  and 32.3 33.2 1.0 44.02 South Branch
    106.1 177.4 71.3 1.12 South Branch
    190.8 197.2 6.4 3.04 South Branch
UC09-25 8+99W 63.1 128.3 65.2 0.78 South Branch
  including 63.1 72.2 9.1 1.79 South Branch
  and 123.8 128.3 5.5 3.07 South Branch
UC09-26 8+99W 55.5 74.7 19.2 0.95 South Branch
    224.9 238.6 13.7 0.53 South Branch
UC09-27 7+28W 62.2 81.7 19.5 0.60 South Branch
    122.8 130.1 7.3 1.09 South Branch
UC09-28 6+48W 86.3 95.4 9.1 0.40 South Branch
    147.2 149.0 1.8 2.83 South Branch
    229.5 232.3 2.7 1.22 South Branch
UC09-29 0+00 128.6 133.2 4.6 1.62 South Branch
    153.3 209.7 56.4 0.37 South Branch
UC09-30 0+00 23.9 29.3 5.4 0.74 South Branch
    59.1 103.7 44.6 0.92 South Branch
  including 85.0 103.7 18.6 1.60 South Branch
UC09-31 0+00 40.5 81.7 41.2 1.02 South Branch
  including 44.2 58.2 14.0 2.03 South Branch
  and 76.5 81.7 5.2 2.17 South Branch
UC09-32a 0+00 29.9 36.3 6.4 0.82 South Branch
UC09-32 0+00 179.6 184.7 5.1 2.85 South Branch
UC09-33 3+00E 109.1 142.0 32.9 0.91 South Branch
  including 135.3 142.0 6.7 3.20 South Branch
    191.7 212.4 20.7 1.37 South Branch
UC09-34 3+00E 91.0 123.0 32.0 1.93 South Branch
UC09-35 3+00E 42.7 74.6 31.9 0.42 South Branch
NOTE: The mineralized intervals reported in this news release represent core lengths only, to date the true width has not been determined.

As a result of the first two phases of drilling a large mineralized system along the Upper Canada Break has been traced over a strike length of 1,300 m and to a depth of 250 m. The mineralization continues to remain open to the east and west along both the South and North Branches. The Upper Canada Break can be traced in Gauthier Township on Queenston's 100% owned property for a distance of 4 km. Drilling continues with two rigs to delineate mineralization both within and along the gold system outlined to date.

Frank Ploeger, P. Geo. supervised the Upper Canada drilling program employing a QA/QC program consistent with NI 43-101 and industry best practices. The drill core is logged and split by diamond saw 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 submit standards and blanks every 25 samples. Approximately 5% of sample rejects and/or pulps are sent to a second lab for check assaying on a routine basis.

About Queenston

Queenston maintains a significant land package in the Kirkland Lake gold camp containing 21 contiguous properties totaling approximately 14,000 hectares or 942 mineral claim units. The Company's strategy is to return to producer status through the development of 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 $40 million and has an exploration budget for 2010 of $15 million employing up to 12 diamond drill rigs.

This news release was reviewed by Queenston's VP Exploration and qualified person William McGuinty, P. Geo.

Queenston's Cautionary Note Regarding NI 43-101 and 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