Queenston Mining Inc.
TSX : QMI
FRANKFURT : QMI
GS : QMI

Queenston Mining Inc.

December 15, 2009 09:02 ET

Queenston Reports New High-Grade Drill Results from Upper Beaver Including Deep Zone Assaying 20.3 g/t Au With 2.5% Cu Over 6.0 m

TORONTO, ONTARIO--(Marketwire - Dec. 15, 2009) - QUEENSTON MINING INC. (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI) ("Queenston" or "the Company") announces results from the drill program in progress at the 100% owned Upper Beaver property located in Kirkland Lake, Ontario. The current program is providing both in-fill drilling information to upgrade the existing NI 43-101 inferred resource to the indicated category as well as step-out information to define and extend the gold-copper system to depth below the deposit. A total of 11 holes and wedges are being reported representing 15,440 m of drilling. Three drills continue to operate on the property.

Highlights from the current phase of drilling: 

  • Hole UB09-148: 20.3 g/t Au (0.59 oz/ton) with 2.5% Cu over 6.0 m (19.7 ft)
  • Hole UB09-149: 15.8 g/t Au (0.46 oz/ton) with 0.95% Cu over 13.1 m (43.0 ft)
  • Hole UB09-152: 21.3 g/t Au (0.62 oz/ton) with trace % Cu over 6.2 m (20.3 ft)
  • Hole UB09-145W1: 16.1 g/t Au (0.47 oz/ton) with 3.6% Cu over 2.6 m (8.5 ft)
  • Hole UB09-110W3: 22.9 g/t Au (0.67 oz/ton) with 1.6% Cu over 1.7 m (5.6 ft)

Charles Page, Queenston President and CEO, said, "We are extremely pleased with the results of the current phase of drilling at Upper Beaver. All 11 holes intersected mineralization with 6 reporting high-grade gold values. The highlight from the in-fill drilling is shallow hole UB09-149 returning 15.8 g/t gold with 1% copper over 13.1 meters indicating that the deposit remains open towards surface above the resource. More significant is deep hole UB09-148 that encountered two intervals assaying 23.8 g/t gold with 2.3% copper over 1.5 meters and 20.3 g/t gold with 2.5% copper over 6 meters at a vertical depth of 1100 meters confirming the high-grade deep potential of the deposit. The results of this drill program indicate that growth opportunity remains high at Upper Beaver and supports our strategy of advancing four, 100% owned gold deposits in the Kirkland Lake camp towards production."

On September 22, 2008 the Company reported a NI 43-101 mineral resource at Upper Beaver comprising total indicated 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.

The location of the new drill-holes is outlined on the longitudinal section accompanying this news release and is available on the Company's website (www.queenston.ca). Holes UB09-110W3, -128W1, -143W1, -145, -145W1, -146, -147, -149, -151 and -152 were completed as part of the in-fill program to upgrade the existing NI 43-101 inferred resource to the indicated category. All 10 holes were successful in encountering the Porphyry Zone with 6 (UB09-110W3, -145W1, -146, -147, -149 and -152) reporting above average gold grades for the deposit. Drill-holes UB09-128W1, -143W1, -145 and -151 intersected the Porphyry Zone outside or near the margins of the resource indicating the zones remain open to the east and west.

Holes UB09-145, -145W1 and -151 also intersected wide widths of lower-grade mineralization in other zones including 1.43 g/t Au with 0.9% Cu over 35.0 m, 1.19 g/t Au with 0.33% Cu over 23.0 m and 1.49 g/t Au with 0.58% Cu over 24.0 m respectively. In hole UB09-146 a thick interval of the South Breccia Zone was intersected assaying 3.00 g/t Au with 0.6% Cu over 39.9 m including higher grade intervals of 8.75 g/t Au with 0.13% Cu over 5.6 m and 4.69 g/t Au with 0.93% Cu over 4.2 m.

Table of assay results:

Hole # From
(m)
  To(m)   Interval
(m)
  Estimated
True
Width
(m)
  Cu
(%)
  Au
(g/t)
  Zone
UB09-110W3 759.5   761.2   1.7   1.2   1.61   22.87   Porphyry
UB09-128W1 660.5   666.0   5.5   3.9   0.13   1.77   North Contact
  834.0   850.0   16.0   11.2   0.48   2.84   Porphyry
including 834.0   841.0   7.0   4.9   0.90   4.93    Porphyry
UB09-143W1 829.0   834.0   5.0   3.5   0.76   4.17    Porphyry
including 831.5   834.0   2.5   1.8   0.80   7.19   Porphyry
UB09-145 466.0   467.0   1.0   0.7   0.48   6.05   New
  480.0   515.0   35.0   24.5   0.86   1.43   North Contact
including 497.0   498.0   1.0   0.7   1.96   8.96   North Contact
and 508.0   513.0   5.5   3.9   3.31   3.89   North Contact
  722.0   725.0   3.0   2.1   0.31   1.30   Porphyry
UB09-145W1 510.0   533.0   23.0   16.1   0.33   1.19   North Contact
including 528.0   533.0   5.0   3.5   0.91   2.47   North Contact
  609.0   610.3   1.3   0.9   1.54   18.01   North Contact
  700.0   728.3   28.3   19.8   0.63   2.60   Porphyry
including 717.0   719.6   2.6   1.8   3.62   16.07   Porphyry
UB09-146 321.0   324.7   3.7   2.6   trace   6.68   Porphyry
  329.4   332.5   3.1   2.2   trace   9.38   Porphyry
  400.1   440.0   39.9   27.9   0.60   3.00   South Breccia
including 400.1   411.5   11.4   8.0   0.17   5.33   Upper South Breccia
and 400.1   405.7   5.6   3.9   0.13   8.75   Upper South Breccia
and 419.4   420.0   0.6   0.4   7.47   36.0   Lower South Breccia
and 426.8   431.0   4.2   2.9   0.93   4.69   Lower South Breccia
UB09-147 327.8   328.9   1.1   0.8   trace   20.68   Porphyry
UB09-148 1214.0   1215.5   1.5   3.9   2.30   23.76   Porphyry
  1227.0   1233.0   6.0   4.2   2.50   20.3   Porphyry
including 1229.2   1233.0   3.8   2.7   3.63   31.0    Porphyry
UB09-149 351.0   364.1   13.1   9.2   0.95   15.80   Porphyry
including 353.6   360.0   6.4   4.5   1.18   28.60   Porphyry
UB09-151 235.0   236.0   1.0   0.7   0.92   9.35   New
  313.0   337.0   24.0   16.8   0.58   1.49   New
  399.0   407.5   8.5   6.0   0.79   2.03   Porphyry
UB09-152 441.8   448.0   6.2   4.3   trace   21.3   Porphyry

NOTE: Holes UB09-140, -141, -142 and -144 in addition to several wedge extensions were terminated as a result of deviation prior to reaching their intended target. True widths are interpreted based on drill-hole intercepts and interpreted orientations of intersected lithologies and are estimated at 70% of the core length interval.

In news releases issued on December 18, 2008, April 30 and July 9, 2009 the Company announced intersecting wide intervals of gold-copper mineralization at the base and below the existing mineral resource. In drill-hole UB08-139, a 20.8 m interval assayed 30.3 g/t Au with 1.0% Cu approximately 200 m below the resource in the East Porphyry Zone, and hole UB08-135W2 intersected a 19.7 m interval assaying 6.3 g/t Au with 0.5% Cu approximately 350 m below the resource in the West Porphyry Zone. Also in the West Porphyry Zone, hole UB09-100W1 intersected a 37.3 m interval assaying 9.4 g/t Au with 0.6% Cu at the base of the resource. The East and West Porphyry Zones are separated by a diabase dyke that represents a late geological unit that occupies the center of the mineralized corridor.

New drill-hole UB09-148 was the first hole of the current program to be completed below the existing mineral resource. It intersected the West Porphyry Zone approximately -1100 m below surface reporting two high-grade intervals, 23.76 g/t Au with 2.30% Cu over 1.5 m and 20.3 g/t Au with 2.50% Cu over 6.0 m. This pilot-hole located 60 m from previous drill-hole UB08-135W2 (6.3 g/t Au with 0.5% Cu over 19.7 m) supports the continuity of the zone and provides a drilling platform to complete a series of wedge holes upward towards the mineral resource. The Porphyry Zones remain open below a vertical depth of 1300 m.

Three drill rigs continue to operate on the property. One is completing the in-fill program within the NI43-101 resource and two others are targeting the Porphyry Zones below the resource.

Quality Control

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

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

About Queenston

Queenston maintainsa significant land package in the Kirkland Lake gold camp containing 21 contiguousproperties totaling approximately 14,000 hectares or 942 mineral claim units.The Company's strategy is to return to producer status through the developmentof 100% owned gold projects including the Upper Beaver, McBean, Anoki and UpperCanada. The Company is also carrying out deep exploration targeting the newSouth Mine Complex with joint venture partner Kirkland Lake Gold Inc. on theSouth Claims property and on its 100% owned AK property. Queenston has workingcapital 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 NewsRelease may contain certain "forward looking statements". These statements mayinvolve a number of known and unknown risks and uncertainties and other factorsthat may cause the actual results, level of activity and performance to bematerially different from the Company's expectations and projections. A moredetailed 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