Queenston Mining Inc.

Queenston Mining Inc.
Newstrike Resources Ltd.

Newstrike Resources Ltd.

November 26, 2009 10:24 ET

Newstrike and Queenston JV Report First Phase Drill Results From Kirkland Lake, Ontario

TORONTO, ONTARIO--(Marketwire - Nov. 26, 2009) - Newstrike Resources Ltd. (TSX VENTURE:NR) ("Newstrike") and Queenston Mining Inc. (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI) ("Queenston") are pleased to announce results from the first phase drilling program on the jointly held (50%-50%) Commodore property located in Lebel Township, Kirkland Lake, Ontario.

Four holes totaling 851 m have been completed targeting the HG Zone discovered by previous owners, Sudbury Contact Mines in 1995. The HG Zone is represented by a single drill hole, Egg-04, which intersected visible gold in a quartz vein that assayed 43.5 g/t Au over 1.5 m. All four new holes completed by the JV intersected gold mineralization believed to be associated with the HG Zone. The best interval is reported in hole COM-09-04, drilled 50 m west of the HG Zone, assaying 4.5 g/t Au over 7.8 m including a 5.0 m interval assaying 6.3 g/t Au containing 14.9 g/t Au over 1.0 m. The intersection in COM-09-04 occurred at the bottom of the hole indicating the mineralization remains open to depth. Hole COM-09-01 drilled 50 m below the HG Zone intersected a broad interval assaying 0.6 g/t Au over 19.9 m. Approximately 50 m above HG, hole COM-09-03 intersected an interval assaying 0.7 g/t Au over 12.7 m including a 1.0 m interval assaying 4.8 g/t Au. East of HG, hole COM-09-02 intersected a 1.0 m interval assaying 2.1 g/t Au.

Details of the assay results are outlined in the table below.

Hole #Section (ft) From (m) To (m) Interval (m) Au (g/t) 
COM-09-0119+75W 87.5 106.6 19.9 0.6 
   180.3 183.5 3.2 1.0 
COM-09-0219+25W 130.0 131.0 1.0 2.1 
COM-09-0319+75W 77.0 89.7 12.7 0.7 
 including 79.0 80.0 1.0 4.8 
COM-09-0420+25W 186.2 194.0 7.8 4.5 
 including 189.0 194.0 5.0 6.3 
 and 190.0 191.1 1.0 14.9 

Note: Intervals reported are core lengths as true widths have not been determined.

The new drilling has expanded the HG Zone to a gold bearing system measuring 100 m x 100 m centered at a depth of 75 m and open in all directions. The gold mineralization encountered in the drilling occurs in an altered trachyte horizon that occurs along the Upper Canada Break, a gold structure that crosses the property for 3 km and hosts the Commodore deposit 1,500 m to the east. The Commodore deposit was discovered by Sudbury Contact Mines in 1995 and contains a shallow, historic mineral resource of 669,500 t grading 2.4 g/t Au including 278,500 t grading 3.8 g/t Au. The resource was calculated by W.A. Hubacheck Consultants Limited in a report dated January 1997 filed with the Ontario Ministry of Northern Development and Mines. This resource is not compliant to National Instrument 43-101 and should not be relied upon as it has not been verified by a qualified person under these guidelines.

The Commodore property contains 57 mineral claims covering seven kilometers of a favourable assemblage of Timiskaming rocks that elsewhere in the camp hosts the historic 24 million ounce Kirkland Lake Main Break gold deposits, 8 km to the west and the 1.5 million ounce Upper Canada gold mine, 3 km to the east. The property also hosts the Morris mine that historically produced approximately 17,000 ounces of gold and 29,300 ounces of silver from 1936-1941.

The ongoing exploration program forms part of the $530,000 budget that was initiated in October 2009 and includes 3,800 m of drilling. Currently, the drill rig is targeting the Commodore deposit prior to returning to the HG Zone where hole COM-09-04 and COM-09-01 will be deepened prior to stepping-out along the zone to the west and at depth.

As operator of the Commodore JV, the design of the program, 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 program is supervised by Queenston geologist, Gerhard Meyer, 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 Polymet Laboratories of Cobalt, 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.

About Newstrike

Newstrike is an early stage gold exploration company with property assets located primarily in the Kirkland Lake area of Ontario. The Company owns a 50% interest in the Commodore property and a 25% interest in the Swansea property. The Company's strategy is to carry out exploration on their advanced properties with the purpose of defining economic deposits. Newstrike has working capital of approximately $2 million.

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 in excess of $40 million and has an exploration budget for the balance of 2009 and all of 2010 of $17 million. Currently the Company has 11 diamond drill rigs operating on its properties in the Kirkland Lake gold camp.

Charles E. Page, P. Geo. is the qualified person responsible in preparing this news release.

Newstrike's Forward Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Newstrike, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of resource and reserve estimates, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Queenston's 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

Neither the TSX Venture Exchange nor its Regulations Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Queenston Mining Inc.
    Charles E. Page, P. Geo.
    President and CEO
    (416) 364-0001 (ext. 224)
    Queenston Mining Inc.
    Hugh D. Harbinson
    (416) 364-0001 (ext. 225)
    Queenston Mining Inc.
    Andreas Curkovic
    Investor Relations
    (416) 577-9927
    Newstrike Resources Ltd.
    John A. Pollock
    President and CEO
    (416) 628-6556
    Newstrike Resources Ltd.
    Donald Rankin
    (416) 628-6556