Queenston Mining Inc.
TSX : QMI
FRANKFURT : QMI

Queenston Mining Inc.
Newstrike Resources Ltd.
TSX VENTURE : NR

Newstrike Resources Ltd.

October 19, 2010 07:30 ET

Newstrike-Queenston Launch Drilling Program to Target the Morris Mine Sequence in Kirkland Lake

TORONTO, ONTARIO--(Marketwire - Oct. 19, 2010) - Newstrike Resources Ltd. (TSX VENTURE:NR) ("Newstrike") and Queenston Mining Inc. (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI) ("Queenston") announce that drilling has commenced targeting the Morris Mine sequence located on the western portion of the Commodore joint venture (50%-50%) property located in Lebel Township, Kirkland Lake, Ontario.

The 4,000 m program is targeting gold mineralization contained along a structural corridor cutting a sequence of altered volcanic and intrusive rocks (referred to as the "Morris Mine Sequence") trending southwest of the past producing Morris mine. The mine historically produced approximately 17,000 ounces of gold and 29,300 ounces of silver from 1936-1941 and is serviced by a 300 m deep shaft with limited lateral development. Since the mine closed in 1941 only limited, shallow exploration has been completed.

In July 2010 the joint venture announced the completion of two diamond drill holes targeting the Morris Mine Sequence 150 m and 190 m west of the shaft. Both holes intersected multiple zones of sulphide mineralization containing gold. Hole COM-10-36 reported four zones assaying 2.08 g/t Au over 4.8 m (including 6.93 g/t over 1.0 m), 2.16 g/t Au over 2.2 m, 1.71 g/t Au over 0.9 m and 1.37 g/t Au over 0.6 m. Hole COM-10-37 encountered six primary zones assaying 1.17 g/t Au over 1.2 m, 5.21 g/t Au over 0.5 m, 5.69 g/t Au over 1.0 m, 2.19 g/t Au over 1.0 m, 2.47 g/t Au over 2.8 m and 1.5 g/t Au over 5.1 m. (see joint news release dated July 21, 2010).

New information provided from drilling completed by Queenston on its neighboring Pawnee property supports the potential for significant mineralization aligned along historic surface trenching southwest of the Morris mine on a 60°/240° trend that is commonly associated to significant mineralization in the Kirkland Lake camp (Figure 1). Queenston holes PW10-11, -15 and 12 each intersected gold mineralization along the trend including 6.1 g/t Au over 1.6 m, 6.0 g/t Au over 0.9 m and 1.6 g/t over 5.0 m respectively. A fourth hole PW10-13 was allowed to extend onto the Morris claims where it encountered a narrow high-grade zone within the sequence containing visible gold assaying 11.3 g/t Au over 1.1 m at a depth of 600 m and approximately 700 m southwest of the shaft. The Queenston drilling has extended the favourable mine sequence across the property for 1 kilometer (km).

The Commodore property contains 57 mineral claims covering 7 km 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.

During the first two phases of drilling on the property (October 2009 to July 2010) 37 drill holes were completed (9,348 m) targeting the southern and central portion of the property where drilling and geophysics have outlined a broad alteration corridor that has been traced for 2.5 km containing the Commodore and Egg Zones. Previous results of exploration completed by the JV on the Commodore property were reported in news releases dated November 26, 2009, February 25, 2010 and July 21, 2010 and are available on the Companies web sites at www.newstrikeresources.com and www.queenston.ca.

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 2009 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 $1,200,000. 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.

About Queenston

Queenston controls a significant land package in the Kirkland Lake gold camp now containing 30 properties, totalling approximately 19,000 hectares. The Company's strategy is to return to producer status through the development of five 100% owned gold projects including the Upper Beaver, McBean, Anoki, Upper Canada and Bidgood. The Company is also carrying out deep exploration targeting the new South Mine Complex with joint venture partner Kirkland Lake Gold Inc. Queenston is well financed with $40 million in cash and has a 2010 exploration budget of $16 million, employing up to 15 diamond drill rigs on 8 properties.

Mr. William McGuinty, P. Geo., VP Exploration of Queenston is the qualified person responsible for reviewing 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.

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
    or
    Newstrike Resources Ltd.
    John A. Pollock
    President and CEO
    (416) 628-6556
    or
    Newstrike Resources Ltd.
    Donald Rankin
    Director
    (416) 628-6556
    www.newstrikeresources.com