Queenston Mining Inc.

Queenston Mining Inc.

February 18, 2009 13:44 ET

Queenston Hits High-Grade in Deep Drilling at AK Property

TORONTO, ONTARIO--(Marketwire - Feb. 18, 2009) - Queenston Mining Inc. (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI)(BERLIN:QMI) ("Queenston" or the "Company") announces that surface drilling has intersected significant gold mineralization on the 100% owned AK property located in Teck Township, Kirkland Lake, Ontario. The property lies adjacent to the South Claims joint venture property where Kirkland Lake Gold Inc. ("KL Gold") (50%) and Queenston (50%) have outlined and continue to expand a high-grade gold resource in the New South Mine Complex ("SMC") (Figure 1).

Highlights from the recent drilling:

A total of 4 wedge-holes has now been completed from pilot hole AK08-02 intersecting multiple zones of gold mineralization including the following significant results.

- Hole AK08-02-W4: 31.8 g/t (grams per tonne) Au (gold) (0.93 oz/ton)
over 2.3 m (7.5 ft)
including: 59.4 g/t Au (1.73 oz/ton) over 0.9 m (3.0 ft)
- Hole AK08-02-W3: 13.7 g/t Au (0.40 oz/ton) over 3.85 m (12.6 ft)
including : 96.5 g/t Au (2.81 oz/ton) over 0.5 m (1.6 ft)

"The deep drilling program has confirmed the presence of high-grade gold mineralization in two holes on the northwestern portion of the AK property. Intersected at approximately 1700 metres (5,600 feet) below surface, the mineralization is interpreted to represent a portion of the SMC currently being explored, developed and mined by KL Gold on the adjoining Macassa property located 300 m to the west. This new discovery opens up the potential for the SMC to expand further south and east onto the large property owned 100% by Queenston" said Charles Page, President and CEO of Queenston Mining. "Drilling continues with a third pilot hole currently in progress targeting the area west of the new drill results."

Table of Assay Results

Hole # From To Interval Au Au
(m) (m) (m) (g/t) (oz/ton)
AK08-02W3 1769.70 1777.00 7.30 2.3 0.07
1838.25 1842.10 3.85 13.7 0.40
including 1838.25 1838.75 0.50 96.5 2.81
AK08-02W4 1841.85 1843.30 1.45 18.3 0.53
1938.70 1941.00 2.30 31.8 0.93
including 1938.70 1939.60 0.90 59.4 1.73
Note: The gold-bearing interval in the table represents core length.
The true thickness has not been determined.

The SMC is a high grade gold discovery made by KL Gold and comprises 15 or more mineralized zones currently being developed on the adjacent Macassa Mine property. The largest of these zones is the New South Zone which is the target of exploration on the South Claims joint venture property. On the Macassa mine property KL Gold is expanding the SMC and has reported to date NI 43-101 proven and probable reserves of 693,000 tons grading 0.78 oz/ton (26.7 g/t) (542,880 oz) measured and indicated resources of 360,000 tons grading 0.66 oz/ton (22.6 g/t) (235,920 oz) and inferred resources of 707,000 tons grading 0.79 oz/ton (27.1 g/t) (542,880 oz). The reserves and resources were calculated by Glenn R. Clark, P.Eng. in a technical report entitled Review of Resources and Reserves of Macassa Mine, Kirkland Lake, Ontario dated July 15, 2008 and filed on SEDAR (www.sedar.com).

In 2008, on the South Claims joint venture, located adjacent and south of the Macassa mine, Queenston and KL Gold completed underground diamond drilling on the northern portion of the property intersecting the SMC. In a technical report dated August 25, 2008, entitled Review of Resources on South Claims Property, Kirkland Lake, Ontario, Glenn R. Clarke, P. Eng. reported a NI 43-101 indicated resources in the New South Zone of 43,200 tons grading 1.11 oz/ton (38.1 g/t) (47,952 oz) and inferred resources of 73,000 tons grading 1.24 oz/ton (42.5 g/t) (90,520 oz). This report is filed on SEDAR and drilling continues to expand the zone.

From pilot hole AK08-02, four directional wedge holes were completed with the most significant mineralization encountered in wedges W3 and W4. In these holes visible gold occurs in altered mafic syenite and porphyry containing quartz-carbonate veining and well mineralized with fine grained pyrite and chalcopyrite. In wedge holes W1 and W2 the rocks were more highly fractured and contained numerous quartz-carbonate zones with minor sulphides and anomalous gold values ranging from 0.50 to 2.2 g/t over 1.0 m intervals.

As previously announced in a news release dated February 28, 2008, the first pilot hole of the program (AK07-01) intersected a series of syenite-porphyry bodies containing anomalous gold values (0.30 g/t Au over 11.0 m) between a depth of 1,704 m and 2294 m. The hole deviated and ended 600 m southeast of its intended path. A directional wedge cut from AK07-01 confirmed that the geology displays a similar attitude to the SMC. A third pilot hole has commenced from which a series of directional wedges will target the area closer to the northwest corner of the AK property.

Located approximately 600 m southeast of the recent deep drilling is the AK Deposit, a near surface gold discovery made by Battle Mountain Canada Inc. in the early 1990's. Highlights from the discovery include a best intersection of 6.9 g/t Au over a core length of 25.7 m (14.0 m true thickness) as reported by Queenston in a news release dated March 27, 1992. This historic discovery remains open below a depth of 600 m and occurs in the same package of rocks that host the SMC.

The technical information from the Amalgamated Kirkland property in this news release was reviewed by Queenston's Senior Geologist and qualified person Frank Ploeger, P. Geo.

The program design, Quality Assurance/Quality control and interpretation of results is under the control of Queenston's geological staff including many of which are qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Supervision of the program is by Queenston's Senior Geologist, Frank Ploeger, B.Sc., P.Geo. A detailed review of Queenston's QA/QC procedures is filed in the 2007 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 a second lab, Polymet Labs of Cobalt, Ontario or Expert Labs of Rouyn-Noranda, Quebec for check assaying.

About Queenston

Queenston is a mineral exploration and development company with a primary focus in the historic Kirkland Lake gold camp where the Company maintains a land package that contains approximately 14,000 hectares in 900 mineral claims. In Kirkland Lake the Company's strategy is to return to producer status through the advancement of four 100% owned gold deposits in Gauthier Township (Upper Beaver, McBean, Anoki and Upper Canada) and through a joint venture with Kirkland Lake Gold Inc. in Teck Township.

In addition to the drill on the AK property the Company has three other diamond drills operating in the camp. In the east, a single drill continues to explore the mineralized corridor at Upper Beaver following up on a deep, high grade intersection recently announced in drill hole UB08-139 that assayed 30.3 g/t Au with 1.0% Cu over 20.8 m. This intersection occurs some 200 m below a NI 43-101 indicated resource of 1,373,500 t grading 8.5 g/t Au with 0.43% Cu and inferred resource of 1,061,300 t grading 7.7 g/t Au with 0.39% Cu (see news release dated December 16, 2008). At McBean, two drills continue a second phase of drilling to advance the deposit to NI 43-101 status and test deeper targets.

Queenston has working capital of approximately $16 million

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.

To view Figure 1, Surface Plan of Property Holdings Teck Twp., Kirkland Lake Gold Camp, please visit the following link: http://media3.marketwire.com/docs/QueenstonKirlandProperty.pdf

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
    Email: Info@queenston.ca
    Website: www.queenston.ca