Queenston Mining Inc.
TSX : QMI
FRANKFURT : QMI

Queenston Mining Inc.

November 30, 2010 06:30 ET

Queenston Intersects 10.43 g/t Au over 17.3 Metres at Upper Canada

TORONTO, ONTARIO--(Marketwire - Nov. 30, 2010) - QUEENSTON MINING INC. (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI) ("the Company") is pleased to announce results from an additional 66 surface diamond drill holes (21,474 m) from the 2010 drill program completed on the 100% owned Upper Canada property located in Gauthier Township, Kirkland Lake, Ontario.

A total of 173 holes (51,109 m) have now been reported targeting the large alteration zone that measures 300 m x 2000 m enveloping the past producing Upper Canada mine. The first 107 holes were reported in news releases dated October 1, 2009, February 16, 2010, May 10, 2010 and September 7, 2010. Assay results from the recent phase of drilling are listed in Table 1 and the hole locations are outlined on the plan accompanying this news release and also available on the Company's website (www.queenston.ca).

Highlights include:

  • 10.43 g/t Au over 17.3 m in hole UC10-158
  • 4.01 g/t Au over 19.2 m in hole UC10-161
  • 2.37 g/t Au over 68.0 m in hole UC10-50W1
  • 1.65 g/t Au over 60.4 m in hole UC10-50W2
  • 3.03 g/t Au over 11.0 m in hole UC10-162
  • 2.03 g/t Au over 17.3 m in hole UC10-163
  • 1.29 g/t Au over 55.6 m in hole UC10-123
  • 1.16 g/t Au over 32.9 m in hole UC10-160
  • 1.06 g/t Au over 23.2 m in hole UC10-173
  • 1.04 g/t Au over 27.4 m in hole UC10-112

Charles Page, President and CEO of Queenston said, "The recent phase of drilling at Upper Canada continues to produce positive results in the eastern and central portions of the deposit and has begun to extend the potential for open-pit mineralization further west and north. Along the South Branch of the Upper Canada Break significant gold mineralization has now been intersected over a length of 2 kilometres and remains open. The program continues with three drills and the Company will be adding more rigs in 2011 to provide the necessary information required to complete an initial mineral resource".

The Upper Canada property forms part of the Kirkland East Project where the Company is advancing five gold deposits in the Kirkland Lake Gold Camp towards feasibility and ultimately a production decision. Upper Canada was an important past gold producer in the 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 Au (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.

Table 1. Assay Results from Upper Canada Drilling Program
 
Hole # Section (ft) From (m) To (m) Interval (m) Au (g/t)
UC10-50W1 50+00W 857.3 919.5 62.2 1.43
  including 875.1 876.9 1.8 17.28
    1067.4 1135.4 68.0 2.37
  including 1108.6 1123.2 14.6 6.15
UC10-50W2 50+00W 623.3 624.2 0.9 8.02
    818.4 878.8 60.4 1.65
  including 841.2 843.0 1.8 23.90
    923.2 935.1 11.9 7.40
  including 927.7 928.9 1.2 66.76
    1021.7 1042.7 21.0 3.31
  including 1035.7 1042.1 6.4 7.47
UC10-101 6+00E 18.0 21.7 3.7 0.69
    77.4 79.2 1.8 1.13
UC10-102 6+00E 77.1 78.0 0.9 1.39
UC10-103* 26+00W 118.9 140.5 21.6 1.19
  including 137.8 138.7 0.9 15.54
UC10-104* 26+00W 45.7 67.6 21.9 0.83
UC10-105* 26+00W 156.7 174.4 17.7 0.87
  including 156.7 163.4 6.7 1.37
    181.7 190.2 8.5 1.94
  including 185.8 187.4 1.6 7.49
    200.3 206.1 5.8 1.08
UC10-106* 28+00W 107.0 129.9 22.9 0.69
    164.6 175.0 10.4 1.28
    334.1 348.1 14.0 0.63
    370.6 371.5 0.9 10.42
    413.6 414.5 0.9 28.16
UC10-107* 28+00W 221.3 237.1 15.8 0.44
UC10-108* 28+00W 64.6 77.4 12.8 2.15
UC10-110* 7+00E 33.5 51.8 18.3 0.40
UC10-111* 7+00E 34.4 52.7 18.3 0.91
    95.7 100.2 4.5 2.5
UC10-112 7+00E 63.4 180.4 117.0 0.57
  including 63.4 91.7 28.3 0.78
  and 144.8 172.2 27.4 1.04
UC10-113 7+00E 14.3 18.0 3.7 3.03
    106.7 114.0 7.3 1.57
    156.1 180.8 24.7 1.04
    243.6 246.6 3.0 1.08
UC10-114* 30+00W 38.4 86.6 48.2 0.85
  including 78.4 85.7 7.3 2.95
  and 84.9 86.7 1.8 10.88
    114.0 136.6 22.6 1.37
  including 114.0 115.8 1.8 7.30
UC10-115* 31+00W 15.2 24.4 9.1 9.16
    68.0 86.0 18.0 0.81
UC10-116* 31+00W 3.4 27.2 23.8 1.03
    72.5 89.0 16.5 0.63
    347.6 380.5 32.9 0.53
UC10-117 33+00W 144.7 160.6 15.9 0.62
    243.0 246.6 3.6 2.90
UC10-118 33+00W 45.7 77.2 31.5 0.55
    93.0 95.7 2.7 1.12
UC10-119 33+00W 30.5 45.1 14.6 0.83
    200.3 207.6 7.3 0.78
    240.5 244.1 3.6 1.62
    280.1 324.9 44.8 0.37
UC10-120 33+00W 91.4 99.0 7.6 3.17
  including 97.8 99.0 1.2 15.7
UC10-121 7+00E 183.5 185.3 1.8 2.26
    242.9 287.1 44.2 0.88
UC10-122 7+00E 156.9 163.3 6.4 0.57
    210.9 271.2 60.3 0.40
  including 219.2 222.9 3.7 2.18
UC10-123 9+00W 123.1 178.7 55.6 1.29
  including 131.4 147.9 16.5 2.79
  and 157.0 160.7 3.7 2.94
UC10-124 11+00W 146.6 150.3 3.7 1.65
    160.3 165.8 5.5 2.27
UC10-125 11+00W 134.1 155.1 21.0 0.45
UC10-126 40+00W 35.4 38.1 2.7 1.67
UC10-127 40+00W 5.4 8.2 2.8 1.61
    62.5 63.4 0.9 16.2
    77.1 83.5 6.4 2.02
UC10-128 40+00W 75.8 111.9 36.1 0.61
UC10-129 41+00W 40.2 42.9 2.7 13.87
    124.7 136.6 11.9 1.22
UC10-130 12+00W 69.8 73.5 3.7 1.39
UC10-131 12+00W 93.2 99.6 6.4 0.79
UC10-133 12+00W 73.2 75.9 2.7 4.13
  including 73.2 74.1 0.9 10.90
    120.1 121.0 0.9 12.11
UC10-134 12+00W 39.9 50.00 10.1 0.59
    186.2 189.9 3.7 1.47
UC10-135 12+00W 59.7 60.6 0.9 15.61
    93.6 107.3 13.7 0.74
    133.8 134.7 0.9 7.08
UC10-136 25+00W 5.8 12.2 6.4 0.74
    959.8 968.0 8.2 1.53
    1117.5 1118.0 0.5 9.63
UC10-137 25+00W 6.1 14.3 8.2 0.46
    68.3 74.7 6.4 1.04
UC10-138 43+00W 154.2 167.0 12.8 0.53
UC10-139 43+00W 109.7 121.6 11.9 0.54
UC10-140 43+00W 29.3 30.2 0.9 2.18
UC10-142 45+00W 35.7 36.6 0.9 2.64
UC10-143 45+00W 31.4 34.1 2.7 12.39
    168.2 169.1 0.9 3.90
    217.0 218.8 1.8 4.41
    247.2 249.9 2.7 2.04
UC10-145 47+00W 102.7 103.5 0.8 14.99
UC10-146 14+30W 10.1 14.7 4.6 2.04
    25.6 38.4 12.8 1.60
    59.4 66.7 7.3 0.69
UC10-147 14+30W 28.9 30.7 1.8 1.21
    41.8 42.7 0.9 3.15
    50.9 51.9 1.0 12.02
UC10-148 14+30W 9.4 10.3 0.9 2.47
    97.2 98.0 0.8 20.75
UC10-150 46+00W 403.6 406.3 2.7 1.30
    422.8 424.6 1.8 8.46
UC10-151 46+00W 33.5 35.3 1.8 5.52
UC10-152 43+00W 274.9 281.3 6.4 2.14
    372.1 374.6 2.5 3.40
UC10-156 41+00W 114.6 120.0 5.4 2.19
UC10-158 14+30W 144.2 161.5 17.3 10.43
  Including 144.2 149.7 5.5 13.11
  and 159.7 161.5 1.8 59.44
UC10-159 14+30W 39.3 60.3 21.0 0.51
    166.4 167.3 0.9 19.82
UC10-160 15+00W 22.9 55.8 32.9 1.16
  including 26.5 27.4 0.9 17.06
UC10-161 15+00W 114.9 134.1 19.2 4.01
    188.0 194.4 6.4 0.74
UC10-162 15+00W 6.7 23.1 16.4 0.75
    46.0 57.0 11.0 3.03
  including 46.1 47.0 0.9 22.44
UC10-163 16+00W 22.3 23.2 0.9 31.04
    55.2 72.5 17.3 2.03
UC10-165 16+00W 113.4 119.8 6.4 0.84
UC10-167 16+00W 42.7 48.2 5.5 0.60
    74.7 75.6 0.9 4.66
UC10-168 16+00W 70.1 71.0 0.9 6.00
    81.1 90.0 0.9 9.13
UC10-169 17+00W 118.9 127.1 8.2 0.64
    137.2 138.1 0.9 1.77
UC10-170 25+00W 275.5 277.3 1.8 1.75
UC10-171 31+00W 363.9 398.6 34.7 0.87
    464.2 474.3 10.1 0.78
    531.0 563.3 32.3 0.71
    764.4 765.3 0.9 5.28
UC10-172 31+00 W 167.0 169.7 2.7 0.92
UC10-173 35+35W 51.5 53.3 1.8 1.73
    141.7 164.9 23.2 1.06
    183.2 186.9 3.7 0.79
UC10-174 35+35W 3.8 6.7 2.9 0.72
    24.0 29.5 5.5 3.08
    81.7 85.4 3.7 2.37
    122.8 143.8 21.0 0.79
    271.0 277.7 6.7 0.59
    285.9 387.7 1.8 1.06
UC10-175 35+35W 36.3 44.5 8.2 3.63
    73.8 85.7 11.9 0.43
    235.6 239.3 3.7 0.53
 
Notes: The mineralized intervals reported in this news release represent core length. * denotes drill holes that were previously reported in the September 7, 2010 news release. Holes UC10-50W1 and -50W2 targeted the C Zone and are being reported for the first time. Holes UC10-109, -141, -144, -149, -153, -154, -155, -157 and -166 encountered no significant values. Holes UC10-132 and -164 were abandoned in old mine workings. Assay results for drill holes up to UC10-100 are reported in previous news releases dated October 1, 2009, February 16, 2010, May 10, 2010 and September 7, 2010.

The majority of the new drilling was completed on the South Branch of the Upper Canada Break targeting gold mineralization that may be amenable to open pit mining. Wedge holes UC10-50W1 and -50W2 targeted the deeper C Zone located to the west on the South Branch. The wedge holes followed up previous holes UC10-49 and UC10-50 which intersected 1.63 g/t Au over 40.2 m and 2.11 g/t Au over 75.6 m respectively (see news releases dated May 10, 2010). Both wedge holes intersected continuous wide widths of mineralization. Hole UC10-50W1 reported two separate intervals assaying 1.43 g/t Au over 62.2 m and 2.37 g/t Au over 68.0 m including 6.15 g/t Au over 14.6 m. Hole UC10-50W2 intersected three separate intervals assaying 1.65 g/t Au over 60.4 m, 7.4 g/t Au over 11.9 m and 3.31 g/t Au over 21.0 m. The mineralization intersected in UC10-50W1 and -50W2 occur between 500 and 700 m below surface and would be amenable to underground mining. The C Zone was previously mined and contains a historic mineral resource of 720,500 t grading 7.4 g/t Au. This historic resource was 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 NI 43-101 and the resource has not been verified by a Qualified Person.

Quality Control

The design of the Queenston's drilling programs, 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 Upper Canada project is supervised by Queenston's Senior Geologist, Frank Ploeger, 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 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 other laboratories for check assaying.

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

About Queenston

Queenston is a Canadian mineral exploration and development company with a primary focus on its holdings in the historic Kirkland Lake gold camp that comprises 200 km². The Company has recently entered into a strategic alliance with Agnico-Eagle Mines Limited with the objective of advancing its key, 100% owned gold projects (Upper Beaver, Upper Canada, McBean, Anoki and Bidgood) at the Kirkland East project towards feasibility and ultimately production. The Company has working capital of $85 million and no debt.

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