Queenston Mining Inc.

Queenston Mining Inc.

July 09, 2009 12:38 ET

Queenston Reports 9.4 g/t Au with 0.6% Cu over 37.3 m at Upper Beaver

TORONTO, ONTARIO--(Marketwire - July 9, 2009) - QUEENSTON MINING INC. (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI)(BERLIN:QMI) ("Queenston" or "the Company") announces results from the 20,000 m drilling program in progress at the 100% owned Upper Beaver property located in Kirkland Lake, Ontario. The current program is providing both infill drilling information to upgrade the existing NI 43-101 inferred resources to the indicated category, as well as step-out information to extend the large gold-copper system to depth below the NI 43-101 mineral resource. Hole UB09-100W1 represents a new infill intersection near the base of the current mineral resource.

Highlight: 9.4 g/t (0.27 oz/ton) Au with 0.6% Cu over 37.3 m (122.4 ft) in
the Porphyry Zone
16.0 g/t (0.47 oz/ton) Au with 1.0% Cu over 13.8 m (45.3 ft) and
23.5 g/t (0.69 oz/ton) Au with 1.0% Cu over 3.1 m (10.2 ft)

The intersection in hole UB09-100W1 represents the West Porphyry Zone near the bottom of the existing NI43-101 resource and approximately 30 m above previous hole UB08-100 that reported 10.6 g/t Au with 0.2% Cu over a length of 16.5 m at a vertical depth of 800 m. The location of hole UB09-100W1 is outlined on the longitudinal section accompanying this news release or can be found at the Company's website (www.queenston.ca).

Charles Page, Queenston President and CEO, said, "We are excited that the first hole of the current program has reported the thickest interval in the deposit to date. Just as important, this hole successfully displays strong continuity within the Porphyry Zone near the base of the existing mineral resource. We have two drills currently operating at Upper Beaver with a third to be added during the summer. One drill will complete the in-fill program above a depth of 800 m and the other two rigs will continue with the deposit expansion below 800 m. The potential for resource growth is high at Upper Beaver and supports our strategy of advancing four, 100% owned gold deposits in the Kirkland Lake camp towards production."

Table of assay results:

Hole # From To Interval Estimated True Cu Au Zone
(m) (m) (m) Width (m) (%) (g/t)
UB09-100W1 852.2 889.5 37.3 33.8 0.6 9.4 Porphyry
including 852.2 866.0 13.8 12.5 1.1 16.0 Upper Porphyry
and 881.0 889.5 8.5 7.7 0.5 11.3 Lower Porphyry

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 body of the deposit containing 82% of the mineral resource 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.

In news releases issued on December 18, 2008 and April 30, 2009 the Company announced intersecting wide intervals of gold copper mineralization 200m and 350 m respectively below the existing mineral resource. In hole UB-08-139, a 20.8 m interval assayed 30.3 g/t Au with 1.0% Cu 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 in the West Porphyry Zone. The East and West Porphyry Zones are spatially divided by a diabase dyke. The diabase dyke is an important feature as it represents a late geological unit that is associated to the Upper Beaver gold-copper system occupying the center of the mineralized corridor. The Upper Beaver Porphyry Zones remain open below a vertical depth of 1300 m.

William McGuinty, P. Geo. supervised the Upper Beaver drilling program employing a QA/QC program consistent with NI 43-101 and industry best practices. 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 for check assaying on a routine basis.

About Queenston

Queenston has assembled significant land packages in proven Canadian mining camps and its strategy is to return to producer status. The first step is in progress through the advancement of its primary gold assets in Kirkland Lake, Ontario (Upper Beaver, McBean, Anoki and Upper Canada) towards NI 43-101 resource status. In the western portion of the Kirkland Gold camp, Queenston is 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 of $30 million and maintains interests in 21 contiguous properties in the Kirkland Lake camp totaling approximately 14,000 hectares in 900 mineral claims. The Company's exploration-development budget for 2009 is $10 million employing eight diamond drill rigs.

This news release was reviewed by Queenston's VP Exploration and qualified person William McGuinty, P. Geo.

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)
    Queenston Mining Inc.
    Hugh D. Harbinson
    (416) 364-0001 (ext. 225)
    Queenston Mining Inc.
    Andreas Curkovic
    Investor Relations
    (416) 577-9927