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Queenston Reports Further Results From McBean

posted on Jan 15, 2009 06:40AM
January 15, 2009
Queenston Reports Further Results From McBean

Including 15.4 g/t (0.45 oz/ton) Au over 5.2 m (17.0 ft)
TORONTO, ONTARIO--(Marketwire - Jan. 15, 2009) - Queenston Mining Inc. (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:Q... ("Queenston" or the "Company") is pleased to announce the second phase of results from the definition drill program currently in progress at the 100% owned, past producing McBean deposit located in Gauthier Township, Kirkland Lake, Ontario. The first phase results of the program were disclosed in a previous news release dated November 6, 2008. The program is planned to both advance the mineral resources at McBean to NI 43-101 standards and expand the deposit through deeper exploration drilling.

Highlights

A total of 28 holes (14,170 m) have been completed in the second phase of the program intersecting multiple zones of gold mineralization including the following significant results.

- Hole MB08-75:    6.8 g/t (grams per tonne) Au (0.20 oz/ton) over 13.6 m
                    (44.6 ft)
       including:  15.4 g/t Au (0.45 oz/ton) over 5.2 m (17.0 ft)
- Hole MB08-78: 8.0 g/t Au over 4.9 m (16.1 ft)
- Hole MB08-84:    5.2 g/t Au (0.15 oz/ton) over 14.3 m (46.9 ft)
       including:  23.7 g/t Au (0.69 oz/ton) over 1.8 m (5.9 ft)
- Hole MB08-87: 5.5 g/t Au (0.16 oz/ton) over 27.5 m (90.2 ft)
       including:  14.0 g/t Au (0.41 oz/ton) over 4.5 m (14.8 ft)
- Hole MB08-93: 10.1 g/t Au (0.30 oz/ton) over 3.7 m (12.1 ft)
- Hole MB08-96: 9.8 g/t Au (0.29 oz/ton) over 5.1 m (16.7 ft)
Charles Page, CEO and President of Queenston, said, "The second phase of drilling continues the success achieved in phase one. We are particularly encouraged with the positive results encountered in the mineralized corridor, especially in the new, C-19 Zone where drilling has intersected significant grades over good widths including hole MB08-75 returning 15.4 g/t gold over 5.2 m. This zone remains open down dip and plunge to the east. McBean is one of four gold deposits that Queenston is actively advancing in Gauthier Township, where the Company's strategy is to return to producer status".

Queenston and joint venture partner Inco Ltd. operated the McBean mine (1984-1987) producing approximately 50,000 ounces ("oz") of gold from an open pit. Due to prevailing gold prices, the underground exploitation of the remainder of the deposit below the pit was postponed and in 1996 Queenston purchased Inco's interest in the mine. There remain at McBean historic resources of 835,000 t grading 5.1 g/t Au (measured and indicated) and 1,835,200 t grading 6.5 g/t (inferred). The historic resources should not be relied upon as they are not compliant to NI 43-101.

The gold mineralization at McBean occurs within the deformation corridor of the Larder Lake Break hosted in both felsic intrusive (syenite, porphyry) locally termed "felsite" and green carbonate (altered ultramafic flows). Multiple, steeply south dipping mineralized zones have been identified to date within the felsic and green carbonate packages. The gold mineralization is associated with silicification containing pyrite and visible gold in both the felsic bodies and green carbonate units. Located approximately 600 m west of McBean along the Larder Lake Break is the 100% owned Anoki gold deposit that hosts a NI 43-101 measured and indicated mineral resource of 522,300 t grading 5.7 g/t and an inferred resource of 141,800 t grading 6.2 g/t calculated by Hrayr Agnerian, P.Geo. of Roscoe Postal Associates Inc. in 2004. At Anoki, the mineralization occurs as lenses containing pyrite and gold in altered volcanic flow rocks. Combined, McBean and Anoki contain the same styles of mineralization, "Carbonate Ore" and "Flow Ore" respectively, that hosted 11 million ounces of gold at the past producing Kerr Addison mine located along the same regional structure 18 km to the east.

To date, 53 holes (26,104 m) have been completed in the resource definition drilling program and the second phase of drilling continues with two rigs. The remainder of the definition program (approximately 9,000 m) will focus on drilling below the pit as well as expanding the C-19 Zone both down dip and to the east.

Table of significant assay results from the second phase diamond drilling
program at McBean

------------------------------------------------------------------------
Hole #       Section      From        To     Interval       Au      Zone
                 (ft)       (m)       (m)          (m)    (g/t)
------------------------------------------------------------------------
MB08-68      102+25E     383.1     389.8          6.7      1.9         B
------------------------------------------------------------------------
including                389.1     389.9          0.8      7.7         B
------------------------------------------------------------------------
MB08-69      106+50E     840.5     841.6          1.0      2.8        C1
------------------------------------------------------------------------
MB08-70      103+25E     716.0     719.0          3.0      4.7         D
------------------------------------------------------------------------
including                717.8     719.0          1.2      7.2         D
------------------------------------------------------------------------
MB08-71      103+50E     339.9     353.4         13.5      0.7       B/C
------------------------------------------------------------------------
MB08-72      105+25E     490.4     493.2          2.8      3.1         A
------------------------------------------------------------------------
                         557.2     564.4          7.2      2.8        C1
------------------------------------------------------------------------
including                563.3     564.4          1.1      7.1        C1
------------------------------------------------------------------------
MB08-74      105+00E     370.6     373.4          2.8      1.0        C1
------------------------------------------------------------------------
MB08-75      108+00E     535.2     548.8         13.6      6.8      C-19
------------------------------------------------------------------------
including                535.2     540.4          5.2     15.4      C-19
------------------------------------------------------------------------
                         568.8     573.3          4.5      3.1         D
------------------------------------------------------------------------
MB08-77       95+50E     200.2     288.9         88.7      1.2     A/B/C
------------------------------------------------------------------------
including                213.8     217.6          3.8      3.1         A
------------------------------------------------------------------------
and                      267.9     272.5          4.6      4.1         B
------------------------------------------------------------------------
and                      286.8     288.8          2.0      4.2         C
------------------------------------------------------------------------
MB08-78       95+00E     137.2     145.2          8.0      2.4         A
------------------------------------------------------------------------
                         149.3     154.2          4.9      8.0         A
------------------------------------------------------------------------
MB08-79      107+50E     621.3     624.7          3.4      4.1         C
------------------------------------------------------------------------
MB08-79W     107+50E     619.4     623.9          4.5      5.1         C
------------------------------------------------------------------------
MB08-80       94+00E     175.3     191.4         16.1      3.8         A
------------------------------------------------------------------------
including                181.1     183.2          2.1      9.1         A
------------------------------------------------------------------------
MB08-81       94+00E     203.9     212.5          8.6      2.9         A
------------------------------------------------------------------------
including                203.9     204.8          0.9      8.3         A
------------------------------------------------------------------------
MB08-82      107+50E     534.9     567.0         32.1      2.1      C-19
------------------------------------------------------------------------
including                545.2     554.6          9.4      4.0      C-19
------------------------------------------------------------------------
MB08-84       93+00E     138.1     152.4         14.3      5.2         A
------------------------------------------------------------------------
including                138.1     139.0          0.9     10.5         A
------------------------------------------------------------------------
and                      150.6     152.4          1.8     23.7         A
------------------------------------------------------------------------
MB08-85       92+00E     257.0     264.3          7.3      1.7         B
------------------------------------------------------------------------
MB08-86       92+00E      96.9     101.7          4.8      3.1         A
------------------------------------------------------------------------
MB08-87       96+50E     285.9     313.3         27.5      5.5         A
------------------------------------------------------------------------
including                290.5     295.0          4.5     14.0         A
------------------------------------------------------------------------
and                      312.7     313.4          0.7     11.0         A
------------------------------------------------------------------------
                         347.8     351.0          3.2      4.6         B
------------------------------------------------------------------------
MB08-88      107+50E     717.5     723.3          5.8      2.0         C
------------------------------------------------------------------------
MB08-89       98+00E     272.2     309.9         37.7      2.1         B
------------------------------------------------------------------------
including                297.2     300.8          3.5      5.8         B
------------------------------------------------------------------------
and                      309.0     309.9          0.9     16.9         B
------------------------------------------------------------------------
MB08-90       98+00E     268.7     309.0         40.3      2.8       A/B
------------------------------------------------------------------------
including                275.8     278.3          2.5      9.1         B
------------------------------------------------------------------------
and                      298.8     300.5          1.7     15.7         C
------------------------------------------------------------------------
MB08-91       98+00E     216.4     221.6          5.2      3.5         B
------------------------------------------------------------------------
                         234.4     237.0          2.6      4.7         C
------------------------------------------------------------------------
MB08-92       98+00E     205.6     208.4          2.8     12.7         B
------------------------------------------------------------------------
MB08-93      107+50E     613.9     620.0          6.1      5.2      C-19
------------------------------------------------------------------------
                         645.2     648.9          3.7     10.1      C-19
------------------------------------------------------------------------
MB08-94       97+00E     220.1     224.5          4.4      2.1         B
------------------------------------------------------------------------
MB08-95       94+50E     178.6     182.1          3.5      4.7         A
------------------------------------------------------------------------
                         206.0     210.6          4.6      3.2         B
------------------------------------------------------------------------
                         216.4     218.1          1.7      6.2         B
------------------------------------------------------------------------
MB08-96      102+25E     391.1     396.2          5.1      9.8         B
------------------------------------------------------------------------
                         404.1     412.1          8.0      2.9         B
------------------------------------------------------------------------

Note: The true width is estimated at 75% of the core length interval.
The drilling to date has traced five zones in the mineralized corridor over a length of 550 m that remain open to the east, west and at depth. Previous holes MB08-57 (7.5 g/t over 3.7 m), MB08-66 (10.2 g/t over 13.6 m) and new holes MB08-75 (6.8 g/t over 13.8 m), MB08-82 (4.0 g/t over 9.4 m), MB08-93 (10.1 g/t over 3.7 m) all intersected the C-19 Zone near the eastern portion of the deposit at a vertical depth centered around -400 m. C-19 represents a new zone of mineralization that is open to depth, along plunge to the east resembling the main zone that was mined and continues below the pit. Holes MB08-78 (8.0 g/t over 4.9 m), MB08-80 (9.1 g/t over 2.1 m), MB08-84 (5.2 g/t over 14.3 m) and previous hole MB08-60 (5.5 g/t over 10.5 m) all intersected the up- plunge portion of the A Zone closer to surface above -120 m. Holes MB08-87 (5.5 g/t over 27.5m), MB08-89 (2.1 g/t over 37.7 m), MB08-90 (2.8 g/t over 40.3 m) and previous holes MB08-62 (9.5 g/t over 6.1 m), MB08-54 (7.4 g/t over 15.9 m) all encountered thick intersections of mineralization in the main A Zone below the pit to a vertical depth of -200 m.

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 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 (Upper Beaver, McBean, Anoki and Upper Canada) and our joint venture with Kirkland Lake Gold Inc.

The Company has four 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 UB08-137 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. In the western portion of the camp, one drill is operating on the 100% owned AK property targeting the down-dip projection of the South Mine Complex ("SMC") that hosts significant high-grade gold mineralization on the neighboring South Claims property owned by joint venture partners Queenston and Kirkland Lake Gold. On the South Claims property, the joint venture has recently completed further drilling to expand an existing NI43-101 indicated resource of 39,000 t grading 38.1 g/t and inferred resource of 66,200 t grading 42.5 g/t (see news release dated November 18, 2008).

Queenston is well financed to meet its expenditure requirements with working capital of approximately $16 million.

This news release was reviewed by Queenston's Exploration manager and qualified person Michel Leblanc, P. Geo.
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