2012 exploration - $25 million
Exploration and development of Gold deposits - Kirkland Lake Gold camp
Message: More Deep Drilling Results from Upper Beaver 350 m Below 2008 Resource Estimate
| April 30, 2009 | ||
| Queenston Reports More Deep Drilling Results from Upper Beaver 350 m Below 2008 Resource Estimate | ||
|
TORONTO, ONTARIO--(Marketwire - April 30, 2009) - QUEENSTON MINING INC. (TSX:QMI)(FRANKFURT:QMI)(BERLIN:QMI)... ("Queenston" or "the Company") announces new results from the deep exploration, diamond drilling program in progress at the 100% owned Upper Beaver property located in Kirkland Lake, Ontario. The drilling continues to intersect significant gold-copper values in the mineralized corridor below the NI 43-101 mineral resource announced in 2008 (see news release dated September 22, 2008) that outlined 375,000 oz. of gold in the indicated category plus 262,800 oz. in the inferred category. Highlight from the recent drilling: - Hole UB08-135W2: 6.3 g/t (0.18 oz/ton) Au with 0.5% Cu over 19.7 m
(64.6 ft) in the Porphyry Zone
Including: 8.8 g/t (0.26 oz/ton) Au with 0.8% Cu over
4.7 m (15.4 ft) and
7.5 g/t (0.22 oz/ton) Au with 0.6% Cu over 10.7 m
(35.1 ft)
Table of assay results:
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Estimated
Hole # From To Interval True Width Cu Au Zone
(m) (m) (m) (m) (%) (g/t)
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UB09-135W2 1270.8 1290.5 19.7 15.8 0.5 6.3 Porphyry
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including 1270.8 1275.5 4.7 3.8 0.8 8.8 Upper Porphyry
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and 1279.8 1290.5 10.7 8.6 0.6 7.5 Lower Porphyry
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UB09-63E 1447.6 1448.1 0.5 0.4 - 4.4 Porphyry
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UB09-63W1 1435.9 1437.1 1.2 0.9 - 2.1 Porphyry Zone
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UB09-63W2 1418.4 1419.0 0.6 0.5 - 13.6 Porphyry Zone
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In December 2008, the Company announced intersecting a wide interval of high-grade mineralization in hole UB-08-139 assaying 30.3 g/t Au with 1.0% Cu over a core length of 20.8 m (see news release dated December 18, 2008). This Porphyry Zone intersection occurs at a vertical depth of -1000 m on the east side of a diabase dike and approximately 200 m below the NI 43-101 mineral resource. The Porphyry Zone is the largest gold-copper body of the deposit containing over 80% of the mineral resource (942,600 t grading 9.6 g/t Au (10.9 g/t uncapped) indicated and 859,200 t grading 8.3 g/t Au (9.2 g/t uncapped). The diabase dyke is an important feature as it represents a late geological unit that is spatially associated to the Upper Beaver mineralization and appears to occupy the center of the mineralized corridor. Since the last news release on the deep drilling program, 5 wedge holes (2,783 m) have been completed. Hole UB09-135W2 intersected the Porphyry Zone on the west side of the diabase dike at a vertical depth of 1150 m, assaying 6.3 g/t Au with 0.5% Cu over a core length of 19.7 m. This intersection is located approximately 350 m below the mineral resource (see longitudinal section attached or visit the Company's website at www.queenston.ca). Holes UB08-63WE, -63W1 and -63W2 were all completed west of the intended target and appear to have intersected the western margin of the mineralized corridor. In all three holes narrow intervals of the Porphyry Zone were intersected with a best result of 13.6 g/t Au over a core length of 0.6 m in hole UB08-63W2. Hole UB08-135W1 remained in the diabase dike and was abandoned. Previous pilot hole UB08-135, intersected a narrow interval in the Porphyry Zone at a vertical depth of 1250 m approximately 100 m below UB08-135W2, assaying 2.2 g/t Au over a core length of 0.9 m. The deep exploration drilling continues and a second drill will be added to the program. Queenston has completed a scoping level metallurgical investigation of samples of Upper Beaver mineralization at SGS-Lakefield. The objective was primarily to confirm metallurgical performance of earlier test work and mine production, employing typical gold and copper recovery methods. The Lakefield program reconfirmed that high recovery rates of gold and copper can be achieved from Upper Beaver ores with conventional treatment methods. Gravity concentration was particularly successful when compared to earlier efforts, with around 63% gold recovery utilizing a Knelson concentrator. Combined gravity-flotation treatment resulted in gold and copper recoveries of 93.1 and 96.3% respectively. By applying a cyanidation stage to the flotation tailings the total gold recovery could be improved to 99%. Given the low sulphide content of the ore and the very low levels of heavy metals, preliminary environmental results were encouraging showing the tailings to be acid-consuming with expectations of an excellent effluent quality. 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) and in Cadillac, Quebec (Ironwood) 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 $31 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 $9 million employing seven diamond drill rigs. This news release was reviewed by Queenston's VP Exploration and qualified person William McGuinty, P. Geo. |
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