2012 exploration - $25 million
Exploration and development of Gold deposits - Kirkland Lake Gold camp
Message: uppere beaver news 17.3 g/t Au ~10.5 m, 15.0 g ~ 12.0 m, 9.8 g/t Au ~ 17.6 m
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Queenston Continues to Report Deep High ‐Grade Results at Upper Beaver (including: 17.3 g/t Au over 10.5 m, 15.0 g/t Au over 12.0 m and 9.8 g/t Au over 17.6 m) May 7, 2010, Toronto, Ontario ‐ QUEENSTON MINING INC. (QMI‐Toronto, Frankfurt, Stuttgart, Berlin) (“Queenston”
or “the Company”) announces a new series of holes from the deep drilling program on the 100% owned Upper Beaver property located in Kirkland Lake, Ontario. A total of 5 holes are reported with significant results summarized below and presented in Table 1. The new drill holes are outlined on the longitudinal section accompanying this news release which is also available on the Company’s website ( “Western Deep Area” ‐ • 4 new holes completed in the deeper western portion of the deposit all intersected the primary Porphyry Zones with high ‐grade gold intervals (core length) of 17.3 grams per tonne (“g/t”) gold (“Au”) over 10.5 meters (“m”) (0.50 ounces per ton (“oz/ton”) over 34.4 feet) including 122.9 g/t Au over 0.5 m (3.58 oz/ton over 1.6 feet) in hole UB10‐161W2, 15.0 g/t Au with 1.1% Cu over 12.0 m (0.44 oz/ton over 39.4 feet) ncluding 52.8 g/t Au with 3.7% Cu over 3.0 m (1.54 oz/ton over 9.8 feet) in hole UB10‐148W5 and 9.8 g/t Au with 0.6% Cu over 17.6 m (0.29 oz/ton over 57.7 feet) including 35.4 g/t Au with 1.9% Cu over 4.0 m (1.03 oz/ton over 13.1 feet) in hole UB10‐148W4. During the recent drilling campaign 9 holes have now intersected significant gold and copper mineralization between 900 m to 1200 m below surface in the
western deep area of the deposit below the existing mineral resource. In this area the deposit continues to remain open to the west, east and to depth. “Eastern Deep Area” – 1000m • 139 in the deep eastern portion of the
deposit. Hole UB10 10.3 g/t Au over 1.0 m
(0.30 oz/ton over 3.3 feet), 23.5 g/t Au over 1.9 m (0.69 oz/ton over 6.2 feet) and 10.0 g/t Au with 0.5% Cu over 6.0 m (0.29 oz/ton over 19.7 feet) . The last interval is interpreted to represent the Porphyry Zone that
assayed Charles Page, Queenston President and CEO, said, “We are extremely pleased with the positive results that are being encountered in the deep drilling program on the Upper Beaver property. The new holes continue to confirm both the high grade and thick nature of the mineralization as well as displaying excellent geological continuity. The drilling has now effectively doubled the down dip length of the deposit to approximately 1200 m below surface where it remains open both at depth and along strike. Upper Beaver is growing into a significant sized gold deposit that forms a cornerstone of the Company’s goal in returning to producer status. Due our consistent success at Upper Beaver, we will maintain three drills operating on the property for the balance of the year”.
The Upper Beaver deposit contains total indicated National Instrument (“NI”) 43 101 mineral 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 component of the deposit containing 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.
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