TORONTO, ONTARIO -- (Marketwire) -- 03/10/11 -- QUEENSTON MINING INC. (TSX: QMI)(FRANKFURT: QMI) ('Queenston' or 'the Company') is pleased to announce results from an additional 43 surface diamond drill holes (16,697 m) from the ongoing drilling program completed on the 100% owned Upper Canada property located in Gauthier Township, Kirkland Lake, Ontario.
A total of 216 holes (67,806 m) have now been reported targeting a large alteration zone that measures 300 m x 2200 m enveloping the past producing Upper Canada mine. The first 173 holes were reported in news releases dated October 1, 2009, February 16, 2010, May 10, 2010, September 7, 2010 and November 30, 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. These are also available on the Company's website (www.queenston.ca). The drilling completed since 2009 will form part of the data base that is being used to establish an initial NI 43-101 mineral resource on the property.
Highlights include:
-- 1.44 g/t Au over 29.3 m in hole UC10-190
-- 1.81 g/t Au over 13.7 m in hole UC10-223
-- 1.15 g/t Au over 20.1 m in hole UC10-193
-- 1.20 g/t Au over 15.5 m in hole UC10-196
-- 1.09 g/t Au over 18.4 m in hole UC10-189
-- 0.90 g/t Au over 77.3 m in hole UC10-181
-- 0.85 g/t Au over 47.2 m in hole UC10-205
-- 0.89 g/t Au over 33.5 m in hole UC10-222
-- 5.38 g/t Au over 7.5 m in hole UC10-209
-- 10.61 g/t Au over 2.7 m in hole UC10-177
-- 13.08 g/t Au over 1.8 m in hole UC10-185
Charles Page, President and CEO of Queenston said, 'We are pleased with the results at Upper Canada as drilling extends the mineralized corridor to a length of 2.2 km and remains open to the east and west. An initial mineral resource is being prepared on the project and is anticipated to be completed in April. This year drilling will continue with four rigs completing an additional 65,000 metres testing the western and eastern extensions of the gold system and some of the historical resources. Upper Canada is a key ingredient in the Company's goal of advancing the Kirkland East Project towards feasibility and ultimately production.'
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 Au 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 (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 under the instrument. 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
----------------------------------------------------------------------------
Section From To Interval Au
Hole # (ft) (m) (m) (m) (g/t)
----------------------------------------------------------------------------
UC10-176 35+35W 138.4 142.1 3.7 1.89
----------------------------------------------------------------------------
157.6 168.6 11 0.67
----------------------------------------------------------------------------
178.6 180.4 1.8 2.23
----------------------------------------------------------------------------
286.5 295.5 9 1.39
----------------------------------------------------------------------------
UC10-177 35+35W 45.7 57.6 11.9 0.82
----------------------------------------------------------------------------
91.4 96 4.6 0.8
----------------------------------------------------------------------------
107.9 110.6 2.7 10.61
----------------------------------------------------------------------------
235.9 238.6 2.7 3.85
----------------------------------------------------------------------------
UC10-178 35+35W 51 58.2 7.2 0.68
----------------------------------------------------------------------------
UC10-179 40+00W 40.8 49.9 9.1 0.8
----------------------------------------------------------------------------
59.1 60.9 1.8 2.02
----------------------------------------------------------------------------
UC10-180 40+50W 17.1 19.8 2.7 1.15
----------------------------------------------------------------------------
40.8 43.5 2.7 1.37
----------------------------------------------------------------------------
UC10-181 34+00W 69.3 146.6 77.3 0.9
----------------------------------------------------------------------------
including 80.2 82 1.8 13.39
----------------------------------------------------------------------------
and 138.4 140.2 1.8 9.71
----------------------------------------------------------------------------
256.6 259.3 2.7 1.34
----------------------------------------------------------------------------
UC10-182 34+00W 37.8 38.7 0.9 4.94
----------------------------------------------------------------------------
62.5 67.1 4.6 1.01
----------------------------------------------------------------------------
82.6 96.3 13.7 0.54
----------------------------------------------------------------------------
UC10-183 32+00W 88.7 93.3 4.6 1.2
----------------------------------------------------------------------------
126.2 128.2 2 3.15
----------------------------------------------------------------------------
148.4 151.1 2.7 1.03
----------------------------------------------------------------------------
338 342 4 0.69
----------------------------------------------------------------------------
UC10-185 30+00W 216.1 217.9 1.8 1.02
----------------------------------------------------------------------------
226.2 228 1.8 13.08
----------------------------------------------------------------------------
UC10-186 30+00W 171.3 191.4 20.1 0.6
----------------------------------------------------------------------------
UC10-187 27+00W 185.1 193.3 8.2 0.97
----------------------------------------------------------------------------
257.9 260.3 2.4 0.97
----------------------------------------------------------------------------
268.8 280.7 11.9 0.69
----------------------------------------------------------------------------
UC10-189 27+00W 32.6 51 18.4 1.09
----------------------------------------------------------------------------
UC10-190 55+00W 377 406.3 29.3 1.44
----------------------------------------------------------------------------
441 445.6 4.6 1.64
----------------------------------------------------------------------------
464.5 471.8 7.3 0.87
----------------------------------------------------------------------------
UC10-191 57+00W 291.1 292 0.9 4.39
----------------------------------------------------------------------------
352.3 356 3.7 1.17
----------------------------------------------------------------------------
UC10-193 59+00W 306.3 310.9 4.6 1.88
----------------------------------------------------------------------------
334.7 354.8 20.1 1.15
----------------------------------------------------------------------------
UC10-194 59+00W 81.4 85.1 3.7 1.17
----------------------------------------------------------------------------
UC10-195 59+00W 273.4 274.3 0.9 3.16
----------------------------------------------------------------------------
UC10-196 62+00W 266.4 280.1 13.7 0.53
----------------------------------------------------------------------------
384 399.6 15.6 1.2
----------------------------------------------------------------------------
UC10-197 62+00W 203.9 205.7 1.8 2.86
----------------------------------------------------------------------------
UC10-198 62+00W 237.1 247.2 10.1 0.57
----------------------------------------------------------------------------
UC10-202 46+00W 812 823 11 0.62
----------------------------------------------------------------------------
859.5 872.3 12.8 1.05
----------------------------------------------------------------------------
945.2 950.7 5.5 1.59
----------------------------------------------------------------------------
UC10-203 46+00W 528.8 529.7 0.9 8.2
----------------------------------------------------------------------------
869.9 883.6 13.7 1.11
----------------------------------------------------------------------------
965.6 969.2 3.6 1.67
----------------------------------------------------------------------------
982.1 993.1 11 0.96
----------------------------------------------------------------------------
1033.6 1042.7 9.1 0.93
----------------------------------------------------------------------------
UC10-205 25+00W 275.5 289.2 13.7 1.41
----------------------------------------------------------------------------
including 288.4 289.3 0.9 10.84
----------------------------------------------------------------------------
371 418.2 47.2 0.85
----------------------------------------------------------------------------
437.1 440.7 3.6 0.98
----------------------------------------------------------------------------
UC10-206 25+00W 75.9 76.8 0.9 4.01
----------------------------------------------------------------------------
337.7 356.6 18.9 0.7
----------------------------------------------------------------------------
392 395.7 3.7 1.16
----------------------------------------------------------------------------
UC10-207 25+00W 27.1 30.8 3.7 6.25
----------------------------------------------------------------------------
85.9 90.5 4.6 1.94
----------------------------------------------------------------------------
UC10-208 20+00W 135 135.9 0.9 4.52
----------------------------------------------------------------------------
306.3 308.2 1.9 2.71
----------------------------------------------------------------------------
UC10-209 20+00W 142.6 145.3 2.7 3.69
----------------------------------------------------------------------------
439.2 446.7 7.5 5.38
----------------------------------------------------------------------------
including 445.9 446.9 0.9 26.55
----------------------------------------------------------------------------
527 534 7 0.77
----------------------------------------------------------------------------
UC10-210 20+00W 177.1 200.9 23.8 0.74
----------------------------------------------------------------------------
including 183.5 195.4 11.9 1.24
----------------------------------------------------------------------------
and 189 189.9 0.9 11.9
----------------------------------------------------------------------------
UC11-211 17+00W 295 297.7 2.7 3.5
----------------------------------------------------------------------------
UC11-213 17+00W 289 293.5 4.5 1.42
----------------------------------------------------------------------------
UC11-216 15+00W 37.2 39.3 2.1 1.33
----------------------------------------------------------------------------
97.2 102 4.8 0.86
----------------------------------------------------------------------------
UC10-221 8+30E 179.8 228.9 49.1 0.72
----------------------------------------------------------------------------
UC10-222 8+30E 240.2 273.7 33.5 0.89
----------------------------------------------------------------------------
UC10-223 8+30E 83.2 96.9 13.7 1.81
----------------------------------------------------------------------------
including 86 86.9 0.9 19.13
----------------------------------------------------------------------------
164.6 190.2 25.6 0.8
----------------------------------------------------------------------------
UC10-224 8+30E 120.1 122.8 2.7 4.65
----------------------------------------------------------------------------
162.8 164.6 1.8 15.03
----------------------------------------------------------------------------
185.6 194.8 9.2 0.79
----------------------------------------------------------------------------
UC11-225 8+30E 133.3 135 1.71 4.77
----------------------------------------------------------------------------
Notes: The mineralized intervals reported in this news release represent
core length. Holes UC10-184, -188, -192, -198, -153, and UC-212, -214, -215
and -217 encountered no significant values. Assays are not complete for
holes UC10-199, -200, -201 and UC11-218, -219, -220. Assay results for drill
holes up to UC10-175 are reported in previous news releases dated October 1,
2009, February 16, 2010, May 10, 2010, September 7, 2010 and November 30,
2010.
The new drilling targeted the western, eastern and northern portions of the mineralized corridor that hosts the Upper Canada mineralization. Nine holes were drilled to the west which extend the mineralization along the South Branch a further 275 m with intersections of 1.2 g/t Au over 15.5 m (hole UC10-196), 1.15 g/t Au over 20.1 m (hole UC10-193) and 1.44 g/t Au over 29.3 m (hole UC10-190). The mineralized corridor continues to remain open to the west.
To the east 5 holes were completed extending the South Branch mineralization an additional 40 m with intersections of 1.81 g/t Au over 13.7 m (hole UC10-223), 0.89 g/t Au over 33.5 m (hole UC10-222) and 0.72 g/t Au over 49.1 m (hole UC10-221).
Along the northern and central portion of the mineralized corridor 29 holes were drilled with incomplete assays for 6 of the holes. This drilling extended the mineralization east and west of the Brock Shaft along the North Branch of the mineralized corridor and within the gap between the previously defined North and South Branches. Key intersections in this area include, 0.90 g/t Au over 77.3 m (hole UC10-181), 1.09 g/t Au over 18.4 m (hole UC10-189), 1.24 g/t Au over 11.9 m (hole UC10-210), 0.85 g/t Au over 47.2 m (hole UC10-205), 5.38 g/t au over 7.5 m (hole UC10-209), and 10.61 g/t au over 2.7 m (hole UC10-177). The mineralization continues to remain open to the east along the North Branch.
Two holes UC10-202 and -203 were completed in the deeper C Zone extending the mineralization to the east reporting 1.05 g/t Au over 12.8 m and 1.11 g/t Au over 13.7 m respectively. The C Zone remains open to the east and west.
In 2011, the Company has budgeted $6.7 million for continued exploration at Upper Canada. Drilling will continue to target the mineralized corridor that hosts the South Branch, North Branch and C Zone to the east and west. The drilling budget at Upper Canada represents a total of approximately 65,000 m and as part of the plans for 2011 an initial mineral resource will be established for the South Branch and C Zones.
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 2010 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 $80 million as of December 31, 2010, no debt and a 2011 exploration budget of $25 million.
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.
Contacts:
Queenston Mining Inc.
Charles E. Page, P. Geo.
President and CEO
(416) 364-0001 (ext. 224)
Queenston Mining Inc.
Hugh D. Harbinson
Chairman
(416) 364-0001 (ext. 225)
Queenston Mining Inc.
Andreas Curkovic
Investor Relations
(416) 577-9927
Queenston Mining Inc.
Ann Gibbs-Baines
Investor Relations
(416) 627-8872
Info@queenston.ca
www.queenston.ca
