The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

Queenston Reports 2.1 g/t Au Over 20.0 Metres From Boundary Zone on the Vault-Lebel Property

Wednesday, July 07, 2010

Queenston Reports 2.1 g/t Au Over 20.0 Metres From Boundary Zone on the Vault-Lebel Property09:00 EDT Wednesday, July 07, 2010TORONTO, ONTARIO--(Marketwire - July 7, 2010) - QUEENSTON MINING INC. (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI) ("the Company") is pleased to announce results from 32 shallow diamond drill holes (2910 m) targeting the Boundary Zone on the 100% owned Lebel property located in Lebel Township, Kirkland Lake, Ontario. The Lebel property is one of the key assets Queenston acquired through the merger with Vault Minerals Inc. ("Vault") completed on April 20, 2010.The Boundary Zone is located on the eastern portion of the property approximately 1 km east of the Bidgood Mine where the company recently announced (see June 10, 2010 news release) significant drill results including 12.2 grams per tonne ("g/t") gold ("Au") over 11.5 metres ("m") in hole BG10-22 and 1.8 g/t Au over 59.5 m in hole BG10-58. Stripping of the Boundary Zone was completed by Vault Minerals in 2009 and based on the success of surface sampling (8.9 g/t Au over 3.2 m) combined with historic drilling that included 1.6 g/t Au over 26.5 m Vault initiated a drilling program late in 2009. Attached to this news release is a plan (Figure 1) outlining the location of the Boundary Zone and is available on the Company's website at www.queenston.ca.The drilling program at the Boundary Zone commenced late in 2009 and was completed in 2010. All check assays have now been received and the significant assay results are presented in Table 1 with the drill hole locations outlined in Figure 2 also accompanying this release.Highlights of Boundary Zone drilling: -- 2.1 g/t Au over 20.0 m in hole BZ09-04 -- 1.7 g/t Au over 17.6 m in hole BZ09-15 -- 1.7 g/t Au over 16.6 m in hole BZ10-23 -- 1.7 g/t Au over 14.5 m in hole BZ09-13 -- 1.2 g/t Au over 20.3 m in hole BZ10-36 -- 1.1 g/t Au over 29.6 m in hole BZ09-08 -- 1.1 g/t Au over 23.7 m in hole BZ09-03 -- 1.1 g/t Au over 17.7 m in hole BZ10-16 Charles E. Page, President and CEO of Queenston said, "The encouraging drilling results from the Lebel property continue to enhance the value of the recently acquired Vault assets. The Boundary Zone represents a second target on the Lebel property where the potential exists for near surface bulk tonnage gold mineralization. The zone remains open towards the Bidgood Mine (1 kilometer to the west) where drilling has intersected a similar style of mineralization and where a second rig will be added." The 3,100-acre Lebel property hosts the past-producing Bidgood mine that historically produced 165,000 oz ("ounces") of gold from 1934-51 at a recovered grade of 9.2 g/t Au. It is interpreted by Queenston geologists that the gold mineralization at Bidgood is controlled by the same structure that hosts the seven historic mines in neighbouring Teck Township, which comprise Kirkland Lake's famous "Mile of Gold", where in excess of 24 million ounces of gold have been produced at a recovered grade of 16.1 g/t Au.The Boundary Zone comprises two sub-zone, vein systems the upper Perreault and lower Robert. Perreault outcrops on surface and ranges from 6.7 to 25.1 m thick comprised of 3-20% coarse disseminated pyrite in silicified and altered porphyry and sediments. Twenty one of the thirty two holes drilled intersected the Perreault vein system. The Robert vein system is sub-parallel, approximately 20 m below the Perreault zone and is discontinuous. The Robert zone is generally narrower reporting widths of less than 1 m containing high grades including 25.2 g/t Au over 0.75 m (BZ09-03), 12.8 g/t Au over 0.6 m (BZ09-10) and 12.1 g/t Au over 0.6 m (BZ10-16). Drilling has traced the Boundary Zone over a length of 200 m and to a vertical depth of approximately 50 m. The zone remains open to the west and to depth. Table 1: Boundary Zone Assay Results ---------------------------------------------------------------------- Dip Azimuth (deg- From Interval Au Hole # (degress) rees) (m) To (m) (m) (g/t) Zone ---------------------------------------------------------------------- BZ09-01 150 -45 5.20 30.30 25.10 0.9 Perreault ---------------------------------------------------------------------- including 5.20 6.00 0.80 6.8 Perreault ---------------------------------------------------------------------- BZ09-02 198.5 -45 7.50 24.65 17.15 1.0 Perreault ---------------------------------------------------------------------- 29.45 30.50 1.05 1.2 New ---------------------------------------------------------------------- BZ09-03 180 -45 6.35 30.00 23.65 1.1 Perreault ---------------------------------------------------------------------- 49.80 53.10 3.30 0.9 New ---------------------------------------------------------------------- 69.70 72.35 2.65 7.4 Robert ---------------------------------------------------------------------- including 69.70 70.45 0.75 25.2 Robert ---------------------------------------------------------------------- BZ09-04(i) 121 -45 6.10 26.10 20.00 2.1 Perreault ---------------------------------------------------------------------- including 14.75 26.10 11.35 3.4 Perreault ---------------------------------------------------------------------- and 14.75 20.50 5.75 5.3 Perreault ---------------------------------------------------------------------- 51.00 56.60 5.60 2.0 New ---------------------------------------------------------------------- 66.10 67.10 1.00 1.6 New ---------------------------------------------------------------------- BZ09-05 150 -45 10.45 15.70 5.25 0.4 New ---------------------------------------------------------------------- BZ09-06 150 -45 17.00 36.60 19.60 0.7 Perreault ---------------------------------------------------------------------- 28.05 36.60 8.55 0.9 Perreault ---------------------------------------------------------------------- BZ09-07 150 -45 35.75 37.75 2.00 0.8 New ---------------------------------------------------------------------- BZ09-08 150 -45 27.60 57.20 29.60 1.1 Perreault ---------------------------------------------------------------------- including 31.20 45.85 14.65 1.7 Perreault ---------------------------------------------------------------------- and 42.75 43.30 0.55 19.4 Perreault ---------------------------------------------------------------------- BZ09-09 150 -45 40.50 51.85 11.35 0.7 Perreault ---------------------------------------------------------------------- 61.20 62.00 0.80 1.1 New ---------------------------------------------------------------------- 77.50 83.20 5.70 0.9 New ---------------------------------------------------------------------- BZ09-10 150 -45 39.30 54.70 15.40 0.9 Perreault ---------------------------------------------------------------------- 75.80 83.20 7.40 1.7 Robert ---------------------------------------------------------------------- including 81.50 82.10 0.60 12.8 Robert ---------------------------------------------------------------------- BZ09-11 150 -45 54.50 56.04 1.54 0.9 New ---------------------------------------------------------------------- BZ09-12 150 -45 44.80 46.90 2.10 0.8 New ---------------------------------------------------------------------- 57.45 58.00 0.55 1.7 New ---------------------------------------------------------------------- BZ09-13 307 -45 61.50 76.00 14.50 1.7 Perreault ---------------------------------------------------------------------- including 67.00 68.00 1.00 15.9 Perreault ---------------------------------------------------------------------- BZ09-14 150 -71.5 5.90 27.00 21.10 0.5 Perreault ---------------------------------------------------------------------- BZ09-15 314 -45 29.05 46.65 17.60 1.7 Perreault ---------------------------------------------------------------------- including 30.60 36.00 5.40 4.1 Perreault ---------------------------------------------------------------------- and 35.35 36.00 0.65 10.8 Perreault ---------------------------------------------------------------------- ---------------------------------------------------------------------- BZ10-16(i) 109 -45 41.95 63.00 21.05 0.8 Perreault ---------------------------------------------------------------------- 74.70 76.65 1.95 1.7 New ---------------------------------------------------------------------- 81.95 99.60 17.65 1.1 Robert ---------------------------------------------------------------------- including 81.95 82.55 0.60 12.1 Robert ---------------------------------------------------------------------- BZ10-17 331 -45 28.20 29.30 1.10 4.3 New ---------------------------------------------------------------------- BZ10-18 102 -45 103.10 110.90 7.80 0.5 Perreault ---------------------------------------------------------------------- BZ10-19 177 -40 37.75 48.75 11.70 0.6 Perreault ---------------------------------------------------------------------- including 43.80 48.75 4.95 0.9 Perreault ---------------------------------------------------------------------- BZ10-20 158 -40 10.40 20.20 9.80 1.0 Perreault ---------------------------------------------------------------------- 39.00 41.70 2.70 1.1 New ---------------------------------------------------------------------- BZ10-21 140 -40 10.40 17.10 6.70 3.0 Perreault ---------------------------------------------------------------------- including 11.05 12.70 1.65 10.2 Perreault ---------------------------------------------------------------------- BZ10-22 111 -40 12.40 14.00 1.40 2.1 New ---------------------------------------------------------------------- 22.00 39.50 17.50 0.8 Perreault ---------------------------------------------------------------------- including 23.90 24.55 0.65 6.2 Perreault ---------------------------------------------------------------------- BZ10-23 105 -40 47.40 64.00 16.60 1.7 Perreault ---------------------------------------------------------------------- including 54.10 63.00 8.90 2.3 Perreault ---------------------------------------------------------------------- BZ10-34 165 -41 101.60 102.10 0.50 18.5 Perreault ---------------------------------------------------------------------- 142.00 142.80 0.80 1.2 New ---------------------------------------------------------------------- 159.20 160.80 1.60 2.0 New ---------------------------------------------------------------------- BZ10-35 146 -42 53.85 66.10 12.25 1.0 Perreault ---------------------------------------------------------------------- BZ10-36 167 -42 55.55 75.85 20.30 1.2 Perreault ---------------------------------------------------------------------- including 55.55 66.20 10.65 1.9 Perreault ---------------------------------------------------------------------- BZ10-37 183 -42 63.00 90.80 27.80 0.4 Perreault ---------------------------------------------------------------------- including 68.70 74.70 6.00 0.9 Perreault ---------------------------------------------------------------------- NOTE: (i) drill hole previously reported. Holes BZ10-24, -25, -26, -31, -32 and -33 returned no significant values. Holes BZ10-27, -28, -29 and -30 were planned but not completed during this phase of drilling. The mineralized intervals reported in this news release represent core lengths. True widths are interpreted to be 90-100% of the core length and 70% for holes BZ10-13, -15. Qualified Person and QA/QC ProgramThe 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 National Instrument ("NI") 43-101 and industry best practices. Mr. Michael Sutton, P.Geo, Senior Geologist (Vault Division) is the designated Qualified Person pursuant to NI 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators and is responsible for the verification and quality assurance of the technical content of this news release. A detailed review of Queenston's QA/QC procedures is filed in the 2009 Annual Information Form on SEDAR. The drill core is logged and split with half-core samples shipped to Polymet Labs of Cobalt, 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 approximately every 25 samples and after significant samples. Approximately 5-10% of sample rejects and/or pulps are sent to other laboratories for check assaying and quarter-core sampling is also undertaken. About QueenstonQueenston controls a significant land package in the Kirkland Lake gold camp now containing 29 properties, totalling approximately 19,000 hectares. The Company's strategy is to return to producer status through the development of four 100% owned gold projects including the Upper Beaver, McBean, Anoki and Upper Canada. The Company is also 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 $45 million in cash and has a 2010 exploration budget of $16 million, employing up to 13 diamond drill rigs on 8 properties. Queenston's Cautionary Note Regarding NI 43-101 and Forward Looking StatementsExcept 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.FOR FURTHER INFORMATION PLEASE CONTACT: Queenston Mining Inc. Charles E. Page, P. Geo. President and CEO (416) 364-0001 (ext. 224) or Queenston Mining Inc. Hugh D. Harbinson Chairman (416) 364-0001 (ext. 225) or Queenston Mining Inc. Andreas Curkovic Investor Relations (416) 577-9927 Email: Info@queenston.ca Website: www.queenston.ca