- Published: 06 November 2008
- Written by Editor
Queenston Intersects 13.6 Meters of 10.2 g/t Gold at McBean
Queenston Mining Inc. (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI)(BERLIN:QMI) ("Queenston" or the "Company") is pleased to announce today new 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 purpose of the current program is both to advance the mineral resources at McBean to NI 43-101 standards and expand the deposit through deeper exploration drilling.
Drilling Highlights
A total of 25 holes (11,934 m) has been completed in the first phase of the program, intersecting multiple zones of gold mineralization including the following significant results.
- Hole MB08-66: 10.2 g/t (grams per tonne) Au (0.30 oz/ton) over 13.6 m (44.6 ft)
- Hole MB08-54: 7.4 g/t Au (0.22 oz/ton) over 15.9 m (52.2 ft)
- Hole MB08-58: 5.9 g/t Au (0.17 oz/ton) over 29.1 m (95.5 ft)
- Hole MB08-47: 5.7 g/t Au (0.16 oz/ton) over 18.1 m (59.4 ft)
- Hole MB08-62: 9.5 g/t Au (0.28 oz/ton) over 6.1 m (20.0 ft) and 6.5 g/t Au (0.19 oz/ton) over 9.3 m (30.5 ft)
Charles Page, CEO and President of Queenston, said, "These positive results again confirm our core principle of exploring for, expanding and developing new mineral resources in an established mining camp. We are particularly encouraged by the grade and thickness of the mineralization encountered in a number of the recent holes at McBean. The drilling to date has intersected a series of easterly plunging gold zones below the pit that continue to remain open. A second phase of drilling has commenced that will include testing below the limits of the historic mineralization. The drill campaign at McBean is part of Queenston's strategy to develop a multi deposit mining operation supported by a central mill. McBean is one of four, 100% owned gold deposits located in Gauthier Township that the Company is advancing towards production, the others include Upper Beaver, Anoki and Upper Canada."
Queenston and joint venture partner Inco Ltd. operated the McBean mine from 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.
A second phase drilling program has begun at McBean employing two rigs. The 15,000 m program will continue to target the new trends of gold mineralization identified in the first program as well as test the entire gold system at depth.
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.
The zones to date have been traced by drilling over a length of 500 m and remain open to the east, west and at depth. One of the eastern most holes, MB08-66, intersected 13.6 m of continuous gold values averaging 10.2 g/t including a 5.4 m interval assaying 16.9 g/t in Zone C. The majority of this mineralization (11.8 m) is almost entirely in felsite containing up to 15% quartz veining, 5% pyrite and averaging 10.5 g/t Au. The final 1.8 m of the zone is in a green carbonate body that is in contact with the felsite averaging 8.1 g/t Au. In the western end of the deposit, 350 m west of MB08-66, hole MB08-59 intersected the thickest zone of mineralization in Zone C measuring 29.1 m and averaging 5.9 g/t Au. This relatively continuous zone of mineralization begins in a 12.4 m thick section of altered tuff containing up to 20% quartz veining, 3% pyrite and averaging 6.3 g/t Au and ends in an adjacent 16.2 m thick green carbonate unit containing up to 40% quartz veining, 3% pyrite that averages 5.8 g/t Au. Within the broader zone two higher grade subzones occur including 12.0 g/t Au over 4.3 m and 9.7 g/t Au over 5.2 m.
Table of assay results from the first phase diamond drilling program at
McBean
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Hole # Section From To Interval Au Zone
(ft) (m) (m) (m) (g/t)
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MB08-43W 100+50E 392.7 400.2 7.5 1.5 C
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including 392.7 393.3 0.6 5.7 C
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MB08-44W 100+50E 255.4 269.2 13.8 3.3 A
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including 267.6 269.2 1.6 13.1 A
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285.9 287.7 1.8 8.4 B1
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300.7 304.4 3.7 4.4 B2
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MB08-47 98+50 373.7 391.8 18.1 5.7 B2
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including 373.7 377.7 4.0 8.9 B2
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407.8 408.7 0.9 12.6 C2
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411.3 415.4 4.1 2.6 D
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including 413.9 414.5 0.6 15.1 D
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MB08-48 99+50E 309.7 312.8 3.1 2.7 B1
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366.0 366.9 0.9 12.2 C1
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MB08-50 100+00E 222.5 229.8 7.3 2.3 A
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including 222.5 223.5 1.0 10.4 A
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MB08-51 100+75E 236.5 238.9 2.4 1.5 B1
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MB08-52 9+675E 213.3 217.7 4.4 2.0 A
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221.8 226.5 4.7 2.3 B
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251.5 255.0 3.5 7.3 B1
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MB08-53 112+00E 648.3 650.4 2.1 3.7 C
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MB08-54 98+50E 310.3 326.2 15.9 7.4 B,B1
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including 312.4 320.0 7.6 10.2 B1
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MB08-55 99+50E 325.8 333.5 7.7 2.4 B
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including 332.8 333.5 0.7 7.8 B
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MB08-56 96+00E 195.4 204.5 9.1 3.2 B
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including 199.0 199.9 0.9 7.6 B
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including 203.8 204.5 0.7 9.2 B
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MB08-57 109+50E 563.0 573.9 10.9 3.2 A
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including 563.0 566.7 3.7 7.5 A
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and 563.0 564.8 1.8 10.8 A
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MB08-58 95+75E 276.8 305.9 29.1 5.9 A
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including 276.1 280.4 4.3 12.0 A
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including 292.0 297.3 5.3 9.7 A
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337.3 346.9 9.6 3.6 B2
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MB08-59 95+00E 411.8 412.3 0.5 8.7 B
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MB08-60 249.1 262.4 13.3 4.4 A
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including 250.5 252.5 2.0 9.3 A
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and 258.2 260.0 1.8 7.6 A
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274.3 284.8 10.5 5.5 B1
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including 274.3 280.4 6.1 6.3 B1
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MB08-61 109+00E 536.4 537.3 0.9 7.7 D1
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MB08-62 99+00E 219.8 225.9 6.1 9.5 A
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including 223.0 225.9 2.9 17.2 A
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248.6 257.9 9.3 6.6 A
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including 248.6 251.9 3.2 12.4 A
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MB08-64 101+25E 507.2 518.8 11.6 4.0 B1,B2
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including 507.2 509.2 2.0 7.8 B1
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MB08-65 101+50E 621.5 625.2 3.7 7.9 B
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including 620.9 622.8 1.9 13.8 B
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MB08-66 107+00E 556.7 570.3 13.6 10.2 C
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including 559.6 565.0 5.4 16.9 C
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MB08-67 106+50E 455.1 460.3 5.2 3.1 CM
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including 489.1 489.8 0.7 8.0 CM
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MB08-67W 106+50E 482.7 493.0 10.3 2.9 CM
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including 484.3 485.2 0.9 9.3 CM
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Note: The true width is estimated at 75% of the core length interval.
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. and Chief Geologist, Wayne Benham, 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 on gold in two historic mining camps, Kirkland Lake, Ontario and Cadillac, Quebec. The Company's strategy is to return to producer status through the advancement of our primary gold assets in Kirkland Lake, Ontario (Upper Beaver, McBean, Anoki and Upper Canada) and in Cadillac, Quebec (Ironwood). This year the Company has already reported two new NI 43-101 resources calculations in Kirkland Lake. At Upper Beaver, drilling outlined an indicated resource of 1,373,500 t grading 8.5 g/t Au (375.000 oz.) and an inferred resource of 1,061,300 t grading 7.7 g/t Au (262,800 oz.) (mineral resource calculated by independent QP, M. W. Kociumbas, P.Geo. of Watts, Griffis and McOuat Limited, see news release dated September 22, 2008). At the South Claims joint venture property with Kirkland Lake Gold Inc. ("KL Gold") an indicated resource of 39,000 t grading 38.1 g/t Au (48,000 oz.) and an inferred resource of 73,000 t grading 42.5 g/t Au (91,000 oz.) has been delineated in the South Mine Complex ("SMC") (mineral resource calculated by independent QP, G. R. Clark, P.Eng., see news release dated July 16, 2008). On both properties drilling continues to add to the established mineral resources. In Cadillac, Quebec the Company and joint venture partner Globex Mining Enterprises Limited ("Globex") announced a NI 43-101 mineral resource at the Ironwood deposit containing 243,000 t grading 17.3 g/t Au (134,000 oz) (mineral resource calculated by independent QP, R. Pressacco, P.Geo., see news release dated March 3, 2008).
In Kirkland Lake, the Company has four diamond drills operating on 100% owned properties. In the eastern portion of the camp a single drill continues to explore the mineralized corridor at Upper Beaver beneath the recently announced current mineral resource and at McBean two drills continue the second phase of drilling to advance the deposit to NI 43-101 status. In the western portion of the camp, one drill is operating on the 100% owned AK property targeting the down-dip projection of the SMC that hosts significant high-grade gold mineralization on the neighboring South Claims property owned by joint venture partners Queenston and KL Gold. On the South Claims property the joint venture continues to explore the SMC with two underground drill rigs. Updated news results on these 2 properties will be made available in the near future.
In the Cadillac gold camp, Queenston and joint venture partner Globex are advancing the Ironwood deposit to determine its economic viability. The deposit contains a NI 43-101 Inferred Mineral Resource of 134,000 oz. of gold and further definition drilling was successful in confirming the geological interpretation including new intersections of 12.4 g/t Au over 5.8 m (hole W08-61), 14.4 g/t Au over 9.9 m (hole W08-63) and 15.3 g/t Au over 15.0 m (hole W8-64) (see news release dated July 9, 2008). Drilling at Ironwood has also extended the deposit closer to surface with an intersection of 11.7 g/t Au over 8.8 m in hole W08-73 (see news release dated July 23, 2008). Metallurgical testing of the Ironwood mineralization is being performed by SGS to provide the joint venture with options regarding treatment methods.
Queenston is well financed to meet its expenditure requirements with working capital of approximately $19 million.
This news release was reviewed by Queenston's Chief Geologist and qualified person Wayne Benham, P. Geo.
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.
SOURCE: Queenston Mining Inc.
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 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: www.queenston.ca
