TORONTO, ONTARIO--(Marketwire - Feb. 14, 2011) - QUEENSTON MINING INC. (News - Market indication)(FRANKFURT:QMI) ("the Company") is pleased to announce results from an additional 15 Diamond drill holes (1,307 m) completed on the 100% owned Bidgood property located in Lebel Township, Kirkland Lake, Ontario.
Results are reported for holes that targeted the South Zones that display the potential for open pit mineralization within the Bidgood Mine sequence located on the eastern portion of the property. To date, 78 holes (13,397 m) have been reported as part of a first phase 23,000 m Bidgood program (Note: the holes have not been drilled in numerical order).
Highlights from new holes:
- 7.2 g/t Au over 24.1 m (including 12.8 g/t Au over 12.9 m) in hole BG10‐33
- 2.5 g/t Au over 29.6 m (including 10.6 g/t Au over 0.8 m) in hole BG10‐41
- 1.5 g/t Au over 43.7 m (including 4.8 g/t Au over 2.4 m) in hole BG10-51
- 1.5 g/t Au over 31.9 m (including 12.4 g/t Au over 0.8 m) in hole BG10-50
- 1.3 g/t Au over 49.4 m (including 6.6 g/t Au over 1.5 m) in hole BG10‐47
Charles E. Page, President and CEO of Queenston said, "These new drilling results continue to support the development of a significant near surface mineral resource at the Bidgood property. We are impressed with the continuity of the mineralization displayed in the drilling to date and are eager to test the deeper potential during the next phase of drilling. An initial NI 43-101 mineral resource study has been commissioned on the Bidgood property targeting the South Zones and Boundary Zone."
Significant assay results from the new holes are shown in Table 1 and location of the key holes are outlined in Figure 1 accompanying this news release and also available on the Company's website (www.queenston.ca) Previous drill hole results from the Bidgood property can be found in news releases posted on the Company's website dated June 10, July 7, September 23, 2010 and January 13, 2011.
The 3,100‐acre Bidgood property hosts the past‐producing Bidgood Mine that historically produced 165,000 oz of gold from 1934‐51 at a recovered grade of 9.2 g/t. The current drilling program, employing two Diamond drill rigs, is focused along the Bidgood Mine gold corridor which has not been effectively explored since the mine shut down. The current program is targeting the numerous vein systems that remain open above, below and along trend of the mine footprint. At the North Zones, near the Bidgood #2 shaft, the drilling is targeting primarily narrow, high-grade mineralization. The South Zones located in the vicinity of the Moffat Hall shaft, display the potential for both high-grade and low-grade near surface mineralization with the potential for developing an open-pit resource.
The South Zones were mined from the 46 m to 91 m levels of the Bidgood Mine in the vicinity of the Moffat Hall shaft. These are being drilled at 10-20 m centres. To date 43 holes have targeted this area and have outlined continuous gold mineralization over a length of 100 m, to a depth of 150 m. The area remains open to the east, west and to depth.
In the eastern portion of the South Zones, hole BG10-33 intersected 7.2 g/t Au over 24.1 m (including 12.8 g/t Au over 12.9 m that included 80.9 g/t Au over 1.5 m and 23.9 g/t Au over 0.7 m). This hole was a 15 m step-out east and of previous hole BG10-16 that intersected 1.8 g/t Au over 36.5 m. Hole BG10-50 intersected 1.5 g/t Au over 31.9 m at approximately 35 m below and 5 meters west of BG10-33. Hole BG10-51 intersected 1.5 g/t Au over 43.7 m approximately 40 m below and 25 m east of BG10-33.
Drill hole BG10-41 (2.5 g/t Au over 29.6 m) and hole BG10-47 (1.3 g/t Au over 49.4 m) were drilled to infill the western portion of the South Zones at shallow depths above 25 m and 75 m respectively.
Table 1. Significant New Drill Results
Drill holes BG10-01, -14 and -15 have been previously reported (see news release dated January 13, 2011) and have been upgraded as a result of further infill sampling. BG10-01 previously reported 1.40 g/t Au over 23.3 m and has been upgraded to 1.45 g/t Au over 23.3 m, BG10-14 previously reported 1.61 g/t Au over 64.3 m and upgraded to 1.83 g/t Au over 64.3 m and hole BG10-15 previously reported 4.38 g/t Au over 18.7 m and upgraded to 4.47 g/t Au over 18.7 m.
Two drills continue to operate on the Bidgood property. One drill is targeting the Boundary Zone located 1 km east of the Bidgood Mine and the second rig is testing a 1.6 km long porphyry hosted gold-copper, quartz-stockwork zone that was discovered west of Bidgood in 2009.
Qualified Person and QA/QC Program
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 National Instrument ("NI") 43‐101 and industry best practices. Mr. Michael Sutton, P.Geo, Senior Geologist 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. As a further check on high-grade zones the core is quartered and a sample split is sent for assay.
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 had working capital of $80 million as of December 31, 2010, no debt and a 2011 exploration budget of $25 million.
Queenston's Cautionary Note Regarding NI 43‐101 and 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.
