Wednesday 21st August 2019

Resource Clips

Queenston reports Ontario Assays including 2.41 g/t Gold over 98m

Resource Clips - essential news on junior gold mining and junior silver miningQueenston Mining Inc TSX:QMI announced results from its Upper Beaver Deposit in Kirkland Lake, Ontario. Highlights include 2.41 g/t gold and 0.1% copper over 98 metres (including 4.97 g/t gold over 26.5 metres), 13.15 g/t gold and 1.14% copper over 13.5 metres (including 17.74 g/t gold and 1.4% copper over 9.5 metres), 21.42 g/t gold and 0.54% copper over 6 metres (including 61.14 g/t gold and 1.18% copper over 2 metres), 122.82 g/t gold over 1 metre and 5.61 g/t gold and 0.52% copper over 10.3 metres (including 6.8 g/t gold and 0.69% copper over 3 metres).

President/CEO Charles Page tells, “The Upper Beaver is a past-producer—it has produced about 140,000 ounces of gold with a substantial copper credit—but everything shut down there in 1972, when a lot of the mines were abandoned in the Kirkland Lake gold camp.

“Upper Beaver is really one of our flagship projects in the sense of the ounces we’ve produced to date. We just expanded upon the resource; we’ve identified there about 1.5 million ounces in the inferred and indicated categories. The drilling continues to show continuity of the mineralization within the existing limits. The news we put out today starts expanding the deposit in areas where we haven’t seen [mineralization] before. In this particular case, it’s close to the surface—within the area of the old mine workings actually.

The shallower intersection of about 98 metres grading close to 2.5 grams was really quite surprising. It suggests that we could be looking at some bulk mining potential up close to surface—Charles Page

“We’re very pleased with these assays,” Page continues. “They continue to show exceptionally high-grade intervals there—grades from 13 g/t to 20 g/t over good mining widths of 13 metres and 6 metres. The shallower intersection of about 98 metres grading close to 2.5 grams was really quite surprising. It suggests that we could be looking at some bulk mining potential up close to surface.

“We just put out a resource update at the Upper Beaver in May—so that’s fresh. This is enhancing that, and we should have an updated resource at Upper Beaver again. I would say by the middle of next year. We are advancing this towards the advanced-exploration stage, which means we’re looking at sinking a new shaft at Upper Beaver. We’re at the permitting process of that right now. We’re looking to make that decision sometime in 1Q 2012. Also, we’ve initiated a PEA that should be finished sometime later this year.

“Upper Beaver is one of four deposits, and we plan to truck the ore to a central milling facility—so part of the whole feasibility concept is to build that central milling facility at the Upper Canada site, and put together a large enough resource to keep it in operation from 15 to 20 years. So we’re looking at putting together resource space there of 5 to 6 million ounces. We’re about half way there right now. Going forward, for the next couple of years the focus is really going to be adding more resources on the project. We’re looking at a production decision and full feasibility completed by the middle of 2014.

“You wouldn’t ask for a better jurisdiction than Kirkland Lake. It’s pro-mining. The camp’s been around for a hundred years. In terms of infrastructure: there’s power, you’ve got people, and it’s about a six-hour drive on paved highways from Canada’s largest city.”

Concludes Page, “Basically, what we’re doing is we’re delivering on exploration and we’re getting closer to our goal of production. That’s where we want to end up in the next couple of years: becoming a mid-tier gold producer.”

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Charles E. Page
416.364.0001 x 224

or Hugh D. Harbinson
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or Andreas Curkovic
Investor Relations

or Ann Gibbs-Baines
Investor Relations

by Greg Klein and Ted Niles

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