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Posts tagged ‘Queenston Mining Inc (QMI)’

Going it alone

November 12th, 2012

Micro-cap Gowest Gold aims for 2015 production

by Greg Klein

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Not all companies follow the same path to production. In fact they can diverge radically, as two November 12 announcements show.

Queenston Mining TSX:QMI is poised to follow the more common route. A smaller company develops and de-risks a deposit until it’s all but irresistible to a bigger company. The latter then makes an offer shareholders rarely refuse. In this case, Osisko Mining TSX:OSK is offering 0.611 of one of its shares for each Queenston share. Based on Osisko’s November 9 close of $9.82, the offer was worth $6 per Queenston share. Queenston had closed that day at $5.01. The November 12 announcement then saw Osisko drop to a $9.02 close, making its 0.611 offer worth $5.51. Queenston, meanwhile, closed November 12 at $5.75. Nevertheless Queenston seems ready for acquisition, whether by Osisko or another mid-tier outfit.

But for another company, the path to production might not require wealthy suitors or even large capitalization. Gowest Gold TSXV:GWA closed November 12 at $0.095 for a market cap of $12.53 million. Even so, it’s determined to take its Frankfield East gold deposit into production by Q1 2015, and to do so itself—well, with a little help from some friends.

Micro-cap Gowest Gold aims for 2015 production

Gowest Gold plans to use high-tech ore-sorting and
third-party processing to begin mining quicker and cheaper.

The company hopes to shorten the path and lower the capex by contracting a third party to produce high-grade concentrate. That, in turn, would be sold to a customer who would refine it further. Gowest’s location in the Timmins mining camp helped the company find a processor with sufficient capacity, which led to the memorandum of understanding announced November 12.

“It’s a matter of building the mine a couple of years sooner and putting less than a third of the capital into it than if we tried to do it ourselves,” says IR manager Greg Taylor. “That would mean generating cash flow a couple of years early, and then we’d make a separate decision on whether to continue doing it that way or to build our own plant after we’ve already started mining.”

To that end, Gowest is now working on engineering, metallurgical and mine development studies prior to hammering out a final agreement with the mill operator next year. A report announced last February suggests the mill would produce concentrate grading over 90 grams per tonne gold.

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Queenston reports Ontario Gold Assays up to 8.2 g/t over 10.7m, 5.46 g/t over 10.1m

July 24th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningQueenston Mining Inc TSX:QMI announced assay results from its 100%-owned AK property located in Kirkland Lake, Ontario. Highlights include

11.32 grams per tonne gold over 4.2 metres
3.14 g/t over 10.5 metres
5.46 g/t over 10.1 metres
4.58 g/t over 5.1 metres
8.2 g/t over 10.7 metres
(including 14.5 g/t over 5.9 metres)
7.58 g/t over 3 metres
1.2 g/t over 7 metres
2.37 g/t over 3.4 metres

President/CEO Charles Page commented, “Drilling has intersected high-grade gold mineralization 100 metres above the western portion of the AK deposit at 200 metres below surface. This drilling is expanding the deposit that continues to remain open towards surface, to the west and to depth. The Company is also pleased to announce that drilling has commenced on the property targeting an area 700 metres below the deposit that may structurally be linked to the SMC orebody currently being mined and explored by KL Gold on the adjacent Macassa mine. The initial pilot hole is in progress from which a series of wedge holes will be completed. The Company views the AK property as providing a source of feed to a future centralized milling complex to initially be constructed and support our flagship Upper Beaver project located 20 kilometres to the east in Gauthier Township. The Company maintains a strong financial position with cash and short-term investments of approximately $70 million, with an additional $20 million due on August 30 and $30 million on December 3 from the sale of our joint-venture properties to Kirkland Lake Gold.

View Company Profile

Charles Page
President/CEO
416.364.0001

or Andreas Curkovic
Investor Relations
416.577.9927

Read an interview with President/CEO Charles Page

by Kevin Michael Grace

Queenston reports Ontario Gold Assays up to 1.6 g/t over 119.5m, 10.1 g/t over 21.9m

July 11th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningQueenston Mining Inc TSX:QMI announced assay results from its Upper Canada property in Kirkland Lake, Ontario. Highlights include

1.6 grams per tonne gold over 119.5 metres
(including 29.7 g/t over 1 metre)
36.4 g/t over 3.7 metres
10.1 g/t over 21.9 metres
(including 37.4 g/t over 5.5 metres)
6.2 g/t over 10 metres
2.5 g/t over 26.5 metres
3.7 g/t over 30.2 metres
(including 10.6 g/t over 6.4 metres)
4.9 g/t over 11.8 metres
4 g/t over 20.4 metres
(including 37 g/t over 1.7 metres)
15.3 g/t over 8.2 metres
2.6 g/t over 21 metres
1.1 g/t over 48 metres

President/CEO Charles Page commented, “Drilling at Upper Canada continues to upgrade and expand the existing mineral resource reported in May 2011. New holes from the C, K and Upper L Zones not only intersected high grade but also confirm the continuity of the mineralization comprising the deposit. Two drills continue to operate as we prepare to update the mineral resource. Upper Canada provides the potential to supply an important source of long-term feed to a future centralized milling complex anchored by the Upper Beaver gold-copper deposit that is being prepared for advanced underground exploration. The company maintains a strong financial position with cash and short term investments of approximately $75 million with an additional $20 million due on August 30 and $30 million on December 3 from the sale of our joint-venture properties to Kirkland Lake Gold Inc.

View Company Profile

Charles Page
President/CEO
416.364.0001

or Andreas Curkovic
Investor Relations
416.577.9927

Read an interview with President/CEO Charles Page

by Kevin Michael Grace

Queenston reports Ontario Assays of 7.5 g/t Gold, 0.8% Copper over 36m

May 15th, 2012

Resource Clips - essential news on junior gold mining and junior silver mining Queenston Mining Inc TSX:QMI  announced drill results from its Upper Beaver Gold Project in northeastern Ontario. Assays include

7.5 g/t gold and 0.8% copper over 36 metres (including 7 g/t gold and 2% copper over 9 metres)
1.84 g/t gold and 0.34% copper over 33 metres
15.1 g/t gold and 0.4% copper over 5.2 metres
2.71 g/t gold and 0.31% copper over 17 metres
8.05 g/t gold and 0.32% copper over 11.5 metres
12.7 g/t gold over 4.5 metres
4.6 g/t gold over 12 metres

President/CEO Charles Page said of the company’s flagship project, “The drilling program at Upper Beaver continues to deliver surprises. The new footwall zone remains open and new wedge-holes are following the mineralization upwards. Also, new drilling into the near surface Q and west zones continue to report both high-grade and lower widths of low-grade material. As a result of the strength of these new holes and the continued confirmation of deposit continuity from the infill program, an updated resource estimate will be completed in the third quarter.”

View Company Profile

Contact:
Ann Gibbs-Baines
Investor Relations
416.627.8872

Andreas Curkovic
Investor Relations
416.577.9927

by Dennis Dale

Queenston reports Ontario Gold Results as high as 149.48 g/t over 3m

May 3rd, 2012

Resource Clips - essential news on junior gold mining and junior silver miningQueenston Mining Inc TSX:QMI announced results from its Bidgood Gold Property in the Kirkland Lake Gold Camp of Ontario. Highlights include

149.48 g/t gold over 3 metres
(including 447.33 g/t over 1 metre)
93.07 g/t over 2.2 metres
214.08 g/t over 0.9 metres
8.82 g/t over 21 metres
(including 332.37 g/t over 0.5 metres)
4.71 g/t over 20.4 metres
(including 42.52 g/t over 1.7 metres)
1.54 g/t over 57.7 metres
(including 12.52 g/t over 1 metre)
3.3 g/t over 17 metres
(including 15.62 g/t over 3 metres)

President/CEO Charles Page stated, “The new drilling has expanded the South Zone, indicating it remains open to the east, west, north and to depth and has shown new shallow and deep potential on the North Zone. Two drills will continue to operate at Bidgood for the balance of the year. We anticipate Bidgood becoming an important source of long-term feed to a future centralized milling complex that will be anchored by our high-grade Upper Beaver Mine. Queenston maintains a strong financial position with cash and short-term investments of approximately $80 million. An additional $50 million cash is due from the sale of joint-venture properties to Kirkland Lake Gold TSX:KGI with instalments of $20 million on August 30 and $30 million on December 3.”

View Company Profile

Contact:
Charles E. Page
President/CEO
416.364.0001 x 224

Contact:
or Ann Gibbs-Baines
Investor Relations
416.627.8872

Contact:
or Andreas Curkovic
Investor Relations
416.577.9927

Read an interview with President/CEO Charles Page.

by Greg Klein

Queenston reports Ontario Gold Assays of 4.47 g/t over 37.2m

April 11th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningQueenston Mining Inc TSX:QMI announced assay results from its Upper Canada property in Kirkland Lake, Ontario. Highlights include

11.5 g/t gold over 5.5 metres
10 g/t over 7 metres
9.67 g/t over 7.1 metres
6.19 g/t over 10.1 metres
4.47 g/t over 37.2 metres
4.4 g/t over 26.2 metres
3.89 g/t over 17.7 metres
3.69 g/t over 13.7 metres
3.23 g/t over 22.9 metres
3.13 g/t over 14.6 metres
42.4 g/t over 5.5 metres
22.9 g/t over 6.6 metres
13.2 g/t over 5.5 metres
3.53 g/t over 24.2 metres
2.71 g/t over 29.9 metres
2.45 g/t over 31.8 metres
3.32 g/t over 12.9 metres
2.09 g/t over 17.4 metres
2.46 g/t over 9.8 metres
1.74 g/t over 18.3 metres

President/CEO Charles Page said, “Recent drilling at Upper Canada continues to delineate the open-pit and underground bulk-mining potential of the Upper L zone and boosts the H, M & Q zones as well. The new results not only confirm the continuity of the mineralization but also indicate the high-grade nature of material that remains adjacent to the old mine workings. New holes at the C, K, Brock North and Northland were successful in both defining and expanding these zones. Two drills continue to operate at Upper Canada as we prepare to update the mineral resource due in the third quarter. We believe Upper Canada will be an important source of long-term feed to a future centralized milling complex that will be anchored by our high-grade Upper Beaver mine. The company maintains a strong financial position with cash and short-term investments of approximately $80 million. This includes $10 million cash recently received as a non-refundable deposit on the $60 million sale of our joint venture properties to Kirkland Lake Gold with a further $20 million cash payment due on August 30, 2012 and the $30 million balance due on December 3, 2012.”

View Company Profile

Contact:
Charles Page
President/CEO
416.364.0001

or Ann Gibbs-Baines
Investor Relations
416.627.8872

by Ted Niles

Queenston reports Ontario Results as high as 42.2 g/t Gold, 0.14% Copper over 10m

February 10th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningQueenston Mining Inc TSX:QMI announced assays from its Upper Beaver Property in the Kirkland Lake Gold Camp of Ontario. Highlights include

42.2 g/t gold and 0.14% copper over 10 metres
(including 399 g/t gold over 1 metre)
28.5 g/t gold and 0.56% copper over 6 metres
(including 42.2 g/t gold and 0.76% copper over 4 metres)
5.78 g/t gold and 0.31% copper over 27 metres
(including 54.7 g/t gold over 1 metre)
4.05 g/t gold and 0.2% copper over 26 metres
(including 8.92 g/t gold and 0.24% copper over 10 metres)
2.49 g/t gold and 0.12% copper over 56 metres
(including 10.1 g/t gold over 11 metres)
2.26 g/t gold over 53 metres
(including 2.75 g/t gold and 0.1% copper over 11 metres)

President/CEO Charles Page commented, “The new drilling results support the addition of mineral resources closer to surface and the conversion of mineralization to higher confidence levels in the deeper portion of the deposit. The recent drilling continues to intersect and extend widespread gold and copper mineralization, capping the deposit with the exciting addition of a significant high-grade component. A preliminary economic assessment to build a stand-alone mine/mill complex at Upper Beaver will be reported this month based on the mineral resource completed in May 2011. A resource update to include drilling results from the entire 2011 program is scheduled in the third quarter.”

View Company Profile

Contact:
Charles E. Page
President/CEO
416.364.0001 x 224

Ann Gibbs-Baines
Investor Relations
416.627.8872

Andreas Curkovic
Investor Relations
416.577.9927

by Greg Klein

Queenston reports Ontario Gold Assays as high as 9.15 g/t over 18.4m

December 20th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningQueenston Mining Inc TSX:QMI announced results from its Upper Beaver property in the Kirkland Lake gold camp, Ontario. Assays include

9.15 g/t gold over 18.4 metres
6.71 g/t over 22.4 metres
3.41 g/t over 54 metres
2.75 g/t over 56 metres
2.01 g/t over 101 metres
2.51 g/t over 60 metres
26.5 g/t over 4 metres
1.94 g/t over 43 metres

President/CEO Charles Page commented, “Drilling at our flagship Upper Beaver project continues to return impressive gold and copper mineralization from both the deep East Porphyry Zone and the near-surface Q, North and South Contact Zones. Upper Beaver is Queenston’s most advanced project in the Kirkland Lake Camp that is being moved towards feasibility and ultimately production. Four diamond drill rigs will continue to operate on the project after the holiday break, focussed on further resource definition and exploration. The deposit remains open to depth, to the east, west as well as to surface. An independent preliminary economic assessment to build a stand-alone mine and mill complex at Upper Beaver is in progress and will be completed in the first quarter of 2012.”

View Company Profile

Contact:
Charles E. Page
President/CEO
416.364.0001 x 224

or Hugh D. Harbinson
Chairman
416.364.0001 x 225

by Ted Niles

Queenston reports Ontario Gold Results including 8.38 g/t over 22.6m

December 1st, 2011

Resource Clips - essential news on junior gold mining and junior silver miningQueenston Mining Inc TSX:QMI announced assays from its Rand Property in the Kirkland Lake Gold Camp of Ontario. Highlights include

8.38 g/t gold over 22.6 metres
(including 44.49 g/t over 3.6 metres)
6.24 g/t over 7 metres
(including 19.96 g/t over 2 metres)
11.58 g/t over 2 metres
1.42 g/t over 8.8 metres
(including 8.86 g/t over 1 metre)
9.4 g/t over 0.9 metres

President/CEO Charles Page commented, “We are pleased with the results from the Rand Property, where recent drilling has identified a new style of gold mineralization. The best hole of the program, KGR11-12, targeted the eastern portion of the mineralized corridor intersecting high-grade mineralization that remains open to the east and to depth. In 2012, in addition to advancing our Upper Beaver Project towards underground development and feasibility, we plan to continue the aggressive exploration on our inventory of known gold deposits and begin testing a variety of new targets in the camp. Our exploration budget for 2012 is $25 million and the Rand Property represents one of the new target areas.”

View Company Profile

Contact:
Charles Page
President/CEO
416.364.0001 x 224

or Hugh D. Harbinson
Chairman
416.364.0001 x 225

or Andreas Curkovic
Investor Relations
416.577.9927

or Ann Gibbs-Baines
Investor Relations
416.627.8872

by Greg Klein

Queenston reports Ontario Gold Assays as high as 2.32 g/t over 34.2m

November 15th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningQueenston Mining Inc TSX:QMI announced results from its Upper Canada property near Gauthier Township, Kirkland Lake, Ontario. Assays include

3.09 g/t gold over 12.5 metres
2.32 g/t over 34.2 metres
2.39 g/t over 14.6 metres
12.51 g/t over 4.6 metres
2.11 g/t over 23.8 metres
1.92 g/t over 24.2 metres
29.11 g/t over 3.7 metres
5.67 g/t over 6.4 metres
16.61 g/t over 3.7 metres
11.97 g/t over 1.8 metres
10.1 g/t over 1.8 metres
1.4 g/t over 20.1 metres

President/CEO Charles Page said, “We are pleased to report that the new drilling at Upper Canada has begun to delineate the underground, bulk-mining potential of the Upper L Zone. The drilling also continues to expand the underground potential of the C Zone and the open-pit potential at the H, M, Q and Northland Zones. With the discovery of two new gold zones, Brock North and K, the footprint of gold mineralization at Upper Canada has now been expanded over an area measuring one kilometre by 2.6 kilometres. Four drills continue to operate at Upper Canada and next to Upper Beaver this project is the most advanced in our Kirkland Lake portfolio. Upper Canada has the potential to provide an important source of low to moderate grade, long-term feed to a centralized milling complex that will be anchored by the high-grade Upper Beaver project.”

View Company Profile

Contact:
Charles E Page
President/CEO
416.364.0001 x 224

or Hugh D Harbinson
Chairman
416.364.0001 x 225

by Ted Niles