Queenston Mining announces drill results on Ontario prospect

12 July 2012 (Last Updated July 12th, 2012 18:30)

Queenston Mining has announced the drill results from its 100%-owned Upper Canada property located in Kirkland Lake, Ontario, Canada.

Queenston Mining has announced the drill results from its 100%-owned Upper Canada property located in Kirkland Lake, Ontario, Canada.

A total of 35 holes were drilled to a depth of 16,217m at the prospect, which continues to expand the underground and pit potential of the large gold system.

Assay results from the recent phase of drilling include 1.6 grams per tonne gold over 119.5m (including 29.7 g/t over 1m), 36.4 g/t over 3.7m and 10.1 g/t over 21.9m (including 37.4 g/t over 5.5m).

The results include 6.2 g/t over 10m, 2.5 g/t over 26.5m, 3.7 g/t over 30.2m (including 10.6 g/t over 6.4m) and 4.9 g/t over 11.8m..

Also 4 g/t over 20.4m (including 37 g/t over 1.7m) were reported apart from 15.3 g/t over 8.2m, 2.6 g/t over 21m and 1.1 g/t over 48m.

Queenston Mining president and CEO Charles Page said 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 mineralisation comprising the deposit. Two drills continue to operate as we prepare to update the mineral resource," said Page.

"Upper Canada provides the potential to supply an important source of long-term feed to a future centralised 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 30th and $30 million on December 3rd from the sale of our joint venture properties to Kirkland Lake Gold Inc.