DESCRIPTION: Queenston Mining Inc. is a Canadian resource company focused on the exploration and development of gold deposits on "Proven Mine Trends." The company is a past producer with an inventory of historic-current resources of 2.7 million ounces of gold. With new discoveries in the Kirkland Lake and Cadillac gold camps, the company is closer to its goal of returning to producer status.
The information provided below is based on the most recent information we have received from analysts, newsletters and other contributors to Streetwise Reports' The Gold Report or The Energy Report. We encourage you to visit the company's web site and call the company for more specifics on this company before you decide to invest.
"178.1 g/t—Queenston Mining discovered this beauty (and 0.29% Cu) from a 1.0m section of the deepest drilling to date in the eastern portion of its Upper Beaver deposit. The assay represented part of a 3m intersection that averaged 90.1 g/t Au (and 0.33% Cu)."
Ron Struthers, Struthers Resource Stock Report
(05/26/10)
"I am adding Queenston Mining back on our list, it has been a while, we sold it in 2005 for an 82% profit and I think we can do that again, perhaps an even larger profit. The company has an excellent management team that has proven their strategy and just keeps on finding more and more gold, building up resources.
. . .Queenston is closing in on its goal of returning to a producer status in Kirkland Lake by advancing towards development four of its 100%-owned gold deposits in Gauthier Twp. The Upper Beaver, McBean, Anoki and Upper Canada gold deposits have the potential to develop into a mine-milling operation that could support production of 200,000 ounces per year.
There will be lots of news flow as the company has 12 drill rigs now running and we have seen some nice results a couple weeks back. . .so we have a very active company with lots of cash and loaded with good gold projects where we will see a significant growth in gold resources and they are moving close to production."
The Gold Report Interview with Craig Stanley (01/19/10)
"Queenston Mining is a gold explorer focused on the Kirkland Lake camp in northern Ontario. On the west end of the camp it has a joint venture with Kirkland Lake Gold Inc. (KGI), as well as 100%-owned ground. KGI is in production and has had great exploration success with the discovery of the high-grade South Mine Complex, which trends onto QMI's ground. On the eastern side of the camp, QMI is advancing four gold deposits towards production: Upper Beaver, McBean, Upper Canada and Anoki.
Queenston has a healthy cash position and provides great gold price and exploration leverage."
Nicholas Campbell, Canaccord Adams
(07/14/09)
"The Upper Beaver project is one of four wholly owned projects that Queenston is developing in the Kirkland Lake gold camp. In 2008, the company reported an initial NI 43-101 compliant resource for Upper Beaver, including indicated resources of 1.4 million tons of 8.5 g/t gold (capped) and 0.43% copper and inferred resources of 1.1 million tons grading 7.7 g/t gold (capped) and 0.39% copper. Total contained gold resources (all categories) are 637,800 ounces of gold.
Last week, the company reported assay results from Hole UB09-100W1, an infill drill hole testing near the base of the current mineral resource designed to upgrade inferred resources into the indicated category. Hole UB09-100W1 returned 37.3 meters grading 9.4 g/t Au and 0.60% Cu from the Porphyry zone (true width estimated at 33.8 meters). This intercept included a 12.5 meter interval grading 16.0 g/t Au and 1.1% Cu and a 7.7 meter interval grading 11.3 g/t Au and 0.5% Cu.
Two previously released drill results returned high-grade mineralized intercepts 200 and 350 meters below the existing mineral resource. The Upper Beaver Porphyry zone remains open below a vertical depth of 1,300 meters. Cumulatively, the results have demonstrated the potential to upgrade and expand the mineral resource at the Porphyry zone of the Upper Beaver project. The Porphyry zone currently represents 82% of the current mineral resource estimate.
Hole UB09-100W1 is the first hole released from the 20,000 meter 2009 drill program that is currently ongoing at the Upper Beaver project to upgrade and expand the current mineral resource."
The Gold Report Interview with Mike Starogiannis (06/05/09)
"TGR: You recently looked at Queenston Mining properties. What were some of your impressions?
MS: I really liked what I saw. It was my first time to the Kirkland Lake mining camp in Ontario. We toured the surface works on their properties there. I was very impressed with some of the recent exploration results they've generated out of their property packages. In particular, one of the properties I like most is what they're calling the South Claims Joint Venture. It's a joint venture with a company called Kirkland Lake Gold. They've produced some fairly spectacular drill results, bonanza grades over pretty wide intercepts. The really exciting part of that for me on the technical side is that, historically, the companies that have mined in this camp have mined in vertically dipping shear hosted gold mineralization. Fairly recently, within the last two to three years, companies such as Kirkland Lake Gold and Queenston Mining have discovered horizontal or shallow dipping structures within the camp, at depth, that host equally high grade and broad intercepts of gold. So they're basically giving new life to this camp.
. . .For me, the real news with the South Claims Joint Venture is that they're no longer limited to looking at vertical structures. They've discovered that gold carries in these shallow dipping structures and that these structures may repeat. They've found one particular structure that spans two vertical structures. The question now is whether there will be some repetition of these horizontal structures throughout the 40-kilometer length of this mining trend.
TGR: Is Queenston currently producing?
MS: It is not producing; Queenston is strictly an exploration company at this time. And the soonest we can envision them organically becoming a producer is probably at least two to three years out. However, it's our opinion that Queenston is not really aiming to be a producer. Their strengths lie in exploration and any exit strategy for them would be to build the assets, to grow ounces, to put more confidence around those ounces in terms of doing scoping studies and feasibility studies and either sell those assets or be taken out entirely by a more senior company.
TGR: So given that business model, this horizontal discovery is really big.
MS: Yes, and Queenston has seen a good run up in their share price commensurate with these discoveries, but we believe there's lots more room to grow for these guys." Read Full Article
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