Queenston intersects Contact Zone on the Pandora Property and new gold zones in Kirkland Lake

Transcription

1 1 Queenston intersects Contact Zone on the Pandora Property and new gold zones in Kirkland Lake TORONTO, Ontario, March 7, Queenston Mining Inc. (QMI-TSX) reports diamond drill results on its 100% owned gold projects located in northwestern Quebec and northeastern Ontario along the Cadillac-Larder Lake Break. On the Pandora project located near Cadillac, Quebec the Company has intersected, in its first diamond drill hole, the Contact Zone, at a vertical depth of 500m near the eastern margin of the property. The intersection averages 3.7 g/t gold over a width of 11.5m (core length) and includes higher grade intervals of 9.4 g/t over 2m and 10.1 g/t over 0.9m. The hole lies 100m west of the Lapa property owned by Breakwater Resources Ltd. and currently being explored by Agnico-Eagle Mines Limited. This intersection confirms the presence of gold mineralization on the Pandora property similar to Agnico-Eagle s new, 816,000 oz., Contact Zone discovery and establishes Queenston s 4.5 km long property as being highly prospective to host a significant new deposit. The assay results of hole PD are listed below and a property map and longitudinal section detailing the location of the drilling is available on the Company s web site at: property map longitudinal section Hole # Coordinates Dip (º) From To Interval * Gold (g/t) Zone PD E/32+70N -70N A B Contact including Contact including Contact * True width is estimated to be 75% of the core length. The Contact Zone occurs in sequence of altered mafic-ultramafic volcanic rocks intercalated with biotitic sediments and contains a series of blue-grey quartz carbonate veins, visible gold and up to 5% sulphides predominantly represented by arsenopyrite with trace pyrite, pyrrhotite and stibnite. This zone appears to represent the westward continuation of the Contact Zone discovery recently reported by Agnico-Eagle on the adjacent Lapa property. In a press release issued on February 19, 2003, Agnico-Eagle announced an inferred mineral resource on the Contact Zone of 2,967,000 t at a cut grade of 8.5 g/t (816,000 oz. of gold). Agnico-Eagle states that, Due to its high grade potential and operational synergies arising from its proximity to the LaRonde mine, the Lapa property is an important part of the Company s regional development and production strategy. Agnico-Eagle indicates that a program of in-fill drilling will commence on the Contact Zone later in March with four drills.

2 2 Hole PD was initially planned to intersect the Contact Zone at vertical depth of -700m however, the hole flattened and intersected the target at -500m. At the -500m elevation on the Lapa Property, Agnico Eagle reports similar grade and width within the Contact Zone resource. The hole also intersected the A and B Zones which were previously explored in between surface and -400m. These zones form part of the Branch Zone which has an inferred resource of 2,196,105 t grading 4.5 g/t. The second hole of the initial four hole program is currently drilling 240m west of PD and has been steepened to target the Contact Zone at a depth of -700m. On the Kirkland Lake project in Ontario, the Company announces diamond drill results of three holes testing a 400m thick corridor located north of the Anoki and McBean gold deposits between two gold bearing structures, the Larder Lake Break and North Break. This corridor is composed of altered volcanic rocks and recent IP geophysical surveys have outlined a series of anomalies that remain unexplored. The first hole, AN-03-34, tested an IP anomaly 60m east of the 40 East Zone. The 40 East Zone was discovered in 1990 diamond drill hole #82665 and represents an altered syenite unit that assayed 0.9 g/t over 22.4m including 10.6 g/t over 0.9m. Hole AN intersected similar geology and mineralization as the 40 East Zone assaying 0.5 g/t over 49.3 m. This near surface, wide zone of gold mineralization remains open along strike and to depth. Hole AN drilled 180m east of AN intersected a zone of green carbonate and carbonated basalt that assayed 0.5 g/t over 24.5m and hole AN drilled 180m east of AN intersected a zone of altered tuff assaying 1.1g/t over 3.2m. Five holes remain in the current program testing other geophysical and geological targets along the North Break corridor. The gold zones intersected in AN and -36 are new, and along with the 40 East Zone, require follow-up drilling. A table of the Kirkland Lake drilling results is listed below and a plan showing the location of the holes is available on the Company s web site at: Hole # Coordinates Dip (º) From To Length * Gold (g/t) Zone AN N/4200E -55N E including E including E including E AN N/4800E -56N New including New AN N/5400E -53N New * At this stage in the drilling it is too early to determine the true width of the intersections.

3 3 A second drill rig is currently operating on the western portion of the Kirkland Lake project area testing targets on the Vigrass and Amalgamated Kirkland properties. Details of the target area on these properties are outlined in a news release issued on February 5, A deep penetrating IP geophysical survey has recently been completed over the Anoki South Zone ( ASZ ) gold discovery (67.8 g/t over 2.5m, see news release dated February 5, 2003) with the results supporting the geological interpretation that the zone continues down plunge for a minimum of 200m to the east. At the conclusion of the North Break drilling, two drill holes are planned to test the plunge extension of the ASZ. The Pandora project is supervised by Queenston s Chief Geologist and qualified person Wayne R. Benham, P. Geo. and the Kirkland Lake project is supervised by Queenston s Kirkland Lake Project Manager and qualified person Dale R. Alexander, P. Geo. Queenston conducts its exploration activities with high standards that conform to those adopted by National Instrument The drill core analyses reported in this news release was performed by Swastika Laboratories of Swastika, Ontario on split core with standard fire assay procedures and AA finish. The Company invites interested parties to visit Queenston s booth #2536 at the Prospectors and Developers Association of Canada (PDAC) annual convention on March 9 th and 10 th at the Metro Toronto Convention Centre in the Investors Exchange section located in Exhibit Hall C". The Company will be displaying drill core from both the Pandora and Kirkland Lake projects. For further information contact: Charles E. Page, President and CEO, (416) Hugh D. Harbinson, Chairman, (416) info@queenston.ca Website:

4 Cadillac-Larder Lake Break Branch Zones #3 Shaft Zones C Zone #2 Shaft Zone Contact Zone Discovery 117 Globex Mining Enterprises Inc. Wood Cadillac Property Amm Shaft Zones #1 Shaft PD Tonawanda Zone km Queenston Mining Inc. Pandora Property Agnico-Eagle Mines Limited./ Breakwater Resources Ltd. Lapa Property Shaft Gold Zone 117 Provincial Highway Regional Deformation Zone 2003 Drill Hole Queenston Mining Inc. Pandora Gold Property Malartic, Quebec

5 W Branch Zones Inferred Resource: 2,196, g/t Tonawanda Zone Inferred Resource: 1,686, g/t E Decline m PD m PD Queenston Mining Inc. Vertical Longitudinal Section Pandora Property, Quebec PD Queenston (Pandora) Agnico-Eagle / Breakwater (Lapa) Contact Zone Inferred Resource: 2,967, g/t LA B A LA Resource block Previous drill hole Contact Zone intercept A A A A LA LA Drill hole number m m m m Proposed Queenston drill hole

6 Upper Canada ONR 66 North Break East Zone New Zones North Break Location Map Anoki Anoki South Larder Lake Break McBean AN Larder Lake Break 35 AN AN South SplayAnoki Deep Zone 90 Anoki Deposit 4,000 E LEGEND 2003 Drill Hole m 1990 Drill Hole Shaft/Portal 4,400 E Gold Zone Deformation/Shear Zone Fault Road Dip Railroad 70 5,000 E 6,000 E Anoki South Zone 55 QUEENSTON MINING INC. SURFACE PLAN North Break - Anoki Area 2003 Diamond Drill Program Kirkland Lake Gold Project