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Profile - Strategy
The objective of the Company is to explore for and develop gold deposits
along “Proven Mine Trends” in geopolitically stable areas. Queenston
believes the best opportunity is in established mining camps and has been
rewarded with new discoveries in
Kirkland Lake and
Cadillac. In a move to further
consolidate a larger land holding in the Kirkland Lake camp and increase
discovery potential, Queenston Mining Inc. announced a friendly merger with
Vault Minerals Inc. in March 2010. The merger was approved by Vault
shareholders at a Special Meeting held on April 19, 2010. Under the terms of
the amalgamation Vault shareholders received 1 Queenston share for every 10
Vault shares. Vault was a junior explorer which traded on the TSX Venture
exchange. Vault’s properties are well located and significantly increase
Queenston’s exploration footprint in the camp.
The Company is closer to its goal of returning to producer status by
advancing its Kirkland East Project towards development. The project
contains five 100% owned gold deposits (Upper Beaver,
McBean,
Anoki, Bidgood and
Upper Canada) in Gauthier and
Lebel Townships. Assuming metal prices remain near current levels,
management believes that the gold deposits in this project have the
potential to develop into a mine-milling operation that could support
production of 200,000 ounces per year. The Company is currently actively
exploring to extend the resources at the
Upper Beaver, Bidgood and Upper
Canada deposits. In Teck Twp, the
Kirkland West Project,
the Company is 1) participating with Kirkland Lake Gold Inc. in carrying out
advanced underground exploration on the South Claims property where the
joint venture has already outlined a new high-grade resource; 2) exploring
on the 100% owned Lac McVittie and AK
properties and the
Commodore joint venture (50/50 Newstrike) property.
The Company’s core asset is an assemblage of gold properties in the
historic Kirkland Lake gold camp located in north-eastern Ontario.
Kirkland Lake is an established mining camp with past production of 37
million oz. of gold and is undergoing resurgence as a result of new
discoveries made by Queenston and Kirkland Lake Gold Inc. Queenston’s
holdings represent the largest land package in the camp with 35
properties totalling 1,842 claims or over 235 sq. km. Queenston’s
properties host 8 gold deposits that contain current measured +
indicated resources of 9,124,000 t grading 5.00 g/t Au (1,464,000 oz)
and current inferred resources of 11,567,000 t grading 5.21 g/t Au
(1,939,000 oz) and historic measured + indicated resources of 1,101,000
t grading 6.6 g/t (235,000 oz) and historic inferred resources of
4,387,000 t grading 4.8 g/t (680,000 oz).
Other key assets include two properties in Cadillac, Quebec where in 2006 a
new gold discovery (Ironwood) was made on the Wood-Pandora JV (50/50 Globex)
property containing a current (NI 43-101) inferred resource of 243,200 t
grading 17.3 g/t (135,000 oz). Historic inferred resources on the Cadillac
properties include 2,327,505 t grading 4.5 g/t (337,000 oz) on the 100%
owned Pandora property and 1,434,500 t grading 5.2 g/t (241,875 oz) on the
50% owned Wood-Pandora property. |
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