 |
|
Overview | Objective | Background | History | Geology and Mineralization | Mineral Resources 2009 - 11 Program | 2012 Program | QA/QC The property hosts two adjacent gold deposits that the Company evaluates as one project. Project Overview
Objective As part of the Company’s goal to advance five gold projects (Upper Beaver, Upper Canada, McBean, Anoki, and Bidgood) towards production by employing a central mill complex, the McBean and Anoki projects are anticipated to provide an early and reliable portion of the mill feed. The Anoki deposit contains a NI 43-101 compliant resource estimate and is already developed by a ramp, shaft and five levels. The McBean has been a past producer for the Company and the NI 43-101 resource below the previously mined pit will provide early feed to the mill. 
The McBean and Anoki- properties are owned 100% by Queenston and are subject to a 2% NSR to Franco-Nevada Mining Corporation and a 1.3% NSR payable to INCO after the production of 300,000 oz of gold. The property is comprised of 31 claims (502 ha) located in south-eastern Gauthier Township. The properties host two gold deposits with past production of approximately 50,000 oz. of gold; the local infrastructure is excellent with roads, power, water and a skilled labour force. 
The Anoki deposit was discovered in 1916 and from 1938-40 was developed by a shaft and 4 levels to a depth 230 m from surface. In 1987 Queenston and joint venture partner Inco Ltd. completed underground exploration from a ramp driven to a depth of 236 m and along four levels and calculated a mineral resource. In 1988, a 33,340 t bulk sample from Anoki was processed at the Upper Canada mill averaging 3.3 g/t and producing approximately 3,500 oz of gold. The mill achieved 95% recoveries and a feasibility study was completed by the joint venture in 1990. Due to prevailing gold prices ($400 US per ounce) the project was put on hold and in 1996 Queenston purchased Inco’s 65% interest in the deposit. In 2004, Roscoe Postle Associates Inc. under the supervision of Hrayr Agnerian, P.Geo., calculated a NI 43-101 mineral resource at Anoki of 522,300 t grading 5.7 g/t (measured and indicated) and 141,800 t grading 6.2 g/t (inferred) using a 3.5 g/t cutoff, a capping level of 34.29 g/t for individual assays and a US $400/oz. gold price. In 2009 the Anoki mineral resource was updated by P&E Mining Consultants to contain 730,000 t grading 4.7 g/t (measured + indicated) and 337,000 t grading 4.8 g/t (inferred).  The McBean deposit was discovered in 1928 and from 1930 to 1951 was developed and explored by 3 shafts and 5 underground levels to a depth of 220 m from surface. During the mid-1980’s the upper portion of the McBean deposit was mined from an open-pit by a joint venture partnership between Queenston and Inco Ltd. and processed at the refurbished Upper Canada mill. Production amounted to approximately 50,000 oz. of gold from 506,000 t grading 3.0 g/t with mill recoveries of 95% employing a cyanide leach circuit. Due to prevailing gold prices at the time ($400 US/oz) the underground exploitation of the remainder of the deposit below the pit was postponed and in 1996 Queenston purchased Inco’s 65% interest in the mine. From 1996-98 Queenston and JV partner Franco-Nevada completed a deep drilling program beneath the McBean deposit discovering the Green Carbonate Zone. In 2009 Queenston completed an 118 hole drilling program at McBean leading to a new mineral resource calculated by P&E Mining Consultants containing 706,000 t grading 4.7 g/t (measured + indicated) and 1,221,000 t grading 4.7 g/t (inferred).
The McBean and Anoki properties cover a 3.5 km section of the Larder Lake Break separating mafic and ultramafic volcanic rocks of the Tisdale Group to the south from volcanoclastic and sedimentary rocks of the Timiskaming Group to the north. The known mineral resources at Anoki are contained in 9 lenses that are located within a 50-100 m thick package of altered basaltic flows in the hanging wall, south and adjacent to the Larder Lake Break approximately 600 m west of the McBean deposit. The lenses are vertical dipping, east plunging and the mineralization consists of pyrite and visible gold in silicified-carbonated coarse grained basalt. The weighted average of lens thickness is 6.6 m. The mineralization has been defined over a length of 400 m and to a depth of 430 m from surface where it remains open at depth and to the east.  The mineral resources at McBean are primarily contained in four lenses that steeply dip (70⁰) to the south and plunge east. The lenses are located within the deformation corridor of the Larder Lake Break hosted by altered ultramafic rocks including green carbonate, altered tuff and cut by a series of felsic intrusives. The mineralization is associated to silicification of felsic bodies with accompanying pyrite and visible gold in porphyritic dykes, green carbonate and tuff. The weighted average of the zone thickness is 10.3 m. Drilling to date has traced the McBean mineralization over a length of 700 m and to a depth of 700 m that remain open to east, west and to depth. The style of the mineralization at McBean displays similarities to the Kerr Addison gold deposit located along the same regional structure 25 km to the east. Mineral Resources In 2004, Roscoe Postle Associates Inc. under the supervision of Hrayr Agnerian, P.Geo., calculated a NI 43-101 mineral resource at Anoki of 522,300 t grading 5.7 g/t (measured and indicated) and 141,800 t grading 6.2 g/t (inferred) using a 3.5 g/t cutoff, a capping level of 34.29 g/t for individual assays and a US $400/oz. gold price.  In 2009 new mineral resource estimates for both the McBean and Anoki deposits were prepared by P & E Mining Consultants Inc. (“P&E”) of Brampton, Ontario under the supervision of qualified Person, Eugene Puritch, P.Eng. Interpretation of the mineralized zones were created as 3D wireframes/solids based on a 2.5 g/t Au cutoff grade and a minimum horizontal thickness of 2 m within geologically defined limits. The limits were defined on the basis of structure and continuity of the mineralization between drill holes and underground workings. McBean grade capping was varied from 15 g/t to 60 g/t in its four resource domains while Anoki grade capping varied from 6 g/t to 50 g/t in its nine resource domains. 1 m composites based on the capped assays were used for grade interpolation which utilized the inverse distance cubed (1/d3) method. The McBean geological interpretation was completed by Queenston’s Exploration Manager, Michel Leblanc, P.Geo. and reviewed in detail and accepted by P&E. The Anoki geological interpretation was completed by Antoine Yassa, P.Geo. of P&E. Results of the NI 43-101 resources are tabulated below. Combined Anoki – McBean NI 43-101 Mineral Resources
(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. (2) The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category. (3) The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005. (4) The 2.5 g/t Au cut-off utilized in the above tables was derived from US$900/oz Au, $0.92 US$ exchange rate, C$50/tonne mining cost, C$20/tonne processing cost, C$5/tonne G&A cost and 95% process recovery. Anoki (NI 43-101 Compliant)
McBean (NI 43-101 Compliant)
In 2008-10, the Company completed 135 diamond drill holes (63,000 m) with the primary purpose of upgrading the historic mineral resource to NI 43-101 standards. Results of the drilling program were disclosed in a series of news releases that were issued by the Company throughout 2008 and 2010. No work was done on the properties in 2011. To review the drilling results access the archived News Releases to this web-site.
In 2012 the Company is planning to continue preparing to initiate a pre-feasibility study at the Upper Beaver site which would review the contributions from the McBean and Anoki deposits.
The design of the Queenston’s drilling programs, Quality Assurance/Quality Control and interpretation of results is under the control of Queenston’s geological staff including qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. The McBean project is supervised by Queenston Vice President of Exploration, William McGuinty, P.Geo. A detailed review of Queenston’s QA/QC procedures is filed in the 2011 Annual Information Form on SEDAR.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||
 |
