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Queenston Mining (TSX:QMI) updated its mineral resource statment for the wholly-owned Upper Beaver Gold-Copper Project in northeastern Ontario. The NI 43-101 compliant resource estimate was compiled by SRK Consulting.
Queenston Mining (TSX:QMI) updated its mineral resource statment for the wholly-owned Upper Beaver Gold-Copper Project in northeastern Ontario. The NI 43-101 compliant resource estimate was compiled by SRK Consulting.
Highlights of the updated mineral resource include:
- Indicated mineral resource of 1.46 million ounces of gold and 56 million pounds of copper (1.58 million gold equivalent ounces)
- Inferred mineral resource of 0.71 million ounces of gold and 32 million pounds of copper (0.78 million gold equivalent ounces)
- Indicated and inferred resources driven by tonnage increase of 123% and 48% respectively
Table 1: Mineral Resource Statement*, Upper Beaver Gold-Copper Project, SRK Consulting (Canada) Inc., September 26, 2012
Category Tonnes
(000′s)Au
(g/t)Cu
(%)Contained Au
(000′s ounces)Contained Cu
(000′s pounds)Indicated 6,870 6.62 0.37 1,461 56,006 Inferred 4,570 4.85 0.32 712 32,218
Charles Page, President and CEO of Queenston stated:
We are very pleased with the latest mineral resource update for the Upper Beaver Project. The new resource statement that incorporates 129 new core holes (74,271 metres) completed in 2011 and 2012 has significantly increased the size of the deposit and supports our view that exploration will continue to expand this multi-million ounce gold-copper system. The discovery cost of the new resource remains in line with our historic cost of approximately $16 per ounce. A key focus of the 2011 – 2012 drilling campaign was to convert inferred mineral resources into indicated resources. We were successful in establishing a 112% increase in the indicated resource category that supported the continuity of the mineralization and mineability of the deposit.
“As we move the project to the advanced exploration stage that includes shaft sinking, underground development and feasibility, we will incorporate the updated mineral resource into a new Preliminary Economic Assessment (“PEA”) early in 2013. Six drill rigs are operating at Upper Beaver to complete the infill drilling program, conduct condemnation drilling for site facilities and to further expand the deposit along its prospective footprint. With Closure Plan Approval in hand we have begun construction of the road and power line corridor and commenced site clearing for the shaft collar.
Click here to view the full press release.
