Queenston-Globex Report New Drilling Results at Wood-Pandora JV Property, Quebec
May 05 2011 - 8:00AM
Marketwired
QUEENSTON MINING INC. (TSX: QMI)(FRANKFURT: QMI) ("Queenston") and
GLOBEX MINING ENTERPRISES INC. (TSX: GMX)(FRANKFURT: G1M)(OTCQX:
GLBXF) ("Globex") are pleased to update shareholders on drilling at
our 50%-50% Wood-Pandora Joint Venture property located in Cadillac
Township, Quebec. The drilling commenced late in 2010 and final
assay results for the program have recently been received.
The joint venture completed 12 surface diamond drill holes
(4,450 m) on the property targeting the South and North Branch
along the Cadillac Break outside and along the limits of known
areas of mineralization.
Highlights of the drilling program include:
-- 10.81 g/t Au over 3.7 m in hole W10-81
-- 14.71 g/t Au over 2.9 m in hole W10-82
-- 12.99 g/t Au over 1.3 m in hole W10-83
-- 13.96 g/t Au over 3.0 m and 7.71 g/t Au over 3.8 m in hole W10-84
-- 3.08 g/t Au over 8.4 m in hole W10-85
-- 4.32 g/t Au over 4.3 m in hole W10-87
Seven holes (W10-77 to -83) tested the Cadillac Break and
enclosing rock units over a length of 800 m east of the Pandora #3
shaft. All holes intersected gold mineralization with the most
significant results reported in W10-81, -82 and -83 along the North
Branch with high grade values of 10.8 g/t Au over 3.7 m (including
35.5 g/t Au over 0.8 m) 14.7 g/t Au over 2.9 m (including 33.8 g/t
Au over 0.8 m) and 13.0 g/t Au over 1.3 m. Approximately 200m west
of the Pandora #3 shaft holes W10-84 and -85 intersected wider
mineralization including 13.96 g/t over 3.0 m, 7.71 g/t over 3.8 m
and 3.08 g/t Au over 8.4 m. Hole W10-87 drilled near the Wood #4
shaft tested a north-south trending concept and intersected 4.32
g/t Au over 4.3 m.
The drilling has been successful in re-establishing interest
along a 1 kilometer corridor of the Cadillac Break that
historically produced gold from a series of both vertical and flat
trending veins. The new work suggests that the exploration
potential in this area of the property remains high and the joint
venture plans further drilling in 2011.
The Wood-Pandora property is adjacent to the LaRonde Mine
property operated by Agnico-Eagle Mines Inc. On the JV property
there are historic inferred mineral resources of 1.43 million t
grading 5.3 g/t Au in two deposits, Wood and Central Cadillac.
These historic resources were calculated prior to NI 43-101
standards and should not be relied upon as they have not been
verified by a Qualified Person under the Instrument. In 2008, the
JV announced a NI 43-101 inferred mineral resource on a new gold
discovery, the Ironwood Zone, amounting to 243,200 t grading 17.3
g/t Au. The mineral resource formed part of a technical report
completed by Consulting Geologist and QP, Reno Pressacco, P.
Geo.
Table of Key Wood-Pandora Drilling Results
------------------------------------------------------------------------
Hole # From (m) To (m) Interval (m) Au (g/t) Zone
------------------------------------------------------------------------
W10-76 226.7 228.0 1.3 2.13 South Break
------------------------------------------------------------------------
W10-77 220.5 222.0 1.5 4.56 South Break
------------------------------------------------------------------------
W10-78 209.0 210.5 1.5 3.87 South Break
------------------------------------------------------------------------
395.5 396.5 1.0 2.40 North Break
------------------------------------------------------------------------
401.0 402.0 1.0 2.19 North Break
------------------------------------------------------------------------
W10-79 123.5 125.0 1.5 2.37 North Break
------------------------------------------------------------------------
383.0 384.2 1.2 2.23 North Break
------------------------------------------------------------------------
W10-80 19.4 21.4 2.0 5.21 South Break
------------------------------------------------------------------------
60.7 62.2 1.5 4.42 South Break
------------------------------------------------------------------------
67.0 68.5 1.5 5.28 South Break
------------------------------------------------------------------------
217.4 218.4 1.0 5.69 North Break
------------------------------------------------------------------------
W10-81 250.2 253.9 3.7 10.81 North Break
------------------------------------------------------------------------
including 250.2 251.2 1.0 35.45 North Break
------------------------------------------------------------------------
W10-82 429.0 431.9 2.9 14.71 North Break
------------------------------------------------------------------------
Including 430.0 430.8 0.8 33.38 North Break
------------------------------------------------------------------------
W10-83 294.7 296.0 1.3 12.99 Piche Felsic
------------------------------------------------------------------------
W10-84 127.3 142.5 15.2 1.0 North Break
------------------------------------------------------------------------
147.0 150.0 3.0 13.96 North Break
------------------------------------------------------------------------
171.2 175.0 3.8 7.71 North Break
------------------------------------------------------------------------
including 171.2 172.3 1.1 23.35 North Break
------------------------------------------------------------------------
W10-85 113.0 121.4 8.4 3.08 North Break
------------------------------------------------------------------------
W10-87 99.0 103.3 4.3 4.32 North Break
------------------------------------------------------------------------
122.6 126.5 3.9 2.01 North Break
------------------------------------------------------------------------
Note: Hole W10-86 contained no significant gold values.
Break: Indicates fault and enclosing rock unit.
The Wood-Pandora drilling program was planned and supervised by
Globex's Exploration Manager and qualified person Ray V.
Zalnieriunas, P. Geo. employing a QA/QC program consistent with
National Instrument 43-101 and industry best practices. The drill
core was logged and split with half-core samples analyzed employing
the appropriate gold fire assaying techniques by Expert Laboratory
Inc. of Rouyn-Noranda, Quebec.
This news release was written by Jack Stoch, P. Geo. President
and CEO of Globex in his capacity as a Qualified Person.
Forward Looking Statements
Except for historical information this News Release may contain
certain "forward looking statements". These statements may involve
a number of known and unknown risks and uncertainties and other
factors that may cause the actual results, level of activity and
performance to be materially different from the Companies
expectations and projections. A more detailed discussion of the
risks is available in the "Annual Information Form" filed by the
Companies on SEDAR at www.sedar.com
Contacts: QUEENSTON MINING INC. Charles E. Page, P.Geo.,
President & CEO Hugh D. Harbinson, Chairman (416) 364-0001
(416) 364-5098 (FAX) info@queenston.ca www.queenston.ca Andreas
Curkovic, Investor Relations (416) 577-9927 GLOBEX MINING
ENTERPRISES INC. Jack Stoch, P.Geo., President & CEO (819)
797-5242 (819) 797-1470 (FAX) info@globexmining.com
www.globexmining.com
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