Now here's a real junior mining company that's selling for pennies on the dollar.
MULTI-MILLION OUNCES
MAJOR MINING FIRM FOR THEIR JV PARTNER
$13,000,000 IN CASH
EARNINGS PER SHARE
NO DEBT:-)
****NEWS RELEASE****
Queenston reported working capital of $13,699,348, earnings of five cents per share and no debt.
Queenston Mining Inc -
Munro drilling program under way
Queenston Mining Inc QMI
Shares issued 27,909,191 1998-10-08 close $0.65
Wednesday Oct 14 1998
Also Franco-Nevada Mining Corp Ltd (FN)
Mr. C.E. Page reports
A 9,000 foot diamond drilling program has commenced on the Munro property, 8km east of Kirkland Lake, Ontario. The property forms part of the Queenston - Franco-Nevada joint venture which comprises 727 claim units covering 22 miles of gold bearing structures in the Kirkland Lake gold camp.
The 50-50 joint venture was formed in 1996, and for the past two years has been carrying out a systematic drilling program in the camp exploring for extensions of known deposits and new discoveries along the Larder Lake deformation zone . This work has resulted in two new gold discoveries which has elevated the joint venture's total gold resources in five deposits to 8,562,700 tons grading 0.17 oz/ton, or 1.44 million ounces.
The current drill program will begin to systematically test a 3.2 mile stretch of claims known as the Munro property, west of the Anoki gold deposit. The LLDZ represents a favourable structural alteration corridor which traverses the property beneath a thick layer of sand. On the northern portion of this corridor, the Esker, Birocco and 180 gold zones were previously discovered and remain open below a depth of 1,000 feet. The current program will focus on testing new targets which have been recently identified by induced polarization geophysics. The IP survey has outlined 10 prime, untested anomalies which represent new gold targets in three different geological units. During the first phase of the program, eight holes totalling 9,000 feet will test nine of the anomalies.
Kirkland Lake is considered a high grade camp and the current drilling program is targeting gold mineralization in the 0.30 oz/ton range. This tenor of mineralization is not uncommon in the vicinity of the Munro property. At the Upper Canada mine, 1.2 miles to the northeast, 1.52 million ounces of gold were produced between 1938-1972 at a recovered grade of 0.32 oz/ton, and previous drilling on the Esker zone, in the centre of the property, intersected gold values of 0.38 oz/ton over 30.0 feet and 0.36 oz/ton over 22.0 feet.
At June 30, 1998, Queenston reported working capital of $13,699,348, earnings of five cents per share and no debt.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
Mr Metals |
