Tuesday, 23rd September 2008 (308 views)

Queenston Mining has provided a new resource estimate for its Upper Beaver gold project in Kirkland Lake, Ontario.

The amount of reserves accumulated from a 134-hole drilling programme that began three years ago has been determined.

Total indicated resources of 1,373,500 tonnes grading 8.5 g/t Au (capped) and inferred resources of 1,061,300 tonnes grading 7.7 g/t Au (capped) were estimated by the firm.

President and chief executive Charles Page said that the figures had exceeded historic production and that the project was "key milestone" for the company.

He commented: "We are particularly pleased with the grade and continuity displayed by the mineralized zones."

The firm is now concentrating on advancing four gold deposits in the area towards the production stage.

Meanwhile, Merrex Gold - which has operations in the Red Lake district of Ontario - has announced that it is increasing its stake in the Siribaya gold project, West Mali, by five per cent.

 

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