LONGUEUIL, QUEBEC--(MARKET WIRE)--Apr 22, 2008 -- Queensland Minerals Ltd. (CDNX:
QML.V -
News) (the "Company" or
"QML") is pleased to announce the start of a core drilling
program in North Queensland at the Firegrass Creek and Sulphide
Cap Prospects. The two prospects are located 5-10 kilometers,
respectively, north-west of QML's Anastasia Prospect where
a 23 hole, 5,618 m diamond drill program has just been completed.
The Sulphide Cap and Firegrass Creek Prospects are part
of Echo Resources Ltd. ("Echo") Reedy Creek Project which
is the subject of an agreement between Queensland Minerals
(Australia) Pty Ltd. ("QMA"), the Company's 100% owned Australian
subsidiary, and Echo. Under the agreement with Echo, QMA
may earn up to an 80% interest in the Reedy Creek Project.
The principal geological units in the Reedy Creek Project
are the Proterozoic McDevitt Metamorphics and Fig Tree Hill
Granite Complex, and the Carboniferous to Permian Scardons
Volcanic Group and the Desert Creek Granite Complex. The
area is considered prospective for intrusion-related gold-silver
deposits.
The diamond core drilling program on the Reedy Creek Project
will consist of two holes at Sulphide Cap and two holes
at Firegrass Creek for a total of 1200 meters.
The Sulphide Cap (EPM 15003) target is considered to have
potential for gold and polymetallic mineralization at depth
in hydrothermal breccia and in a surrounding sheeted vein
system. Drilling carried out in the 1980's by previous explorers,
consisting of one vertical and four shallow angle holes,
tested the silver and gold mineralized breccia to about
200 meter depth. The historical drilling is reported to
have returned a best result of 4 meters at 121 g/t Ag, 0.24%
Cu, 1.49% Pb & 4.12% Zn from 79 meters. Rock chip samples
collected from areas adjacent to the breccia pipe returned
up to 10 g/t Au and 4,000 ppm Ag. The historical drilling
results also suggest that the diameter of the breccia pipe
may increase with depth. QML has not independently analyzed
the results of the previous drilling and therefore the historical
results should not be relied upon. However, QML believes
these historical results provide an indication of the potential
of the Sulphide Cap target and are relevant to ongoing exploration.
QML's initial drilling at Sulphide Cap is designed to test
the deeper portions of a breccia pipe to 350 meters below
surface.
At Firegrass Creek (EPM 15546), the proposed diamond core
drilling is designed to evaluate silver mineralization indicated
by historic drilling carried out by a previous explorer
in the 1980's. This drilling consisted of four vertical
shallow percussion holes and is reported to have returned
elevated silver mineralization including a best result of
12 meters at 45 g/t Ag, including 2 meters at 210 g/t Ag
from 52 meters. QML has not independently analyzed the results
of the previous drilling and therefore the historical results
should not be relied upon. However, QML believes these historical
results provide an indication of the potential of the Firegrass
Creek target and are relevant to ongoing exploration. The
breccia showing at this target has been analysed by QMA
geologists using a Niton XRD device which recorded 32 g/t
Ag. The holes that QML propose to drill will be located
to evaluate possible stratabound mineralization and to better
understand local lithological and structural controls.
The attached Figure1 illustrates the location of the two
prospects on the regional magnetic image.
Qualified Person
The technical information contained in this release was
reviewed by Mr. Al Marton, a corporate member of the Australasian
Institute of Mining and Metallurgy, who has consented to
the inclusion of the technical information in the form it
appears in this release. Mr. Marton, a geologist from Juldex
Pty Ltd, is a director and officer of Queensland Minerals
Ltd. and is a qualified person under National Instrument
43-101 of the Canadian Securities Administrators ("NI 43-101").
Forward Looking Statement
This press release contains certain forward-looking information
as defined in applicable securities laws (referred to below
as "forward-looking statements"). Often, but not always,
forward-looking statements can be identified by the use
of words such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "continues", "forecasts", "projects",
"predicts", "intends", "anticipates" or "believes", or variations
of, or the negatives of, such words and phrases, or statements
that certain actions, events or results "may", "could",
"would", "should", "might" or "will" be taken, occur or
be achieved. Specifically, this press release includes forward-looking
statements regarding the Company's exploration plans and
expectations for the Reedy Creek Project. Inherent in forward-looking
statements are risks, uncertainties and other factors beyond
the Company's ability to predict or control. These risks,
uncertainties and other factors include, but are not limited
to, the uncertainties surrounding the results of exploration
at the Reedy Creek Project and the Company's other projects,
other risks involved in the gold exploration industry, as
well as those discussed in the section entitled "Risk Factors"
in the Company's prospectus dated February 21, 2007 and
filed on SEDAR. Actual results and developments are likely
to differ, and may differ materially, from those expressed
or implied by the forward-looking statements contained in
this press release. Accordingly, readers should not place
undue reliance on forward-looking statements. The Company
undertakes no obligation to update publicly or otherwise
revise any forward-looking statements whether as a result
of new information or future events or otherwise, except
as may be required by law.
For more information about the Company and its projects,
please refer to the NI 43-101 Technical Report dated February
20, 2007 and other documents available on SEDAR (www.sedar.com)
or via the Company's website at (www.queenslandminerals.com).
A figure is available at the following address: http://media3.marketwire.com/docs/Echo.jpg
The TSX Venture Exchange does not accept responsibility
for the adequacy or accuracy of this release.
