Queenston Mining Inc. (TSX: T.QMI, Stock Forum) has released an updated resource estimate for its wholly-owned Upper Beaver gold-copper project in Kirkland Lake, Ont.
The updated 43-101-compliant estimate is outlined in a technical report that is available on SEDAR, the company said in a press release.
According to the report, Upper Beaver contains an indicated mineral resource of 1.46 million ounces of gold, and 56 million pounds of copper. It also hosts an inferred resource of 0.71 million ounces of gold and 32 million pounds of copper.
Indicated and inferred resources are driven by tonnage increases of 123% and 48% respectively, the company said.
Trading at $5 on Friday, Queenston has a market cap of $422 million, based on 84.5 million shares outstanding. The 52-week range is $6.46 and $2.90.