Sink discovered by queen (7)
I believe the answer is:
founder
'sink' is the definition.
(founder can mean to fill with water and sink)
'discovered by queen' is the wordplay.
'discovered' becomes 'found' (to discover is to find).
'by' means one lot of letters go next to another.
'queen' becomes 'ER' (abbreviation for Elizabeth Regina).
'found'+'er'='FOUNDER'
(Other definitions for founder that I've seen before include "Creator" , "One sets up firm" , "Sink, come to grief" , "collapse" , "(Of ship) fill with water and sink" .)