UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month
May 2004
Commission File Number
0-24096
QUEENSTAKE RESOURCES LTD.
Suite 405 – 555 Sixth Street, New Westminster, B.C. V3L 5H1
(Address of principal executive office)
(indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40 F.
Form 20-F [X] Form 40 F [ ]
Indicate by check mark whether by furnishing the information contained in this Form the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [ ] No X
(If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
DOCUMENTS FILED:
Press Release NR2004-11 May 11, 2004
DESCRIPTION:
Queenstake Announces Exploration Results
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
QUEENSTAKE RESOURCES LTD.
(Registrant)
Date May 11, 2004
By “Doris Meyer”
(Signature)
Doris Meyer, Corporate Secretary
Queenstake Resources Ltd.
News Release 2004-11
May 11, 2004
TSX – QRL – Queenstake Resources Ltd.
SEC file number 0-24096
QUEENSTAKE ANNOUNCES EXPLORATION RESULTS
Denver,Colorado – May 11, 2004 – Queenstake Resources Ltd. (TSX:QRL) announces recently obtained results from its ongoing near-mine exploration program at Jerritt Canyon, Nevada. All results reported in this News Release are from outside the Measured and Indicated Resource envelope as defined in the Company’s 43-101 Report filed on February 26, 2004. These intercepts thus represent incremental additions to identified mineralization. They are located close to current underground workings and, if they were to prove economic, could be accessed from the existing mines.
Smith Mine
Seventeen reverse circulation (RC) holes totaling 2,310 feet were drilled from underground at the Smith Mine during the months of March and April. Assays were received for all these holes and for 13 that were drilled in February. Intercepts of 10 feet or more at a grade of at least 0.250 ounces of gold per ton (opt) are listed below:
Hole No. | Feet | Grade (opt) | Area | Drill Type |
Z2-C10 | 20 | 0.356 | Zone 2 | Underground – RC |
Z2-C11 | 20 | 0.271 | Zone 2 | Underground – RC |
Z2-F30 | 10 | 0.307 | Zone 2 | Underground – RC |
Z3-T13 | 10 | 0.292 | Zone 3 | Underground – RC |
Z3-U8 | 20 | 0.309 | Zone 3 | Underground – RC |
SSX Mine
Eleven core holes were drilled from underground into Zones 1 and 4 of the SSX Mine during March and April; total footage for the 11 holes is 7,730 feet. Seventeen RC holes were drilled into Zones 3 and 5 from underground. Intercepts of 10 feet or more at a grade of at least 0.250 opt are listed below:
Hole No. | Feet | Grade (opt) | Area | Drill Type |
SX-838 | 25 | 0.344 | Zone 1 | Underground – Core |
SX-839 | 10 | 0.509 | Zone 1 | Underground – Core |
SX-840 | 25 | 0.303 | Zone 1 | Underground – Core |
SX-841 | 40 | 0.354 | Zone 1 | Underground – Core |
SX-842 | 15 | 0.501 | Zone 1 | Underground – Core |
7080-B6 | 50 | 0.656 | Zone 5 | Underground – RC |
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Murray Mine
Twenty-two RC holes totaling 3,625 feet were drilled from underground at the Murray Mine. Assays have been received for all of these holes. Intercepts of 10 feet or more at a grade of at least 0.250 opt are listed below:
Hole No. | Feet | Grade (opt) | Area | Drill Type |
C30121 | 15 | 0.604 | Zone 3 | Underground – RC |
C30122 | 25 | 0.291 | Zone 3 | Underground – RC |
C30126 | 30 | 0.352 | Zone 3 | Underground – RC |
C30139 | 35 | 0.320 | Zone 3 | Underground – RC |
C30144 | 10 | 0.268 | Zone 3 | Underground – RC |
In addition, 8,670 feet were drilled in 10 surface RC holes in Zone 9 west of Murray. Assays have been received for 5 of these holes and for 2 core holes drilled from the surface in Zone 7 in November. Intercepts of 10 feet or more at a grade of at least 0.250 opt are listed below:
Hole No. | Inclination | From (ft.) | To (ft.) | Thickness (ft.) | Grade (opt) | Area | Drill Type |
MR-067A | -61 degrees | 960 | 980 | 20 | 0.272 | Zone 9 | Surface – RC |
MR-070A | -75 degrees | 575 | 585 | 10 | 0.381 | Zone 9 | Surface – RC |
MR-071 | -90 degrees | 660 | 670 | 10 | 0.319 | Zone 9 | Surface – RC |
MR-041AC | -68 degrees | 500 | 535 | 35 | 0.283 | Zone 7 | Surface – Core |
MR-043AC | -68 degrees | 460 | 475 | 15 | 0.321 | Zone 7 | Surface – Core |
Notes:
1.
A complete set of the data from which the highlighted drill results were selected is appended to this news release.
2.
A description of the geology, sampling procedures, and the Company's laboratory QA/QC procedures are as described in the Company's National Instrument 43-101 Technical Report filed on February 26, 2004. This report is available on the company’s website,www.queenstake.com.
3.
Samples from surface drilling are analyzed by ALS Chemex or BSI Inspectorate; samples from underground drilling are analyzed at the Jerritt Canyon laboratory. All samples are analyzed using standard fire assay techniques.
4.
The Qualified Person for the release of this exploration information is Mr. Dorian (Dusty) Nicol, Executive Vice President and Exploration Director.
5.
Intercepts are reported as drilled; true widths have not yet been calculated.
Dorian L. (Dusty) Nicol, Queenstake’s Executive Vice President and Director of Exploration, said, “The ongoing near-mine exploration program at Jerritt Canyon continues to discover new areas of high-grade gold mineralization. Newly identified zones of high-grade mineralization will be aggressively drilled and evaluated to determine whether they can be mined economically. Meanwhile, in addition to the near-mine exploration program, district-scale exploration continues on the Company’s 100%-owned, over 100 square mile land package in the Jerritt Canyon District. Queenstake currently has five drill rigs turning at Jerritt Canyon, at Starvation Canyon (see NR 2004-06) and other exploration targets. The Company will continue to periodically report results from its ongoing exploration.”
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Queenstake Resources Ltd. is a gold mining company based in Denver, Colorado .. Its principal asset is the Jerritt Canyon Mine in Nevada, acquired in June 2003. Th e Jerritt Canyon Mine consists of four underground mines , a 1.5 million ton per year capacity processing facility and a 100 square mile land package that represents some of the most exciting gold exploration ground in Nevada. Jerritt Canyon has produced more than 7,000,000 ounces of gold since 1982. The Mine is expected to continue gold production at the rate of approximately 300,000 ounces per year for the foreseeable future.
For further information call:
John Haigh 303-297-1557 ext. 105
800-276-6070
Email –info@queenstake.com web –www.queenstake.com
Forward-Looking Statements – This news release contains “Forward-Looking Statements” within the meaning of Section 21E of the United States Securities Exchange act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included in this release, and Queenstake’s future plans are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and Queenstake does not undertake any obligation to update forward-looking statements should conditions or management’s estimates or opinions change.
The TSX has neither reviewed nor accepts responsibility for the adequacy or accuracy of this release.
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Appendix
The following tables include all drill results received in March and April. The listed intervals are intercepts greater than 0.150 opt (the resource envelope cutoff) over 5 or more feet.
Smith Mine
Hole # | Az | Dip | TD (ft.) | From (ft.) | To (ft.) | Thickness (ft.) | Grade (opt) | Area | Drill Type |
Z2-D40 | 030˚ | -80˚ | 25 | 5 | 20 | 15 | 0.166 | Zone 2 | U/G – RC |
Z2-D42 | 030˚ | -20˚ | 50 | 0 | 15 | 15 | 0.177 | Zone 2 | U/G – RC |
Z2-D43 | 030˚ | -10˚ | 60 | 0 | 20 | 20 | 0.172 | Zone 2 | U/G – RC |
Z3-T13 | 209˚ | +08˚ | 160 | 115 | 125 | 10 | 0.292 | Zone 3 | U/G – RC |
Z3-U8 | 047˚ | -30˚ | 100 | 10 | 30 | 20 | 0.309 | Zone 3 | U/G – RC |
Z3-V5 | 047˚ | -20˚ | 125 | 20 | 30 | 10 | 0.211 | Zone 3 | U/G – RC |
Z3-W3 | 047˚ | -22˚ | 125 | 40 | 50 | 10 | 0.196 | Zone 3 | U/G – RC |
Z3-D5 | 255˚ | +10˚ | 150 | 0 | 15 | 15 | 0.154 | Zone 3 | U/G – RC |
Z3-F9 | 240˚ | -15˚ | 150 | - | - | - | <0.150 | Zone 3 | U/G – RC |
Z2-D23 | 210˚ | 0 | 200 | - | - | - | <0.150 | Zone 2 | U/G – RC |
Z2-D22 | 210˚ | -15˚ | 90 | - | - | - | <0.150 | Zone 2 | U/G – RC |
Z2-D21 | 210˚ | -30˚ | 100 | - | - | - | <0.150 | Zone 2 | U/G – RC |
Z2-D20 | 210˚ | -50˚ | 80 | 15 | 30 | 15 | 0.187 | Zone 2 | U/G – RC |
Z2-D19 | 210˚ | -80˚ | 60 | 0 | 15 | 15 | 0.212 | Zone 2 | U/G – RC |
Z2-C18 | 210˚ | +60˚ | 135 | 25 | 45 | 20 | 0.173 | Zone 2 | U/G – RC |
and | 210˚ | +60˚ | 135 | 65 | 80 | 15 | 0.154 | Zone 2 | U/G – RC |
and | 210˚ | +60˚ | 135 | 100 | 120 | 20 | 0.221 | Zone 2 | U/G – RC |
Z2-C16 | 210˚ | +10˚ | 150 | 0 | 15 | 15 | 0.158 | Zone 2 | U/G – RC |
Z2-C15 | 210˚ | +05˚ | 200 | 0 | 15 | 15 | 0.186 | Zone 2 | U/G – RC |
Z2-C14 | 210˚ | -05˚ | 200 | 0 | 35 | 35 | 0.157 | Zone 2 | U/G – RC |
Z2-C13 | 210˚ | -20˚ | 100 | 0 | 15 | 15 | 0.199 | Zone 2 | U/G – RC |
Z2-C12 | 210˚ | -30˚ | 105 | 0 | 15 | 15 | 0.242 | Zone 2 | U/G – RC |
and | 210˚ | -30˚ | 105 | 70 | 85 | 15 | 0.202 | Zone 2 | U/G – RC |
Z2-C11 | 210˚ | -50˚ | 75 | 0 | 20 | 20 | 0.271 | Zone 2 | U/G – RC |
Z2-C10 | 210˚ | -70˚ | 60 | 5 | 25 | 20 | 0.356 | Zone 2 | U/G – RC |
Z2-A5 | 210˚ | -02˚ | 200 | - | - | - | <0.150 | Zone 2 | U/G – RC |
Z2-A6 | 210˚ | +05˚ | 200 | - | - | - | <0.150 | Zone 2 | U/G – RC |
Z2-A7 | 210˚ | +15˚ | 65 | - | - | - | <0.150 | Zone 2 | U/G – RC |
Z2-F34 | 206˚ | +30˚ | 100 | 40 | 50 | 10 | 0.233 | Zone 2 | U/G – RC |
Z2-F33 | 206˚ | +10˚ | 200 | - | - | - | <0.150 | Zone 2 | U/G – RC |
Z2-F32 | 206˚ | 0 | 200 | - | - | - | <0.150 | Zone 2 | U/G – RC |
Z2-F31 | 206˚ | -10˚ | 200 | - | - | - | <0.150 | Zone 2 | U/G – RC |
Z2-F30 | 206˚ | -25˚ | 200 | 20 | 30 | 10 | 0.307 | Zone 2 | U/G - RC |
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Murray Mine
Hole # | Az | Dip | TD (ft.) | From (ft.) | To (ft.) | Thickness (ft.) | Grade (opt) | Area | Drill Type |
MR-064A | 237˚ | -58˚ | 870 | 625 | 630 | 5 | 0.163 | Zone 9 | Surface-RC |
MR-067A | 249˚ | -61˚ | 1000 | 960 | 980 | 20 | 0.272 | Zone 9 | Surface-RC |
MR-068A | 239˚ | -76˚ | 850 | - | - | - | <0.150 | Zone 9 | Surface-RC |
MR-069A | 193˚ | -62˚ | 850 | - | - | - | <0.150 | Zone 9 | Surface-RC |
MR-070A | 195˚ | -75˚ | 850 | 575 | 585 | 10 | 0.386 | Zone 9 | Surface-RC |
MR-071 | 0 | -90˚ | 850 | 660 | 670 | 10 | 0.319 | Zone 9 | Surface-RC |
MR-041AC | 57˚ | -68˚ | 624 | 500 | 535 | 35 | 0.283 | Zone 7 | Surface-Core |
MR-043AC | 33˚ | -68˚ | 600 | 460 | 475 | 15 | 0.321 | Zone 7 | Surface-Core |
Hole # | Az | Dip | TD (ft.) | From (ft.) | To (ft.) | Thickness (ft.) | Grade (opt) | Area | Drill Type |
C30120 | 47˚ | 10˚ | 260 | 0 | 25 | 25 | 0.218 | Zone 3 | U/G – RC |
and | 47˚ | 10˚ | 260 | 155 | 170 | 15 | 0.194 | Zone 3 | U/G – RC |
C30121 | 47˚ | 0 | 200 | 0 | 20 | 20 | 0.181 | Zone 3 | U/G – RC |
and | 47˚ | 0 | 200 | 100 | 115 | 15 | 0.604 | Zone 3 | U/G – RC |
C30122 | 47˚ | -10˚ | 200 | 85 | 95 | 10 | 0.235 | Zone 3 | U/G – RC |
and | 47˚ | -10˚ | 200 | 160 | 185 | 25 | 0.291 | Zone 3 | U/G – RC |
C30123 | 60˚ | -10˚ | 210 | - | - | - | <0.150 | Zone 3 | U/G – RC |
C30124 | 60˚ | 10˚ | 185 | - | - | - | <0.150 | Zone 3 | U/G – RC |
C30125 | 60˚ | 0 | 210 | - | - | - | <0.150 | Zone 3 | U/G – RC |
C30126 | 60˚ | -20˚ | 210 | 100 | 115 | 15 | 0.150 | Zone 3 | U/G – RC |
And | 60˚ | -20˚ | 210 | 165 | 195 | 30 | 0.352 | Zone 3 | U/G – RC |
C30127 | 70˚ | 5˚ | 210 | - | - | - | <0.150 | Zone 3 | U/G – RC |
C30128 | 70˚ | -5˚ | 210 | - | - | - | <0.150 | Zone 3 | U/G – RC |
C30129 | 200˚ | -60˚ | 100 | - | - | - | <0.150 | Zone 3 | U/G – RC |
C30130 | 200˚ | -60˚ | 100 | - | - | - | <0.150 | Zone 3 | U/G – RC |
C30131 | 200˚ | -80˚ | 100 | - | - | - | <0.150 | Zone 3 | U/G – RC |
C30132 | 20˚ | 50˚ | 160 | 90 | 135 | 45 | 0.193 | Zone 3 | U/G – RC |
C30133 | 20˚ | 40˚ | 180 | 120 | 165 | 45 | 0.221 | Zone 3 | U/G – RC |
C30135 | 20˚ | 20˚ | 170 | - | - | - | <0.150 | Zone 3 | U/G – RC |
C30136 | 20˚ | 10˚ | 100 | 50 | 65 | 15 | 0.217 | Zone 3 | U/G – RC |
C30137 | 20˚ | 20˚ | 100 | 45 | 75 | 30 | 0.235 | Zone 3 | U/G – RC |
C30138 | 20˚ | 30˚ | 160 | 50 | 60 | 10 | 0.201 | Zone 3 | U/G – RC |
and | 20˚ | 30˚ | 160 | 135 | 150 | 15 | 0.158 | Zone 3 | U/G – RC |
C30139 | 20˚ | 40˚ | 200 | 135 | 170 | 35 | 0.320 | Zone 3 | U/G – RC |
C30144 | 20˚ | 30˚ | 160 | 150 | 160 | 10 | 0.268 | Zone 3 | U/G – RC |
C30145 | 20˚ | 20˚ | 100 | - | - | - | <0.150 | Zone 3 | U/G – RC |
C30146 | 20˚ | 10˚ | 100 | 45 | 65 | 20 | 0.155 | Zone 3 | U/G – RC |
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SSX Mine
Hole # | Az | Dip | TD (ft.) | From (ft.) | To (ft.) | Thickness (ft.) | Grade (opt) | Area | Drill Type |
SX-837 | 160˚ | -22˚ | 850 | - | - | - | <0.150 | Zone 1 | U/G – Core |
SX-838 | 160˚ | -28˚ | 850 | 535 | 560 | 25 | 0.344 | Zone 1 | U/G – Core |
SX-839 | 160˚ | -40˚ | 700 | 550 | 560 | 10 | 0.509 | Zone 1 | U/G – Core |
SX-840 | 145˚ | -25˚ | 850 | 670 | 695 | 25 | 0.303 | Zone 1 | U/G – Core |
SX-841 | 145˚ | -32˚ | 850 | 725 | 740 | 15 | 0.162 | Zone 1 | U/G – Core |
And | 145˚ | -32˚ | 850 | 755 | 795 | 40 | 0.354 | Zone 1 | U/G – Core |
7025-B2 | 63˚ | -55˚ | 140 | - | - | - | <0.150 | Zone 3 | U/G – RC |
7025-B3 | 63˚ | -75˚ | 140 | - | - | - | <0.150 | Zone 3 | U/G – RC |
7025-B7 | 243˚ | -10˚ | 135 | - | - | - | <0.150 | Zone 3 | U/G – RC |
7025-D2 | 63˚ | -60˚ | 30 | - | - | - | <0.150 | Zone 3 | U/G – RC |
7025-D3 | 63˚ | -90˚ | 60 | - | - | - | <0.150 | Zone 3 | U/G – RC |
7025-D4 | 63˚ | -55˚ | 110 | - | - | - | <0.150 | Zone 3 | U/G – RC |
7025-A3 | 63˚ | -40˚ | 110 | - | - | - | <0.150 | Zone 3 | U/G – RC |
7025-A4 | 63˚ | -55˚ | 120 | - | - | - | <0.150 | Zone 3 | U/G – RC |
7025-A8 | 243˚ | -5˚ | 130 | - | - | - | <0.150 | Zone 3 | U/G – RC |
SX-842 | 145˚ | -40˚ | 850 | 630 | 645 | 15 | 0.501 | Zone 1 | U/G – Core |
SX-843 | 145˚ | -60˚ | 500 | - | - | - | <0.150 | Zone 1 | U/G – Core |
7080-A4 | 270˚ | -18˚ | 250 | 65 | 90 | 25 | 0.230 | Zone 5 | U/G – RC |
7080-A5 | 270˚ | -8˚ | 290 | 75 | 95 | 20 | 0.209 | Zone 5 | U/G – RC |
and | 270˚ | -8˚ | 290 | 180 | 190 | 10 | 0.200 | Zone 5 | U/G - RC |
7080-A3 | 270˚ | -30˚ | 120 | - | - | - | <0.150 | Zone 5 | U/G – RC |
7080-A2 | 270 | -60˚ | 70 | - | - | - | <0.150 | Zone 5 | U/G – RC |
7080-A1 | 270˚ | -90˚ | 60 | - | - | - | <0.150 | Zone 5 | U/G – RC |
SX-844 | 320 | +10˚ | 600 | - | - | - | <0.150 | Zone 4 | U/G – Core |
SX-845 | 320˚ | -5˚ | 600 | - | - | - | <0.150 | Zone 4 | U/G – Core |
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