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
August 2004
Commission File Number
0-24096
QUEENSTAKE RESOURCES LTD.
999 18th Street, Suite 2940, Denver, CO 80202
(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 NR2004-19 August 10, 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 August 10, 2004
By “Jack Engele” (signed)
(Signature)
Jack Engele, Vice President Finance
Queenstake Resources Ltd.
News Release 2004-19
August 10, 2004
TSX – QRL – Queenstake Resources Ltd.
SEC file number 0-24096
QUEENSTAKE ANNOUNCES EXPLORATION RESULTS
Denver,Colorado – August 10, 2004 –Queenstake Resources Ltd. (TSX:QRL) (“the Company”) announces results recently obtained from its ongoing near-mine exploration program at Jerritt Canyon, Nevada. Results reported in this News Release are from outside the Measured and Indicated Resource envelope at December 31, 2003 as defined in the Company’s 43-101 Technical Report (filed on February 26, 2004 and amended by the Amended Technical Report filed on August 5, 2004). These intercepts thus represent incremental additions to identified mineralization. Reported results from the Smith, SSX, and Murray Mines are from drilling near current underground workings and, if they were to prove economic, could be accessed from the existing mines. The Burns prospect is a potentially open-pittable target adjacent to historic open pit workings and existing haul roads.
In addition to the near-mine exploration results reported here, district-scale exploration also continues within the Company’s 100%-owned Jerritt Canyon District. There are currently 8 surface drill rigs operating on the property with plans to increase this number to 11 within the next two weeks. Exploration results will be released as phases of work are completed and results interpreted.
A major focus of the Company’s district-scale exploration is the Starvation Canyon prospect in the southern part of the District. Drilling by the Company earlier this year discovered high-grade mineralization in this area (see NR 2004-06); of particular note is drillhole TJ-108, which intersected 50 feet of 0.513 ounces of gold per ton (opt), containing 15 feet of 1.062 opt. Drilling in the Starvation area has been continuing, with over 30,000 feet drilled to date this year. The Company expects to keep 3 to 4 drill rigs operating in the Starvation area through the remainder of the year’s drill season. Extensive detailed geologic mapping and geochemical sampling are ongoing in the Starvation area to better define drill targets. The Starvation prospect is now recognized to be part of a mineralized structural trend with at least 15,000 feet of strike length; structurally and geochemically, this trend is comparable to two major trends in the northern part of the Jerritt Canyon District which together hosted over 10 million ounces of gold. Drilling the rest of this year will focus both on infill drilling in the recognized high-grade zone and reconnaissance drilling in what is now recognized as a large target area. Results will be released as phases of work are completed and results interpreted.
Queenstake’s Director of Exploration, Dorian (Dusty) Nicol, said: “We remain very encouraged by the success of our near-mine exploration programs; the continual discovery of high-grade mineralization adjacent to or near current workings bodes well for Jerritt Canyon’s ability to replace depleted reserves in the near-term. The long-term future at Jerritt Canyon will rest on the success of the district-scale exploration program, which is generating quality targets faster than we anticipated. Our exploration results to date continue to validate our belief that Jerritt Canyon will be discovering and producing gold for years to come.”
Smith Mine
Twenty-six reverse circulation (RC) holes totaling 6,030 feet were drilled from underground at the Smith Mine during the months of May, June, and July 2004. In addition, 5,655 feet in 30 core holes were drilled from underground. Assays have been received for all except two core holes. Intercepts of ten feet or more, averaging greater than 0.250 ounces of gold per ton (opt) are listed below:
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Hole # | Az | Dip | Total Depth (ft.) | From (ft.) | To (ft.) | Length (ft.) | Grade (opt) | Area | Drill Type |
LX-439 | 325˚ | +25˚ | 235 | 130 | 140 | 10 | 0.275 | Zone 2 | U/G – Core |
LX-440 | 325˚ | +10˚ | 235 | 130 | 150 | 20 | 0.452 | Zone 2 | U/G – Core |
LX-450 | 150˚ | +40˚ | 160 | 130 | 140 | 10 | 0.787 | Zone 2 | U/G – Core |
LX-452 | 180˚ | +30˚ | 200 | 125 | 145 | 20 | 0.497 | Zone 2 | U/G – Core |
LX-453 | 180˚ | +38˚ | 200 | 120 | 145 | 25 | 0.546 | Zone 2 | U/G – Core |
LX-454 | 180˚ | +45˚ | 200 | 110 | 130 | 20 | 0.772 | Zone 2 | U/G – Core |
LX-455 | 195˚ | +60˚ | 225 | 120 | 130 | 10 | 0.362 | Zone 2 | U/G – Core |
Z3-E12 | 225° | +30° | 200 | 100 | 115 | 15 | 0.309 | Zone 2 | U/G – RC |
And | 155 | 175 | 20 | 0.274 | Zone 2 | U/G – RC | |||
LX-457 | 055° | +50° | 185 | 95 | 125 | 30 | 0.563 | Zone 2 | U/G – Core |
LX-458 | 055° | +65° | 210 | 80 | 95 | 15 | 0.258 | Zone 2 | U/G – Core |
And | 110 | 170 | 60 | 0.332 | Zone 2 | U/G – Core | |||
LX-464 | 320° | +30° | 150 | 65 | 105 | 40 | 0.315 | Zone 2 | U/G – Core |
LX-467 | 025° | +45° | 160 | 110 | 125 | 15 | 0.617 | Zone 2 | U/G – Core |
LX-469 | 010° | +65° | 165 | 125 | 140 | 15 | 0.272 | Zone 2 | U/G – Core |
Z2-E8 | 016° | +05° | 275 | 25 | 40 | 15 | 0.263 | Zone 2 | U/G – RC |
Z2-G12 | 006° | +15° | 275 | 15 | 25 | 10 | 0.361 | Zone 2 | U/G – RC |
Z2-H18 | 358° | +05° | 275 | 25 | 35 | 10 | 0.306 | Zone 2 | U/G – RC |
LX-472 | 340° | +70° | 215 | 180 | 190 | 10 | 0.290 | Zone 2 | U/G – Core |
LX-479 | 233° | +30° | 200 | 150 | 170 | 20 | 0.257 | Zone 2 | U/G – Core |
Surface drilling near the Smith Mine was conducted at the West Dash resource and in the West B-Pit area near the Smith underground workings. Both targets could potentially be mined from the Smith underground mine. Eight RC holes totaling 5,910 feet were drilled at West Dash and five RC holes totaling 3,585 feet were drilled at West B-Pit. Assays have been received for all the West Dash holes and one of the West B-Pit holes. Intercepts with an average grade greater than 0.150 opt are given below:
Hole # | Az | Dip | Total Depth (ft.) | From (ft.) | To (ft.) | Length (ft.) | Grade (opt) | Area | Drill Type |
SH-1015 | 000° | -90° | 830 | 570 | 585 | 15 | 0.486 | West Dash | Surface-RC |
SH-1016 | 000° | -90° | 820 | 540 | 555 | 15 | 0.203 | West Dash | Surface-RC |
SH-1020 | 000° | -90° | 800 | 455 | 470 | 15 | 0.213 | West Dash | Surface-RC |
And | 485 | 495 | 10 | 0.210 | West Dash | Surface-RC |
SSX Mine
At the SSX Mine, twenty-eight RC holes, totaling 3,985 feet and thirty-one core holes, totaling 13,668 feet were drilled from underground into Zones 1, 4 and 5 during May through July. Assays have been received for all but three of these holes, and also for two core holes and three RC holes drilled in April. Intercepts of ten feet or more averaging greater than 0.250 opt are listed below:
Hole # | Az | Dip | Total Depth (ft.) | From (ft.) | To (ft.) | Length (ft.) | Grade (opt) | Area | Drill Type |
7080-C5 | 217° | -8° | 120 | 50 | 60 | 10 | 0.340 | Zone 5 | U/G - RC |
7080-E3 | 217° | -12° | 180 | 85 | 120 | 35 | 0.332 | Zone 5 | U/G - RC |
SX-850 | 000° | -45° | 275 | 195 | 220 | 25 | 0.262 | Zone 4 | U/G – Core |
SX-854 | 036° | 0° | 600 | 285 | 295 | 10 | 0.251 | Zone 5 | U/G – Core |
SX-857 | 50° | +10° | 700 | 390 | 430 | 40 | 0.267 | Zone 5 | U/G – Core |
SX-861 | 62° | +8° | 650 | 625 | 635 | 10 | 0.275 | Zone 5 | U/G – Core |
SX-863 | 62° | -10° | 450 | 155 | 175 | 20 | 0.283 | Zone 5 | U/G – Core |
And | 265 | 275 | 10 | 0.290 | Zone 5 | U/G – Core | |||
SX-864 | 100° | -2° | 600 | 485 | 595 | 90 | 0.434 | Zone 5 | U/G – Core |
SX-867 | 100° | -15° | 300 | 210 | 230 | 20 | 0.308 | Zone 5 | U/G – Core |
SX-868 | 100° | -30° | 110 | 50 | 110 | 60 | 0.568 | Zone 5 | U/G – Core |
SX-871 | 89° | -8° | 300 | 140 | 160 | 20 | 0.348 | Zone 5 | U/G – Core |
And | 185 | 195 | 10 | 0.254 | Zone 5 | U/G – Core | |||
And | 225 | 245 | 20 | 0.324 | Zone 5 | U/G – Core | |||
SX-872 | 89° | -20° | 170 | 115 | 130 | 15 | 0.322 | Zone 5 | U/G – Core |
SX-873 | 75° | +8° | 600 | 500 | 530 | 30 | 0.332 | Zone 5 | U/G – Core |
SX-874 | 75° | +0° | 350 | 85 | 155 | 70 | 0.269 | Zone 5 | U/G – Core |
SX-875 | 75° | -5° | 520 | 95 | 105 | 10 | 0.331 | Zone 5 | U/G – Core |
And | 120 | 200 | 80 | 0.366 | Zone 5 | U/G – Core | |||
And | 240 | 250 | 10 | 0.265 | Zone 5 | U/G – Core | |||
7288-A3 | 123° | -63° | 315 | 115 | 125 | 10 | 0.322 | Zone 1 | U/G – RC |
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Nine surface holes were drilled (8,575 feet) northwest of the main SSX Mine into the Saval mineralization. This area, about 1,500 feet from SSX, could potentially be mined as an extension of SSX or as a separate operation much like the Steer Mine. Assays have been received for three of these holes; intercepts with an average grade greater than 0.150 opt are given below:
Hole # | Az | Dip | Total Depth (ft.) | From (ft.) | To (ft.) | Length (ft.) | Grade (opt) | Area | Drill Type |
SP-838A | 192° | -60° | 880 | 380 | 390 | 10 | 0.304 | Saval | Surface – RC |
Steer Mine
Underground drilling at the new Steer Mine commenced in mid-July with an RC drill. Eleven holes have been completed and assays have been received for all the holes. Intercepts of ten feet or more averaging greater than 0.250 opt are listed below:
Hole # | Az | Dip | Total Depth (ft.) | From (ft.) | To (ft.) | Length (ft.) | Grade (opt) | Area | Drill Type |
B1 | 90° | -2° | 300 | 180 | 205 | 25 | 0.273 | Decline | U/G – RC |
B2 | 90° | +3° | 300 | 165 | 235 | 70 | 0.349 | Decline | U/G – RC |
In addition, assays have been received for four surface RC and three surface core holes drilled earlier this year. Intercepts with an average grade greater than 0.150 opt are given below:
Hole # | Az | Dip | Total Depth (ft.) | From (ft.) | To (ft.) | Length (ft.) | Grade (opt) | Area | Drill Type |
SR-3 | 185° | -5° | 584 | 495 | 560 | 65 | 0.203 | Portal | Surface-Core |
SR-4 | 175° | -5° | 600 | 452.5 | 462 | 9.5 | 0.210 | Portal | Surface-Core |
ST-759A | 193° | -50° | 400 | 290 | 300 | 10 | 0.190 | Undefined | Surface - RC |
Murray Mine
At the Murray Mine, thirty-six RC holes and eleven core holes were drilled from underground into Zones 3 and 4. Assays are pending on six of the core holes. Intercepts of ten feet or more averaging greater than 0.250 opt are listed below:
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Hole # | Az | Dip | Total Depth (ft.) | From (ft.) | To (ft.) | Length (ft.) | Grade (opt) | Area | Drill Type |
C30147* | 169° | 12° | 130 | 0 | 30 | 30 | 1.590 | Zone 3 | U/G – RC |
C30148* | 163° | -1° | 265 | 0 | 25 | 25 | 1.911 | Zone 3 | U/G - RC |
And | 30 | 40 | 10 | 0.265 | Zone 3 | U/G - RC | |||
C30153* | 170° | -11° | 115 | 105 | 115 | 10 | 0.413 | Zone 3 | U/G - RC |
C30155* | 342° | 2.5° | 295 | 0 | 45 | 45 | 0.423 | Zone 3 | U/G - RC |
C30156* | 342° | -3° | 135 | 0 | 30 | 30 | 0.407 | Zone 3 | U/G - RC |
C30157* | 350° | -13° | 175 | 140 | 175 | 35 | 0.279 | Zone 3 | U/G - RC |
C30149* | 151° | 3° | 120 | 0 | 30 | 30 | 2.970 | Zone 3 | U/G - RC |
C30150* | 145° | -6° | 120 | 0 | 30 | 30 | 2.069 | Zone 3 | U/G - RC |
C30151* | 146° | -5° | 120 | 0 | 30 | 30 | 1.813 | Zone 3 | U/G - RC |
Z3-295 17 | 317° | -22° | 200 | 35 | 60 | 25 | 0.270 | Zone 3 | U/G - RC |
NC-049 | 62° | -20° | 250 | 240 | 250 | 10 | 0.384 | Zone 3 | U/G – Core |
NC-052 | 15° | -5° | 260 | 0 | 15 | 15 | 0.356 | Zone 3 | U/G – Core |
And | 120 | 140 | 20 | 0.258 | Zone 3 | U/G – Core | |||
And | 240 | 260 | 20 | 0.414 | Zone 3 | U/G – Core | |||
RR8 | 82° | -60° | 70 | 0 | 15 | 15 | 0.326 | Zone 3 | U/G - RC |
LR13 | 262° | -30° | 100 | 55 | 75 | 20 | 0.278 | Zone 3 | U/G - RC |
LR18 | 234° | -30° | 125 | 40 | 80 | 40 | 0.268 | Zone 3 | U/G - RC |
LR21 | 206° | -45° | 140 | 135 | 150 | 15 | 0.277 | Zone 3 | U/G - RC |
*These holes were mentioned in a news release dated May 28, 2004 (NR 2004-14).
In addition, 5,105 feet were drilled in five surface RC holes in Zone 9 west of Murray. Three of these holes were completed with core for an additional 1,010 feet. Assays have been received for three of the recent holes and for six RC holes drilled earlier this year. Intercepts with an average grade greater than 0.150 opt are given below:
Hole # | Az | Dip | Total Depth (ft.) | From (ft.) | To (ft.) | Length (ft.) | Grade (opt) | Area | Drill Type |
MR-074 | 0° | -90° | 950 | 625 | 635 | 10 | 0.213 | Zone 9 | Surface-RC |
MR-075 | 0° | -90° | 630 | 560 | 575 | 15 | 0.158 | Zone 9 | Surface-RC |
MR-076 | 0° | -90° | 670 | 600 | 625 | 25 | 0.324 | Zone 9 | Surface-RC |
MR-081 | 0° | -90° | 1125 | 860 | 870 | 10 | 0.187 | Zone 9 | Surface-RC |
MR-082A | 204° | -78° | 1100 | 1040 | 1050 | 10 | 0.352 | Zone 9 | Surface-RC |
Two surface RC holes were drilled into Zone 7 north of Murray. Assays have been received for one of these holes and for three core holes drilled earlier. Intercepts with an average grade greater than 0.150 opt are given below:
Hole # | Az | Dip | Total Depth (ft.) | From (ft.) | To (ft.) | Length (ft.) | Grade (opt) | Area | Drill Type |
MR-043AC | 33° | -68° | 600 | 460 | 475 | 15 | 0.321 | Zone 7 | Surface-Core |
And | 490 | 500 | 10 | 0.198 | Zone 7 | Surface-Core | |||
And | 545 | 560 | 15 | 0.188 | Zone 7 | Surface-Core | |||
MR-042AC | 57° | -77° | 600 | 490 | 500 | 10 | 0.267 | Zone 7 | Surface-Core |
It is anticipated that much of the new mineralization being discovered in Zones 7 and 9 will be brought into reserve by the end of this year.
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Burns
Fourteen RC holes were drilled into the Burns open pit target in June and July. Assays have been received for twelve of these holes. Intercepts with an average grade greater than 0.070 opt, considered to be an appropriate open pit cut-off grade, are given below:
Hole # | Az | Dip | Total Depth (ft.) | From (ft.) | To (ft.) | Length (ft.) | Grade (opt) | Area | Drill Type |
BB-1407A | 010° | -80° | 460 | 205 | 220 | 15 | 0.119 | NW Burns | Surface-RC |
BB-1409A | 010° | -60° | 400 | 180 | 215 | 35 | 0.122 | NW Burns | Surface-RC |
BB-1410A | 010° | -80° | 600 | 180 | 200 | 20 | 0.145 | NW Burns | Surface-RC |
BB-1412A | 010° | -45° | 300 | 210 | 245 | 35 | 0.197 | NW Burns | Surface-RC |
BB-1413A | 010° | -60° | 500 | 145 | 175 | 30 | 0.130 | NW Burns | Surface-RC |
BB-1415A | 000° | -45° | 500 | 125 | 175 | 50 | 0.210 | NW Burns | Surface-RC |
Notes:
1.
A complete set of the data from which the highlighted drill results were selected, as well as maps showing mine and prospect locations, are available on the Company’s website,www.queenstake.com.
2.
A description of the geology, sampling procedures, and the Company's laboratory QA/QC procedures are described in the Company's National Instrument 43-101 Technical Report filed on February 26, 2004 and amended by the Amended Technical Report filed on August 5, 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.
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. The 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 1981.
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 Toronto Stock Exchange has neither reviewed nor accepts responsibility
for the adequacy or accuracy of this release.
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