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
September 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 NR2004-24 September 1, 2004
DESCRIPTION:
Queenstake Amends Nevada Pacific Agreement
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 September 27, 2004
By
“John F. (Jack) Engele” (signed)
(Signature)
John F. (Jack) Engele, Vice President Finance
News Release 2004-25
September 27, 2004
TSX – QRL – Queenstake Resources Ltd.
SEC file number 0-24096
QUEENSTAKE ANNOUNCES EXPLORATION RESULTS
Denver,Colorado – September 27, 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 as amended by Amended Technical Report filed on August 5, 2004). These intercepts thus represent incremental additions to identified mineralization. Reported results from the Smith, SSX, Steer 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 an open pit target adjacent to historic pit workings and existing haul roads.
The reported drillholes were drilled between August 1 and September 17, 2004; reported assays were received within the same time period. A complete set of the data from which the highlighted drill results were selected is available as an “Appendix” on the Company’s website,www.queenstake.com.
Smith Mine
Five underground reverse circulation (RC) holes, totaling 660 feet, and one underground core hole (221 feet) were drilled at the Smith Mine. Assays have been received for these holes and for one drilled in July. Intercepts of ten feet or more, averaging greater than 0.250 ounces of gold per ton (opt) are listed below:
Hole # | Az | Dip | Total Depth (ft.) | From (ft.) | To (ft.) | Length (ft.) | Grade (opt) | Area | Drill Type |
6790-B4 | 270° | -10° | 150 | 0 | 20 | 20 | 0.563 | Zone 3 | U/G – RC |
6790-B5 | 270° | -25° | 150 | 0 | 10 | 10 | 0.307 | Zone 3 | U/G – RC |
6790-B6 | 270° | -40° | 120 | 0 | 20 | 20 | 0.321 | Zone 3 | U/G – RC |
LX-486 | 300° | +11° | 375 | 200 | 225 | 25 | 0.263 | Zone2 | U/G – Core |
Mahala
Underground drilling into the Mahala deposit, currently being developed from the Smith Mine, commenced in early August. Drilling this year will focus on converting resource to reserve as well as further defining known reserves in preparation for mining. A total of 9,263 feet of core drilling was completed in 17 holes; assays were received for fifteen of those holes. Intercepts with an average grade greater than 0.250 opt are given below:
Hole # | Az | Dip | Total Depth (ft.) | From (ft.) | To (ft.) | Length (ft.) | Grade (opt) | Area | Drill Type |
LX-489 | 157° | -18° | 525 | 0 | 15 | 15 | 0.387 | Zone 4 | U/G - Core |
LX-490 | 157° | -14° | 525 | 0 | 10 | 10 | 0.296 | Zone 4 | U/G - Core |
LX-492 | 152° | -18° | 500 | 0 | 15 | 15 | 0.295 | Zone 4 | U/G - Core |
LX-502 | 152° | -23° | 500 | 0 | 15 | 15 | 0.412 | Zone 4 | U/G - Core |
LX-495 | 162° | -18° | 600 | 0 | 15 | 15 | 0.354 | Zone 4 | U/G - Core |
LX-503 | 162° | -29° | 555 | 0 | 10 | 10 | 0.491 | Zone 4 | U/G - Core |
And | 475 | 480 | 5 | 0.312 | Zone 4 | U/G - Core | |||
LX-499 | 145° | -09° | 500 | 315 | 365 | 50 | 0.356 | Zone 4 | U/G - Core |
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SSX Mine
At the SSX Mine, forty-six RC holes, totaling 6,925 feet and fourteen core holes, totaling 7,798 feet were drilled from underground into Zones 1 and 5. Assays have been received for all but three of these holes, and also for two core holes and one RC hole drilled in July. 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 |
SX-877 | 62° | +15° | 450 | 205 | 225 | 20 | 0.252 | Zone 5 | U/G – Core |
SX-878 | 62° | +7° | 600 | 90 | 115 | 25 | 0.334 | Zone 5 | U/G – Core |
And | 170 | 205 | 35 | 0.252 | Zone 5 | U/G – Core | |||
SX-879 | 62° | -3° | 650 | 435 | 445 | 10 | 0.737 | Zone 5 | U/G – Core |
SX-883 | 50° | 6° | 650 | 65 | 95 | 30 | 0.351 | Zone 5 | U/G – Core |
And | 500 | 530 | 30 | 0.544 | Zone 5 | U/G – Core | |||
SX-884 | 50° | -7° | 350 | 90 | 120 | 30 | 0.445 | Zone 5 | U/G – Core |
And | 320 | 350 | 30 | 0.544 | Zone 5 | U/G – Core | |||
SX-885 | 35° | 18° | 625 | 149 | 161 | 12 | 0.254 | Zone 5 | U/G – Core |
And | 577 | 588.5 | 11.5 | 0.650 | Zone 5 | U/G – Core | |||
SX-887 | 35° | 6° | 750 | 510 | 526 | 16 | 0.707 | Zone 5 | U/G – Core |
SX-888 | 35° | -1° | 780 | 64 | 112 | 48 | 0.329 | Zone 5 | U/G – Core |
7277-A3 | 0° | 0° | 250 | 40 | 50 | 10 | 0.403 | Zone 1 | U/G – RC |
7277-G1 | 250° | 30° | 200 | 0 | 10 | 10 | 0.309 | Zone 1 | U/G – RC |
7277-G2 | 250° | 17° | 260 | 0 | 25 | 25 | 0.583 | Zone 1 | U/G – RC |
7277-G3 | 250° | 5° | 260 | 0 | 40 | 40 | 0.536 | Zone 1 | U/G – RC |
7277-F1 | 220° | 30° | 220 | 0 | 25 | 25 | 0.350 | Zone 1 | U/G – RC |
7277-F3 | 220° | 5° | 220 | 0 | 10 | 10 | 0.519 | Zone 1 | U/G – RC |
7277-E1 | 278° | 35° | 200 | 0 | 10 | 10 | 0.289 | Zone 1 | U/G – RC |
7277-E2 | 278° | 18° | 250 | 0 | 15 | 15 | 0.628 | Zone 1 | U/G – RC |
7277-I4 | 150° | -60° | 15 | 0 | 10 | 10 | 0.439 | Zone 1 | U/G – RC |
7277-D3 | 281° | 0° | 160 | 80 | 150 | 70 | 0.442 | Zone 1 | U/G – RC |
7277-J1 | 0° | -90° | 55 | 0 | 20 | 20 | 0.283 | Zone 1 | U/G – RC |
7277-K1 | 0° | -90° | 55 | 10 | 40 | 30 | 0.287 | Zone 1 | U/G – RC |
An additional thirteen RC holes were drilled from the surface into Zone 5 for a total of 9,030 feet. Assays have been received for six of these holes and one drilled in July. In addition, assays have been received for nine surface RC holes drilled in July into the Saval mineralization about 1,500 feet northwest of the SSX mineralization. This area could potentially be mined as an extension of either SSX or Steer Mines. 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 |
SC-1330 | 0° | -90° | 650 | 215 | 240 | 25 | 0.367 | Saval | Surface–RC |
SC-1334 | 0° | -90° | 725 | 495 | 505 | 10 | 0.178 | Saval | Surface–RC |
SC-1337 | 0° | -90° | 895 | 445 | 470 | 25 | 0.249 | Saval | Surface–RC |
SC-1338A | 260° | -65° | 820 | 5 | 10 | 5 | 1.194 | Saval | Surface–RC |
And | 60 | 65 | 5 | 0.181 | Saval | Surface–RC | |||
And | 435 | 440 | 5 | 0.280 | Saval | Surface–RC | |||
And | 565 | 620 | 55 | 0.182 | Saval | Surface–RC | |||
With | 565 | 575 | 10 | 0.297 | Saval | Surface–RC | |||
With | 600 | 620 | 20 | 0.221 | Saval | Surface–RC |
SP-844 | 0° | -90° | 800 | 565 | 585 | 20 | 0.172 | Zone 5 | Surface-RC |
SP-848 | 0° | -90° | 900 | 770 | 780 | 10 | 0.238 | Zone 5 | Surface–RC |
SP-849 | 0° | -90° | 850 | 710 | 720 | 10 | 0.184 | Zone 5 | Surface–RC |
SP-850A | 180° | -73° | 950 | 680 | 690 | 10 | 0.384 | Zone 5 | Surface–RC |
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Steer Mine
Two underground drills are operating at the new Steer Mine; ten core holes (2,224 feet) and sixty-four RC holes (12,090) feet were drilled during the reported period. The RC holes were designed to further define known resource and to test the adjacent rock. Assays have been received for all but three of the holes. Intercepts outside of the existing defined resource covering ten feet or more and 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 |
E1 | 105° | -2° | 330 | 85 | 145 | 60 | 0.329 | Block 1 | U/G – RC |
With | 115 | 130 | 15 | 1.175 | Block 1 | U/G – RC | |||
E2 | 105° | +4° | 330 | 145 | 165 | 20 | 0.260 | Block 1 | U/G – RC |
F2 | 110° | +5° | 300 | 200 | 235 | 35 | 0.285 | Block 1 | U/G – RC |
Q1 | 75° | -20° | 175 | 20 | 40 | 20 | 0.304 | Block 1 | U/G – RC |
P3 | 60° | -23° | 200 | 15 | 45 | 30 | 0.307 | Block 1 | U/G – RC |
N4 | 40° | -20° | 175 | 30 | 95 | 65 | 0.332 | Block 1 | U/G – RC |
K6 | 5° | 5° | 205 | 50 | 80 | 30 | 0.302 | Block 1 | U/G – RC |
J1 | 350° | -20° | 155 | 40 | 55 | 15 | 0.257 | Block 1 | U/G – RC |
J4 | 350° | 8° | 155 | 10 | 70 | 60 | 0.258 | Block 1 | U/G – RC |
Within the existing defined resource shapes, drilling is indicating somewhat higher grade than anticipated.
Murray Mine
At the Murray Mine twenty-one underground core holes (4,885 feet) were drilled into Zones 4,5, and 9. Assays have been received for six core holes drilled in July. Intercepts outside of the existing defined resource covering ten feet or more and 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 |
NC-54 | 47° | 0° | 300 | 110 | 125 | 15 | 0.769 | Zone 3 | U/G -Core |
In addition, 13,615 feet were drilled in 13 surface RC holes in Zone 9 west of Murray. Assays have been received for six of these holes and for 2 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 |
MR-85A | 180° | -70° | 900 | 575 | 620 | 45 | 0.511 | Zone 9 | Surface – RC |
MR-092 | 0° | -90° | 1060 | 610 | 620 | 10 | 0.566 | Zone 9 | Surface – RC |
MR-093 | 0° | -90° | 1180 | 570 | 575 | 5 | 0.666 | Zone 9 | Surface – RC |
MR-076C Core tail | 0° | -90° | 515-755 | 605 | 630 | 25 | 0.315 | Zone 9 | Surface-Core |
MR-077C Core tail | 0° | -90° | 850 | 565 | 570 | 5 | 0.270 | Zone 9 | Surface-Core |
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One surface RC hole was drilled into Zone 7 north of Murray. 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-088 | 0° | -90° | 800 | 540 | 580 | 40 | 0.245 | Zone 7 | Surface – RC |
It is anticipated that much of the mineralization being drilled in Zones 7 and 9 will be brought into reserve by the end of this year.
Burns
Eight RC holes were drilled into the Burns open pit target during this time period. Assays have been received for six of these holes and one drilled in July. Intercepts with an average grade greater than 0.070 opt, a typical open pit cut-off grade at Jerritt Canyon, are given below:
Hole # | Az | Dip | Total Depth (ft.) | From (ft.) | To (ft.) | Length (ft.) | Grade (opt) | Area | Drill Type |
BB-1422 | 0° | -90° | 460 | 190 | 195 | 5 | 0.184 | NW Burns | Surface-RC |
BB-1427 | 0° | -90° | 200 | 110 | 125 | 15 | 0.130 | NW Burns | Surface-RC |
BB-1426 | 0° | -90° | 200 | 45 | 55 | 10 | 0.167 | NW Burns | Surface-RC |
And | 95 | 100 | 5 | 0.115 | NW Burns | Surface-RC | |||
BB-1425 | 0° | -90° | 200 | 80 | 95 | 15 | 0.162 | NW Burns | Surface-RC |
BB-1424A | 80° | -53° | 350 | 240 | 245 | 5 | 0.129 | NW Burns | Surface-RC |
BB-1423A | 41° | -45° | 350 | 195 | 260 | 65 | 0.076 | NW Burns | Surface-RC |
Notes:
1.
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 as amended by Amended Technical Report filed on August 5, 2004. This report is available on the company’s website,www.queenstake.com.
2.
Samples from surface drilling are analyzed by ALS Chemex or BSI Inspectorate labs; samples from underground drilling are analyzed at the Jerritt Canyon laboratory. All samples are analyzed using standard fire assay techniques.
3.
The Qualified Person for the release of this exploration information is Mr. Dorian (Dusty) Nicol, Executive Vice President and Exploration Director of the Company.
4.
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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