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
November 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 NR2004-30 November 15, 2004
DESCRIPTION:
Queenstake Resources 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 November 15, 2004
By
“John F. (Jack) Engele” (signed)
(Signature)
John F. (Jack) Engele, Vice President Finance
News Release 2004-30
November 15, 2004
TSX – QRL – Queenstake Resources Ltd.
SEC file number 0-24096
QUEENSTAKE ANNOUNCES EXPLORATION RESULTS
Denver,Colorado – November 15, 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. Saval mineralization is adjacent to Steer and SSX and could be accessed from one of those mines.
The reported drillholes were drilled between September 18 and October 30, 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
Three underground reverse circulation (RC) holes, totaling 850 feet, were drilled at the Smith Mine. Intercepts of ten feet or more, averaging greater than 0.250 ounces of gold per ton (opt) are listed below:
Hole # | Az | Dip | TD (ft.) | From (ft.) | To (ft.) | Length (ft.) | Grade (opt) | Area | Drill Type |
6790-L8 | 285° | -10° | 250 | 195 | 210 | 15 | 0.290 | Zone 3 | U/G – RC* |
6790-M9 | 265° | -20° | 300 | 170 | 200 | 30 | 0.280 | Zone 3 | U/G – RC |
And | 235 | 265 | 30 | 0.597 | Zone 3 | U/G – RC |
*Underground, reverse circulation drilling
Mahala
Drilling at the Mahala deposit, being developed from the Smith Mine, has focused on converting resource to reserve as well as further defining known reserves in preparation for mining. A total of 8,245 feet of core drilling was completed in 14 holes; assays have been received for five of those holes and three drilled earlier in September. Intercepts of ten feet or more with an average grade greater than 0.250 opt are given below:
Hole # | Az | Dip | TD (ft.) | From (ft.) | To (ft.) | Length (ft.) | Grade (opt) | Area | Drill Type |
LX-503 | 162° | -29° | 555 | 0 | 10 | 10 | 0.491 | Zone 4 | U/G – Core |
LX-508 | 235° | +22° | 585 | 600 | 15 | 0.266 | Zone 4 | U/G – Core | |
LX-509 | 235° | +16° | 435 | 450 | 15 | 0.375 | Zone 4 | U/G – Core | |
LX-513 | 225° | +25° | 350 | 275 | 295 | 20 | 0.454 | Zone 4 | U/G – Core |
LX-514 | 225° | +15° | 550 | 400 | 425 | 25 | 0.319 | Zone 4 | U/G – Core |
LX-529 | 235° | +17° | 600 | 125 | 155 | 30 | 0.256 | Zone 4 | U/G – Core |
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SSX Mine
At the SSX Mine, ninety-two reverse circulation (RC) holes, totaling 12,285 feet and eleven core holes, totaling 7,463 feet were drilled from underground into Zones 1,2,4, and 5. Assays have been received for all but nine of these holes and for two drilled earlier in September. 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-889 | 35° | -8° | 350 | 75 | 108.5 | 33.5 | 0.649 | Zone 5 | U/G – Core |
SX-891 | 22° | 12° | 950 | 210 | 262 | 52 | 0.301 | Zone 5 | U/G – Core |
SX-892 | 22° | +5° | 950 | 217 | 240 | 23 | 0.260 | Zone 5 | U/G – Core |
And | 255 | 267 | 12 | 0.254 | Zone 5 | U/G – Core | |||
And | 283 | 296.5 | 13.5 | 0.420 | Zone 5 | U/G – Core | |||
SX-893 | 22° | -1° | 625 | 62.5 | 80 | 17.5 | 0.476 | Zone 5 | U/G – Core |
And | 189 | 204 | 15 | 0.265 | Zone 5 | U/G – Core | |||
SX-897 | 10° | +0° | 650 | 80 | 100 | 20 | 0.270 | Zone 5 | U/G – Core |
And | 225 | 235 | 10 | 0.300 | Zone 5 | U/G – Core | |||
And | 375 | 402.5 | 27.5 | 0.317 | Zone 5 | U/G – Core | |||
SX-898 | 10° | -4° | 720 | 75 | 90 | 15 | 0.346 | Zone 5 | U/G – Core |
And | 660 | 675 | 15 | 0.330 | Zone 5 | U/G – Core | |||
SX-906 | 133° | -37° | 600 | 380 | 405 | 25 | 0.321 | Zone 1 | U/G – Core |
And | 515 | 549 | 34 | 0.421 | Zone 1 | U/G – Core | |||
SX-908 | 118° | -44° | 570 | 400 | 440 | 40 | 0.309 | Zone 1 | U/G – Core |
SX-899 | 355° | +15° | 720 | 460 | 485.5 | 25.5 | 0.321 | Zone 5 | U/G – Core |
And | 530 | 544 | 14 | 0.355 | Zone 5 | U/G – Core | |||
And | 560 | 580 | 20 | 0.375 | Zone 5 | U/G – Core | |||
I1 | 142° | +25° | 250 | 0 | 10 | 10 | 0.428 | Zone 2 | U/G – RC |
G1 | 142° | +25° | 200 | 15 | 30 | 15 | 0.315 | Zone 2 | U/G – RC |
D5 | 39° | -60° | 60 | 0 | 10 | 10 | 0.259 | Zone 2 | U/G – RC |
E5 | 323° | -70° | 50 | 10 | 25 | 15 | 0.271 | Zone 2 | U/G – RC |
A2 | 100° | +10° | 60 | 0 | 15 | 15 | 0.358 | Zone 2 | U/G – RC |
C4 | 60° | -25° | 80 | 0 | 20 | 20 | 0.346 | Zone 2 | U/G – RC |
D3 | 41° | -75° | 85 | 50 | 65 | 15 | 0.271 | Zone 2 | U/G – RC |
C4 | 344° | -80° | 80 | 65 | 75 | 10 | 0.622 | Zone 2 | U/G – RC |
E2 | 180° | -65° | 280 | 150 | 175 | 25 | 0.744 | Zone 1 | U/G – RC |
Fourteen RC holes were drilled from the surface into Zones 5 and 6 of SSX for a total of 12,940 feet. Assays have been received for eleven of these holes and one drilled in July. In addition, ten holes were drilled into the Saval mineralization between the SSX and Steer mines. Assays have been received for four of these holes. This area could potentially be mined as an extension of either the SSX or Steer mines. Intercepts of ten feet or more 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-853A | 50° | -75° | 850 | 765 | 790 | 25 | 0.164 | Zone 5 | Surface-RC |
With | (765 | 775) | 10 | 0.215 | Zone 5 | Surface-RC | |||
SP-854 | 0° | -90° | 840 | 640 | 650 | 10 | 0.164 | Zone 5 | Surface-RC |
SP-855 | 0° | -90° | 960 | 725 | 740 | 15 | 0.250 | Zone 5 | Surface-RC |
And | 860 | 875 | 15 | 0.235 | Zone 5 | Surface-RC | |||
SP-856 | 0° | -90° | 900 | 610 | 655 | 45 | 0.232 | Zone 5 | Surface-RC |
SP-871 | 0° | -90° | 960 | 845 | 855 | 10 | 0.252 | Zone 5 | Surface-RC |
SP-860 | 0° | -90° | 950 | 760 | 770 | 10 | 0.160 | Zone 6 | Surface-RC |
And | 825 | 835 | 10 | 0.246 | Zone 6 | Surface-RC |
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Steer Mine
Two underground drills are operating at the new Steer Mine in a program designed to both further define known resource and to test the adjacent rock. Eighteen core holes (3,613 feet) and 139 RC holes (40,590) feet were drilled in the reported period. Assays have been received for all but fifteen of these holes, and also for two holes drilled earlier in September. 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 |
7360-I6 | 350° | 45° | 85 | 0 | 20 | 20 | 0.406 | Block 1 | U/G – RC |
7360-H5 | 350° | 10° | 275 | 10 | 40 | 30 | 0.377 | Block 1 | U/G – RC |
7360-G2 | 350° | -32° | 135 | 80 | 95 | 15 | 0.411 | Block 1 | U/G – RC |
7360-G7 | 350° | 45° | 75 | 5 | 20 | 15 | 0.301 | Block 1 | U/G – RC |
7360-F6 | 350° | 0° | 300 | 130 | 145 | 15 | 0.276 | Block 1 | U/G – RC |
7360-F8 | 350° | 45° | 275 | 20 | 35 | 15 | 0.400 | Block 1 | U/G – RC |
7360-E2 | 350° | -57° | 115 | 65 | 80 | 15 | 0.257 | Block 1 | U/G – RC |
7360-D2 | 350° | -57° | 115 | 10 | 25 | 15 | 0.513 | Block 1 | U/G – RC |
7360-D4 | 350° | -20° | 145 | 110 | 125 | 15 | 0.303 | Block 1 | U/G – RC |
7360-B1 | 350° | -80° | 100 | 15 | 40 | 25 | 0.351 | Block 1 | U/G – RC |
7360-B2 | 350° | -55° | 115 | 15 | 70 | 55 | 0.265 | Block 1 | U/G – RC |
7360-B3 | 350° | -32° | 115 | 90 | 115 | 25 | 0.300 | Block 1 | U/G – RC |
7305-D5 | 320° | 5° | 300 | 165 | 180 | 15 | 1.965 | Block 2 | U/G – RC |
7305-G2 | 320° | 1° | 275 | 165 | 175 | 10 | 0.934 | Block 2 | U/G – RC |
7305-H2 | 320° | 0° | 300 | 170 | 195 | 25 | 0.372 | Block 2 | U/G – RC |
7305-I4 | 320° | -25° | 125 | 40 | 55 | 15 | 0.322 | Block 2 | U/G – RC |
7305-I6 | 320° | -1° | 330 | 140 | 225 | 85 | 0.322 | Block 2 | U/G – RC |
7275-N1 | 333° | -45° | 75 | 20 | 40 | 20 | 0.323 | Block 1 | U/G – RC |
7275-K3 | 283° | -2° | 120 | 70 | 115 | 35 | 0.296 | Block 1 | U/G – RC |
7275-K2 | 283° | -7° | 110 | 80 | 95 | 15 | 0.449 | Block 1 | U/G – RC |
7275-K1 | 283° | -15° | 110 | 50 | 110 | 60 | 0.294 | Block 1 | U/G – RC |
Within the existing defined resource shapes, drilling is indicating higher grade than anticipated.
Murray Mine
At the Murray Mine twenty-five underground RC holes (2,295 feet) were drilled into Zones 3 and 5. Assays have been received for all of these holes and for 18 core holes drilled in August (Zone 4). Intercepts of ten feet or more averaging greater than 0.250 opt outside of the existing defined resource are listed below:
Hole # | Az | Dip | Total Depth (ft.) | From (ft.) | To (ft.) | Length (ft.) | Grade (opt) | Area | Drill Type |
NC-64 | 230° | 0° | 200 | 45 | 55 | 10 | 0.492 | Zone 4 | U/G – Core |
NC-63 | 282° | 15° | 250 | 0 | 35 | 35 | 0.324 | Zone 4 | U/G – Core |
NC-66 | 130° | 0° | 250 | 40 | 60 | 20 | 0.645 | Zone 4 | U/G – Core |
NC-68 | 135° | -5° | 220 | 25 | 35 | 10 | 0.431 | Zone 4 | U/G – Core |
And | 50 | 65 | 15 | 0.430 | Zone 4 | U/G – Core | |||
NC-72 | 150° | 0° | 200 | 20 | 35 | 15 | 0.254 | Zone 4 | U/G – Core |
And | 65 | 85 | 20 | 0.346 | Zone 4 | U/G – Core | |||
And | 145 | 155 | 10 | 0.441 | Zone 4 | U/G – Core | |||
NC-73 | 150° | 10° | 200 | 75 | 100 | 25 | 0.291 | Zone 4 | U/G – Core |
And | 70 | 85 | 15 | 0.264 | Zone 4 | U/G – Core | |||
NC-77 | 153° | 20° | 450 | 20 | 35 | 15 | 0.294 | Zone 5 | U/G – Core |
125-2 #1 | 240° | 0° | 110 | 0 | 35 | 35 | 0.446 | Zone 5 | U/G – RC |
125-2 #2 | 240° | -12° | 120 | 0 | 50 | 50 | 0.419 | Zone 5 | U/G – RC |
125-2 #3 | 220° | 0° | 120 | 0 | 90 | 90 | 0.335 | Zone 5 | U/G – RC |
125-2 #4 | 208° | 0° | 125 | 35 | 55 | 20 | 0.417 | Zone 5 | U/G – RC |
And | 208° | 0° | 125 | 100 | 125 | 25 | 0.336 | Zone 5 | U/G – RC |
125-2 #5 | 208° | -13° | 120 | 20 | 120 | 100 | 0.331 | Zone 5 | U/G – RC |
125-2 #6 | 203° | -13° | 120 | 55 | 120 | 65 | 0.258 | Zone 5 | U/G – RC |
125-2 #10 | 40° | 0° | 40 | 0 | 10 | 10 | 0.312 | Zone 5 | U/G – RC |
125-2 #12 | 40° | 0° | 40 | 0 | 20 | 20 | 0.434 | Zone 5 | U/G – RC |
LR-1 | 351° | 10° | 85 | 45 | 60 | 15 | 0.439 | Zone 3 | U/G – RC |
LR-8 | 330° | -20° | 110 | 70 | 80 | 10 | 0.322 | Zone 3 | U/G – RC |
DH-9 | 0° | -90° | 50 | 5 | 20 | 15 | 0.278 | Zone 3 | U/G – RC |
LR-10 | 65 | 95 | 30 | 0.514 | Zone 3 | U/G – RC | |||
RR-13 | 125° | -65° | 50 | 10 | 25 | 15 | 0.304 | Zone 3 | U/G – RC |
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In addition, 12,080 feet were drilled in 14 surface RC holes in Zone 9 west of Murray and an earlier RC hole was extended with 861 feet of core. Assays have been received for nine of these holes and for six holes drilled earlier in August and September. Intercepts of ten feet or more 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-095A | 185° | -80° | 730 | 555 | 565 | 10 | 0.240 | Zone 9 | Surface-RC |
MR-102 | 0° | -90° | 930 | 590 | 600 | 10 | 0.332 | Zone 9 | Surface-RC |
And | 620 | 645 | 25 | 0.158 | Zone 9 | Surface-RC |
Saval
Eleven RC holes (5,870 feet) were drilled into the Saval mineralization northwest of SSX and northeast of Steer. Assays have been received for 6 of these holes.
Hole # | Az | Dip | TD (ft.) | From (ft.) | To (ft.) | Length (ft.) | Grade (opt) | Area | Drill Type |
USB-51 | 0° | -90° | 1220 | 685 | 700 | 15 | 0.152 | U.Stump | Surface-RC |
And | 775 | 790 | 15 | 0.167 | Saval | Surface-RC | |||
SC-1342A | 135° | -46° | 380 | 265 | 290 | 25 | 0.314 | Saval | Surface-RC |
SC-1345A | 185° | -74° | 575 | 325 | 415 | 90 | 0.258 | Saval | Surface-RC |
SC-1346A | 185° | -74° | 400 | 230 | 275 | 45 | 0.419 | Saval | Surface-RC |
Queenstake’s Director of Exploration, Dorian (Dusty) Nicol said, “We continue to discover high-grade gold mineralization close to current mine workings. We remain encouraged about Jerritt Canyon’s ability to replace reserves. As the first year of renewed district-scale exploration at Jerritt Canyon draws to a close, we are pleased by the progress we have made in defining longer-term exploration targets. Much of our effort this year has been focused on the southern part of the district, including Starvation Canyon where we are trying to complete as much infill drilling as possible on the recognized high-grade zones before the drilling season ends. We expect to release an update on Starvation Canyon results in the near future.”
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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