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 of
December 2004
_____ __
Commission File Number
0-24096
QUEENSTAKE RESOURCES LTD.
999 18th Street, Suite 2940, Denver, CO 80202
(Address of principal executive offices)
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 NR2004-32 December 16, 2004
DESCRIPTION:
Queenstake Resources Announces Significant Discovery at Starvation Canyon
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 December 12, 2004
By
“John F. (Jack) Engele” (signed)
(Signature)
John F. (Jack) Engele, Vice President Finance
News Release 2004-32
December 16, 2004
TSX – QRL; AMEX – QEE – Queenstake Resources Ltd.
SEC file number 0-24096
QUEENSTAKE ANNOUNCES SIGNIFICANT DISCOVERY
AT STARVATION CANYON
Denver, Colorado – December 16, 2004 – Queenstake Resources Ltd. (TSX:QRL, AMEX:QEE) (the “Company”) announces the discovery of a significant zone of high-grade mineralization at Starvation Canyon.
Starvation Canyon is located in the southern part of the Company’s 100%-owned Jerritt Canyon District, about 12 miles southwest of the Jerritt Canyon mill, on private land owned by Queenstake. The nearest operating mine is the Company’s SSX Mine, about six miles to the northeast. Earlier drilling by Queenstake (NR’s 2004-06 and 2004-22) intercepted significant thicknesses of high-grade gold mineralization. A follow-up program has demonstrated continuity of the mineralization and expanded both the size of the deposit and the exploration potential along the continuation of mineralized structures.
Queenstake began exploration at Starvation Canyon in January 2004, following up on mineralization recognized by previous owners of the property. During the 2004 program, 58 holes totaling 45,077 feet were drilled from the surface within the main Starvation mineralized area. In addition, geologic mapping, surface geochemical sampling, and initial reconnaissance drilling were carried out along extensions of the currently recognized mineralized trends. Drilling has identified a zone of high-grade gold mineralization approximately 2,000 feet long, open on strike in both directions. The mineralized zone is located above the canyon floor in an area of steep topography. This and the lack of significant ground water suggest the deposit could be readily developed by underground access if appropriate.
The attached plan shows the locations of drillholes, identified structures, and the currently recognized mineralized zone. Drill results with intercepts greater than 0.150 ounces per ton gold (opt) are listed below (internal intervals greater than 0.250 opt are shown in bold):
Hole# | Az | Dip | Total Depth (ft) | From (ft.) | To (ft.) | Length (ft.) | Grade (opt) | Drill Type | |
TJ-104* | 0˚ | -90˚ | 860 | 375 | 400 | 25 | 0.179 | RC | |
including | 395 | 400 | 5 | 0.439 | RC | ||||
TJ-108* | 0˚ | -90˚ | 860 | 525 | 540 | 15 | 0.182 | RC | |
And | 555 | 605 | 50 | 0.513 | RC | ||||
including | 560 | 575 | 15 | 1.062 | RC | ||||
TJ-109 | 0˚ | -90˚ | 760 | 305 | 325 | 20 | 0.229 | RC | |
including | 315 | 325 | 10 | 0.447 | RC | ||||
TJ-110 | 0˚ | -90˚ | 1120 | 560 | 605 | 45 | 0.154 | RC | |
including | 580 | 595 | 15 | 0.264 | RC | ||||
TJ-114C** | 0˚ | -90˚ | 843 | 525 | 540 | 15 | 0.466 | Core | |
And | 547.5 | 557.5 | 10 | 0.290 | Core | ||||
TJ-119C** | 0˚ | -90˚ | 600 | 320 | 345 | 25 | 0.402 | Core | |
TJ-126C** | 0˚ | -90˚ | 719 | 298 | 328 | 30 | 0.355 | Core | |
And | 332 | 348 | 16 | 0.378 | Core | ||||
TJ-128AC** | 35˚ | -70˚ | 700 | 488 | 498 | 10 | 0.346 | Core | |
TJ-138 | 0˚ | -90˚ | 1160 | 545 | 590 | 45 | 0.228 | RC | |
including | 545 | 575 | 30 | 0.288 | RC | ||||
TJ-142 | 0˚ | -90˚ | 1395 | 495 | 605 | 110 | 0.252 | RC |
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including | 510 | 570 | 60 | 0.417 | RC | ||||
TJ-145 | 0˚ | -90˚ | 780 | 485 | 495 | 10 | 0.157 | RC | |
TJ-147 | 0˚ | -90˚ | 700 | 425 | 450 | 25 | 0.187 | RC | |
And | 510 | 515 | 5 | 0.169 | RC | ||||
TJ-148 | 0˚ | -90˚ | 880 | 615 | 630 | 15 | 0.248 | RC | |
TJ-150 | 0˚ | -90˚ | 920 | 585 | 645 | 60 | 0.329 | RC | |
TJ-156A | 352˚ | -60˚ | 440 | 270 | 365 | 95 | 0.405 | RC | |
TJ-159A | 20˚ | -60˚ | 630 | 365 | 445 | 80 | 0.310 | RC | |
TJ-160 | 0˚ | -90˚ | 575 | 400 | 410 | 10 | 0.151 | RC | |
TJ-163A | 0˚ | -70˚ | 740 | 380 | 400 | 20 | 0.243 | RC | |
And | 425 | 460 | 35 | 0.264 | RC | ||||
TJ-166A | 20˚ | -70˚ | 620 | 310 | 325 | 15 | 0.199 | RC | |
TJ-167A | 20˚ | -70˚ | 520 | 290 | 310 | 20 | 0.305 | RC | |
TJ-168A | 20˚ | -70˚ | 580 | 305 | 315 | 10 | 0.260 | RC | |
TJ-174 | 0˚ | -90˚ | 700 | 405 | 415 | 10 | 0.179 | RC | |
TJ-180 | 0˚ | -90˚ | 600 | 250 | 255 | 5 | 0.194 | RC | |
TJ-191 | 0˚ | -90˚ | 760 | 550 | 590 | 40 | 0.226 | RC | |
Including | 550 | 560 | 10 | 0.437 | RC | ||||
And | 610 | 615 | 5 | 0.220 | RC | ||||
TJ-195 | 0˚ | -90˚ | 820 | 550 | 590 | 40 | 0.393 | RC | |
TJ-196 | 0˚ | -90˚ | 900 | 525 | 530 | 5 | 0.275 | RC | |
*Previously reported March 4, 2004 (NR2004-06) | |||||||||
**Previously reported August 23,2004 (NR2004-22) |
Mineralization at Starvation Canyon appears to be fairly typical of Jerritt Canyon gold deposits. High-grade gold mineralization occurs as pods at the intersections of northwest- and northeast-trending structures and is hosted primarily at the contact between Units 2 and 3 of the Hanson Creek Formation. The northwest structures are prominent district-scale features and often host mafic dikes. The northeast cross faults are a major factor in controlling grade and location of mineralization along the persistent northwest trend. Both structural trends remain open along their strikes and appear to form part of a major mineralized northwest-southeast trending structural zone at least 4 ½ miles long.
Within the mineralized zones, alteration tends to be predominantly carbonate remobilization (dolomitization with subsequent decalcification) and, locally, argillization. Silicification appears to be zoned above and possibly outboard of high-grade mineralization and is displayed more prominently in the overlying Roberts Mountains Formation.
Queenstake’s Director of Exploration, Dorian (Dusty) Nicol, said, “We are highly encouraged by results of this follow-up to our earlier exploration success at Starvation Canyon. While the main Starvation mineralized area itself is shaping up as a potentially economic high-grade gold deposit, much of our excitement stems from the recognition that it is but a small portion of a mineralized structural trend with a strike length of over 4 ½ miles. This trend is comparable to similar structural trends in the central and northern parts of the Jerritt Canyon District, which have produced over seven million ounces of gold. Indeed, the tic-tac-toe structural fabric in the Starvation Canyon area is beginning to look similar to the structural framework at the SSX Mine and adjacent deposits, with positive implications for exploration potential along periodically repeating structural intersections. Our intent is to continue aggressive exploration in 2005 both in the currently recognized mineralized zone and along the extensions of mineralized structures. ”
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Chris Davie, Queenstake’s President and CEO, said, “I cannot overstress the significance of these results. The impressive results of drilling from existing underground mines, released over the past year, represent the immediate future of the Jerritt Canyon District. The results from Starvation Canyon presented here represent the beginning of the long-term future of the District and validate our enthusiasm in acquiring the property 18 months ago. Our continuing exploration success throughout the Jerritt Canyon District, including Starvation Canyon, is a tribute to our geologic staff and attests to the validity of our geology-based exploration program.”
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 Quality Assurance / Quality Control procedures are as 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. 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, Queenstake’s 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 and exploration company based in Denver, Colorado. Its principal asset is the Jerritt Canyon District in Nevada, acquired in June 2003. The Jerritt Canyon District 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&rdquo: 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&rsquo: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&rsquo: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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