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
December 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:
Material Change Report for news releases dated 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 30, 2004
By
“John F. (Jack) Engele” (signed)
(Signature)
John F. (Jack) Engele, Vice President Finance
MATERIAL CHANGE REPORT
Unless otherwise stated, all dollar amounts in this Material Change Report refer to United States dollars.
1. Name and Address of the Company
Queenstake Resources Ltd.
999 18th Street, Suite 2940
Denver, Colorado 80202 USA
2. Date of Material Change
December 30, 2004
3. News Release
The date and place(s) of issuance of the news release are as follows:
December 16, 2004
The Press Release was released to The Toronto Stock Exchange and the American Stock Exchange being the only exchanges upon which the shares of the Issuer are listed, and through various other approved public media.
4. Summary of Material Change(s)
Queenstake Resources Ltd. (the "Company" or “Queenstake”) reports the discovery of a significant zone of high-grade mineralization at Starvation Canyon which is located within the Company’s 100% owned Jerritt Canyon District in Nevada.
5. Full Description of Material Change
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):
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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 | ||
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 |
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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.
Notes:
Samples from surface drilling are analyzed by ALS Chemex or BSI Inspectorate. All samples are analyzed using standard fire assay techniques.
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The Qualified Person for the release of this exploration information is Mr. Dorian (Dusty) Nicol, Queenstake’s Executive Vice President and Exploration Director.
Intercepts are reported as drilled; true widths have not yet been calculated.
6. Reliance on subsection 7.1(2) or (3) of National Instrument 51-102
Not Applicable
7. Omitted Information
Not Applicable
8. Executive Officer
The following senior officer of the Issuer is knowledgeable about the material change and may be contacted by the Commission at the following address and telephone number:
John F. (Jack) Engele, Chief Financial Officer
Queenstake Resources Ltd.
999 18th Street, Suite 2940
Denver, CO 80202
PHONE: (303) 297-1557 (ext. 111)
9. Date of Report
DATED at Denver, Colorado, this 30th day of December 2004.