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
February 2005
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 NR2005-04 February 17, 2005
DESCRIPTION:
Queenstake Updates Near-Mine 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 February 17, 2005
By
“John F. (Jack) Engele” (signed)
(Signature)
John F. (Jack) Engele, Vice President Finance
News Release 2005-4
February 17, 2004
TSX – QRL – Queenstake Resources Ltd.
SEC file number 0-24096
QUEENSTAKE UPDATES NEAR-MINE EXPLORATION RESULTS
Denver,Colorado – February 17, 2004 –Queenstake Resources Ltd. (TSX:QRL; AMEX:QEE) (“the Company”) announces drilling 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 as defined by the December 31, 2004 resource and reserve estimate and thus represent incremental additions to identified mineralization. Reported results from the Smith, Mahala, and SSX Mines are from drilling near current underground workings and, if they were to prove economic, could be accessed from the existing mines.
The reported drillholes were drilled in December 2004 and January 2005; reported assays were received within the same time period, but were not included in the December resource estimate. 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. The appendix also contains previously unreported holes, drilled in November and December, which were subsequently used in the resource estimation.
Dorian (Dusty) Nicol, Queenstake’s Executive Vice President and Director of Exploration, said, “By regularly releasing near-mine exploration results, we try to convey what has become the routine addition of high-grade mineralized material to the resource base at Jerritt Canyon. Throughout 2004, Queenstake released exploration results which have now been included in a resource and reserve statement (NR 2005-2) that quantifies these additions. The near-mine exploration program added on average over 40,000 ounces of gold per month to proven and probable reserves during the first eighteen months that Queenstake operated Jerritt Canyon. Our exploration team continues to find high-grade gold mineralization near current workings, providing a basis for extended mine-life at Jerritt Canyon.”
Smith Mine
Fifty-seven underground reverse circulation (“RC’) holes totaling 9,825 feet were drilled in zone 3 of the Smith Mine. Assays have been received for all the drilling. 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 |
6665-A1 | 222 | +05 | 190 | 120 | 135 | 15 | 0.759 | Zone 3 | UG-RC |
6665-B4 | 222 | 00 | 190 | 105 | 120 | 15 | 0.358 | Zone 3 | UG-RC |
6665-C5 | 222 | +15 | 170 | 25 | 45 | 20 | 0.421 | Zone 3 | UG-RC |
6665-C17 | 222 | +08 | 175 | 35 | 45 | 10 | 0.398 | Zone 3 | UG-RC |
6665-B16 | 222 | +18 | 180 | 45 | 65 | 20 | 0.827 | Zone 3 | UG-RC |
6665-F14 | 222 | -05 | 175 | 25 | 50 | 25 | 0.417 | Zone 3 | UG-RC |
6665-F15 | 222 | +10 | 175 | 100 | 135 | 35 | 0.598 | Zone 3 | UG-RC |
6619-A2 | 215 | -30 | 175 | 0 | 25 | 25 | 0.415 | Zone 3 | UG-RC |
6619-C9 | 215 | -40 | 185 | 45 | 70 | 25 | 0.328 | Zone 3 | UG-RC |
6605-B4 | 127 | -60 | 140 | 40 | 55 | 15 | 0.258 | Zone 3 | UG-RC |
6605-C5 | 132 | -65 | 150 | 45 | 55 | 10 | 0.306 | Zone 3 | UG-RC |
6619-B5 | 215 | -25 | 165 | 0 | 10 | 10 | 0.559 | Zone 3 | UG-RC |
6619-B6 | 215 | -35 | 165 | 55 | 65 | 10 | 0.430 | Zone 3 | UG-RC |
6619-F14 | 196 | -30 | 165 | 30 | 40 | 10 | 0.353 | Zone 3 | UG-RC |
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Mahala
At Mahala, a newly developed ore zone some 1500 feet southwest of the main Smith Mine workings, 5,552 feet were drilled in nine underground core holes. Assays have been received for all these holes. 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-521 | 215 | -24 | 586 | 260 | 270 | 10 | 0.357 | Zone 4 | UG Core |
LX-541 | 225 | +12 | 625 | 315 | 340 | 25 | 0.263 | Zone 4 | UG Core |
And | 225 | +12 | 625 | 515 | 530 | 15 | 0.344 | Zone 4 | UG Core |
LX-544 | 203 | +7 | 500 | 405 | 415 | 10 | 0.265 | Zone 4 | UG Core |
LX-559 | 128 | -10 | 650 | 365 | 375 | 10 | 0.262 | Zone 4 | UG Core |
And | 128 | -10 | 650 | 390 | 425 | 35 | 0.346 | Zone 4 | UG Core |
And | 128 | -10 | 650 | 435 | 445 | 10 | 0.299 | Zone 4 | UG Core |
LX-561 | 142 | -09 | 666 | 285 | 300 | 15 | 0.324 | Zone 4 | UG Core |
And | 142 | -09 | 666 | 350 | 365 | 15 | 0.377 | Zone 4 | UG Core |
And | 142 | -09 | 666 | 375 | 425 | 50 | 0.298 | Zone 4 | UG Core |
LX-562 | 150 | 00 | 700 | 200 | 210 | 10 | 0.287 | Zone 4 | UG Core |
LX-563 | 155 | 00 | 700 | 320 | 385 | 65 | 0.407 | Zone 4 | UG Core |
SSX Mine
At SSX 17,975 feet were drilled in 127 underground RC holes. An additional 6,312 feet were drilled in 17 underground core holes. Assays have been received for all but 12 of these 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 |
7110-G2 | 245 | 0 | 200 | 110 | 160 | 50 | 0.298 | Zone 5 | UG-RC |
7110-F1 | 226 | 35 | 275 | 200 | 260 | 60 | 0.285 | Zone 5 | UG-RC |
7110-E1 | 205 | 30 | 210 | 150 | 175 | 25 | 0.310 | Zone 5 | UG-RC |
7110-E2 | 205 | 16 | 250 | 150 | 215 | 65 | 0.688 | Zone 5 | UG-RC |
7110-E3 | 205 | 0 | 250 | 130 | 140 | 10 | 0.314 | Zone 5 | UG-RC |
7110-B1 | 102 | 20 | 260 | 155 | 195 | 40 | 0.283 | Zone 5 | UG-RC |
7110-B2 | 102 | 10 | 260 | 45 | 60 | 15 | 0.276 | Zone 5 | UG-RC |
7110-A3 | 84 | -20 | 250 | 45 | 75 | 30 | 0.393 | Zone 5 | UG-RC |
7110-F3A | 226 | 2 | 200 | 120 | 175 | 55 | 0.298 | Zone 5 | UG-RC |
7110-D2 | 130 | -2 | 215 | 100 | 120 | 20 | 0.271 | Zone 5 | UG-RC |
7110-D3 | 130 | -15 | 200 | 115 | 130 | 15 | 0.277 | Zone 5 | UG-RC |
7088-B1 | 350 | 15 | 275 | 20 | 40 | 20 | 0.342 | Zone 5 | UG-RC |
7088-A3 | 337 | -15 | 275 | 15 | 45 | 30 | 0.299 | Zone 5 | UG-RC |
7100-B3 | 111 | -12 | 280 | 35 | 45 | 10 | 0.287 | Zone 1 | UG-RC |
And | 111 | -12 | 280 | 250 | 275 | 25 | 0.423 | Zone 1 | UG-RC |
7100-C2 | 120 | -8 | 275 | 250 | 270 | 20 | 0.551 | Zone 1 | UG-RC |
7090-A2 | 180 | 0 | 35 | 15 | 25 | 10 | 0.257 | Zone 1 | UG-RC |
7090-B2 | 0 | 10 | 100 | 5 | 20 | 15 | 0.302 | Zone 1 | UG-RG |
7090-C6 | 0 | -65 | 50 | 5 | 15 | 10 | 0.449 | Zone 1 | UG-RC |
7090-C2 | 180 | -50 | 50 | 25 | 45 | 20 | 0.353 | Zone 1 | UG-RC |
7090-E6 | 0 | -20 | 50 | 10 | 30 | 20 | 0.290 | Zone 1 | UG-RC |
7090-G3 | 0 | -40 | 60 | 25 | 45 | 20 | 0.449 | Zone 1 | UG-RC |
7090-J1 | 0 | -90 | 45 | 25 | 35 | 10 | 0.334 | Zone 1 | UG-RC |
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7090-K2 | 0 | -70 | 50 | 20 | 35 | 15 | 0.587 | Zone 1 | UG-RC |
7090-L4 | 180 | -60 | 70 | 0 | 10 | 10 | 0.345 | Zone 1 | UG-RC |
7090-O3 | 0 | -90 | 30 | 5 | 20 | 15 | 0.267 | Zone 1 | UG-RC |
7090-U2 | 90 | 5 | 85 | 10 | 85 | 75 | 0.302 | Zone 1 | UG-RC |
7090-T3 | 90 | +15 | 15 | 20 | 35 | 15 | 0.263 | Zone 1 | UG-RC |
And | 90 | +15 | 15 | 65 | 80 | 15 | 0.334 | Zone 1 | UG-RC |
7090-P4 | 180 | +30 | 40 | 0 | 15 | 15 | 0.340 | Zone 1 | UG-RC |
7090-S2 | 90 | +40 | 100 | 0 | 25 | 25 | 0.304 | Zone 1 | UG-RC |
7090-S4 | 90 | +0 | 100 | 10 | 20 | 10 | 0.275 | Zone 1 | UG-RC |
7090-S1 | 0 | -90 | 60 | 20 | 40 | 20 | 0.440 | Zone 1 | UG-RC |
7090-T6 | 0 | -90 | 50 | 25 | 35 | 10 | 1.050 | Zone 1 | UG-RC |
7088-E3 | 0 | 180 | 105 | 60 | 70 | 10 | 0.279 | Zone 5 | UG-RC |
7088-E3B | 0 | 180 | 5 | 25 | 40 | 15 | 0.256 | Zone 5 | UG-RC |
And | 0 | 180 | 5 | 60 | 75 | 15 | 0.269 | Zone 5 | UG-RC |
7090-A2 | 315 | 10 | 125 | 15 | 25 | 10 | 0.262 | Zone 1 | UG-RC |
7090-A3 | 315 | -15 | 65 | 40 | 65 | 25 | 0.284 | Zone 1 | UG-RC |
7090-B2 | 0 | 10 | 100 | 5 | 20 | 15 | 0.302 | Zone 1 | UG-RC |
And | 0 | 10 | 100 | 65 | 75 | 10 | 0.253 | Zone 1 | UG-RC |
7090-B3 | 0 | -10 | 100 | 65 | 90 | 25 | 0.351 | Zone 1 | UG-RC |
7090-B4 | 0 | -15 | 100 | 35 | 60 | 25 | 0.257 | Zone 1 | UG-RC |
7090-B6 | 0 | -90 | 60 | 25 | 35 | 10 | 0.264 | Zone 1 | UG-RC |
7090-C3 | 0 | -10 | 120 | 70 | 85 | 15 | 0.440 | Zone 1 | UG-RC |
7090-C4 | 0 | -30 | 100 | 0 | 15 | 15 | 0.287 | Zone 1 | UG-RC |
And | 0 | -30 | 100 | 40 | 55 | 15 | 0.765 | Zone 1 | UG-RC |
SX919 | 146 | -35 | 850 | 215 | 280 | 65 | 0.511 | Zone 1 | UG-Core |
And | 146 | -35 | 850 | 675 | 695 | 20 | 0.302 | Zone 1 | UG-Core |
SX921 | 163 | -24 | 850 | 640 | 850 | 210 | 0.385 | Zone 1 | UG-Core |
SX922 | 163 | -37 | 850 | 644.5 | 660 | 15.5 | 0.503 | Zone 1 | UG-Core |
And | 163 | -37 | 850 | 680 | 695 | 15 | 0.303 | Zone 1 | UG-Core |
SX938 | 190 | -2 | 450 | 110 | 140 | 30 | 0.295 | Zone 5 | UG-Core |
And | 190 | -2 | 450 | 147 | 175 | 28 | 0.267 | Zone 5 | UG-Core |
SX940 | 160 | -2 | 765 | 170 | 180 | 10 | 0.388 | Zone 5 | UG-Core |
And | 160 | -2 | 765 | 192 | 228 | 36 | 0.261 | Zone 5 | UG-Core |
Notes:
1.
A description of the geology, sampling procedures, and the Company's laboratory Quality Assurance/Quality Control 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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