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Gold/Mining/Energy : Queenstake Resources (QTR.T)
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To: Stew who wrote (1929)2/8/1999 12:55:00 PM
From: the Chief  Read Replies (4) of 2249
 
Queenstake Resources Ltd
QTR
Shares issued 38,210,879
1999-02-05 close $0.42
Monday Feb 8 1999
Mr. James Mancuso reports:
Barrick Gold, Queenstake's joint venture partner on the Uchcumachay
property, has advised the company of drill results on its initial
program described in news release 98-9 (Stockwatch Nov. 26, 1999).
Barrick completed nine reverse circulation holes ranging from 128 to
300 metres for a total of 2,121 metres drilled. Holes were sited to
intersect gold targets defined by geochemistry, alteration, and
structure along a plus two kilometre long high sulphidation
epithermal system.
Although strong alteration features were intersected, gold assay results
were disappointing in that only a few intervals have greater than 0.1 of
a gram per tonne gold (100 parts per billion), the highest being 0.232
of a gram per tonne, as noted on the table.

Hole Length From To
m m m

UCH-03 248 No significant results

UCH-04 300 Best result 161 ppb/2m

UCH-06 270 116 120
Best result 232 ppb/6m

UCH-07 132 186
Best result 110 ppb/4m

UCH-10 171 No significant results
UCH-11 234 No significant results
280 No significant results
210 Best result 100 ppb/2m
128 No significant results


A full report from Barrick is expected shortly. Queenstake has not yet
been advised whether Barrick intends to continue to finance the joint
venture at Uchcumachay or whether more holes will be drilled. Barrick
has met its first year requirement to drill 1,000 metres on the property.
(c) Copyright 1999 Canjex Publishing Ltd.
canada-stockwatch.com
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