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Gold/Mining/Energy : Queenstake Resources (QTR.T) -- Ignore unavailable to you. Want to Upgrade?

To: Syncrude who wrote (2025)	2/24/1999 8:59:00 AM
From: traacs	Read Replies (1) \| Respond to of 2249

QUEENSTAKE RESOURCES LTD. TSE SYMBOL: QTR AND ALAMOS MINERALS LTD. VSE SYMBOL: AAS FEBRUARY 24, 1999 Queenstake and Alamos: Initial Drill Program Completed At Guinoloza, Mexico, With Negative Results VANCOUVER, BRITISH COLUMBIA--Compania Minera Vulcan S.A. de C.V. ("Vulcan"), owned 60 percent by Queenstake Resources Ltd. and 40 percent by Alamos Minerals Ltd., has recently completed an initial drill program on its Guinoloza (formerly Yecorato 51) property, Chihuahua, Mexico, with negative results. Eight reverse circulation drill holes totaling 800 meters were drilled to test silicified zones in lower tertiary volcanic and sedimentary rocks similar to those found at Francisco Gold's nearby El Sauzal gold deposit. The drill targets were defined by strong silicification (jasperoid); geochemically anomalous barium, lead, zinc and arsenic in surface rocks; and coincident induced polarization resistivity and chargeability anomalies. Drill holes ranged from 36 to 260 meters deep. All but one hole penetrated massive to semi-massive silica up to 40 meters thick and bottomed in weakly altered Cretaceous andesite. Lead, zinc, barium and arsenic are anomalous to strongly anomalous in drill cuttings, especially in the siliceous zones, but gold and silver are below detection in most samples; highest gold values are below 0.2 grams per tonne (200 parts per billion.) The silica zones identified on surface and in drill cuttings are interpreted to be located along the uncomformable contact between Lower Tertiary volcanic and sedimentary rocks and the underlying Cretaceous andesites. They are probably the distal facies of gold-base metal skarn deposits. Vulcan will continue to hold its 1,850 hectare Guinoloza property and will thoroughly review the project to determine whether potential may still exist for epithermal gold and/or gold-base metal skarn mineralization. Queenstake Resources Ltd James Mancuso, President and Chief Executive Officer Alamos Minerals Ltd. Chester Millar, Chairman and Chief Executive Officer