PIL where to now? This announcement came out late last week:
PILBARA MINES LIMITED 2002-05-02 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++
The following press release was issued by Pilbara's Joint Venture
partner, Inmet Mining Corporation (Inmet), in Toronto, Canada, on May
1, 2002. The announcement coincides with Inmet's Annual General
Meeting on May 1, 2002 at which results of the Jaguar Copper, Zinc,
and Silver discovery at Teutonic Bore were presented to shareholders
and the Canadian market. A series of slides presented by Inmet at the
AGM in support of the project are available on the Pilbara web site,
www.pilbaramines.com.au.
Pilbara view this as major support and recognition of the Jaguar
project. Drilling is continuing with a further intersection of
massive sulphide mineralisation in hole TBD 0212, over 5.45 metres,
and further supports the deposit in depth and to the north. Assay
results are awaited. The deposit remains open with the scope to add
further contained metal with only 400 metres of the prospective 1800
metre EM conductor tested to date.
J Davis
MANAGING DIRECTOR
61 8 9322 9999
PRESS RELEASE
INMET ANNOUNCES DRILLING RESULTS FROM THE
JAGUAR DISCOVERY IN WESTERN AUSTRALIA
Inmet Mining Corporation (IMN-TSE) announced today results of a
diamond drilling program on the Teutonic Bore Property, located 260
km north of Kalgoorlie, 60 km north of Leonora, in Western Australia.
Inmet has an option to earn a 70% interest in the property from
Pilbara Mines Limited of Australia by spending $A3.5 million by the
end of 2004. Inmet is the manager of the project.
Inmet has recently discovered massive sulphides associated with an
1800 meter long deeply buried geophysical anomaly. The anomaly is
hosted by the same package of mafic and felsic volcanics that
contained the former Teutonic Bore massive sulphide deposit some 4 km
to the north. This new massive sulphide zone has been called the
Jaguar Zone. Of eleven holes drilled on Jaguar to date, seven holes
have intersected high grade copper, zinc and silver rich massive
sulphides. Results for those holes are tabulated as follows:
HOLE DEPTH (m) THICKNESS Cu Zn Pb Ag Au
NO FROM TO CORE HORIZ % % % (g/t) (g/t)
(m) (m) (m) (m)
JAGUAR ZONE
202 485.45 493.15 7.70 5.0 4.3 16.1 0.8 173 0.24
205 465.15 467.90 2.75 1.9 2.7 17.0 0.4 123 0.09
467.90 479.50 11.60 7.8 dyke - - - -
479.50 483.00 3.50 2.4 5.7 10.6 1.2 120 0.12
207 481.70 493.70 12.00 8.0 5.0 14.9 0.6 147 0.04
208 595.02 595.37 0.35 0.3 5.0 14.3 0.4 124 0.20
209 536.85 541.75 4.90 3.3 3.2 9.3 0.7 155 0.24
210 397.75 406.85 9.10 6.9 1.9 16.6 0.7 93 0.02
212 521.85 527.30 5.45 3.7 * * * * *
* pending
Holes 201, 204, 206 and 211 did not intersect massive sulphides at
the Jaguar horizon. In those holes the Jaguar horizon consisted of
conductive sediment that contained 5 to 10% sulphides and variable
amounts of graphite.
The drill program also included one hole, 203, which tested a second
geophysical anomaly target some 10 km further south, and did not
intersect mineralization. The anomaly remains unexplained pending
further work.
All of the holes were collared at inclinations of between -55 and -75
degrees and drilled grid east, The massive sulphide zone is dipping
about 80 degrees to the west. Intersections on the Jaguar Zone are
plotted on the accompanying vertical longitudinal section.
While the results to date are encouraging, further work is required
before any conclusions can be made concerning the significance to
Inmet of this discovery. Drilling is continuing to determine the
extent of the massive sulphide zone.
Inmet is a Canadian based international mining company. Inmet's
mining operations produce copper, zinc and gold, and Inmet's growth
strategy is focused on finding quality base metal reserves. Inmet's
current operating base consists of four competitive mining
operations: Cayeli, Pyhasalmi, Troilus and Ok Tedi.
Notes:
1) Assays were performed by Ultra Trace Analytical in Canning
Vale, WA, using standard analytical methods and have been checked by
a second commercial lab.
2) Ian R Morrison, P Geo, an Inmet Senior Geologist with 14 years of
relevant experience, is the qualified person under National
Instrument 43-101 responsible for designing and conducting the
exploration program.
3) Average assays have been determined by weighting individual
assays by their corresponding interval width.
This press release and the accompanying figure are also available at
www.inmetmining.com.
For further information contact:
Frank Balint
VICE PRESIDENT, CORPORATE DEVELOPMENT
Tel: +1-416-860-3978
A full copy of this announcement, including the attachment,
Longitudinal Section, is available for purchase from ASX Customer
Service on 1 300 300 279. Charges apply.
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