going for another run check announcement, page-2

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    MNR NDY SGW BHP - ASX Company Announcement
    $mtl7 THIS IS A PRIORITY ITEM
    23 May 2002
    Part 1/1
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    MINOTAUR RESOURCES LIMITED
    --------------------------

    HOMEX - Adelaide
    -------------------------
    Prominent Hill Prospect

    MT WOODS JOINT VENTURE

    (Minotaur Resources Ltd (earning 19%), as operator, BHP Billiton
    (earning 51%) and Normandy Exploration Pty Ltd (diluting to 23.94%),
    Sons of Gwalia Ltd (diluting to 3.78%), Sabatica Pty Ltd (diluting to
    2.28%)).

    Minotaur Resources Ltd, as operator of the Mt Woods Joint Venture,
    announces results from drill hole DP 008, drilled at Prominent Hill
    Prospect within the Mt Woods Joint Venture area (Figure1).

    SUMMARY

    Hole DP 008, sited at the eastern end of the Prominent Hill gravity
    feature, was designed to test both the eastern extension of the high
    grade gold "skin" around the steely haematite core to the gravity
    feature, and the copper potential of the area pinching out between
    the faulted magnetic unit to the north and the dense gravity feature
    to the south (Figure 2).

    The hole is sited 1,200 metres east of hole DP 002 where the gold
    "skin" was first encountered. As with the other holes which tested
    this mineralisation, it intersected two gold rich bands, the best
    intersect being 8 metres at 5.7 g/t within a much boarder envelope of
    over 42 metres of enhanced gold.

    The interpreted strike length of the gold mineraliation, subject to
    further drilling, is perhaps in excess of 1,400 metres (Figure 2).

    The copper-bearing haematite breccia in this area is squeezed between
    the converging magnetic and gravity features. The hole intersected,
    at 214 metres, a diminished, faulted meta-sedimentary package with 5
    metres of 4.32% copper. This is believed to be a continuation of the
    copper mineralisation reported at similar depths in holes URN 1, DP
    003, DP 005 and DP 006. Drilling is underway to further test the
    south-east strike extent of the mineralisation.

    Copper mineralisation has now been intersected over a strike length
    of 800 metres (Figure 2).

    DETAILED RESULTS - HOLE DP 008

    DP 008 (Figure 2) was angled at 70 degrees towards grid north.The
    drill hole maintained its south-north direction and approximate dip
    to end of hole at 393.4 metres. The hole passed through 94 metres of
    sedimentary cover before entering haematitic breccias with a matrix
    of steely haematite and clasts of haematite and quartz. Numerous late
    stage veins of quartz-pyrite, carbonate and barite postdate the main
    breccia.

    Meta-sediments were intersected between 165 and 312 metres,
    punctuated by narrow haematite-supported breccia bodies at: 187-199
    metres, 213-223 metres, 259-264 metres, 284-287 metres and 302-312
    metres.

    At 312 metres the hole entered a fault zone, similar to that
    previously intersected in vertical hole DP 007, containing chloritic
    breccias and magnetite-bearing mafic intruive. The drill hole
    continued in these rock types until termination at 393.4 metres.

    The main mineralised intercepts were:

    FROM TO INTERVAL CU AU REE**
    (m) (m) (m) (%) (g/t) (%)

    94.2 127.0 32.8 -* 0.96 0.58
    Including
    106.0 113.0 7.0 - 1.61 0.59
    127.0 135.0 8.0 - 5.69 0.58
    Including
    127.0 131.0 4.0 - 9.79 0.66
    214.0 219.0 5.0 4.32 0.36 0.12

    * - not significant
    ** Rare earth elements: cerium plus lanthanum

    The drill hole results by Minotau insofar as they relate to ore or
    mineralisation are based on information compiled by D N Carter, who
    is a Fellow of the Australasian Institute of Mining and Metallurgy
    and who has a minimum of five years' experience in the field of
    activity being reported.

    A copy of the full announcement, which includes Figures 1 & 2, is
    available in PDF format on www.asx.com.au. Alternatively it is
    available for purchase from ASX Customer Service on 1 300 300 279.

    ends - AAP

 
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