good announcement up 11 cents already

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    HOMEX - Adelaide


    Regional drilling at Mt Woods intersected a new massive haematite
    body at the Proteus Prospect, 6 kilometres southeast of Prominent
    Hill, and encountered a further haematite alteration system at the
    Triton Prospect, another 1.5 kilometres to the south (Figure 1).

    Following detailed infill gravity and other geophysical surveys
    around Neptune, which showed anomalous copper and gold when drilled
    in November 2001, at least three targets were identified within a
    one-kilometre radius. Drilling to date has confirmed the presence of
    haematite-dominated alteration systems at:

    * Proteus Prospect : 1 hole completed.

    * Triton Prospect: 2 holes completed


    Vertical drillhole DPP001 tested a gravity anomaly approximately 1
    kilometre north of Neptune. From the top of basement at 74 metres,
    the drillhole intersected a dense, massive haematite rock (average
    38% iron) with quartz-carbonate veining that continued to 130 metre
    depth, followed by haematite- chlorite- and magnetite-altered
    sediments and breccia to 188 metres. The entire zone to 188 metres is
    anomalous in copper (best intercept 10 metres @ 0.6% Cu from 178
    metres), gold (best intercept 2 metres @ 0.5 g/t Au from 184 metres)
    and barium (best intercept 14 metres @ 0.4% Ba from 130 metres).

    A fault zone separates the overlying sequence of interest from
    underlying strata that, from 209 metres to end of hole at 323 metres,
    largely comprise sericite-chlorite schist.

    The results are indicative of the possible proximity of a Prominent
    Hill style mineralisation system. Future drilling will target the
    haematite body and surrounds.


    Vertical drillhole DT001 was collared 470 metres south and 1000
    metres west of Neptune 1. It intersected a sequence of pervasively
    haematised and silicified volcanics with minor intervals of
    brecciation from basement at 88 metres to the final depth of 402

    Analyses returned elevated copper (maximum 1 metre intercept of
    0.24%), gold (max 0.4 g/t), uranium (max 57ppm), cerium (max
    1450ppm), lanthanum (max 1450ppm), iron (max 38.3%), barium (max
    2.7%) and silver (max 5ppm), confirming anomalism in the indicative
    minerals associated with the target system.

    DT002 was sited 200 metres north of DT001 and drilled vertically to
    test an area between the main Neptune magnetic anomaly and the Triton
    gravity anomaly. Basement was reached at 84 metres depth. The hole
    intersected haematite-altered volcanics with elevated barium to
    0.24%. No anomalous copper or gold was recorded and the hole was
    terminated at 237 metres depth.

    Further drilling at the Triton anomaly will target the gravity
    feature extending south of DT001.

    These three holes confirm the prospectivity of the Mount Woods area
    for hosting a number of mineralized systems similar to that at
    Prominent Hill.


    As part of a routine due diligence check of laboratory assay results
    for the drilling to date from Prominent Hill, using an independent
    laboratory, significant variation in gold assay results has been
    detected for some duplicates from drillhole DP010. Theserelate to
    three of the checked samples, where positive variance is indicated
    compared to the original results.

    Drillhole DP010 intersected a sequence of argillites showing strong
    haematite crackle - veining within which a 57m intersection of
    enhanced gold (uncut average 3.9 grams per tonne gold) included 1m
    samples ranging in value from nil up to 18 grams per tonne (see ASX
    announcement of 5 June 2002).

    Gold assays from DP010 are being re-assayed with definitive results
    tobe reported as soon as possible.

    The Mount Woods Joint Venture includes 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%).

    The drill hole results by Minotaur 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 full copy of Figure 1 is available in PDF format on
    Alternatively it is available for purchase from ASX Customer Service
    on 1 300 300 279.

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