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PEM announcement looking good

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    ADELAIDE RESOURCES LIMITED 2002-05-22 ASX-SIGNAL-G

    HOMEX - Adelaide

    +++++++++++++++++++++++++
    ANOMALIES WITHIN 10 KILOMETRES OF PROMINENT HILL

    Adelaide Resources Limited and Perilya Limited jointly announce the
    results of the geophysical interpretation of detailed magnetic and
    gravity surveys completed in the South Mount Woods Joint Venture
    area. These two surveys covered an area of 150 square kilometres in
    EL 2901, located to the southwest of the Minotaur/BHP Billiton
    Prominent Hill copper-gold discovery (see attached plan).

    The airborne magnetic survey has defined in detail a 3 kilometre by 2
    kilometre oval cluster of three discrete anomalies termed Gemini A, B
    and C. Modelling of the Gemini anomalies suggests depths to the
    source of the magnetic bodies are between 200 and 300 metres below
    surface.

    The gravity survey has defined a northeast-southwest trending ridge
    of elevated response. Within this ridge there are a number of local
    gravity anomalies one of which coincides with Gemini.

    Gemini is located 8 kilometres to the southwest of Prominent Hill.
    Regional magnetic data suggest both Prominent Hill and Gemini fall
    within a distinctive geological basement domain characterised by a
    subtle but complex magnetic response. Cover sediments mask basement
    geology within this domain and there are no drillholes within it,
    other than those at Prominent Hill.

    Evaluation of several other geophysical features in the recently
    acquired magnetic and gravity data is continuing.

    The definition of coincident magnetic and gravity anomalies at
    explorable depths has significantly increased the value of the
    project. Options for facilitating drilling at Gemini are under
    consideration and include evaluating approaches from potential joint
    venturers.

    K Yates
    EXECUTIVE CHAIRMAN

    A copy of the full announcement, which includes the plan, 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.




 
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