PIL - ASX Company Announcement $mtl7 THIS IS A PRIORITY ITEM 29 May 2002 Part 1/1 -------- PILBARA MINES LIMITED ---------------------
HOMEX - Perth ------------------------- Drilling Results at the Jaguar Base Metal Project
RECENT DRILLING RESULTS AT THE JAGUAR BASE METAL PROJECT AT TEUTONIC BORE CONTINUE TO CONFIRM A SIGNIFICANT HIGH GRADE COPPER, ZINC and SILVER DEPOSIT
Pilbara Mines Ltd wishes to report recent results from the ongoing diamond drill program on the Jaguar high-grade massive sulphide zone at Teutonic Bore (100% Pilbara, Inmet Mining (Australia) Pty Ltd earning 70%). These results continue to confirm and extend this significant high grade base metal deposit (see attached longitudinal section).
Results to date confirm a strike extent of +/-400 metres, a vertical extent of +/-250 metres and with the deposit still open.
Hole TBD 0211, drilled 80 metres up dip of TBD 0202 and collared at -61 degrees on section 55900N, intersected a narrow zone of barren stringer sulphide mineralization between 424.3 to 424.5 metres.
Hole TBD 0212, drilled 50 metres to the north and 50m down dip of TBD 0205 and collared at -70 degrees on section 56050N, intersected massive sulphide mineralization between 521.85 and 527.4, 5.55m (core length) which graded 2.9% Cu, 13.89% Zn, 1.0% Pb, 173g/t Ag and 0.23 g/t Au. True thickness is estimated to be 3.3m; horizontal thickness is estimated to be 3.4m. The detailed assays for TBD 0210 are summarized in the following table:
Hole TBD 0213, drilled on section 5615ON and collared at -71 degrees, intersected massive sulphide mineralization between 561.25 and 565.45, 4.2m (core length) which graded 7.5% Cu, 12.2% Zn, 0.8% Pb, 209g/t Ag and 0.18 g/t Au. True thickness is estimated to be 2.5m; horizontal thickness is estimated to be 2.6m. The detailed assays for TBD 0213 are summarized in the following table:
Hole TBD 0214, drilled on section 56050N and collared at -57 degrees, intersected massive sulphide mineralization between 422.2 and 422.4 metres, which graded 2.8% Cu, 16.5% Zn, 0.9% Pb, 100g/t Ag and 0.12 g/t Au. A second zone of massive sulphides was intersected between 441.85 and 442.22 metres, which graded 0.95% Cu, 15.0 Zn, 0.4% Pb, 107g/t Ag and 0.05g/t Au. This second zone is thought to be stratigraphically in the footwall to the Jaguar horizon and related to the stringer zone.
Drilling continues on the Jaguar massive sulphide zone with two rigs to further delineate the mineralization on 100 metre centres. To date drilling has covered an estimated 500 metres of the 1800 metre long EM conductive zone and indicates a north-south striking deposit with a steep westerly dip and an apparent northerly plunge.
J M Davis Tel: +61 8 9322 9999 MANAGING DIRECTOR email: infopilbaramines.com.au Pilbara Mines Ltd Web: www.pilbaramines.com.au
NOTES:
1) Assays were performed by Ultra Trace Analytical in Canning Vale, WA, using standard analytical methods.
2) Ian R Morrison P Geo, an Inmet Senior Geologist with 14 years of relevant experience, is the qualified person under National Instruments 43-101 responsible for designing and conducting the exploration program and has visually verified the base metal assays.
3) John M Davis, Member of AusIMM, AIG has more than 25 years