pil cheap entry availiable

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    Excellent announcement and drilling still continuing. Will inspire market further.

    14 October 2003
    The Manager
    Company Announcements Office
    Australian Stock Exchange Limited
    PO Box H224 Australia Square
    SYDNEY NSW 2000
    Dear Sir
    JAGUAR DIAMOND DRILLING - HIGHER GRADES/INCREASED THICKNESS
    The Directors of Pilbara Mines Ltd (Pilbara) are pleased to advise shareholders and the
    market of initial results of the current diamond drill program at Pilbara’s 100% owned Jaguar
    Base Metal Project (copper, zinc, silver). As announced on 9th October 2003, drilling is
    progressing well, with results now becoming available.
    Drill hole TBD 241, drilled to confirm continuity in an area of limited prior drilling, has
    reported high grade massive sulphide (copper, zinc, silver) mineralisation as summarised
    below:
    Hole No From To Metres %Cu %Zn g/tAg
    TBD 241 552.33 556.00 3.67 7.36 10.95 233
    This is a very impressive result with the copper and silver grades nearly twice the average
    grade for the deposit to date.
    Drill hole TBD 242 was completed at 732.4m and intersected 1.16m of high grade massive
    sulphide (copper, zinc, silver) mineralisation. (Results are awaited). As reported, this hole
    confirmed the continuation of the Jaguar mineralisation down plunge to –200 RL and extends
    the known mineralisation a further 130m down dip on section 56100N. This result is likely to
    upgrade the resource in this area to the Indicated category.
    Drill hole TBD 242W, a wedge off TBD242 was drilled to intersect the massive sulphide ore
    zone approximately 75 m above TBD 242, in an area of limited prior drilling. This hole was
    completed at 657.8m and intersected 7.00 metres of high grade massive sulphide (copper,
    zinc, silver) mineralisation as summarised below. (Results are awaited).
    Hole No From To Metres Description
    TBD 242W 620.56 627.52 7.00 High grade copper, zinc, silver
    Pilbara Mines Limited 2
    This result shows a significant thickening of massive sulphide mineralisation in this area
    beyond the 1 metre contour outlined within the existing inferred resource. As a result, this
    will increase the resource base and upgrade the ore classification in this area. The current
    drilling programme to date has further upgraded the Jaguar deposit by continuing to provide
    increased ore thickness and/or depth extensions to the mineralisation.
    Sampling of the footwall stringer zone in holes TBD237 and TBD238 has reported areas of
    copper and zinc grades in excess of 1.0% Cu and gold grades to 0.7 g/t. This information will
    be incorporated into the resource model and will have a positive impact on the mine design
    parameters.
    Drilling will continue on the current programme with a further four holes to be completed,
    two within the Jaguar ore zone and two exploration holes, one targeting an off hole EM
    conductor south of Jaguar and another an up dip position within the Jaguar EM conductor.
    The attached long section sets out the position of the current drill holes and the planned
    additional drill holes.
    Yours faithfully
    Pilbara Mines Limited
    Denis Waddell
    Managing Director
    ASX_PIL_14October2003
    ASX Code: PIL
    Options Code: PILOA
    NOTE: This report, so far as it pertains to ore and mineralisation, is based on information compiled by and as
    reported upon by Mr. J Davis, who is a member of the Australasian Institute of Mining and Metallurgy and has
    more than 25 years experience in the field of activity concerned. Rule 5.3
    56200 N
    North
    Surface 451m RL
    100m RL
    0m RL
    -100m RL
    -200m RL
    56100 N 56000 N 55900 N 55800 N 55700 N
    EDIHPLUS EVISSAM FO TIMIL
    EDIHPLUS EVISSAM FO TIMIL
    1
    3
    5
    7
    ?
    ?
    5
    5
    3
    1
    7
    TBD 226
    TBD 213 (3.0m)
    7.53, 12.21, 209
    TBD 234 (5.9m)
    1.69, 8.72, 89
    TBD 234 (4.2m)
    7.48, 12.94, 146
    TBD 209 (4.0m)
    3.16, 9.25, 155
    TBD 227
    TBD 215
    TBD 216
    TBD 208 (0.2m)
    5.0, 14.3, 124
    TBD 218 (5.4m)
    3.82, 8.32, 114
    TBD 222 (0.5m)
    0.73, 5.01, 48
    TBD 237 (1.8m)
    2.67, 10.10, 81
    TBD 207 (8.5m)
    5.0, 14.9, 147
    TBD 239 (8.9m)
    4.91, 10.96, 123
    TBD 214 (0.3m)
    2.82, 16.5, 100
    TBD 225
    TBD 217 (1.7m)
    4.34, 9.02, 83
    TBD 238 (5.3m)
    4.05, 11.75, 200
    TBD 205W (1.8m)
    0.8, 12.5, 180
    TBD 205 (2.4m)
    5.7, 10.6, 120
    TBD 238 (4.3m)
    6.71, 11.58, 111
    TBD 220 (0.1m)
    0.82, 3.83, 60
    TBD 212 (3.7m)
    2.9, 13.89, 173
    TBD 219 (4.0m)
    4.05, 12.52, 153
    TBD 224
    TBD 223 (1.8m)
    2.88, 9.53, 223
    TBD 210 (6.9m)
    1.86, 16.55, 93
    TBD 210W (9.0m)
    1.32, 20.13, 78
    TBD 205 (2.5m)
    2.7, 17.0, 123
    TBD 204
    TBD 221 (7.1m)
    0.56, 23.27, 149
    TBD 235 (5.5m)
    3.10, 13.3, 142
    TBD 211
    TBD 202 (4.9m)
    4.28, 16.05, 173
    TBD 228
    TBD 206
    TBD 234 (4.2m)
    7.48, 12.94, 146
    Hole number Horizontal
    width
    Massive
    sulphide
    intersection
    % Zn % Cu
    g/t Ag
    FIGURE 1
    JAGUAR PROJECT
    LONGITUDINAL SECTION
    ISOPACH (METRE CONTOURS)
    Completed holes
    Planned holes
    CL = Core Length
    TBD 242
    TBD 242W
    TBD 241
    TBD 240
    TARGET
    ABOVE
    DYKE
    OFF HOLE
    EM CONDUCTOR
    TARGET
    TBD 241 (3.67m CL)
    7.36, 10.95, 233
    Re-interpreted contours:
    - increased massive
    sulphide thickness
    TBD 242 (1.16m CL)
    High grade Cu, Zn, Ag
    Results pending
    TBD 242W (7.0m CL)
    High grade Cu, Zn, Ag
    Results pending
 
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