PIL announced today that resource calculations are to be carried out by Inmet on top of further drilling results from Jaguar, with gold exploration results to be announced soon. PIL will make a presentation on Jaguar at the "Diggers & Dealers" conference in August.
...............and the share price drops!
Company Announcement
Jaguar Base Metal Prospect Teutonic Bore Project
PILBARA MINES LIMITED 2002-07-24 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++ Pilbara Mines Ltd (Pilbara, ASX: PIL) are pleased to release the attached announcement made by Inmet Mining Corporation (Inmet, TSE: IMN) on the Toronto stock exchange today, following new results received in holes TBD 220, 221 and 222, while Pilbara Directors were in Canada, speaking with Inmet Directors, brokers and institutional investors. This announcement confirms the significance of the Jaguar copper, zinc, silver base, metal discovery at the Teutonic Bore project.
The Jaguar massive sulphide zone is open along strike to the north and up and down dip and with the scope to further extend the high grade mineralisation with the on going drilling programme.
Inmet propose to carry out a resource assessment based on results to date, following which further drilling is proposed to target infill on the existing resource, extensions to the known massive sulphide (copper, zinc, silver) zone and additional targets within the 1800 metro long Jaguar EM conductor.
This programme is expected to commence during August/September 2002, following the compilation and evaluation of data generated to date.
Inmet will be presenting the status of the Jaguar massive sulphide discovery at the Diggers and Dealers Mining and Exploration Conference in Kalgoorlie, Western Australia, from the 5th to 7th August, 2002. Inmet's corporate display booth will include drill core intercepts and representative sections and plans of the Jaguar deposit.
Pilbara are currently receiving results from the gold/base metal exploration drilling programme completed by Pilbara recently at Teutonic Bore, which will be compiled and reported in the near future.
For further information contact:
John Davis MANAGING DIRECTOR Pilbara Mines Ltd Tel: + 61 89322 9999 www.pilbaramines.com.au