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    Progress Report on Activities - Woolgar Project Qld


    HOMEX - Perth


    The company advises that it has received further high grade assays
    from drilling at the Explorer Prospect, Woolgar, Qld.

    Significant new results include:

    EXRC 56 13 - 18 m: 5m @ 18.28 g/t Au

    Individual assays are:

    1 metre from 13 metres @ 76.4 g/t Au
    1 metre from 14 metres @ 7.5 g/t Au
    1 metre from 15 metres @ 2.05 g/t Au
    1 metre from 16 metres @ 4.05 g/t Au
    1 metre from 17 metres @ 1.40 g/t Au

    Hole EXRC 56 is located above drill holes EXRC 43 and EXRC 42 which

    *EXCR 43: 35 - 40 m: 5m @ 7.35 g/t Au
    *EXRC 42: 55 - 61 m: 6m @ 28.8 g/t Au

    (* Announced to ASX on 12th June 2002)

    A cross section showing a plot of the above information is attached,
    with hole location details attached in a separate table. This table
    includes details for relevant holes drilled last year.

    A preliminary geological interpretation of the results indicates that
    drilling has outlined a high-grade ore shoot over a 100 metre strike
    zone that extends from near surface down to some 50 metres vertical
    depth. On the most easterly section drilled, the intersections show
    very good grade and width continuity down the epithermal vein
    structure. Importantly, the high-grade ore shoot is open at depth and
    open along strike to the east.

    Thirteen additional drill holes were completed to test other vein
    targets over a 400 metre strike south east of the Explorer vein (EXRC
    50 to EXRC 62). All drill holes intersected encouraging gold assays,
    with individual high values occurring within wider zones of strongly
    anomalous gold values.

    The results include:

    EXRC54 102-103m 1m @ 5.15 g/t Au
    EXRC55 51-52m 1m @ 2.95 g/t Au
    EXRC57 53-54m 1m @ 4.55 g/t Au
    EXRC57 61-62m 1m @ 3.95 g/t Au
    EXRC57 72-76m 4m @ 1.09 g/t Au
    EXRC57 89-93m 4m @ 2.39 g/t Au
    EXRC58 85-90m 5m @ 1.63 g/t Au
    EXRC59 48-49m 1m @ 2.87 g/t Au
    EXRC59 57-58m 1m @ 2.5 g/t Au
    EXRC60 19-21m 2m @ 1.02 g/t Au
    EXRC61 20-22m 2m @ 1.14 g/t Au
    EXRC61 52-54m 2m @ 5.9 g/t Au
    EXRC63 33-35m 2m @ 1.37 g/t Au

    Further drilling is required to test if these results represent the
    beginning of new high grade ore shoots developing along the structure

    Assay results for soil and rock chip sample programs undertaken in
    the Federal prospect area are still awaited. These results will be
    presented in the company's forthcoming quarterly report which will
    outline the future exploration and drilling plans for the project.

    W Martin
    Ph 9322 1257

    For further information contact

    Barry Fehlberg
    Ph 041 99 00 132

    Note: The information in this report has been compiled by Mr Barry
    Fehlberg who is a member of the Australian Institute of Mining and
    Metallurgy and has a minimum of five years experience in the field of
    activity being reported on. This report accurately reflects the
    information compiled by that person.

    A copy of the full announcement, which includes the Cross Section, is
    available in PDF format on Alternatively it is
    available for purchase from ASX Customer Service on 1 300 300 279.


    View a printable version of this announcement

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