209
- 475 Howe Street
Vancouver, BC Canada V6C 2B3
TEL: (604) 681-7748 • FAX: (604) 681-0568
Canadian Venture Exchange Symbol: PBX
EMAIL: [email protected]
WEB SITE: www.internationalpbx.com
August 10 , 2005
COPAQUIRE PORPHYRY COPPER-MOLYBDENUM - PROJECT UPDATE
The Company is pleased to announce the results from an additional 1350 metre, five hole, diamond drilling program and reconnaissance sampling completed at its Copaquire copper-molybdenum porphyry project located 15 km west of the giant Collahuasi copper-molybdenum mine in northern Chile. Significant intercepts from this drilling program are presented in the table below.
Hole # |
From (m) |
To (m) |
Width (m) |
% Mo |
% Cu |
Cerro Moly Zone |
|
|
|
|
|
CQ 09 |
28.6 |
205.4 |
176.8 |
0.056 |
|
including |
43.6 |
73.6 |
30.0 |
0.122 |
|
CQ 08 |
70.6 |
97.6 |
27.0 |
0.052 |
|
Sulfato Zone |
|
|
|
|
|
CQ 05 |
224.8 |
332.8 |
108.0 |
|
0.41 |
including |
224.8 |
272.8 |
48.0 |
|
0.49 |
CQ 10 |
89.8 |
182.8 |
93.0 |
|
0.48 |
including |
92.8 |
155.8 |
63.0 |
|
0.66 |
CQ 11 |
29.7 |
116.7 |
87.0 |
|
0.46 |
including |
56.7 |
116.7 |
60.0 |
|
0.56 |
The eight IPBX holes drilled to date in Cerro Moly zone confirm the molybdenum assays and grade distribution in the area of the 1977 Placer diamond drill holes. The eight IPBX holes and the prior nine Placer holes indicate that a concentrically zone copper – molybdenum system is present at Cerro Moly. The fourteen holes penetrating the molybdenum rich core of this system contain intercepts ranging in thickness and grade from 27 metres of 0.053% Mo to 390 metres of 0.08% Mo. Taken together, these holes probe to a depth of 600m less than 30% of the currently known 1 square kilometre surface area of the Cerro Moly target which is open to expansion to the south and southwest and at depth.
The four IPBX and six of the prior Cominco holes drilled to date in the Sulfato zone indicate that a large leachable secondary copper sulphide body underlies this sector which ranges in grade and thickness from 88 metres of 0.53% copper to 280 metres grading 0.37% copper. The significant copper values encountered by this drilling cover a minimum surface area of approximately 1.4 square kilometres. Some of the more significant holes in this zone bottom in secondary sulphide mineralization. The more southerly holes suggest possible extensions to the south and southwest and appear to indicate that Sulfato and Cerro Moly are in fact parts of the same much larger (Copaquire) system of similar size to the Rosario system (3.1 billion tons grading 0.8% Cu +0.024% Mo) at the neighbouring producing Collahuasi Mine.
Recent prospecting and sampling by IPBX personnel west of Cerro Moly has discovered a second copper-molybdenum bearing system, which includes the high grade copper-molybdenum vein workings at the Marta Mine. Highly anomalous values in silt and talus samples of up to 2000 ppm Mo and 840 ppm Cu and copper and molybdenum mineralization in altered intrusive were encountered for several kilometres west and south of the mine. This limited work suggests that the ‘Marta’ system may have a surface expression at least as big as the currently known surface expression of the Cerro Moly zone.
The Company views the Copaquire results to date to be extremely positive and during the next six months plans to complete a more extensive and systematic 25,000m drill program in the Copaquire system along with preliminary metallurgical, mining and environmental studies with the objective of establishing an indicated resource for independent evaluation. In addition geological, geochemical and geophysical surveys and reconnaissance drilling are planned for the newly discovered Marta system.
Terence Walker M.Sc. P.Geo. was the qualified person as defined by National Instrument 43-101 responsible for supervision of these programs. All samples were assayed at ALS Chemex Laboratories in Coquimbo, Chile.
BY ORDER OF THE BOARD
Terry Walker
Vice-President Exploration
For further information contact:
Vancouver office: 604 681 7748
Bill Koble: 604 329 3341
Investor Relations: 1 877 626 2121
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
The company relies on “forward- looking” statement litigation protection.
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