VANCOUVER, BRITISH COLUMBIA — 07/06/10 — International PBX Ventures Ltd. (the “Company”) (TSX VENTURE: PBX) is pleased to announce that Quantec Inc. has commenced the planned Titan 24 deep penetration IP survey for the Copaquire project in northern Chile. As previously announced the wide intervals of hypogene copper mineralization intersected during the current resource expansion program in the Sulfato South area have re-defined the exploration model at Copaquire. In addition to the drill indicated resource defined within the Cerro Moly Zone (combined molybdenum and copper mineralization) there is clearly potential for significant copper rich mineralization as well.
The initial work by Quantec will include an east west profile across the southern part of the Property to define the Titan 24 response associated with the currently defined resource area and a detailed evaluation of the response associated with a series of known mineralized zones within the Marta Porphyry (located west of Cerro Moly) that have never been drill tested. These zones include a mineralized stockwork zone located near to historic underground workings which exhibit stockwork type molybdenum mineralization similar to that developed at Cerro Moly and areas of porphyry copper and copper skarn mineralization that are similar to the nearby Quebrada Blanca deposit owned by Teck Resources.
The porphyry copper zone is intermittently exposed over several hundred meters and is characterized by potassic altered intrusive with quartz stockwork veins and thin coatings of copper oxides along fracture surfaces. Within this zone an intrusive breccia pipe is exposed which exhibits angular intrusive with impregnations and flooding of chrysocolla (hydrated copper silicate). A chip panel sample (3.0m x 1.0m) taken from the copper intrusive breccia on the Marta assayed at 2.04% copper.
In addition to the target areas within the Marta Porphyry geophysical surveys are also planned to assess the Sulfato South and North areas. It is anticipated that the proposed geophysical surveys across the mineralization identified by the resource expansion program will significantly improve the Company’s ability to define high potential target areas for ongoing resource delineation drill programs.
“Since our news release of April 28, 2010 announcing 61.8 meters (202.6 feet) of 1.14% copper including 14.0 meters (45.9 feet) of 2.0% copper all within the hypogene zone of the Copaquire porphyry, we have attracted a great deal of interest from various third parties including majors, mid tier mining groups and financial institutions who have now recognized the tremendous copper potential of the Copaquire project,” said President & CEO, George Sookochoff.
Titan 24 Deep Penetration IP Survey
The Titan 24 DCIP & MT is a multi parameter distributed ground geophysical survey system designed to collect large volumes of highly accurate subsurface physical property information to depths of 750 metres with IP Chargeability and DC resistivity as well to depths of 1500 metres with MT (magnetotelluric resistivity).
The Titan 24 survey is designed to:
— Detect and discriminate targets related to potential mineralization and alteration associated with copper deposits.
— Discriminate large targets with potentially greater tonnage from small non economic targets.
— Compliment near surface information for integrated drill targeting.
— Provide thorough property evaluation in less overall time than previously possible.
QA/QC
Senior Geological Consultant Mr. Victor Jaramillo M.Sc.A., P.Geo.,is the qualified person under National Instrument 43-101. Mr. Victor Jaramillo has reviewed and approved the scientific and technical information contained in this release.
View photos at:
http://picasaweb.google.com/107591179562070341192/MartaZone#slideshow/5489135289040490514
View 3D views at:
http://picasaweb.google.com/107591179562070341192/CopaImages#slideshow/5489143537031074514
ON BEHALF OF THE BOARD OF DIRECTORS OF INTERNATIONAL PBX VENTURES LTD.
George Sookochoff, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
International PBX Ventures Ltd.
George Sookochoff
President & CEO
(604) 681-7748 or Toll Free: 1-877-681-1154
(604) 681-0586 (FAX)
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