VANCOUVER, BRITISH COLUMBIA, Sep 15, 2010 (Marketwire via COMTEX) — International PBX Ventures Ltd. (the “Company”) (TSX VENTURE: PBX | PowerRating) is pleased to announce that it has received the results of a Titan 24 survey conducted byQuantec Geosciences Ltd. on the Copaquire Property in Chile.
The objectives of the Titan survey was to map and detect potential copper mineralization to depth within the Copaquire project for drill targeting, delineation and structural control identification.
The Survey consists of 2 spreads of Titan 24 DCIP and MT in a single line across the southern portion of the Copaquire property.
(View Plan Map: http://www.internationalpbx.com/images/Copaquire-Plan.jpg)
Based on its interpretation of the survey results, Quantec Geosciences Ltd. has identified 9 high priority geophysical targets for follow-up drill testing. The principal findings of the Titan-24 DCIP program conducted by Quantec Geosciences Ltd. are encouraging, as in addition to identifying the 9 targets it also successfully detected the Cerro Moly mineralized resource area. The targets are best observed in the rotated TM Resistivity section, and are identified by coincident low resistivity and high IP (chargeability) anomalies.
These are as follows:
(View Resistivity Section:
Target No. 1 located on the west side of the property comprises an area approximately 250 meters long (E-W trend), with a vertical extent from surface to a depth of approximately 300 meters.
Target No. 2 is a strong resistivity low which lies within an area approximately 400 meters long (E-W trend), with a vertical extent from surface to a depth of approximately 400 meters.
Target No. 3 lies within an area known as “Copper North” which has returned surface grades of up to 2.2% copper (Panel sample 3 x 2m) within a copper mineralized intrusive breccias. This target zone is contained within an area that measures approximately 500 meters long (E-W trend), with a vertical extent from surface to a depth of approximately 500 meters.
Target No. 4 is one of the strongest and larger low resistivity anomalies. It appears to correspond to the newly discovered porphyry copper zone named “Copper South” in which 49 recent chip panel samples returned an average of 0.20% copper within mostly leached rock. Several surface samples returned copper grades in the order of 0.30% up to 1% copper. (News Release dated September 14, 2010). This low resistivity anomaly starts at an approximate depth of 100 meters and continues beyond 800 meters with an average width of approximately 500 meters.
Target No. 5 lies immediately east and parallel to Target No. 4 This target is contained within an area that measures approximately 200 meters long (E-W trend), with a vertical extent from near surface to a depth of approximately 700 meters. Although it is very close to Target No. 4 it appears to have a separate Hydrothermal Conduit Flow (source of material).
During July-August 2010 company geologists identified a large elongated copper skarn zone approximately 450 meters west of the Cerro Moly resource. It trends approximately N-S and has a sub vertical to vertical dip. This zone has an exposed width of approximately 300 meters and an approximate length of at least 1km along strike. The skarn is characterized by the alteration of meta-sediments which exhibit remnant pro-grade alteration (garnet) mostly replaced by retrograde alteration minerals such as epidote, pyrite, chlorite and rare chalcopyrite in clusters. Copper minerals such as atacamite have been observed along fracture surfaces. Further geological mapping is currently being carried out by company geologists in order to define the extent of this zone.
Target No. 6 which is characterized by a significant low resistivity anomaly with a coincidental tabular shaped high chargeability anomaly correlates to the large newly discovered copper skarn zone at surface which is described above. It covers an area approximately 400 meters wide with an approximate vertical extent of at least 300 meters.
Target No. 7 is the largest and strongest low resistivity anomaly identified. It is located approximately 100 meters below surface, with a 400-500 meter width (E-W trend), and an approximate vertical extent of 800 meters.
Target No. 8 lies beneath the Cerro Moly Resource area (Pit outline) which is clearly defined by a circular resistivity low anomaly. This lengthy target extends from the bottom of the copper-moly resource to depth of over one kilometer and may in fact represent the ‘feeder’ system for the resource.
East of Cerro Moly is Target No. 9, which is characterized by a strong resistivity low area that extends from surface for approximately 500 meters (E-W) and to a depth of at least 450 meters.
Key points from the Quantec Titan 24 survey are as follows:
a. The objective of the Titan 24 survey of delineating low resistivity and high chargeability geophysical anomalies, that could potentially correspond to copper mineralization similar to that found at known deposits in close vicinity of Copaquire, such as the producing Collahuasi and Quebrada Blanca copper mines, has been successful.
b. The Resistivity and the Induced Polarization (IP) methods are indirect indicators of the presence of mineralization, but they are not an indicator of specific mineral type, quantity or grade.
c. The Quantec Titan 24 Survey has successfully mapped deep structural information.
“The Titan IP Survey has provided us with several large and strong geophysical targets across the entire width of the property,” said George Sookochoff, President & CEO of International PBX. “What is very encouraging is the success of the Titan survey in clearly identifying the existing mineralized resource in the Cerro Moly zone. This shows that the Titan is the right tool for identifying large mineralized bodies on the Copaquire property and therefore increases the likelihood that the nine identified geophysical targets with similar signatures to the Cerro Moly anomaly may be mineralized as well. Ultimately drilling will provide the answer and we have immediately started work on developing an extensive drill program and a subsequent budget to test these targets.”
“In the meantime we have been busy entertaining site visits from several major and mid tier companies who have expressed interest in the Copaquire property and more visits are scheduled. Because of our aggressive 2010 exploration program of drilling, bulldozing, geophysical surveying, sampling and geological mapping, we now have provided them with plenty of new and exciting material to see during these visits. I am very encouraged by the feedback I have received to date and look forward to having further discussions with them once they complete their review of information gathered while on site.”
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.
ON BEHALF OF THE BOARD OF DIRECTORS OF INTERNATIONAL PBX VENTURES LTD.
George Sookochoff, President & CEO
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All statements and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management’s estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.
International PBX Ventures Ltd. seeks safe harbor.
SOURCE: International PBX Ventures Ltd.
International PBX Ventures Ltd.
President & CEO
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