Pbx Continues Extending Copper Mineralization at the Copaquire Property ‐ Chile
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PBX CONTINUES EXTENDING COPPER MINERALIZATION AT THE COPAQUIRE PROPERTY ‐ CHILE
October 31, 2011
VANCOUVER, B.C. – International PBX Ventures Ltd. (“PBX” or the "Company") (TSX.V: PBX) is pleased to announce drill results for the final two holes of the 5,000 meter diamond drill program on its 100% owned Copaquire porphyry copper molybdenum project in northern Chile. The 2011 Sulfato South copper zone preliminary infill drill program has proven the current geological model, it has also confirmed copper mineralization to continue along an approximate 1 km north-south trend, and has delineated new copper mineral resources at Sulfato South, in an area north and adjacent to previously published resource estimates at the Cerro Moly zone. Of importance is the fact that the 2011 infill drilled area only represents approximately 30% of the Sulfato South Zone anomalous area which continues to be open in all directions.
With the completion of this drill program, the Company has now started the preparation of an interim NI 43-101 compliant preliminary resource estimation for the Sulfato South copper zone. This will be the first time a resource estimation is performed on one of the copper rich areas of the Copaquire copper-moly porphyry. The previous 2009 resource was conducted in the adjacent Cerro Moly zone which contains a higher molybdenum to copper ratio.
Recent analytical sample results for drill holes CQ-117 and CQ-118 (Sulfato South copper zone) have been received. Assay results for these drill holes are as follows:
| Drill Hole Number | Area | From (meters) | To (meters) | Length (meters) | Length (feet) | Copper % | Moly % | Copper Equivalent |
|---|---|---|---|---|---|---|---|---|
| CQ‐117 | Sulfato South | 139.0 | 276.0 | 137.0 | 449.4 | 0.32 | 0.013 | 0.37 |
| includes | 184.0 | 222.0 | 38.0 | 124.6 | 0.39 | 0.017 | 0.46 | |
| and | 262.0 | 276.0 | 16.0 | 52.5 | 0.49 | 0.027 | 0.60 | |
| CQ‐118* | Sulfato South | 264.0 | 274.1 | 10.1 | 33.0 | 0.41 | 0.005 | 0.43 |
1Metal equivalent data are based on US$ 2.50/lb. copper and US$10/lb. molybdenum.
In calculating copper equivalencies 100% metal recoveries have been assumed.
*CQ-118 ended in copper mineralization but was discontinued due to difficult ground conditions.
“We now look forward to completing and announcing an interim NI 43-101 compliant resource estimation for the first time on the Sulfato South copper zone,” said George Sookochoff, President & CEO of PBX. “Whereas the 2009 resource estimation and preliminary economic assessment on the adjacent Cerro Moly zone was significant, it is in the Sulfato South and North Copper zones where we anticipate to unlock the real copper value of the Copaquire property.”
View drill plan map: http://www.internationalpbx.com/pdfs/drillplan.pdf View 2010-11 Sulfato South drill results highlights: http://www.internationalpbx.com/pdfs/Sulfato_Highlights.pdf
QA/QC
A full QA/QC program, involving insertion of appropriate blanks, standards and duplicates has been employed. All drill holes were mostly sampled on a 2 m continuous basis, with samples split on site and one half being transported by ALS Laboratories to the ALS Laboratories in Antofagasta, Chile for preparation. The samples were then transferred to ALS Laboratories in La Serena for analysis. A second half of core is stored at a PBX facility for reference.
The 2011 Copaquire diamond drill program was supervised by Mr. Victor Jaramillo, M.Sc.A., P.Geo. (PBX Project Manager) and who 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.
About International PBX Ventures Inc.
International PBX Ventures Inc is a junior exploration Company with a strong portfolio of copper, molybdenum and gold projects in Chile. The 100% owned Copaquire copper molybdenum property is the Company’s flagship project and is located in Chile’s prolific copper porphyry belt. This arc‐parallel belt includes 30 porphyry Cu‐Mo deposits and prospects with the largest amount of copper concentration in the world, totalling about 220 million tonnes of copper. The Quebrada Blanca and Collahuasi (the third largest copper mine in the world) producers are within 15 kilometres of the property. For more information, please visit the Company’s website: www.internationalpbx.com
ON BEHALF OF THE BOARD OF DIRECTORS OF
INTERNATIONAL PBX VENTURES LTD.
“George Sookochoff”
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.
We seek safe harbour.