The company is pleased to
announce encouraging results from confirmation sampling carried out on its
most recent Chilean mineral property acquisition announced May 14. The San
Pedro property consists of 10 square kilometers of exploration concessions
covering several large titanium, copper, and gold bearing alteration
systems in northern Chile.
Both mineralized systems,
which are separated by 100 metres or less, consist primarily of phyllic
alteration with quartz-sericite flooding, silification and veining
associated with aplitic dykes which invade a regional diorite intrusive.
Mineralisation in the form of disseminated and vein rutile, pyrite,
chalcopyrite and copper oxides covers surface areas of approximately
200-300 metres by 1000 metres along the top and flanks of a hill with 200
metres of relief.
Assays from the twelve
representative outcrop chip samples taken from the better exposed rutile
rich system assayed from 0.35% to 2.34% TiO2 and averaged 1.44% TiO2.
These results confirm reconnaissance sampling from the late 1980’s which
outlined a mineralized zone of at least 300,000 sq.metres with average
grade of 1.5% + TiO2.
There are a number of old
mine workings in both alteration zones which primarily exploited high
grade, copper-gold bearing quartz-sulphide veins and mineralized
structures. These typically produced “ore” of 2% Cu and 3+gpt Au and
were mined to depths of a few to 80 metres. Limited representative outcrop
sampling from the altered host rock to these veins in the second “rutile
poor” system assayed from 13 to 3150 ppb gold and 50 to 4450 ppm copper.
Too few samples were taken to suggest averages for this system however
they do suggest larger potential than just high grade veins.
In the near future the company plans to conduct an extensive program of detailed sampling to define the overall surface dimensions of and grad distribution within the two systems in preparation for trenching and reconnaissance drilling programs.
On behalf of the Board
TheCanadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this Release.
INTERNATIONAL PBX VENTURES LTD.
Trading Symbol: IVU - Canadian Venture Exchange