ZULEMA GOLD-COPPER PROPERTY AQUISITION, CHILE
The Company has entered into an agreement with Sociedad Contractual Minera Pinuno to purchase the Zulema copper-gold property in Chile. Subject to TSX Venture Exchange approval of terms of this option, International PBX Ventures Ltd. can purchase a 100% interest in the property by paying the vendor's US$ 2,000,000, of which US$ 20,000 has been paid upon signing, and issuing 400,000 shares of the Company in stages over a four year period. This interest is subject to a 1% NSR capped at US$ 2,500,000 and the issuance of 500,000 performance shares should a positive feasibility study be completed.
The 3600 hectare Zulema property is located 700 kilometres north of Santiago and 15 km west of the Pan-American Highway. Regionally the property is located within the Atacama Fault Zone in an area of interfingering Bandurias Formation andesitic volcanics and limy sediments. The Coast Range granodiorite-diorite batholith lies 1 km to the east and north. This geological setting is similar to that at the Phelps Dodge Candelaria Mine (365 million tonnes grading 1.03% copper and 0.25 gpt gold) situated 40 km to the NE. A number of independent and major company geologists have examined this property in recent months and all concur that excellent potential exists here for the occurrence of a Canderlaria type deposit.
Prior exploration by RTZ and others in the 1960's and as recently as 1995 have outlined a large Induced Polarization and partially coincident magnetic anomaly with Candelaria like characteristics. Outcrops are sparse but those encountered are skarned equivalents of the Candelaria host rocks and contain disseminated mineralization grading up to 1% copper and 0.9 gpt gold.
The Zulema property sits at the centre of a huge land package recently staked by the BHP Billiton/Far West joint venture as one of four prime target areas to be surveyed with BHP Billiton's proprietary Falcon system. The stated objective of this survey (Far West news release, 5 September, 2002) is to explore for IOCG (Candelaria, Manto Verde etc.) type deposits.
This new acquisition
follows from extensive regional studies along this Late Cretaceous metallogenic
belt between Copiapo and La Serena. The Company's wholly owned Sierra
Pintada property (April 26, May 27 news releases) is the first acquisition
to result from this program and induced polarization surveys over similar
geologically selected targets will be carried out shortly.
The TSX 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