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Copaquire Molybdenum-Copper Property



The property consists of six mining concessions totaling approx. 1,500 hectares located approx. 1450 kilometers north of Santiago, Chile and 15 kilometers west of the Collahuasi and Quebrada Blanco Mines. International PBX Ventures Limited holds an option to purchase agreement whereby it can acquire 100% interest by making staged payments totaling US$ 2.1 million by July 16, 2008. The purchase is subject to a 2% NSR in favor of the owners which can be bought for US$ 2 million.

The property covers at least one 4-6 sq. km porphyry copper-molybdenum alteration system developed at north end of the Chuquicamata-El Abra-Quebrada Blanca-Collahuasi horst block. In common with these, Copaquire exhibits classic concentric alteration zones and fault related veinlet stockworks and breccias containing copper-molybdenum mineralisation. The exposed part of this system is at least as big as the Rosario system at Collahuasi which contains published resources of 3.1 billion tonnes grading 0.8% Cu + 0.015% Mo.

Copaquire is a well mineralized district known to have been worked during the late 1800’s with a significant record of production estimated to be in the order of 180,000 tons grading about 3.0% copper. In 1976-1977 PlacerMetal completed stream sediment and rock chip sampling programs and drilled 9 diamond drill holes to test the main zone of molybdenum showings at Cerro Moly in the SW part of the main system. This drilling identified extensive molybdenum mineralization +/- copper over a surface area of approximately 1 sq. km. and to a vertical depth of 500 metres. Molybdenum grades from surface chip sampling range from 0.08% Mo/410m to 0.21 Mo/1075m and in the drill holes from 0.06 Mo/267m to 0.11% Mo/187m. In 1993 Cominco Resources Chile drilled 18 widely spaced, shallow R.C. holes over a 2 sq. km. area in the NE (Sulfato) part of the main system. Most of these holes intersected a secondary copper enrichment blanket. The better intercepts ranging from 84m of 0.54% Cu to 104m of 0.45% Cu.

In September 2004 IPBX completed a widely spaced I.P. survey over the main system. The results show a wide zone of very intense IP anomalies open to the west and south and at depth. Minera IPBX recently completed a seven hole, 2500m diamond drill program. Six of these holes were drilled at the Cerro Moly area and one in the Sulfato area 3 kilometres north of Cerro Moly. All the holes contain significant intercepts of molybdenum and or copper-molybdenum mineralization occurring in well developed stockwork and disseminated porphyry style mineralization.

The six Cerro Moly holes were drilled to confirm the assays and grade distribution in the area of the 1977 Placer diamond drill holes. These holes and the nine Placer holes indicate that a concentrically zoned molybdenum – copper system is present at Cerro Moly which grades outwards from a molybdenum rich core through an intermediate copper – molybdenum zone to an outer copper zone. The holes penetrating the molybdenum rich core contain intercepts ranging in grade from 0.053% to 0.11% Mo with a weighted average grade of 0.077% Mo. Taken together, these fifteen holes probe about 30% of the Cerro Moly target. The Sulfato hole cut the secondary copper zone indicated by Cominco with similar grades.

Target Potential

The exploration programs to date at Cerro Moly outline a mineralized area of approximately 900,000 m² and a vertical range of about 600m. At the average specific gravity of 2.6 measured by Placer this translates into a possible target of 1,400 million tones. Considerable drilling will have to be done to establish the grade of this potential target block, however the sampling to date suggests that it should be in the range of 0.06 – 0.1% Mo.

The geochemical surveys, extensive oxidation and leaching along Cerro Moly and Que. Huatacondo, the IP survey and several drill holes all suggest that this system is open to the NE, SW and to depth. Hence there is excellent potential to significantly increase this target.

The widely spaced Cominco and IPBX drilling at Sulfato indicate that a large secondary sulphide body underlies this area. The area of significant copper values encountered by this drilling is approximately 1,100,000 m² with a vertical range is approximately 350m. At an average specific gravity of 2.6 this translates into a possible target of 1,000 million tones. Considerable drilling will also have to be done to establish the grade of this potential resource block, however the sampling to date suggests that it should be in the range of 0.4 – 0.8% Cu.

The more significant holes in this zone bottom in secondary sulphide mineralization of the above grade range. The IPBX hole and several Cominco holes appear to have entered the copper-molybdenum shell. This suggests that Sulfato and Cerro Moly are in fact parts of the same much larger system with a surface expression of about 4 square kilometers i.e. a Rosario size system.

Just west of the main system recent prospecting and sampling by IPBX has discovered a second molybdenum bearing system (Marta) which appears to be at least as big as the known surface expression of the Cerro Moly area. Initial sampling has also produced similar molybdenum grades.

Future Plans

Currently the Company is completing a few more holes in the Sulfato area and to the NE of Cerro Moly to confirm the porphyry Cu-Mo model suggested by the previous work. During the next six months the Company plans to complete a more extensive and systematic drill program in the main system of the order of 15,000 – 20,000 metres along with preliminary metallurgical studies with the objective of establishing an indicated resource for independent evaluation. Additional geological, geochemical and rock sampling surveys will also be completed over the newly discovered Marta zone at this time.