209
- 475 Howe Street
Vancouver, BC Canada V6C 2B3
TEL: (604) 681-7748 • FAX: (604) 681-0568
Canadian Venture Exchange Symbol: PBX
EMAIL: [email protected]
WEB SITE: www.internationalpbx.com
May 9 , 2005
COPAQUIRE MOLY-COPPER PORYPHYRY, CHILE SUMMARY OF PHASE I RECONNAISSANCE DRILL PROGRAM RESULTS
The company is pleased to announce that all assays have now been received from the first seven holes completed at Copaquire. Six of these holes were drilled at the Cerro Moly target and one at the Sulfato target 3 kilometres north of Cerro Moly. All the holes contain significant intercepts of molybdenum and or copper-molybdenum mineralization (see attached table for details) occurring in well developed stockwork and disseminated porphyry style mineralization.
The six widely spaced holes completed by IPBX at Cerro Moly were drilled with the objectives of confirming the assays and grade distribution in the area of the 1977 Placer diamond drill holes (NR of April 7). The IPBX and the nine Placer holes indicate that a concentrically zone 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.
IPBX holes 1, 2 and 6 plus six of the Placer holes penetrate the molybdenum rich core and contain significant intercepts ranging in grade from 0.053% to 0.11% Mo and weighted average grade of 0.077% Mo (gross metal value of US$ 55/t). IPBX holes 3 and 4 plus the remaining three Placer holes cut the copper-molybdenum zone and contain significant intercepts ranging in grade from 0.15% to 0.28% Cu, 0.018% to 0.039% Mo and weighted average grade of 0.2% Cu + 0.03% Mo (gross metal value of US$ 28/t). Taken in total, these fifteen holes probe a north-easterly trending mineralised area of about 300,000 square meters and to a vertical depth of 600m. This represents only 30% of the Cerro Moly target (see news release October 18, 2004) and is open to expansion in all directions. IPBX hole 7 tested an outcropping of mineralization 350m SW of this area and appears to have penetrated an extension of its copper-molybdenum zone.
IPBX hole 5 was drilled 3 km north at the Sulfato target and appears to have cut both the outer copper and the intermediate copper-molybdenum zones. As reported in the May 5, 2005 news release this hole and several other prior holes drilled by Cominco in 1992 indicates that Sulfato and Cerro Moly are in fact parts of the same much larger system with a surface expression of about 3.5 square kilometers. Five additional holes in the drill program now under way are directed to further evaluation of the Sulfato target.
The IPBX and the historic Placer drill holes can now be incorporated to produce a deposit model for Cerro Moly. This model can then be used to plan and direct future work programs with the objective of developing a pre-feasibility study by year end.
All samples were collected, processed and shipped by experienced personnel under the direction and supervision of Terry Walker M. Sc, P. Geo. the qualified person under National Instrument 43-101 in charge of the program. All assaying has been done at ALS Chemex Laboratories in their Coquimbo facility in Chile.
COPAQUIRE PHASE I DIAMOND DRILL HOLE ASSAY SUMMARY
Hole # |
From (m) |
To (m) |
Width (m) |
% Mo |
% Cu |
GMV(US$/t) |
Cerro Moly Area |
|
|
|
|
|
CQ 01 |
10.5 |
400.0 |
389.5 |
0.08 |
|
58.63 |
including |
138.0 |
201.0 |
63.0 |
0.14 |
|
97.88 |
including |
375.0 |
400.0 |
25.0 |
0.11 |
|
79.37 |
|
|
|
|
|
|
|
CQ 02 |
5.7 |
456.3 |
450.6 |
0.05 |
|
37.49 |
including |
5.7 |
255.3 |
249.6 |
0.07 |
|
50.05 |
including |
237.3 |
255.3 |
18.0 |
0.07 |
|
50.05 |
|
|
|
|
|
|
|
CQ 03 |
4.6 |
400.6 |
396.0 |
0.02 |
0.09 |
14.45 |
including |
4.6 |
157.6 |
153.0 |
0.01 |
0.15 |
12.78 |
including |
166.6 |
250.6 |
84.0 |
0.03 |
|
23.60 |
including |
292.6 |
343.6 |
51.0 |
0.03 |
0.09 |
20.88 |
|
|
|
|
|
|
|
CQ 04 |
15.0 |
197.2 |
182.2 |
0.03 |
0.08 |
20.55 |
including |
15.0 |
74.2 |
59.8 |
0.03 |
0.10 |
24.79 |
Including |
74.2 |
149.2 |
75.0 |
0.04 |
0.06 |
30.61 |
Including |
158.2 |
176.2 |
18.0 |
0.04 |
0.19 |
34.95 |
|
|
|
|
|
|
|
CQ 06 |
6.0 |
313.8 |
307.8 |
0.06 |
0.10 |
44.81 |
including |
6.0 |
73.8 |
67.8 |
0.05 |
0.19 |
42.82 |
including |
73.8 |
208.8 |
135.0 |
0.06 |
0.07 |
47.39 |
including |
241.8 |
271.8 |
30.0 |
0.13 |
0.15 |
97.25 |
including |
286.8 |
310.8 |
24.0 |
0.08 |
|
57.20 |
|
|
|
|
|
|
|
CQ 07 |
8.5 |
250.8 |
242.3 |
0.03 |
0.13 |
27.94 |
Including |
8.5 |
88.8 |
80.3 |
0.05 |
0.12 |
36.19 |
including |
145.8 |
190.8 |
45.0 |
0.04 |
0.16 |
35.38 |
including |
205.8 |
238.8 |
33.0 |
0.04 |
0.20 |
33.72 |
|
|
|
|
|
|
|
Sulfato Area |
|
|
|
|
|
CQ 05 |
64.1 |
193.1 |
129.0 |
0.04 |
0.24 |
35.91 |
including |
64.1 |
97.1 |
33.0 |
|
0.36 |
12.04 |
including |
112.1 |
178.1 |
66.0 |
0.05 |
0.25 |
41.97 |
|
|
|
|
|
|
|
Note: |
GMV (gross metal value) calculated using Mo @ US$ 32.50/lb and Cu @ US$ 1.52/lb |
BY ORDER OF THE BOARD
Terry Walker MSc., P.Geo.
DIRECTOR, PRESIDENT
Vancouver office 604-681-7748
Bill Koble 604-329-3341
Robert A Young and Associates 604-682-5123
Investor Relations 1-877-626-2121
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
The company relies on “forward- looking” statement litigation protection.
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