January 12, 2004
COPAQUIRE COPPER MOLYDENUM PROPERTY ACQUISITION
International PBX Ventures Ltd. (PBX) is pleased to announce acquisition of the Copaquire copper-molybdenum porphyry, Region II, Chile. An option to purchase agreement has been signed with the owners; Compania Minera Huatacondo S.C.M. and Sociedad Legal Minera Macate Primera de Huatacondo whereby IPBX can purchase a 100% interest subject to a 2% NSR for US$ 2,100,000 in cash and US$ 2,000,000 in work commitments over a 4 year period.
The 15 square kilometre Copaquire property is 125 km south-east of Iquique and 20 kilometres west of the Collahuasi Mine. It covers a large porphyry copper alteration system at the north end of the Chuquicamata (54 Mt of copper)-El Abra (4.5 Mt of copper)-Quebrada Blanca (2.5 Mt of copper)-Collahuasi (16.2 Mt of copper) belt of mega copper deposits. In common with them Copaquire exhibits classic concentric alteration zones, leached capping with oxidised copper minerals and fault related veinlets, stockworks and breccias containing primary copper-molybdenum mineralisation.
As at Chuquicamata a branch of the West Fissure cuts and displaces the porphyry system. Widely spaced reconnaissance drilling on the east edge of the system by Cominco in 1993 defined a 2 to 3 sq. km. area of 0.2% to 0.3% copper with several of the western holes closer to the oxide copper cap intersecting 60m to 86m of 0.5 to 0.6 % Cu.
On the west side of the fault the quartz-molybdenite core is exposed along with a large peripheral zone of oxide copper workings. Six widely spaced shallow holes drilled in the molybdenum core by Placer in 1977 cut widths of 50 to 100m grading 0.05 to 0.15% MoS². Historically small scale mining has extracted about 500,000 tonnes at 3% to 6%Cu from the near surface oxide zone. The oxide copper cap is exposed over an area of about 1 sq. km to the southwest from the fault and has been mined to depths of 60m in some workings. Other than strong copper values in stream sediment sampling, this sector of it is essentially untested and is open to the west and southwest beneath shallow gravel cover.
The company believes that Copaquire already contains a significant copper oxide cap and has excellent potential to contain a copper-molybdenum porphyry similar to its neighbours Quebrada Blanca and Collahuasi.
INTERNATIONAL PBX VENTURES LTD.