January 12, 2004
TSX.V: PBX
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.
BY ORDER OF THE BOARD
Terence Walker
President & Director
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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INTERNATIONAL PBX VENTURES LTD.
608-475 Howe Street
Vancouver, BC CANADA V6C 2B3
Toll-Free: 888-999-7748
Tel: (604) 681-7748
Fax: (604) 681-0568
www.internationalpbx.com
Email: [email protected]
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