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209 - 475Howe Street
Vancouver, BC Canada V6C 2B3
TEL: (604) 681-7748 • FAX: (604) 681-0568
TSX VENTURE EXCHANGE SYMBOL: PBX
EMAIL: [email protected]
WEB SITE: www.internationalpbx.com

 

 

July 30, 2004

SIERRA PINTADA, CHILE - HIGH GRADE COPPER-GOLD ZONES DEFINED

International PBX Ventures Ltd. is pleased to report high grade copper-gold results from ongoing surface sampling on its wholly owned, 3300 hectare Sierra Pintada property, which covers 15 kilometres of the Atacama Fault zone in the Chilean Coastal cordilleran copper-gold belt 650 kilometers north of Santiago.


The Company‚Äôs prior exploration program identified two strong copper and gold-bearing mineralised structures, Viña and Gloria, each at least 15 kilometres in length and 50 to 200 metres in width. Wherever these structures emerge from beneath overburden they are the centers of numerous prospect pits, adits and shafts to depths of 50 metres on high grade Cu-Au (Ag, +/- Co) and Au-Cu (Ag) fissure veins from 1-5 metres in width. Previously mined ore typically graded 3 - 5% Cu and 1 - 5 g/t Au for the former, and 10 - 50 g/t Au and 1 - 5% Cu for the latter.


This news release comprises assays from detailed chip sampling and residual soils from the northernmost 1500 metres of the western Viña structure. This structure consists of a 50 - 150 metre wide zone of shearing, brecciation, strong hematite-clay-limonite +/- quartz alteration, and widespread oxidised copper mineralisation. Numerous old trenches, adits and open cuts from 1- 10 metres wide on multi-directional shears, with conspicuous green oxide copper minerals, are present throughout this sector.


Results received to date are from a series of 72 representative chip samples cut across the mineralised shears exposed in the old workings, and residual soils collected at 25 metre intervals on 100m spaced lines running orthogonal to the general structural strike. Chip sample results range from 0.2% to 8.0% copper and 0.1 g/t to 2.5 g/t gold over 1 - 5 metre widths. The old workings from which the bulk of these samples were taken occur in two principle areas.


The southern area is 700 metres long and 50 -125 metres wide. The old pits, trenches and shafts sampled are developed on 4 to 8 principle shears within a central 20-30 metre wide zone, and give a weighted average grade of 1.37% copper and 0.25 g/t gold over an average width of 2.1 metres. The other area 600 metres to the north is 200 metres long and 30-50 metres wide. The samples from these old workings give a weighted average grade of 1.77% copper and 1.39 g/t gold over an average width of 1.7 metres.


These two areas of old workings are separated by an area of shallow cover, however, a copper - gold soil anomaly with peak values to 1.98% copper and 0.39 g/t gold suggests continuity of the mineralised structure between them.


In this sector of the Atacama Structural zone there are numerous centers of past high grade copper, gold, silver and cobalt mining such as Carrizal Alto, Estillas and Capote with past production ranging from 550 million to 850 million pounds of copper and 300,000 to 1,500,000 ounces of gold.


Sierra Pintada is an early stage exploration project but with definable open pit resource potential in several of the previously mined areas of both Viña zones. It is also possible that this surface mineralization is centered above a deeper Andacollo style porphyry copper - gold system as has been suggested for Carrizal Alto to the north.


All samples were collected by experienced samplers and geologists under the supervision of T. Walker M.Sc. P.Geo., the designated qualified person as defined by National Policy Instrument NI43_101. All samples were analysed in Chile at the ALS-Chemex Laboratory, Coquimbo.

 

BY ORDER OF THE BOARD

Terry Walker

President, Director




The TSE Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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