September 30, 2003
REVIEW OF TABACO PROPERTY - NEW COPPER SULPHIDE
The Tabaco property covers a 5 square km
NE elongate zone of copper, silver and gold bearing skarned
volcanics and sediments as defined by numerous old workings,
geochemistry, trenching and geophysics. In 1962-63 forty-five
shallow rotary holes drilled in the Carmen-Tabaco sector cut
oxidized mineralization reportedly grading 0.46-1.88% copper
in widths ranging from 14m-76m.
Induced Polarization (I.P.) geophysical surveys conducted
by International PBX Ventures Limited (IPBX) in 2002 defined
an open ended NE elongate anomaly 150m-400m wide and 2.2km
long flanking and extending a further 700m NE and 800m SW
of the area of 1962-63 drilling. The recent IPBX drill program
focused on investigating the source of this anomaly, its relationship
to the oxide copper zone defined by the 1962-63 drilling and
the reliability of these old drill results.
The six IPBX drill holes in the oxide copper zone drilled
close enough to the old holes to be directly comparable produced
similar results i.e. drill hole 2A cut 22m grading 1.1% copper,
the adjacent old hole CMM-1 cut 22.6m grading 0.93% copper.
The weighted average for the IPBX oxide holes is 0.81% copper
and that of the adjacent old holes is 0.79% copper.
Most of the holes drilled to test the I.P. anomaly intersected
significant widths of copper bearing sulphides ranging from
20m to 144m with the higher grade intercepts ranging from
28m grading 1.69% copper to 144m grading 0.43% copper. These
holes represent a new discovery and indicate the source of
this I.P. anomaly to be one or more open ended sulphide bodies
100m-200m wide, at least 500m long and vertical range of 10m
to 240m below surface. The main copper-rich sulphide body
intersected to date appears to be developed within both skarns
and silicified volcanics to the NW and down dip from the surface
oxide copper zone.
IPBX management feel that its recent drill program has substantiated
the validity of the 1962-63 drill results and discovered a
large copper rich sulphide body which could be in part the
source of the copper oxide zone defined by this drilling i.e.
an area of 175000 square metres with average depth of 30m
and weighted average for 55 holes of 0.97% copper. The core
of this mineralisation is open to depth. Prospecting, geochemistry
and trenching have traced its surface expression a further
1500m to the NE and 900m to the SW i.e. more than triple the
length of the current drilled area.
Data on the copper rich sulphide body is more limited. However
in the area of maximum drill intercepts it appears to have
a thickness of between 70m-100m, down dip extent of over 200m
and strike extent of at least 500m. The I.P. anomaly reflecting
this sulphide body extends at least a further 800m to the
NE and 300m to the SW. Several deeper penetrating I.P. lines
also suggest depths of over 350m in the central core of the
zone. Reconnaissance mapping, geochemistry and trenching indicate
that there are at least two other copper bearing horizons
in the skarns overlying the sulphide body intercepted in drilling
that appear to have similar thicknesses and strike lengths.
The Tabaco property is known to have been worked for copper,
silver and gold as far back as the late 1800's with ore taken
from the Carmen-Tabaco Mine veins reportedly grading over
25% copper, up to 12,500 g/t silver and from 1.5 to 30 g/t
gold. Alteration associated with these veins is typical of
high level precious metal veins above porphyry copper (gold)
systems. This area generally lies to the east of the newly
discovered copper sulphide body.
The few IPBX holes drilled in this area indicate that the
surface copper oxide zone is proximal exotic, the primary
sulphide source having been displaced by one or more faults
which appear to terminate the oxide zone.
The company's management feels that whilst the form and distribution
of the copper (silver-gold) mineralisation encountered so
far on the Tabaco property is more complex than originally
thought, the property has excellent potential to contain both
large skarn and porphyry type deposits and will therefore
continue to explore and refine these targets.
BY ORDER OF THE BOARD
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
INTERNATIONAL PBX VENTURES LTD.
608-475 Howe Street
Vancouver, BC CANADA V6C 2B3
Tel: (604) 681-7748
Fax: (604) 681-0568
Email: [email protected]
Trading Symbol: IVU - Canadian Venture