The Palo Negro - Hornitos properties are 100% owned by PBX and cover approximately 97 km2 located in the Atacama Province, Region III of Chile. The properties cover a 14 km strike-length of the major Atacama Structural Zone reported to have numerous centers of past high grade Cu, Au and Ag mining including the large Candelaria IOCG deposit located less than 30 km to the NE. This deposit is owned by Freeport-McMoran and has reported reserves and production of 390 Mt at 0.50 % Cu, 0.11 g/t Au.
The Candelaria is the largest of the iron oxide copper-gold deposits in the Punta del Cobre belt. In addition to copper deposits, this region of northern Chile is host to a number of significant iron deposits occurring within what is known as the Chilean Iron Belt (CIB). The CIB is a 25 kilometre wide corridor extending 600 kilometres from Copiapo to La Serena.
The property is easily accessible by a network of gravel roads extending westward approximately 10 km from main Pan-American Highway and is well situated for low-cost exploration and future mine development.
Faults of the regional Atacama Fault System cut through the centre of the Palo Negro claims, and splays of this system also cut through the Hornitos claims.
The Palo Negro & Hornitos claims were optioned by PBX to Aldershot Resources until March 2008 at which time Aldershot was unable to meet its financial obligation of the option agreement and the properties along with all subsequent geophysical exploration data were returned to PBX.
After a property site visit in February 2009, Mr. Richard T. Osmond, P.Geo of GeoVision Geosciences Inc. has reprocessed all the recently acquired geophysical ground mag data (348 line km) using new analytical methods. Previous processing methods resulted in lack of continuity in magnetic trends and high concentration of small discontinuous bulls-eye anomalies in the survey area. However reprocessing all previous survey data using a RTE corrections followed by an AS calculation highlighted several new strong magnetic anomalies untested in the Palo Negro – Hornitos area.
In particular the ground magnetics data in the Avispada mine area on the property suggests that the meta-sediments and meta-volcanics in this area have been hydrothermally altered resulting in the more intense magnetic response visible over more than 2.5 kms of strike-length making this area a high priority IOCG target. Other similar magnetic anomalies have been delineated in the Palo Negro & Hornitos area which are also considered priority IOCG targets and warrant further follow-up.
IOCG deposits can respond to magnetic, IP and gravity surveys and it is suggested that geophysical surveys are the most efficient way to detect such deposits.
PBX is planning further detailed lithology-alteration-structural mapping over the new IOCG targets followed by drilling select targets.
©2009 International PBX Ventures Ltd.