International PBX Ventures Ltd. has announced the discovery of a new copper porphyry mineralized zone called Copper South. The zone is located about 2.5 km west of the Sulfato South and Cerro Moly Zones in Chile.
The Copper South porphyry is characterized at lower elevations by a potassic altered porphyritic granodiorite with quartz stockwork veinlets, thin coatings of copper oxides and remnant chalcopyrite along fracture surfaces.
The Copaquire project owned by International PBX Ventures is located in this copper porphyry mineralized belt. This arc parallel belt contains about 30 porphyry Cu-Mo deposits and prospects with the biggest copper concentration in the world coming up to around 220 million tonnes of copper.
The President and CEO of the company, George Sookochoff said that the new discovery was exciting as it confirmed the belief of the company that Copaquire is realizing its potential of becoming a major copper project in Chile and the world.
The Copaquire contains 2 large mineralized porphyry systems called Copaquire and Marta . Other mines in the region include the Quebrada Blanca and Collahuasi mines which are located about 15 km away from the Copaquire property.