International PBX Ventures Ltd. (TSX VENTURE:PBX) has announced that it has begun preparations for Phase II drilling on its 100% owned Copaquire copper molybdenum project in Chile.
The 7,000 meter drill program will test the nine targets identified in a recent Titan Deep Penetration IP survey (NR Sept. 15, 2010) for copper mineralization.
Six of the targets to be drill tested are in the Marta area located on the west half of the property. Recent bulldozer trenching and sampling in this area identified several new copper mineralized targets with extensive leaching and altered zones (NR Sept. 14, 2010) which lie on top of the six IP targets providing further evidence that the copper mineralization at surface may be the surface expression of deeper mineralized porphyry bodies.
Two other large Titan IP targets to be drill tested are identified as "Interpreted Hydrothermal Conduit Flow Zones" located beneath the Company's current 43-101 copper molybdenum resource at the Cerro Moly zone. 2008 drilling of the Cerro Moly resource indicated that mineralization was open at depth which would further support the theory that these conduits could possibly be the primary "mineralized feeder systems" to the existing Cerro Moly resource.
Airborne Magnetics & EMWith only 20% of the Copaquire property explored to date, the company is planning a "fast track" exploration program for the advancement of the remaining area of the property by flying airborne magnetics and an airborne deep penetration electromagnetic survey (ZTEM) over the entire property. The helicopter-borne survey will be used to delineate major and secondary fault structures as well as defining geological contact zones between the porphyry body and the surrounding metasediment host rock. This contact zone has been identified in the Sulfato South copper zone and appears to be the control for high grade copper mineralization intercepted in the 2010 drill program (NR May 19, 2010).
PartnershipsWith a resource definition, preliminary economic assessment, mine plan, further high grade copper mineralization in the Sulfato zones and recent additional copper mineralization discoveries in the Marta area, the company continues to receive numerous expressions of interest by various third party mining and financial groups. Site visits have been ongoing with the final group completing their planned visit by October 30, 2010 after which time the company is confident that this review process will result in the selection by PBX of a significant partner to further advance the Copaquire project.
Senior Geological Consultant Mr. Victor Jaramillo M.Sc.A., P.Geo. is the qualified person under National Instrument 43-101. Mr. Victor Jaramillo has reviewed and approved the scientific and technical information contained in this release.
Source: International PBX Ventures Ltd.