VANCOUVER, BRITISH COLUMBIA, Mar 30, 2010–International PBX Ventures Ltd. (the “Company”) (CVE: PBX)is pleased to provide an update on the drilling on its Copaquire copper-molybdenum project in Chile.
Supergene Enrichment Copper Zone
The first drill hole of the 2010 drill program, CQ-100, has encountered a supergene copper enrichment blanket from 43.40 meters to 69.80 meters. This copper enrichment zone is characterized by a chalcocite (copper sulphide) bearing matrix that cements strongly silicified breccia fragments of meta-sediments. This zone is composed of multi-phase brecciation with chalcocite replacing chalcopyrite-pyrite in the matrix. The breccia fragments are Meta-sediments that are also cut by multi-phase veinlets and stringers of quartz-pyrite-chalcopyrite-chalcocite. Also in some fracture surfaces chalcocite is observed as thin layers.
From 69.80 meters this drill hole has cut hypogene copper mineralization. The host rocks are silicified meta-sediments with quartz-chalcopyrite stockwork type veinlets and disseminated pyrite-chalcopyrite.
Drilling is currently at 170 meters and continues in hypogene copper mineralization.
The first batch of drill samples will be sent to the ALS Chemex Laboratories by weeks end.
George Sookochoff, President and CEO, said that “I’m very excited with how the drill core looks from the Supergene and Hypogene zones of the copper porphyry. The objective of this drill program is to define a higher grade copper zone from the supergene enrichment copper zone which will become the starter pit for the Copaquire mine plan. We are also looking to increase the overall copper tonnage from the Hypogene zone which typically makes up a majority of the volume of the large copper porphyries and subsequently is the most important part.”
All drill holes are sampled mostly on a 2 metre continuous basis, with samples split on site and one half being transported by ALS Laboratories to the ALS Laboratories in Antofagasta, Chile for preparation. The samples are then transferred to ALS Laboratories in La Serena for analysis. A second half will be stored at a PBX facility for reference. The ALS Laboratories quality system complies with the requirements of the international standards ISO 9001:2000 and ISO 17025:2005 and operates in all laboratory sites.
All work is being conducted following the procedures and standards outlined under NI 43-101 guidelines. Sample batches sent to the lab include standards, blanks and duplicate samples. A quality assurance and quality control (QA/QC) program is in place. Sample results will be reported as soon as they are received.
The design and management of the diamond drilling and exploration program was planned and is being directed by Senior Geological Consultant Victor Jaramillo, M.Sc.A., P.Geo., (Principal of Discover Geological Consultants Inc, with over 25 years experience) who is the qualified person under National Instrument 43-101. Mr. Victor Jaramillo has also reviewed and approved the scientific and technical information contained in this release.
International PBX is a junior exploration company with several Copper, Molybdenum and Gold projects in Chile. The company has recently completed a positive preliminary assessment by AMEC Mining and Metals S.A. on its flagship 100% owned Copaquire Copper Molybdenum project located in Chile’s prolific copper porphyry belt.
ON BEHALF OF THE BOARD OF DIRECTORS OF INTERNATIONAL PBX VENTURES LTD. George Sookochoff, President & CEO
This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the Company’s control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectation implied by these forward looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.