International PBX Ventures Ltd.
TSX VENTURE : PBX

International PBX Ventures Ltd.

July 09, 2009 14:55 ET

International PBX Ventures Ltd.: Discovery of Large IOCG Target on Palo Negro-Hornitos Properties

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 9, 2009) - International PBX Ventures Ltd. (TSX VENTURE:PBX) -

The Company is pleased to announce that it has identified several new IOCG targets on its 100% owned Palo Negro & Hornitos properties located in the Atacama Province, Region III of Chile.

The 2 claim groups were staked by PBX for their potential for deposits of the "Iron-Oxide-Copper-Gold" type ("IOCG"). The properties are located 30 km SW of the large Candelaria IOCG mine. The Candelaria mine is owned by Freeport-McMoran and has reported reserves 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 properties cover a 14 km strike-length of the major Atacama Structural Zone. 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 magnetic intensity 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.

George Sookochoff, President & CEO, said that "The remaining undiscovered large deposits in the world are increasingly more difficult to detect and the most advanced technology will be required for any significant new discoveries. Reprocessing previously collected data with new software using more sophisticated algorithms is a very efficient and cost effective method for detecting new targets. I am very pleased with the results we achieved in the short time since we have re-acquired the Palo Negro - Hornitos properties."

PBX is planning further detailed lithology-alteration-structural mapping over the new IOCG targets followed by drilling select targets.

About PBX

International PBX Ventures is a Canadian junior mining and exploration company focused on acquisition and development of molybdenum, copper and gold properties in Chile.

PBX's flagship project is the 100% owned Copaquire molybdenum-rhenium-copper property, a circum-Pacific style porphyry copper-molybdenum open-pittable deposit similar to other Andean porphyry systems in northern Chile.

PBX's shares trade on the TSX Venture Exchange under the symbol PBX.V.

This news release has been reviewed and approved by Richard T. Osmond, P.Geo., a qualified person consistent with NI 43-101.

ON BEHALF OF THE BOARD OF DIRECTORS OF INTERNATIONAL PBX VENTURES LTD.

George Sookochoff, President & CEO

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.

Contact Information

  • International PBX Ventures Ltd.
    George Sookochoff
    President & CEO
    (604) 681-7748 or Toll Free: 1-877-681-1154
    (604) 681-0586 (FAX)
    www.internationalpbx.com