International PBX Ventures Ltd.
TSX VENTURE : PBX

International PBX Ventures Ltd.

April 28, 2010 03:43 ET

PBX Drills High Grade Hypogene Copper Mineralization at Copaquire, Chile

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 28, 2010) - International PBX Ventures Ltd. (the "Company") (TSX VENTURE:PBX) is pleased to announce that it has received drill results for the first half of drill hole CQ-100 in the Copaquire copper porphyry in Chile.

Of the first 132.8 metres of results received for drill hole CQ-100 it intercepted 89.4 metres with 1.0% copper and 0.02% molybdenum, including 14.0 metres of 2.0% copper and 0.04% molybdenum. This high grade copper mineralized intercept (43.4m-132.8m) includes a secondary (supergene) enriched copper zone (45.2m – 71.0m) characterized by chalcocite.

The high grade copper intercept continues into the hypogene copper zone which is observed to consist mainly of chalcopyrite and pyrite disseminations, quartz veinlets and stringers. The hypogene mineralization (71.0m - 132.8m) returned 61.8 metres of 1.14% copper. This type of mineralization has been observed to continue to 280 metres in drill hole CQ-100 (results pending).

DDH CQ-100 From metres To metres Length metres Length feet % Copper % Moly
 
Total intercept 43.4 132.8 89.4 293.2 1.00 0.02
Supergene zone 45.2 71.0 25.8 84.6 0.70 0.02
Hypogene zone 71.0 132.8 61.8 202.6 1.14 0.02
including 113.0 131.0 18.0 59.0 2.00 0.04
results pending 132.8 360.3 (eoh) 227.5 746.2    
             

These results exceed expectations and clearly support managements plan to define a high grade starter pit to enhance the economics of the Copaquire mine plan.

Prior to the current drill program no systematic drill testing of the hypogene mineralization has been undertaken at Copaquire. The widths and tenor of the hypogene copper mineralization encountered in DDH CQ-100 and 101 were unexpected and clearly demonstrate that extensive additional drilling is warranted. The hypogene mineralization is similar in nature and geological setting to the recently announced 1.03 Billion tonne @ 0.5% Cu hypogene sulphide resource* by Teck Resource at its Quebrada Blanca mine located 10km south east of Copaquire.

It light of these recent results management is preparing to undertake a deep penetrating 3D IP survey across the entire Copaquire property. The survey will assist in modeling at depth the underlying geology and mineralization and delineate a potential connection below surface between the Marta and Copaquire porphyries.

The second hole DDH CQ-101 (vertical hole) is completed and was drilled to a depth of 572.20 meters. This hole was drilled to test vertically the copper-moly mineralization approximately 110 meters west of drill hole CQ-100. It is characterized by a zone of copper oxides, followed by a zone of secondary mineralization and subsequently into hypogene mineralization.

Drill hole CQ-102 is now in progress. It lies approximately 130 meters north of drill hole CQ-100, and is being drilled with an azimuth of 130 degrees and an inclination of -60 degrees, similar to the attitude of CQ-100.

QA/QC

A full QA/QC program, involving insertion of appropriate blanks, standards and duplicates is being employed. All drill holes are sampled on a 2 m 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 design of the 2010 Copaquire diamond drill program was planned and is being supervised by Senior Geological Consultant Mr. Victor Jaramillo M.Sc.A., P.Geo., (Principal of Discover Geological Consultants Inc., with over 25 years experience in mining and exploration) 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.

About PBX

International PBX is a junior exploration company with a strong portfolio of Copper, Molybdenum and Gold projects in Chile, all of which are 100% owned. The company has recently completed a positive preliminary assessment (scoping study) by AMEC Mining and Metals S.A. on its flagship 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

* Compañía Minera Quebrada Blanca S.A.® NI 43-101 TECHNICAL REPORT ON HYPOGENE MINERAL RESOURCE ESTIMATE AT DEC. 31, 2007 QUEBRADA BLANCA REGION I, CHILE

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