International PBX Ventures Ltd.

International PBX Ventures Ltd.

August 24, 2011 10:32 ET

International PBX Ventures Ltd.: ZTEM Airborne Survey Confirms Large Porphyry Targets at Tierra de Oro Gold-Copper Property, in Chile

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 24, 2011) - International PBX Ventures Ltd. ("the Company") (TSX VENTURE:PBX) today announced the results of a ZTEM Airborne Geophysical Survey ("the Survey") completed over the Company's Tierra de Oro (TDO) copper gold property. The Tierra de Oro Property is 100% owned by Minera IPBX Limitada, a wholly-owned Chilean subsidiary of International PBX Ventures Ltd. of Vancouver. It consists of twenty one fully constituted exploitation concessions and nine exploration concessions totalling 6,381 hectares.

At the Tierra de Oro Property the largest potential lies in the similarity of geological setting and mineralization type to that found in the Candelaria Mine (>400 million tonnes @ 0.98% Cu and 0.25 g/t gold). The Candelaria area was a blind type deposit that was discovered by drill testing and IP geophysical anomalies in an area of small copper oxide showings. The TDO Property is 46 kilometres south of the mining city of Copiapó, and Freeport-McMoRan's large copper-gold producing Candelaria Mine is situated about 20 kilometres south of Copiapó.

The TDO property comprises 63 square kilometers, and is located in Region 3 in Chile. It hosts a shattered granitic body with stockwork type copper-gold-mineralized shears as evidenced by extensive artisanal pits and workings. The granitic body is oxidized to depths of around 100 metres and may thus be amenable to open pit leaching operations in areas of concentrated structure.

To date, exploration programs have identified, mapped, sampled, trenched and drilled, to varying degrees, sixteen large gold targets.


Geotech Ltd., Airborne Geophysical Surveys of Aurora, Ontario, was commissioned, in January 2011, to conduct the ZTEM Survey across the entire property in order to map lithological variations and identify structural trends that may relate to observed mineralization in areas that had not been previously explored. The ZTEM system was developed in 2007 and has become one of the leading airborne geophysical systems in use today and is particularly suited to identifying large conductive ore bodies. The ZTEM system is renowned for its deep penetration, high spatial resolution and ability to detect and differentiate weak electro-magnetic anomalies at depths up to 1,500 metres.


The ZTEM survey has identified two main magnetic anomalies of significant size on the Tierra de Oro property each associated with large copper-gold and copper-silver mineralized zones.


The Chanchero copper-gold mineralized zone covers a 3km x 2km area with anomalous gold, copper and molybdenum copper values in soils which are coincident with gold and copper bearing porphyry style phyllic alteration surrounded by propylitic alteration. Sample results from old workings and outcrops in this area returned values ranging from 0.5 g/t to 16.7 g/t gold. The gold-copper mineralization is associated with a coincident IP/Resistivity-low anomaly elongated NE-SW, 2,800 meters long by 1,700 meters wide and open at depth. The IP and resistivity inversion models suggest that the sulphide mineralization and alteration continues to a depth of more than 300m where metal zonation within the deeper parts of the porphyry system may be more chalcopyrite rich.

The ZTEM survey has mapped NE-SW structures on the property which are part of the regional Atacama fault system. The Atacama fault system is known to host world class deposits in Chile.

The ZTEM airborne survey located a significant 3km by 2km magnetic intrusive like body immediately west of the multi coincident Chanchero anomalies. Inversion modeling shows this magnetic body is open at depth.

In addition to the Chanchero porphyry target, the property contains skarn occurrences (Fe-Cu Skarn zone) which occur over the southern portion of the interpreted intrusive. The Fe-Cu Skarn zone is 600m wide and 1,600m long and is likely associated with the interpreted magnetic intrusive. This zone has a coincident copper-gold geochemical anomaly, and trenching of one part of this zone has returned gold values of up to 2.2 g/t Au over a 42m width.

The newly identified magnetic intrusive body together with the multi-coincident geological-geochemical-geophysical anomalies strongly suggests that this interpreted intrusive identified by the ZTEM survey may be the source of gold copper mineralization and will be the focus of a planned drill program.


The ZTEM airborne survey has located a second large magnetic body 3km by 2km which is also interpreted as an intrusive.

This magnetic feature is coincident with a large copper geochemical soil anomaly (2kms x 1.5kms) and sampling from small scale open cuts and underground operations in the area returned values ranging between 0.7% Cu to 2.5% copper with 5 to 80 g/t silver over thicknesses of 2 to 30 meters. Further sampling and trenching is planned for this copper-silver mineralized zone.


The ZTEM survey was very successful in identifying splays of the Atacama fault system passing through the Tierra de Oro property which may be the controlling structures of mineralization on a regional scale. The survey also identified two magnetic bodies of significant size interpreted as intrusives and possibly being the sources of copper-gold-silver mineralization within the property itself.

"We are delighted with the overall success of the ZTEM survey, not only on our Tierra de Oro project but on the Copaquire and Sierra Pintada projects as well," said George Sookochoff, President & CEO of PBX. "Management is enthused that the company has identified new opportunities in the gold sector allowing for the building of additional shareholder value."


Geophysical Consultant Mr. Sergio Espinosa, Ph.D., P.Geo. has reviewed and approved the scientific and technical information contained in this release.


George Sookochoff, President & CEO

We seek safe harbour.

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) 681-0568 (FAX)