International PBX Ventures Ltd.
TSX VENTURE : PBX

International PBX Ventures Ltd.

May 19, 2010 09:16 ET

PBX Announces 267 Metres at 0.57% Copper From Drilling Program at Copaquire Property, Chile

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 19, 2010) - International PBX Ventures Ltd. (the "Company") (TSX VENTURE:PBX) has now received all assays for DDH CQ-100 and is pleased to provide the following update on the Sulfato South drill program at Copaquire. Previous assay results of the first 132 meters of CQ-100 were announced in the Company's news release dated April 28, 2010.

The objective of the current drill program was to define a near surface zone of higher grade copper mineralization that could provide a "starter pit" for mining operations at the adjoining Cerro Moly copper – molybdenum deposit.

DDH CQ-100 was drilled as a 50 meter step out north from DDH CQ-98. CQ-98 was the last drill hole completed on the property in 2008 and intersected a 102.0 meter interval that averaged 0.60% copper and indicated potential for a relatively high grade zone of near surface copper mineralization adjacent to the resource area defined at the Cerro Moly deposit.

The highest grade interval in drill hole CQ-100 extends from 43.4 meters to a depth of 183.0 meters and averages 0.82% copper. The combined results of CQ-98 and CQ-100 clearly demonstrate the potential for discovery of a near surface, high grade zone of copper mineralization that could add significant copper value at Copaquire. The location of DDH 100 relative to the currently defined resource area at Cerro Moly is shown in the attached section. The thicknesses and grades of the supergene and hypogene mineralization are included in the following table.

Table 1: CQ-100 Assay Results by Mineralized Zones

Zone from (m) to (m) metres feet %Cu %Mo
Supergene 43.4 71.0 27.6 90.5 0.68 0.02
Hypogene 71.0 311.0 240.0 787.2 0.56 0.02

The grade and thickness of the copper hypogene mineralization is more extensive than expected and management is considering expanding the current program to include property wide geophysics and extensive additional drill testing.

The overall results of DDH CQ-100 also exceeded expectations. Hypogene mineralization continues for an additional 127.2 meters below the high grade zone to a depth of 311.0 meters representing an overall thickness of 267.6 meters (877.7 feet). The entire mineralized zone averages 0.57% copper.

Table 2: CQ-100 Updated Assay Results

TD (m) from (m) to (m) metres feet %Cu %Mo
360 43.4 311.0 267.6 877.7 0.57 0.02
including 43.4 183.0 139.6 457.9 0.82 0.02
including 117.0 131.0 14.0 45.9 2.00 0.04

The geometry of the mineralized zone at Sulfato South has not yet been determined and additional drilling is planned to define the limits of the higher grade mineralization and assess the hypogene mineralization below the extensive blanket of supergene mineralization present at Sulfato.

Drill holes CQ-101 (572 meters), CQ-102 (590 meters) and CQ-103 (560 meters) are now complete and drill samples have been submitted to ALS Laboratories in La Serena for analysis. Results will be announced in batches as they become available.

George Sookochoff, President and CEO of PBX, commented, "I'm obviously very pleased with the depth and grade of the copper mineralization in the first hole of our 2010 drill campaign. As we continue to drill the Sulfato South copper zone we will continue to unlock the potential asset value of the Copaquire project."

View drill plan: http://www.internationalpbx.com/images/Drill%20Plan.jpg

View drill section: http://www.internationalpbx.com/images/Drill%20Section%20CQ-100.jpg

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., 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.

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