International PBX Ventures Ltd.
TSX VENTURE : PBX

International PBX Ventures Ltd.

July 14, 2011 09:03 ET

PBX Drills 85 Meters With 0.53 % Copper Including 31 Meters With 0.78 % Copper at Copaquire

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 14, 2011) - International PBX Ventures Ltd. ("PBX" or the "Company") (TSX VENTURE:PBX) is pleased to provide an update on the 5,000 meter diamond drill program at its 100% owned Copaquire Porphyry Copper Property in northern Chile. The drill program is intended to extend and upgrade the existing mineral resources at the Copaquire project in areas adjacent to previously published resource estimates.

To date the company has received new analytical results for drill holes CQ-109 (Sulfato South) and the remaining samples for CQ-110 (Sulfato North).

Assay result highlights for drill holes CQ-109 and CQ-110 are as follows:

Drill Hole Area From To Length % Copper % Moly %Copper
Number meters meters meters Equivalent1
CQ-109 Sulfato South 162.70 248.00 85.30 0.53 0.02 0.61
includes 211.25 242.00 30.75 0.78 0.04 0.94
CQ-110 Sulfato North 90.00 137.00 47.00 0.52 0.005 0.54 (*)
includes 114.00 137.00 23.00 0.77 0.06 0.79 (*)
338.00 552.85 214.85 0.17 0.007 0.20
includes 378.00 414.00 36.00 0.23 0.008 0.26

(*) Previously released

1Metal equivalent data are based on US$ 2.50/lb copper and US$10/lb Moly. In calculating copper equivalencies 100% metal recoveries have been assumed.

Drill hole CQ-109 was located 160 meters south west of previously announced CQ-107A (NR June 28, 2011) which intercepted 300m of 0.48% CuEq. CQ-109 was stopped at 255.90 meters, due to technical difficulties, in a very well copper mineralized zone. As the copper mineralization continues, the company expects to return to this drill hole later on in the program. There are still assay results pending for CQ-109 which will be provided as soon as they are received.

Drill hole CQ-110 was the first deep exploratory diamond drill hole completed in Sulfato North (previous drilling was shallow Reverse Circulation drilling). Results have been very encouraging in terms of grade and the possibility of outlining a considerable area with copper mineralization in the Sulfato North copper zone. As previously released (NR dated June 28, 2011) an upper mineralized zone of 47 meters with 0.52% copper was intercepted. Recent analytical results down to a depth of 552.85 meters along a quartz monzonite porphyry with hydrothermal breccias, shows the system to be mineralized. Company geologists are currently preparing a drill program for Sulfato North which shows a similar geology as that of Sulfato South.

View plan map at: http://www.internationalpbx.com/pdfs/drillplan.pdf

"We are delighted with the continued lengthy copper intercepts in the Sulfato South zone as we expand the projects resources," said George Sookochoff, President & CEO of PBX. "As well previous drilling in Sulfato North zone shows the Copaquire porphyry system extending over 3kms to the north and CQ-110 now shows it to also extend to significant depths (552meters EOH CQ-110). The Copaquire porphyry may thus host a geological system of considerable dimensions."

Geology
The new geological model at Copaquire consists of multi-phase intrusions and copper mineralization structurally controlled by north-south trending faults. It is along these north-south fissures that multiple episodes of hydrothermal activity in the form of intrusive and hydrothermal breccias, accompanied by fracture filling (veinlets and veins of quartz-pyrite-chalcopyrite and quartz-pyrite moly) have intruded a porphyritic quartz monzonite (known as the Copaquire Porphyry) and intruded a near surface sequence of metasediments where replacement mineralization has developed as well.

Weather
As of today, the drilling has resumed with Sulfato South drill hole CQ-111 and in new drill hole CQ-112. Operations were halted for six days at Copaquire due to an extreme snow storm which also affected a number of major mines in the region.

QA/QC
A full QA/QC program, involving insertion of appropriate blanks, standards and duplicates is being employed. All drill holes are mostly 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 2011 Copaquire diamond drill program is being supervised by Mr. Victor Jaramillo, M.Sc.A., P.Geo. (PBX Project Manager) and who 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 International PBX Ventures Inc.
International PBX Ventures Inc is a junior exploration Company with a strong portfolio of copper, molybdenum and gold projects in Chile. The 100% owned Copaquire copper molybdenum property is the Company's flagship project and is located in Chile's prolific copper porphyry belt. This arc‐parallel belt includes 30 porphyry Cu‐Mo deposits and prospects with the largest amount of copper concentration in the world, totalling about 220 million tonnes of copper. The Quebrada Blanca and Collahuasi (the third largest copper mine in the world) producers are within 15 kilometres of the property. For more information, please visit the Company's website: www.internationalpbx.com

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

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 Inc.
    George Sookochoff
    President & CEO
    (604) 681-7748 or Toll Free: 1-877-681-1154
    (604) 681-0568 (FAX)
    www.internationalpbx.com