International PBX Ventures Ltd.
TSX VENTURE : PBX

International PBX Ventures Ltd.

August 25, 2009 19:24 ET

PBX Outlines Potential Large Porphyry Target on Sierra Pintada Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 25, 2009) - International PBX Ventures Ltd. (TSX VENTURE:PBX) -

The Company is pleased to announce that it has identified several potential porphyry targets on its 100% owned 4,500 hectare Sierra Pintada property which covers 15 kilometers of the Atacama fault system in the Chilean coastal copper-gold belt 650 kilometers north of Santiago.

The most interesting target being a new discovery of a mineralized Au+Cu bearing highly silicified brecciated quartz porphyry dyke extending over 1 kilometer coincident with a large IP chargeability anomaly.

The Company's prior exploration programs on the Sierra Pintada identified two strong copper and gold-bearing mineralised structures, Vina (pronounced Vee-nia) and Gloria, each at least 15 kilometres in length and 50 to 200 metres in width. Wherever these structures emerge from beneath overburden they are the centers of numerous prospect pits, adits and shafts to depth of 50 metres on high grade Cu-Au (Ag,+/-Co) and Au-Cu (Ag) fissure veins from 1-5 metres in width.

In 2007-08 the company performed a deep-penetration 3D Induced Polarization (IP) geophysical survey to test the known high-grade structurally controlled gold and copper showings on the property for potential deeper porphyry bulk-tonnage or iron-oxide-copper-gold targets. The survey covered the Vina, Gloria and Totora Zones and outlined several high priority IP targets including a strong IP target in an unexplored area just to the south of the Vina Zone. Recent field follow-up of this target resulted in the discovery of a mineralized Au+Cu bearing highly silicified brecciated quartz porphyry dyke. This new zone is now referred to as the Futura Zone.

Futura Zone

The discovery of a new Au-Cu bearing mineralized silicified brecciated quartz porphyry dyke coincident with a strong IP target greater than 1 km long is now considered the highest priority target on the Sierra Pintada property.

During a 2009 field evaluation, a silicified brecciated quartz porphyry dyke with up to 30% fine disseminated pyrite running up to 0.685 g/t Au, 6.2 g/t Ag and 0.0365% Cu was discovered directly above the strongest part of the IP target. The IP response suggests that this mineralized Au-Cu bearing porphyry extends north-northeast for over 1 kilometer and is open to the south-southwest possibly outlining a large Au-Cu rich porphyry system in this area.

Gloria Zone

The IP geophysical survey also outlined a buried unexplained 1.2 kilometer long IP target coincident with a 500 meter wide resistivity-low trend striking northeast through the Gloria Zone. This resistivity-low is coincident with part of the main northeast trending Atacama fault system known to host most of the Au bearing zones on the Sierra Pintada property. The IP target is also thought to outline a buried mineralized porphyry system similar to the mineralized porphyry recently discovered in the Fortuna Zone.

Totora Zone

In the Tortora Zone (southern extension of the Gloria Zone) a 500 meter long by 300 meter deep resistivity low anomaly occurs coincident with a gold bearing alteration zone. Recent samples taken from the open cut and from stockpiles returned anomalous Au-Ag with grades of up to 7.86 g/t Au and 7.4 g/t Ag. Several other samples were taken from much smaller hand worked open cuts approximately 2 kilometers to the northeast along strike from the area of active workings and returned high grade values of up to 17.35 g/t Au and 1.8 g/t Ag.

Based on the outline of the resistivity-low anomaly associated with the alteration zone, this area is thought to have the size potential to host a shallow bulk tonnage high grade Au deposit.

Vina Zone

Numerous old trenches, adits and open cuts from 1-10 metres wide, with conspicuous green oxide copper minerals, are present throughout this sector. Chip sampling results from 2004 ranged from 0.2% to 8.0% Cu and 0.1 g/t and 2.5 g/t Au over 1-5 metre widths (PBX NR July 30, 2004).

The geophysical survey over the Vina Zone identified a series of weaker IP targets coincident with the historic Au-Cu workings. These weaker IP targets are unexplained, but the geology and Au-Cu mineralization suggests that the area also has potential to host an IOCG or porphyry Cu-Au system at depth.

George Sookochoff, President & CEO, said that, "We have now defined several high priority targets on the Sierra Pintada property some of which are drill ready. Surface gold/copper mineralization coincident with underlying geophysical IP anomalies, located directly on the Atacama fault system, certainly increases the possibilities for the discovery an open pittable IOCG or porphyry copper-gold system at depth."

About PBX

International PBX Ventures is a Canadian junior mining and exploration company focused on acquisition and development of copper, molybdenum and gold properties in Chile.PBX's flagship project is the 100% owned Copaquire copper-molybdenum-rhenium property, acircum-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 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