Philex Gold Inc.
TSX VENTURE : PGI

Philex Gold Inc.

April 29, 2008 07:30 ET

Philex Gold Announces Results of Infill Drill Holes at the Boyongan and Bayugo Properties

TORONTO, ONTARIO--(Marketwire - April 29, 2008) - Philex Gold Inc. (the "Company") (TSX VENTURE:PGI) is pleased to report that six additional infill drill-holes, TSD-124, TSD-125, TSD-126, JSD-27, JSD-28 and JSD-29 have been competed while five holes, TSD-127, TSD-128, JSD-30, JSD-31 and JSD-32 are currently in progress at the Bayugo Project. In addition a deep-hole rig is currently preparing to drill a deep deflected hole TSD-123A at the Western Hypogene Zone.

Complete assay results of hole TSD-123, TSD-124, TSD-126 and JSD-28 and partial results of holes TSD-127 are presented in the following table. All quoted depths are measured in metres (m) downhole, and all assay results have had a cut off of 0.1% copper applied.



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Grades
Length of --------------------
Hole No. Final Depth Intercept Intercept Copper(%) Gold (g/t)
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TSD-123 1607m 241-1607m 1366m 0.29 0.34
692-764m 72m 0.42 0.57
954-996m 42m 0.53 0.67
1040-1052m 12m 1.05 1.14
1112-1238m 126m 0.53 0.67
1279-1319m 40m 0.48 0.70

TSD-124 1080m 379-1080m 701m 0.59 0.58
433-731m 298m 1.03 0.88
761-792m 31m 0.59 0.72

TSD-126 371m 177-371m 194m 0.00 0.00

JSD-28 690m 410-687m 277m 1.04 0.58
459-614m 155m 1.57 0.77

TSD-127 954m(i) 384-605m 221m 0.38 0.24
557-584m 27m 0.60 0.63

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(i) Hole in progress


"Holes TSD-124 and JSD-28 confirm the potential of the Bayugo deposit to host significant high grade copper-gold porphyry mineralization, but it will probably take two to three years for us to prove the tonnage and grade of this deposit", said Company Chairman, Walter Brown.

Detailed geologic information on holes TSD-123 to TSD-128 and JSD-27 to JSD-32 follows:

TSD-123

The hole was collared at the site of TSD-111 and drilled southwards at -75o to test the "Exotic Copper Zone" and extended to test the deep seated Western Hypogene Zone at depth. The hole intersected unaltered cover from collar to a depth of 246m.

From 246m to a depth of 1482m weakly to strongly potassic altered and variably argillic overprinted, mineralised diorite porphyry, diorite breccia and localized hydrothermal breccia was intersected. The base of oxidation was noted at 410m and supergene mineralisation comprises cuprite, limonite, chalcocite and native copper. Hypogene sulphide mineralisation consists of chalcopyrite, bornite and pyrite occurring as fracture fillings and within minor quartz-magnetite-sulphide stockworks. The intensity of alteration, mineralisation and quartz veining are increasing significantly with depth, especially the zone from 850m to 1400m depth. Weakly altered and mineralized inter-mineral Diorite Porphyry was intersected from 1482m to hole end at 1607m depth.

The hole intersected several dark grey, matrix supported hydrothermal breccias from 851m to 940m and from 1020m to 1052m depth. Clasts are dominantly cream-brown highly silicified and intensely potassic altered diorite with abundant magnetite and host quartz-bornite-magnetite-chalcopyrite veinlets. The matrix is highly silicified, biotite-rich, containing abundant magnetite and minor bornite and chalcopyrite. The source of the mineralised hydrothermal breccia clasts and the hydrothermal matrix is presumed to be a blind progenitor intrusive possibly topping out at approximately 1100m depth to the west of hole TSD-123. A Navi-drill deflection will be drilled from a depth of 950m westwards in an attempt to locate the presumed progenitor porphyry.

TSD-124

The hole was collared 115m northeast of TSD-77 and drilled westwards at -70o to test the high grade mineralisation within the eastern portion of the Bayugo previously intercepted in TSD-122. The hole intersected unaltered cover from collar to a depth of 378m.

From 378m to the final depth of 1080m moderately to strongly potassic altered and variably argillic overprinted, mineralised diorite porphyry was intersected. Intense quartz stockworks are developed from 415m to a depth of 815m within a progenitor, diorite porphyry. The base of oxidation was noted at 493m depth and supergene mineralisation comprises hematite, cuprite, azurite, malachite, chalcocite and native copper. Hypogene sulphide mineralisation consists of chalcopyrite, bornite and pyrite occurring as disseminations and within quartz-magnetite-sulphide stockworks.

TSD-125

The hole was collared approximately 130m north of TSD-73 and drilled northwards at -65o to test the northern extension of the high grade zone within the eastern portion of the Bayugo Porphyry. The hole intersected unaltered cover from collar to the final depth of 220m. The hole was abandoned due to technical reasons in cover while drilling in the overburden (or "cover").

TSD-126

The hole was collared approximately 100m northeast of TSD-60 and drilled northwards at -70o to test the north east Boyongan conceptual porphyry target. The hole intersected unaltered cover from collar to a depth of 177m.

From 177m to the final depth of 371m variably argillic altered, diorite porphyry was intersected. Minor sulphide mineralisation comprises disseminated pyrite, tetrahedrite, chalcopyrite and sphalerite. The hole failed to intersect any significant porphyry copper-gold mineralisation.

TSD-127

The hole was collared 110m east of TSD-124 and drilled westwards at -70o to test the high grade mineralisation within the eastern portion of the Bayugo previously intercepted in TSD-124. The hole intersected unaltered cover from collar to a depth of 384m.

From 384m to the current depth of 965m moderately to strongly potassic altered and variably argillic overprinted, mineralised diorite porphyry was intersected. The base of oxidation was noted at 433m depth and supergene mineralisation comprises hematite, cuprite, neotocite, pitch limonite, chalcocite and native copper. Hypogene sulphide mineralisation consists of chalcopyrite, bornite and pyrite occurring as disseminations and within quartz-magnetite-sulphide stockworks. Drilling is in progress.

TSD-128

The hole was collared adjacent to hole TSD-125 and drilled northwards at -65o to test the northern extension of the high grade zone within the eastern portion of the Bayugo Porphyry. The hole intersected unaltered cover from collar to the current depth of 238m. Drilling is in progress.

JSD-27

The hole was collared approximately 200m south of JSD-23 and drilled northwards at -70o to test the southern extension of the high grade zone within the Bayugo porphyry discovered in hole JSD-23. The hole intersected unaltered cover from collar to the final depth of 406m. The hole was abandoned due to technical reasons in deep cover.

JSD-28

The hole was collared approximately 150m east of JSD-27 and drilled northwards at -65o to test the southern extension of the high grade zone within the Bayugo porphyry discovered in hole JSD-23. The hole intersected unaltered cover from collar to a depth of 410m.

From 410m to a depth of 690m moderately to strongly potassic altered and variably argillic overprinted, mineralised diorite porphyry and minor basalt was intersected. Intense quartz stockworks are developed from 456m to a depth of 632m within a progenitor, diorite porphyry. The base of oxidation was noted at 597m depth and supergene mineralisation comprises hematite, cuprite, azurite, malachite, chalcocite, digenite and native copper. Hypogene sulphide mineralisation consists of chalcopyrite, bornite and pyrite occurring as disseminations and within quartz-magnetite-sulphide stockworks. The hole was abandoned within a major fault zone for technical reasons.

JSD-29

The hole was collared approximately 50m north of TSD-78 and drilled northwards at -65o to test the southern extension of the high grade zone within the Bayugo porphyry discovered in hole TSD-78. The hole intersected unaltered cover from collar to the final depth of 343m. The hole was abandoned due to technical reasons in deep cover.

JSD-30

The hole was collared 100m east of JSD-26 and drilled northwards at -80o to test the high grade mineralisation within the western portion of the Bayugo previously intercepted in JSD-24. The hole intersected unaltered cover from collar to a depth of 344m.

From 344m to the current depth of 826m moderately to strongly potassic altered and variably argillic overprinted, mineralised diorite porphyry and minor basalt was intersected. The base of oxidation was noted at 477m depth and supergene mineralisation comprises hematite, pitch limonite, chrysocolla, azurite, malachite and native copper. Hypogene sulphide mineralisation consists of chalcopyrite, rare bornite and pyrite occurring as disseminations and within quartz-magnetite-sulphide stockworks. Drilling is in progress.

JSD-31

The hole was collared adjacent to hole JSD-28 and drilled northwards at -80o to test the southern extension of the high grade mineralisation within the West Bayugo zone intersected in hole JSD-28. The hole intersected unaltered cover from collar a depth of 367m.

From 367m to the current depth of 655m moderately potassic altered and strongly argillic overprinted, mineralised diorite porphyry and minor basalt was intersected. Intense quartz stockworks are developed from 394m to a depth of 577m within a progenitor, diorite porphyry. The base of oxidation was noted at 522m depth and supergene mineralisation comprises hematite, neotocite, cuprite, chalcocite and native copper. Hypogene sulphide mineralisation consists of chalcopyrite, bornite and pyrite occurring as disseminations and within quartz-magnetite-sulphide stockworks. Drilling is in progress

JSD-32

The hole was collared adjacent to hole JSD-29 and drilled northwards at -65o to test the southern extension of the high grade zone within the Bayugo porphyry discovered in hole TSD-78. The hole intersected unaltered cover from collar to the current depth of 82m. Drilling is in progress.

All assays were conducted on intervals of split core, on average three metres in length, by Intertek Testing Services at their laboratory in Jakarta, under the supervision of Anglo American. Quality control was monitored by incorporation of assay standards and duplicates.

The assay data provided above was communicated to the Company by Anglo American Exploration (Philippines), Inc. which, under the terms of the joint venture, is responsible for conducting exploration on the Surigao Properties. Philex Gold has not independently verified this information.

Copper equivalents on the attached Drill Hole Location Map have been calculated on the following basis: % Copper equivalent equals Copper % plus (Gold grams/tonne x 0.60) with copper at $1.15 per pound and gold at $475 per ounce.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Philex Gold Inc.
    Rogelio G. Laraya
    President
    (632) 746-8756
    (632) 631-9498 (FAX)
    Email: rglaraya@yahoo.com