Philex Gold Inc.
TSX VENTURE : PGI

Philex Gold Inc.

May 07, 2007 08:01 ET

Philex Gold Announces Results of Infill Drill Holes at the Boyongan Property for the First Quarter of 2007

TORONTO, ONTARIO--(CCNMatthews - May 7, 2007) - Philex Gold Inc. (TSX VENTURE:PGI) is pleased to report that twelve additional infill drill-holes, TSD-105 to TSD-115 and TSD-117 have been completed while drill-holes TSD-116, TSD-118, TSD-119, TSD-120 and TSD-121 are currently in progress. Six deep hole drill rigs are currently operating at the Boyongan Project and a seventh rig will be mobilized in May.

Complete assay results of holes TSD-102 to TSD-107 and TSD-109 to TSD-114 and partial results of holes TSD-108 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 except where indicated (i).



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Grades
Length of -----------------------
Hole No. Final Depth Intercept Intercept Copper(%) Gold (g/t)
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TSD-102 599m 65-599m 533m 0.46 0.57
146-236m 90m 0.78 1.12

TSD-103 624m 86-624m 538m 0.13 0.37
377-624m 247m 0.38 0.77

TSD-104 904m 207-904m 696m 0.33 0.39
246-360m 114m 0.76 1.00

TSD-105 888m 264-888m 624m 0.24 0.33
264-374m 110m 0.47 0.42

TSD-106 1067m 293-1067m 774m 0.15 0.34
302-437m 135m 0.29 0.53
545-554m 9m 0.38 1.48
1018-1067m 49m 0.11 0.43

TSD-107 602m 159-602m 443m 0.55 0.42
224-345m 121m 0.81 0.65
458-505m 47m 0.77 0.95

TSD-108 1023m 316-800m 484m 0.37 0.34
501-522m 21m 0.74 1.89
595-643m 48m 0.33 0.64

TSD-109 647m 142-647m 505m 0.41 0.46
204-225m 21m 0.81 1.02
322-368m 46m 0.87 1.16
398-434m 36m 0.61 0.83

TSD-110 527m 262-527m 265m 0.12 0.03
332-412m 80m 0.39 0.06

TSD-111 527m 249-527m 278m 0.56 0.04
294-520m 226m 0.69 0.05
320-401m 81m 1.48 0.07

TSD-112 469m 302-469m 167m 0.13 0.01
310-344m 34m 0.50 0.01

TSD-113 494m 354-494m 140m 0.28 0.03
354-374m 20m 0.68 0.02

TSD-114 452m 332-452m 120m 0.04 0.02
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"The resource definition drilling programme has been completed at the main Boyongan deposit. The geological and resource models of the Boyongan deposit are being updated and the limits of mineralisation are well defined with the exception of the Northwest Hypogene Zone. Drilling has continued to evaluate the resource potential of the Exotic Copper Zone (previously "Chalcocite Zone") and significant mineralisation was intercepted in hole TSD-111. A deep hole drill rig with an 1800m capacity will be mobilized in May to test the source of intensely mineralised breccia clasts in the vicinity of the NW Hypogene Zone. Concurrently, a third phase of metallurgical test work, preliminary geotechnical, mining and environmental baseline studies have continued as part of the Pre-Feasibility Study. A 2000m programme of dedicated geotechnical drilling will commence in June to guide mine planning," said Walter Brown, Chairman and CEO.

Detailed geologic information on holes TSD-102 to TSD-121 follows:

TSD-102

The hole was collared 60m south of TSD-84 and drilled northwards at -60 degrees. The hole intersected unaltered cover from collar to a depth of 65m.

From 65m to the final depth of 599m potassic altered and argillic overprinted, mineralised diorite porphyry, polymict breccia and localized hydrothermal breccia was intersected. Quartz stockworking is locally strongly developed within coarse grained diorite porphyry. The base of oxidation was noted at 299m depth and supergene mineralisation comprises limonite, neoticite, pitch limonite, cuprite, azurite, minor malachite and chrysocolla. Hypogene sulphide mineralisation consists of chalcopyrite, pyrite and rare bornite occurring as disseminations and rare quartz-sulphide veinlets.

TSD-103

The hole was collared 100m east of TSD-82 and drilled northwards at -65 degrees. The hole intersected unaltered cover from collar to a depth of 86m.

From 86m to the hole end at a depth of 624m weakly potassic altered and argillic overprinted, mineralised diorite breccia, diorite porphyry and localized hydrothermal breccia was intersected. The base of oxidation was noted at 395m depth and supergene mineralisation comprises limonite, cuprite, pitch limonite and native copper. Hypogene sulphide mineralisation consists of chalcopyrite, pyrite and rare bornite occurring as disseminations and rare quartz-sulphide veinlets.

TSD-104

The hole was collared 100m south of TSD-24 and drilled northwards at -65 degrees. The hole intersected unaltered cover from collar to a depth of 208m.

From 208m to the final depth of 904m strongly potassic altered and weakly argillic overprinted, mineralised diorite breccia, diorite porphyry and localized hydrothermal breccia was intersected. The base of oxidation was noted at 822m depth and supergene mineralisation comprises limonite, cuprite, azurite and native copper. Hypogene sulphide mineralisation consists of chalcopyrite and pyrite occurring as disseminations and rare quartz-sulphide veinlets.

TSD-105

The hole was collared 100m south of TSD-61 and drilled northwards at -65 degrees. The hole intersected unaltered cover from collar to a depth of 261m.

From 264m to the final depth of 888m potassic altered and argillic overprinted, mineralised diorite breccia, microdiorite breccia and diorite porphyry was intersected. The base of oxidation was intersected at 811m and supergene mineralisation comprises limonite, cuprite, azurite and native copper. Hypogene sulphide mineralisation consists of weak chalcopyrite, pyrite and rare bornite occurring as disseminations and rare quartz-sulphide veinlets.

TSD-106

The hole was collared 100m west of TSD-105 and drilled northwards at -65 degrees. The hole intersected unaltered cover from collar to a depth of 293m.

From 293m to the final depth of 1067m moderately potassic altered and argillic overprinted, mineralised diorite porphyry, diorite breccia and microdiorite breccia was intersected. The base of oxidation was noted at 772m depth and supergene mineralisation comprises limonite, cuprite, azurite, malachite, chrysocolla and native copper. Hypogene sulphide mineralisation consists of chalcopyrite, bornite and minor pyrite occurring as disseminations and rare quartz-sulphide veinlets.

TSD-107

The hole was collared 100m south of TSD-88 and drilled northwards at -65 degrees. The hole intersected unaltered cover from collar to a depth of 159m.

From 159m to the final depth of 602m weakly potassic altered and argillic overprinted, mineralised microdiorite breccia, sedimentary breccia and diorite breccia was intersected. The base of oxidation was noted at 167m depth and supergene mineralisation comprises limonite and native copper. Hypogene sulphide mineralisation consists of chalcopyrite, pyrite and rare bornite and molybdenite occurring as disseminations. A silica-chlorite-epidote-garnet-magnetite-calcite skarn breccia was intersected from 258m to 347 metres depth. Skarn mineralisation is weak to moderate with disseminations and fracture fillings of pyrite, chalcopyrite and traces of molybdenite and bornite.

TSD-108

The hole was collared 75m southeast of TSD-25 and drilled northwards at -60 degrees. The hole intersected unaltered cover from collar to a depth of 316m.

From 316m to the final depth of 1023m weakly potassic altered and argillic overprinted, mineralised diorite porphyry, microdiorite breccia, polymict breccia, and diorite breccia was intersected. The base of oxidation was noted at 893m depth and supergene mineralisation comprises limonite, cuprite, neoticite, azurite, chrysocolla and native copper. Hypogene sulphide mineralisation consists of chalcopyrite, pyrite and rare bornite and molybdenite occurring as disseminations and within occasional quartz veinlets.

TSD-109

The hole was collared at the site of TSD-53 and drilled northwards at -75 degrees. The hole intersected unaltered cover from collar to a depth of 142m.

From 142m to the final depth of 647m weakly potassic altered and argillic overprinted, mineralised diorite porphyry, microdiorite breccia, polymict breccia, and diorite breccia was intersected. The base of oxidation was noted at 289m depth and supergene mineralisation comprises pitch limonite, cuprite, azurite, malachite, chrysocolla and native copper. Hypogene sulphide mineralisation consists of chalcopyrite, bornite and molybdenite occurring as disseminations.

TSD-110

The hole was collared 90m east of TSD-70 and drilled westwards at -75 degrees to test the "Exotic Copper Zone". The hole intersected unaltered cover from collar to a depth of 262m.

From 262m to the final depth of 527m argillic altered, mineralised diorite porphyry and diorite breccia was intersected. The base of oxidation was noted at 394m depth and supergene mineralisation comprises limonite, neoticite, pitch limonite, cuprite, azurite, malachite and chalcocite. Hypogene sulphide mineralisation consists of rare disseminated chalcopyrite, pyrite and trace molybdenite.

TSD-111

The hole was collared 100m east of TSD-110 and drilled westwards at -75 degrees to test the "Exotic Copper Zone". The hole intersected unaltered cover from collar to the current depth of 249m.

From 249m to the final depth of 527m argillic altered, mineralised diorite porphyry and diorite breccia was intersected. The base of oxidation was noted at 409m depth and supergene mineralisation comprises limonite, cuprite, azurite, malachite, chrysocolla and chalcocite. Hypogene sulphide mineralisation consists of rare disseminated chalcopyrite, pyrite, rare bornite and trace molybdenite.

TSD-112

The hole was collared 100m west of TSD-110 and drilled westwards at -75 degrees to test the "Exotic Copper Zone". The hole intersected unaltered cover from collar to a depth of 302m.

From 302m to the final depth of 469m argillic altered, mineralised diorite porphyry and diorite breccia was intersected. The base of oxidation was noted at 335m depth and supergene mineralisation comprises limonite, cuprite, native copper and chalcocite. Hypogene sulphide mineralisation consists of rare disseminated chalcopyrite and pyrite.

TSD-113

The hole was collared 100m north of TSD-112 and drilled westwards at -75 degrees to test the "Exotic Copper Zone". The hole intersected unaltered cover from collar to a depth of 354m.

From 354m to the final depth of 494m argillic altered, mineralised diorite porphyry and diorite breccia was intersected. The base of oxidation was noted at 377m depth and supergene mineralisation comprises limonite and chalcocite. Hypogene sulphide mineralisation consists of rare disseminated chalcopyrite, pyrite and rare bornite.

TSD-114

The hole was collared 100m east of TSD-113 and drilled westwards at -75 degrees to test the "Exotic Copper Zone". The hole intersected unaltered cover from collar to a depth of 332m.

From 332m to the final depth of 452m argillic altered, mineralised diorite porphyry and diorite breccia was intersected. The base of oxidation was noted at 401m depth and supergene mineralisation comprises limonite, cuprite, native copper and chalcocite. Hypogene sulphide mineralisation consists of rare disseminated chalcopyrite and pyrite.

TSD-115

The hole was collared 100m west of TSD-113 and drilled westwards at -75 degrees to test the "Exotic Copper Zone". The hole intersected unaltered cover from collar to a depth of 331m.

From 331m to the final depth of 467m argillic altered, mineralised diorite porphyry and diorite breccia was intersected. The base of oxidation was noted at 377m depth and supergene mineralisation comprises limonite, hematite and chalcocite. Hypogene sulphide mineralisation consists of rare disseminated chalcopyrite and pyrite.

TSD-116

The hole was collared 200m south of TSD-110 and drilled northwards at -75 degrees to test the "Exotic Copper Zone". The hole intersected unaltered cover from collar to the current depth of 206m. Drilling is in progress.

TSD-117

The hole was collared 100m north of TSD-83 and drilled southwards at -55 degrees. The hole intersected unaltered cover from collar to a depth of 115m.

From 155m to the final depth of 350m intensely potassic altered and argillic overprinted, mineralised diorite porphyry, polymict breccia and localized hydrothermal breccia was intersected. Quartz stockworking is strongly developed within coarse grained diorite porphyry from 115m to 267m depth. The base of oxidation was noted at 305m depth and supergene mineralisation comprises limonite, neoticite, cuprite, azurite, malachite and native copper. Hypogene sulphide mineralisation consists of chalcopyrite, pyrite and rare bornite occurring as disseminations and quartz-sulphide veinlets.

TSD-118

The hole was collared 100m north of TSD-115 and drilled northwards at -75 degrees to test the northern extension of the "Exotic Copper Zone". The hole intersected unaltered cover from collar to the current depth of 345m. Drilling is in progress.

TSD-119

The hole was collared 100m east of TSD-111 and drilled westwards at -75 degrees to test the "Exotic Copper Zone". The hole intersected unaltered cover from collar to the current depth of 157m. Drilling is in progress.

TSD-120

The hole was collared 100m west of TSD-115 and drilled westwards at -75 degrees to test the "Exotic Copper Zone". The hole intersected unaltered cover from collar to the current depth of 10m. Drilling is in progress.

TSD-121

The hole was collared 100m south of TSD-111 and drilled eastwards at -75 degrees to test the "Exotic Copper Zone". The hole intersected unaltered cover from collar to the current depth of 5m. Drilling is in progress.

All assays were conducted on intervals of split core, on average 3m 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 % + (Gold grams/tonne x 0.62) with copper at $1.00 per pound and gold at $425 per ounce.

To view the accompanying map, please click the link below:

http://www.ccnmatthews.com/docs/pgi0504.pdf

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.
    Renato N. Migrino
    Chief Financial Officer
    (632) 746-8755
    (632) 631-9498 (FAX)
    Email: rnm@philexmining.com.ph