Philex Gold Inc.
TSX VENTURE : PGI

Philex Gold Inc.

September 05, 2007 08:01 ET

Philex Gold Announces Results of the Latest Drill Holes at the Boyongan Property

TORONTO, ONTARIO--(Marketwire - Sept. 5, 2007) - Philex Gold Inc. (TSX VENTURE:PGI) is pleased to report that one additional infill drill-hole, TSD-122 and two geotechnical holes TGD-01 and TGD-02 have been completed while holes TSD-123 and JSD-25 are currently in progress. Three drill rigs are currently operating at the Boyongan Project, including a deep-hole rig that is testing the Northwest Hypogene Zone at greater depth. An additional drill rig is currently being mobilized for the Bayugo Porphyry deposit.

Complete assay results of holes TSD-118, TSD-120, TSD-121 (described in a previous press release) and partial results of hole TSD-122 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-118 785m 360-785m 424m 0.21 0.18
552-688m 136m 0.32 0.29
763-785m 22m 0.35 0.36

TSD-120 803m 333-803m 470m 0.31 0.13
359-374m 15m 1.30 0.01
386-410m 24m 0.75 0.03
512-574m 62m 0.48 0.28

TSD-121 500m 237-500m 263m 0.17 0.13
286-332m 46m 0.35 0.37
359-374m 15m 0.30 0.12

TSD-122 1102m 378-760m 382m 0.52 0.79
483-696m 213m 0.77 1.03
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"Hole TSD-122 intersected coarse grained diorite porphyry characterized by intense quartz-magnetite-sulphide veining and strong pyrite, chalcopyrite and minor bornite mineralisation. A leached capping encountered in the upper portion of the diorite porphyry is a possible source of the copper deposited within the "Exotic Copper Zone" to the immediate southeast. This geological interpretation of drill hole TSD-122, in conjunction with an earlier hole TSD-78, suggests the intense development of a quartz stockwork zone over a vertical interval of several hundred metres within the southern portion of the Bayugo Porphyry deposit. The geotechnical drilling programme has been deferred in order to prioritize drill testing of the Bayugo Porphyry in the vicinity of the high grade copper-gold zones intersected in hole TSD-122 and in holes JSD-23 and 24 completed during 2003," said Company Chairman Walter Brown.

Drilling has also commenced to test the source of intensely mineralised breccia clasts in the vicinity of the NW Hypogene Zone at a depth of 1500-1600m.

Detailed geologic information on holes TSD-122 to TSD-123, JSD-25 and TGD-01 to TGD-02 follows:

TSD-122

The hole was collared 100m south of TSD-78 and drilled northwards at -70 degrees to test the "Exotic Copper Zone" and extend at depth into the Bayugo porphyry. The hole intersected unaltered cover from collar to a depth of 378m.

From 378m to the final depth of 1102m, moderately to strongly potassic altered and variably argillic overprinted, mineralised diorite porphyry was intersected. Intense quartz stockworks are developed from 413m to a depth of 737m within a progenitor, diorite porphyry. Xenoliths of the intensely stockworked porphyry were intersected from 1007m to 1012m depth and from 1018m to 1026m depth. The hole intersected the stockwork zone again from 1100m to the end of hole at 1102m depth, the rig capacity. The base of oxidation was noted at 502m depth and supergene mineralisation comprises pitch limonite, hematite, minor chalcocite and native copper. Hypogene sulphide mineralisation consists of chalcopyrite, bornite and pyrite occurring as disseminations and within quartz-magnetite-sulphide stockworks.

TSD-123

The hole was collared at the site of TSD-111 and drilled southwards at -75 degrees to test the "Exotic Copper Zone" and to test the deep seated Western Hypogene Zone to a depth of 1600m. The hole intersected unaltered cover from collar to the current depth of 187m. Drilling is in progress.

JSD-25

The hole was collared approximately 200m south of TSD-122 and drilled northwards at -70 degrees to test the southern extension of the high grade zone within the Bayugo porphyry located in hole TSD-122. The hole intersected unaltered cover from collar to the current depth of 10m. Drilling is in progress

TGD-01

This geotechnical hole was collared 100m north of TSD-42 and drilled northwards at -50 degrees. The hole intersected unaltered cover from collar to the current depth of 233m.

From 233m to the final depth of 420m variably argillic altered, weakly mineralised diorite porphyry, basalt breccia and diorite breccia was intersected. The base of oxidation was noted at 280m depth and supergene mineralisation comprises minor limonite, pitch limonite and hematite. Hypogene sulphide mineralisation consists of disseminated pyrite and trace chalcopyrite.

TGD-02

This geotechnical hole was collared 100m west of TSD-87 and drilled westwards at -50 degrees. The hole intersected unaltered cover from collar to the final depth of 227m. The hole was terminated due to technical reasons in the difficult Tugunan Mudstone cover unit.

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 drill hole map, please click the link below:

http://www.ccnmatthews.com/docs/pgi0905.jpg

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) 746-8755
    (632) 631-9498 (FAX)
    Email: rglaraya@yahoo.com