International PBX Ventures. A Moly player worthy of the MOLY board.
January 6, 2005
COPAQUIRE MEGA-MOLYBDENUM TARGET TO BE DRILLED
The company has issued tenders for a 2500 metre drill program to commence as soon as possible to confirm and extend previous work by major companies and test induced polarization anomalies obtained by International PBX on this property. The 1,433-hectare Copaquire property is located 20 kilometres west of the mega-copper-molybdenum Collahuasi mine but at lower elevations (3,500 to 3,900 metres) and workable year-round. The company has the option to earn a 100-per-cent interest in the property over a four-year period.
Current molybdenum prices of over $US 30.00 per pound makes this an enormously exciting project for the company as previous drilling and surface sampling indicate the presence of widespread Mo values of between 0.1 to 0.2 per cent or, in other words, between 2.2 and 4.4 pounds Mo per tonne. Based on previous sampling and drilling and induced polarization work carried out this year, the target size is estimated to be in the range of 0.5 to 1.3 billion tonnes ( see news release of October 18, 2004).
OCTOBER 18, 2004
NEWS RELEASE- LARGE IP ANOMALY FOUND ON COPAQUIRE CU-MO PORPHYRY PROPERTY
The company is pleased to announce completion of an induced polarization-resistivity survey on its Copaquire Copper-Molybdenum property consisting of four east-west lines spaced approximately 1 km apart and trending west from the adjacent Collahuasi mine property a distance of 1.5 to 2 km. A strong chargeability anomaly has been found which increases in magnitude to the west and especially southwest and is accompanied by moderate to high resistivity. The 1433 ha Copaquire property is located 20 kilometers west of the mega-copper-molybdenum Collahuasi Mine but at lower elevations (3500-3900m) and workable year around. The company has the option to earn a 100 percent interest in the property over a four year period.
The property has been drilled and surface sampled by major mining companies in 1977 and 1993 but remarkably has not received serious attention in recent times. In 1977 five 250m holes were drilled coincident with the southernmost IP line just completed by the company. Grades reported were in the range of 0.1% to 0.2 % MoS2 in sections 95m to 250m thick accompanied by copper at .04% to .12 %. Prior chip sampling of leached outcrop in the vicinity of and up to 700m north and 300m south of this line of holes gave values ranging from 1075m with weighted average grade of 0.21% Mo to 300m grading 0.1% Mo. The drill holes in combination with the surface chip sampling and the new IP survey leads management to consider 0.5 to 1.3 billion tons as the target potential for this zone. Further surface work and diamond drilling will be carried out to establish grade and tonnage as this is, indeed, a compelling target.
The 1993 drilling in a more copper rich part of the system, about 2 km northeast of the above target, indicated the presence, below an intensely leached capping, of significant secondary sulphides over an area of 1.25 million square metres and vertical depth of 350m. The better holes bottomed in secondary sulphides and assayed in the range of 0.3% to 0.6% copper. This target is open to the west of the 1993 drilling, where the Companies IP survey records increasing chargeability values. This area also merits a substantial drill program.
In summary, the company has acquired a property of great merit to add to its large portfolio of Chilean copper and gold property holdings and plans to proceed with exploration as soon as possible. |
