Philex Gold Announces Updated Drilling Results At The Buyongan Property
Toronto, Ontario - Tuesday, November 7, 2000, 7:05 AM EST
Philex Gold Inc. (CDNX-PGI) reports that following the release of
the results of diamond drill-hole TSD-6 on September 15, 2000,
three additional drill holes (TSD-7 to 9) have been completed
while another two (TSD-10 and 11) are being drilled by Anglo
American Exploration (Philippines), Inc., under a joint venture
covering the Surigao Properties.
TSD-7 was inclined at 60 degrees to the south from hole TSD-6.
The hole encountered Quaternary lavas and sediments and a major
fault zone before intersecting the Quaternary unconformity at 128
metres downhole. Mineralized, potassic altered diorite porphyry
was intersected from 128 metres to 159 metres. Potassic altered,
andesitic pyroclastics, with localized overprinting of
intermediate argillic alteration and associated weak to moderate
quartz-limonite veinlets were intersected from 159 metres to 450
metres. The oxide zone is characterized by development of
malachite, azurite, cuprite, native copper and limonite to a
downhole depth of 400 metres.
Applying a cut-off of 0.1% copper and 0.1 grams per tonne gold,
the weighted average values of a 280 metre intercept from 128
metres to 408 metres are 0.46% copper and 0.40 grams per tonne
gold.
TSD-8 was inclined at 60 degrees to the north and designed to
test the western extension of porphyry mineralization encountered
in TSD-6. The hole intersected Quaternary lavas and clastic
sediments from collar to hole end at 284 metres. The marked
increase in thickness of the Quaternary cover is believed to be
due to normal faulting between TSD-6 and TSD-8. The hole was
abandoned in caving, unconsolidated ground having failed to
intersect the target porphyry system.
TSD-9 was inclined at 60 degrees to the west from TSD-6 to test
the westward extension of the diorite intrusive and associated
copper-gold mineralization encountered in TSD-6. The hole
intersected 79 metres of Quaternary lavas and sediments
unconformably overlying altered and mineralized diorite
intrusives phases. The porphyritic diorites are potassically
altered with variable development of quartz veining and
associated malachite, azurite, cuprite, pitch limonite and native
copper mineralization and persisted to hole end at 500 metres
depth.
Applying a cut-off of 0.1% copper and 0.1 grams per tonne gold,
the weighted average values of a 421 metre intercept from 79
metres to 500 metres are 0.56% copper and 0.90 grams per tonne
gold. The weighted average values of a 259 metre intercept from
79 metres to 338 metres are 0.74% copper and 1.14 grams per tonne
gold.
TSD-10 is inclined at 60 degrees to the west and designed to
delineate the eastern contact of the mineralized diorite
intersected in TSD-6. Drilling intersected 103 metres of
Quaternary lavas and sediments unconformably overlying argillized
and weakly mineralized pyroclastics to a depth of 200 metres.
From 200 metres the hole intersected potassic altered
pyroclastics to 285 metres and potassic altered porphyrytic
diorite was encountered to the current depth of 340 metres. The
intensity of quartz veining and associated copper mineralization
is increasing with depth. The hole is ongoing and is planned to
terminate at 500 metres depth.
TSD-11 is inclined at 60 degrees to the east from the TSD-8 site
and designed to define a postulated fault zone between TSD-6 and
TSD-8. The hole intersected Quaternary lavas and clastic
sediments from collar to the current depth of 125 metres.
Drilling is still in progress and designed to terminate at 500
metres depth.
All assays were conducted on average 3 metre intervals of split
core 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.
A summary of previous diamond drill holes at the Boyongan
prospect follows:
The drilling program was designed to test for a copper-gold
porphyry system under Quaternary lavas and sediments.
Mineralized, quartz stockworked porphyry boulders occurring
within palaeo debris flows were located some 3 kilometres to the
northwest at the Bagacay Prospect, and were interpreted to have
been derived from a blind copper-gold porphyry deposit at
Boyongan.
TSD-1 was inclined at 60 degrees to the south and intersected 90
metres of Quaternary lavas and clastic sediments unconformably
overlying a weakly altered and mineralized andesitic pyroclastic
unit to hole end at 220 metres. Chlorite-pyrite-magnetite
veinlets were observed and interpreted to represent the pyritic
halo to a porphyry copper system. No significant mineralization
was intersected.
TSD-2 was inclined at 60 degrees to the north from the previous
hole. The hole encountered 65 metres of Quaternary lavas and
clastic sediments unconformably overlying altered and mineralized
andesitic pyroclastics continuing to hole end at 338 metres. A
chlorite-magnetite-clay alteration assemblage is pervasively
developed grading to weak potassic alteration at depth. Rare
chalcopyrite veinlets and disseminations increase with depth and
are interpreted as representing an intermediate argillic annulus
to the potassic zone of a porphyry copper system.
The weighted average values of a 204 metre intercept from 134
metres to 338 metres are 0.38% copper and 0.05 grams per tonne
gold, including a 93m metre intercept from 245 metres to 338
metres averaging 0.57% copper and 0.17 grams per tonne gold .
TSD-3 was inclined at 80 degrees to the north and intersected 150
metres of Quaternary lavas and sediments unconformably overlying
altered and mineralized pyroclastics to hole end at 203 metres.
An intermediate argillic alteration characterized by a
chlorite-clay-magnetite assemblage is pervasively developed from
150 metres to hole end and interpreted to represent peripheral
alteration to the potassic zone of a porphyry copper system. The
hole was terminated having failed to intersect significant
mineralization.
The weighted average values of a 15 metre intercept from 168
metres to 183 metres are 0.18% copper and 0.64 grams per tonne
gold.
TSD-4 was inclined at 80 degrees to the south and intersected 41
metres of Quaternary lavas and sediments unconformably overlying
andesitic pyroclastics, which continue to hole end at 116 metres.
A weak alteration assemblage comprising
pyrite-magnetite-carbonate affects the pyroclastics and is
interpreted to represent the outer, propylitic alteration zone
defining the northeastern margin of a porphyry copper system. No
significant mineralization was intersected.
TSD-5 was inclined at 80 degrees to the north and intersected 77
metres of Quaternary sediments unconformably overlying basalt of
the basement Bacuag Formation. The hole was terminated at 99
metres in weakly propylitised, basalt and defined the south
eastern limit of a porphyry system. No significant mineralization
was intersected.
TSD-6 was inclined at 60 degrees to the north and intersected 57
metres of Quaternary lavas and sediments unconformably overlying
intensely altered and mineralised porphyritic diorite. Potassic
altered diorite continued to 240 metres downhole and potassic
altered pyroclastics were encountered to hole end at 422 metres
depth. Insitu, oxide copper mineralization with malachite,
azurite, cuprite and native copper occurring within quartz
veinlets, as disseminations and fracture coatings was encountered
throughout the drillhole.
The uncut, weighted average assay values of the 365 metre
intercept are 0.81% copper and 1.90 grams per tonne gold.
Applying a 0.1% copper and 0.1 gram per tonne gold cut-off, the
weighted average values of a 329 metre intercept from 93 metres
to 422 metres are 0.90% copper and 2.07 grams per tonne gold. An
upper cut-off was not applied as outlier copper and gold values
were not encountered.
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.
The Canadian Venture Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of this
release.
For further information contact:
Paula Kember, Vice President Finance
Suite 420, 141 Adelaide Street West
Toronto, Ontario M5H 3L5
Telephone: (416) 861-1221
Fax: (416) 861-1226
Electronic Mail: paulak@philexgold.com
For a copy of the map, please visit:
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