Wow what a drill hole 329 meters 1.68% Copper and 2.64 grams Au.
Philex Gold Inc - News Release
Philex Gold updates on drilling results on Boyongan
Philex Gold Inc PGI
Shares issued 40,181,818 2001-04-23 close $0.95
Tuesday Apr 24 2001 News Release
Mr. Paula Kember reports
Following the release of the results from three completed diamond drill holes (TSD-10, 11 and 12), on March 6, 2001, three additional drill holes (TSD-13, 14, and 15) have been completed by Anglo American Exploration (Philippines) Inc., under a joint venture covering the Surigao properties. Another three diamond drill holes (TSD-16, 17 and 18) are being drilled. Philex Gold continues to be encouraged by the drilling results, which confirm high-grade intercepts within the Boyongan copper-gold deposit.
The assay results of holes TSD-13 to 15 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-per-cent copper and 0.1 grams per tonne gold applied).
Hole Final Intercept
No. Depth
TSD-13 994 85 - 564
85 - 372
TSD-14 441 53 - 441
53 - 188
TSD-15 454 61 - 400
61 - 248
Length of Grades
Intercept Copper Gold
(%) (%)
479 0.70% 0.94
287 0.98% 1.44
388 1.07% 2.03
135 2.21% 5.11
3239 1.68% 2.64
187 2.58% 4.47
"We are very pleased to see the high-grade mineralization found in TSD 14 repeated in TSD 15," said Gerard Brimo, chairman and chief executive offiver. "Most of the drill holes to date have intercepted good grade mineralization and in a number of instances we have seen exceptional grades. Three diamond drills are being used on the property, with the third rig having been added in March. We expect that about 10,000 metres of drilling will be completed this year which will more accurately define the lateral and vertical extent of the Boyongan deposit."
Detailed geologic information on holes TSD-13 to 15 and on the continuing holes TSD-16 to 18 follow:
TSD-13 was collared approximately 120 metres north of TSD-6 and drilled eastwards at -85 degrees to a final depth of 994 metres. The hole intersected unaltered cover from collar to 85 metres.
Mineralized diorite porphyry and breccia was intersected from 85 metres to a depth of 537 metres. The intrusives are intensely potassic altered with an intermediate argillic overprint. The intensity of mineralization generally decreases below 500 metres and comprises quartz-limonite veinlets, azurite, malachite, cuprite and minor chrysocolla. A weakly mineralized, late stage, hornblende diorite porphyry was encountered from 537 metres to hole end at 994 metres. The base of oxidation was encountered at a depth of 585 metres.
TSD-14 was collared approximately 150 metres north of TSD-10 and inclined at -60 degrees towards the north. The hole encountered unaltered cover from surface to 53 metres.
Strongly mineralized diorite breccia was intersected from 53 metres to 147 metres. The diorite is intensely potassic altered and silicified with a local intermediate argillic overprint. Dense quartz stockwork development is associated with malachite, azurite, minor cuprite, chrysocolla, chalcocite and rare, unoxidised sulphides. Enargite-bornite veinlets, which cut the quartz stockworks from 85 metres to 94 metres provide evidence for a preserved high sulphidation overprint.
From 147 metres to 365 metres the hole intersected polymict, potassic altered diorite breccia with a variable chlorite overprint, which crosscuts the stockworked diorite breccia. The intensity of copper mineralization decreases with depth. The hole intersected silica-chlorite-magnetite altered plagioclase-hornblende diorite from 365 metres to hole end at 441 metres.
The base of oxidation was intersected at 258 metres and the hypogene sulphide mineralization comprises chalcopyrite and bornite as fracture fillings and disseminations within quartz veinlets.
TSD-15 was collared at the TSD-14 site and drilled to the south at -75 degrees inclination. The hole intersected unaltered cover from surface to a depth of 61 metres.
Strongly mineralized diorite porphyry was intersected from 61 metres to 136 metres and is intensely potassic altered and silicified with a local intermediate argillic overprint. Dense quartz stockwork development is associated with malachite, azurite, minor cuprite and chrysocolla, and is accompanied by traces of unoxidized chalcopyrite+bornite+enargite in massive veins from 82-metre to 100- metre depth.
Potassic altered polymict breccia was encountered from 136- metre to 411-metre depth and contains 20 per cent quartz-limonite stockwork decreasing with depth. Mineralization comprises malachite-azurite-cuprite and trace native copper. The base of oxidation is at 242 metres with hypogene mineralization comprising 1 per cent chalcopyrite+bornite and minor pyrite. From 411 metres to hole end at 454 metres, a potassic-altered basalt-breccia with weak quartz veinlets and weak chalcopyrite was intersected.
TSD-16 was collared approximately 150 metres to the northwest of TSD-14 and is being drilled southwards at -60 degrees. The hole intersected unaltered cover from surface to a depth of 175 metres.
Altered and mineralized diorite and microdiorite intrusion breccia was intersected from 175 metres to the current depth of 560 metres. The diorite breccia is potassic altered with a variable clay-chlorite-sericite overprint. Oxide copper mineralization is associated with 1 to 2 per cent quartz veining and comprises cuprite, malachite, azurite and limonite increasing with depth. The base of oxidation was encountered at 420-metre depth and hypogene sulphide mineralization consists of pyrite and chalcopyrite with minor bornite and molybdenite associated with 1 to 40 per cent quartz veinlets. The hole is designed to terminate at 650 metres. Assay results are pending.
TSD-17 was collared approximately 150 metres to the northeast of TSD-14 and is being drilled southwards at -60 degrees. The hole intersected unaltered cover from surface to a depth of 108 metres.
Potassic altered microdiorite intrusion breccia with localised polymict clasts was intersected from 108 metres to the current depth of 284 metres. The breccia is very weakly mineralized with limonite, 1 per cent quartz veinlets and trace neotocite and cuprite. The hole is designed to terminate at 500 metres. Assay results are pending.
TSD-18 was collared at the TSD-14 site and is being drilled vertically to test the depth extension of the mineralization encountered in TSD-14 and 15. The hole intersected unaltered cover from surface to a depth of 53 metres.
Strongly mineralized diorite porphyry was intersected from 53 metres to the current depth of 73 metres and is intensely potassic altered and silicified with a local intermediate argillic overprint. Dense quartz stockwork development is associated with malachite, azurite, minor cuprite and chrysocolla and is accompanied by traces of unoxidized chalcopyrite+bornite+enargite in massive veins. The hole is planned to terminate at 1,000-metre depth.
All assays were conducted on average three metres intervals of split core by Intertek testing services at its laboratory in Jakarta, under the supervision of Anglo American. Quality control was monitored by incorporation of assay standards and duplicates.
These 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.
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