Philex Gold receives additional Boyongan drill results
Wed 3 Oct 2001
News Release
Mr. Gerard Brimo reports
Following the release of the complete results from diamond drill holes
TSD-18 to 20 on July 18, 2001, six drill holes, TSD-21 to 26, have been
completed with full assays available. Holes TSD-27 to 30 are in progress.
Available assay results of holes TSD-21 to 26 are presented in the
following table. All quoted depths are measured in metres downhole, and all
assay results have had a cutoff of 0.1 per cent copper and 0.1 of a gram
per tonne gold applied.
Final Grades
hole Length of Inter-
No. Depth intercept cept Copper Gold
(%) (g/t)
TSD-21 478 291- 478 187 0.41 0.45
TSD-22 335 250- 335 85 0.20 0.17
TSD-23 768 64- 375 311 0.47 1.13
82- 245 163 0.60 1.76
TSD-24 1,001 135- 702 567 0.42 0.68
135- 303 168 0.62 1.28
717- 810 93 0.27 0.64
837-1,001 164 0.35 0.48
912-1,001 89 0.51 0.62
TSD-25 476 327- 476 149 0.37 0.16
TSD-26 522 451- 522 71 0.28 0.29
508- 522 14 0.45 0.71
"Holes TSD-24 and 26 indicate that potentially significant copper and gold
mineralization extends at depth to the northwest and the deposit remains
open in that direction," said Gerard Brimo, chairman and chief executive
officer. "We are also encouraged by the debris flow of mineralized diorite
porphyry encountered in TSD-30, indicating the possible presence of another
mineralized porphyry system in the general area. In view of this, we are in
the process of perfecting an exploration permit covering ground staked by
the joint venture immediately west and south of the Boyongan MPSA block."
Detailed geologic information on holes TSD-21 to TSD-30 follows:
TSD-21 was drilled at -60 degrees toward the north from the TSD-20 site.
The hole intersected unaltered cover from surface to a depth of 87 metres.
Weakly potassic-altered and mineralized diorite breccia with localized
polymictic clasts was encountered from 87 metres to hole end at 478 metres.
Oxide mineralization consisting of cuprite, native copper and trace
neotocite is associated with weak quartz veining to the base of oxidation
at 338 metres depth. The primary sulphide zone consists of chalcopyrite,
bornite, pyrite and minor molybdenite occurring as fracture coatings and
associated with variable quartz veining.
TSD-22 was collared at the site of TSD-19 and drilled northward at -65
degrees. The hole intersected unaltered cover from the collar to a depth of
169 metres.
Potassic-altered diorite breccia hosting weak quartz veining with a strong
argillic alteration overprint was intersected from 169 metres to hole end
at 335 metres. Chlorite-magnetite alteration becomes dominant at depth, and
is associated with weak pyrite and chalcopyrite mineralization. The hole
was terminated at 335 metres in pyrite-dominant alteration.
TSD-23 was collared approximately 20 metres north of TSD-6 and drilled
vertically. The hole intersected unaltered cover from collar to 61 metres
depth underlain by elluvial material consisting of mineralized quartz and
silicified diorite clasts to a depth of 73 metres.
From 73 metres to a depth of 522 metres, strongly potassic-altered,
quartz-stockworked diorite porphyry and diorite breccia was intersected.
The potassic alteration assemblage consisting of biotite, k-feldspar and
magnetite is variably overprinted by an argillic alteration assemblage.
Oxide copper mineralization consisting of malachite, azurite, cuprite and
native copper is associated with quartz stockwork development.
From 522 metres to hole end at 768 metres, a weakly mineralized and
potassic-altered coarse-grained diorite porphyry was intersected. The base
of oxidation is at 602 metres.
TSD-24 was collared approximately 150 metres southwest of TSD-6 and drilled
northward at -60 degrees. The hole intersected unaltered cover from collar
to a depth of 135 metres.
From 135 metres to hole end at 1,001 metres, the hole encountered
potassic-altered and weakly quartz-veined diorite breccia with a variable
argillic overprint. Oxide copper mineralization consists of cuprite,
malachite, azurite, native copper and chrysocolla. The base of oxidation
was intersected at 763 metres. Hypogene sulphide mineralization consists of
disseminated and veinlet chalcopyrite, bornite, and minor pyrite.
Mineralization improves below 912 metres where strong potassic-altered
basalt breccia with moderate chlorite overprint was intersected and remains
open at depth.
TSD-25 was collared approximately 200 metres south of TSD-12 and drilled
northward at -60 degrees. The hole intersected unaltered cover from collar
to a depth of 327 metres.
The hole encountered polymict diorite breccia starting from 327 metres to
hole end at 476 metres. The breccia is generally
clay-chlorite-pyrite-altered with occasional remnant secondary biotite and
magnetite, indicating peripheral argillic alteration overprinting an
earlier potassic assemblage. Minor cuprite and disseminated azurite are
locally present. The hypogene sulphide zone is pyrite dominant with trace
chalcopyrite. TSD-26 was collared approximately 450 metres north of TSD-8
and drilled southward at -60 degrees. The hole intersected unaltered cover
from collar to a depth of 284 metres. The hole was terminated prematurely
at 522 metres depth due to badly caving ground.
Potassic-altered and variably mineralized diorite breccia was intersected
from 284 metres to hole end at 522 metres. Mineralization consists of
localized cuprite and trace native copper, with minor neotocite. The base
of oxidation was encountered at 505 metres depth. Mineralization
strengthens below 508 metres with increasing chalcopyrite and remains open
at depth.
TSD-27 was collared approximately 150 metres south of TSD-10 and drilled
northward at -75 degrees. The hole intersected unaltered cover from collar
to the current depth of 101 metres.
The hole encountered polymict diorite breccia from 101 metres to the
present bottom at 560 metres. The diorite breccia is generally
potassic-altered with a variable intermediate argillic overprint that
grades to a biotite-magnetite-k-feldspar assemblage at depth. The base of
oxidation was intersected at 260 metres. Oxide copper mineralization
consists of minor cuprite, pitch limonite, neotocite and rare native
copper. The hypogene sulphides consist of pyrite, chalcopyrite, and traces
of molybdenite and bornite, occurring as fracture filling and minor
disseminations. Drilling is in progress.
TSD-28 was collared at the site of TSD-24 and drilled westward at -60
degrees. The hole intersected unaltered cover from collar to a depth of 204
metres.
The hole encountered polymict diorite breccia from 204 metres to the
current depth of 600 metres. The breccia is potassically altered with a
variable intermediate argillic overprint. Oxide copper mineralization
consists of trace cuprite, native copper, neotocite, azurite and malachite.
Drilling is in progress.
TSD-29 was collared approximately 800 metres northwest of TSD-6 and drilled
northward at -60 degrees. The hole intersected unaltered cover from collar
to a depth of 338 metres.
The hole encountered altered and weakly mineralized diorite porphyry from
338 metres to the current depth of 500 metres. The diorite is clay,
chlorite, sericite-altered, and hosts weak quartz veinlets with minor
pyrite and chalcopyrite mineralization. The presence of diorite porphyry
indicates a possibly significant extension of the copper-gold
mineralization to the northwest. Drilling is in progress.
TSD-30 was collared approximately 800 metres south of TSD-6 and drilled
vertically. The hole intersected unaltered cover from collar to the current
depth of 177 metres.
From 52 metres to 91 metres, a major debris flow was intersected consisting
of silicified, and potassic-altered and quartz-magnetite-chalcopyrite
mineralized clasts of bird's eye diorite porphyry, interpreted as being
derived from another, discrete mineralized porphyry system.
From 177 metres to the current depth of 200 metres, the hole intersected
laminated sandstones and siltstones of the Motherlode Turbidites. Drilling
is in progress.
Drilling continued with two large-capacity drill rigs and two
medium-capacity rigs capable of reaching depths of 1,000 metres and 600
metres. The initially planned 10,000 metres of diamond drilling has been
increased to 13,000 metres for the year.
All assays were conducted on average three-metre 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.
The assay data provided above were 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. |
