Philex Gold Announces Additional Drilling Results At The Boyongan Property
Toronto, Ontario --
Philex Gold Inc. (CDNX-PGI) is pleased to report that following
the release of the complete results from diamond drill-holes
TSD-21 to 26 on October 18, 2001, seven drill-holes, TSD-25
(deepened), TSD-27 to 31 and TSD-34 have been completed with full
assays available. Holes TSD-32 and 33 are in progress.
Available assay results of holes TSD-25, TSD-27 to 31 and TSD-34
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 and 0.1 grams per tonne gold applied.
Hole Final Length of Grades
No. Depth Intercept Intercept Copper Gold
(%) (g/t)
---------------------------------------------------------------
TSD-25 933 420 - 933 513 0.42 0.38
TSD-27 663 263 - 638 375 0.28 0.27
TSD-28 608 204 - 608 404 0.35 0.63
TSD-29 508 359 - 408 49 1.18 0.26
TSD-30 219 55 - 67 12 0.10 0.65
76 - 88 12 0.12 0.32
TSD-31 248 None
TSD-34 151 None
"We look forward to an expanded drilling program next year with
a target of 15,000 metres of resource definition drilling", said
Gerard H. Brimo, Chairman and CEO. We also look forward to the
scout drilling primarily to the south of Boyongan as the debris
flow of mineralized diorite porphyry encountered in TSD-30
indicates the possible presence of another mineralized porphyry
system in the general area."
Detailed geologic information on holes TSD-25, and TSD-27 to
TSD-34 follows:
TSD-25 was collared approximately 200m south of TSD-12 and
drilled northwards at -60 degrees. The hole intersected unaltered
cover from collar to a depth of 327m. The hole was reopened and
deepened from 476m to a final depth of 933m.
The hole encountered polymict diorite breccia and dioritic
intrusives from 327m to hole end at 933m. The breccia is
generally clay-chlorite-pyrite altered with local remnant
secondary biotite and magnetite, indicating peripheral argillic
alteration overprinting an earlier potassic assemblage. Oxide
mineralization comprises minor cuprite, azurite, malachite, pitch
limonite and native copper as fracture fillings, disseminations
and quartz vein fillings. The base of oxidation was encountered
at a depth of 871m and the hypogene sulphide zone consists of
chalcopyrite, bornite, molybdenite and pyrite occurring in
fractures, in thin quartz veinlets and as disseminations.
TSD-27 was collared approximately 150m south of TSD-10 and
drilled northwards at -75 degrees. The hole intersected unaltered
cover from collar to the current depth of 101m.
Polymict diorite breccia was intersected from 101m to hole end at
663m. The 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 260m. Oxide copper mineralization
comprises minor cuprite, pitch limonite, neotocite and rare
native copper. The hypogene sulphides comprise pyrite,
chalcopyrite and traces of molybdenite and bornite occurring as
fracture fillings and minor disseminations.
TSD-28 was collared at the site of TSD-24 and drilled westwards
at -60 degrees. The hole intersected unaltered cover from collar
to a depth of 204m and polymict diorite breccia from 204m to hole
end at 608m. The breccia is composed of diorite, basalt and
mudstone clasts with a microdiorite matrix. It is potassically
altered with a variable intermediate argillic overprint. Oxide
copper mineralization comprises trace cuprite, native copper,
neotocite, azurite and malachite to a depth of 531m. A propylitic
alteration assemblage comprising chlorite, epidote, pyrite and
magnetite was encountered from 531m to hole end at 608m depth.
TSD-29 was collared approximately 800m northwest of TSD-6 and
drilled northwards at -60 degrees. The hole intersected unaltered
cover from collar to a depth of 338m.
Altered and weakly mineralized, medium grained diorite porphyry
was intersected from 338m to a depth of 425m. The diorite is
clay, chlorite, sericite altered and hosts weak to moderate
quartz stockworks containing pyrite, chalcocite, native copper
and traces of chalcopyrite and bornite. A weakly mineralized,
inter-mineral, coarse-grained diorite porphyry with strong
chlorite-sericite-clay alteration was intersected from 425m to
hole end at 508m.
TSD-30 was collared approximately 800m south of TSD-6 and drilled
vertically. The hole intersected unaltered cover from collar to
a depth of 177m.
From 52m to 91m a major debris flow was intersected comprising
silicified and potassic altered quartz-magnetite-chalcopyrite
mineralized clasts of 'bird's eye' diorite porphyry interpreted
as being derived from another, discrete mineralized porphyry
system. From 177m to hole end at 219m the hole intersected
unaltered, laminated sandstones and siltstones of the Miocene
Motherlode Turbidite Formation.
TSD-31 was collared approximately 650m west of TSD-30 and drilled
vertically. The hole intersected unaltered cover from collar to
a depth of 245m. From 245m to hole end at 247m it intersected
unaltered, laminated sandstones and siltstones tentatively
correlated with the Miocene Motherlode Turbidite Formation. The
hole was abandoned in badly caving ground, although it may be
reopened and deepened in 2002.
TSD-32 was collared approximately 230m east of TSD-26 and
inclined at -70 degrees to the south. The hole intersected
unaltered cover from collar to a depth of 230m. From 230m to the
current depth of 239m the hole encountered a reddish brown,
clayey soil containing argillised diorite fragments. Drilling is
in progress.
TSD-33 was collared approximately 210m west of TSD-8 and inclined
at -60 degrees to the north. The hole intersected unaltered cover
from collar to the current depth of 177m. The hole was stopped
temporarily while a more powerful rig was installed on site.
Drilling is in progress.
TSD-34 was collared approximately 500m east of TSD-30 and drilled
vertically. The hole intersected unaltered cover from collar to
a depth of 124m.
From 64m to 123m, a palaeo-debris flow was intersected comprising
clasts of 'Bird's Eye' Porphyry, Maniayao andesite and diorite.
From 124m to the final depth of 151m the hole intersected
unaltered laminated sandstones and siltstones of the Miocene
Motherlode Turbidite Formation.
Drilling continues with two large capacity drill rigs capable of
reaching depths of 1,000m. Two additional large capacity rigs
will be mobilized to Boyongan early in 2002. Two medium sized
rigs will commence reconnaissance drilling of targets south of
Boyongan and at Magpayang early in 2002.
All assays were conducted on average 3m 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.
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.
To view a map of the Boyongan Geologic Map and Drill Hole
Location, please visit e-newsservices.com
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 Telephone:416-861-1221
Suite 420, 141 Adelaide Street West Fax: 416-861-1226
Toronto, Ontario M5H 3L5 Electronic Mail:
paulak@philexgold.com |
