Philex Gold Announces Additional Drilling Results At The Boyongan Property
TORONTO, ONTARIO--Philex Gold Inc. (TSX Venture-PGI) is pleased
to report that following the release of the complete results from
diamond drill-holes TSD-49 to 55A on October 16, 2002, nine
drill-holes, TSD-56 to 64 have been completed. Four drill-holes,
TSD-65 to 67 and JSD-9 are in progress.
Available assay results of holes TSD-56 to 64 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 except where indicated.
/T/
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Grades
Length of ----------------------
Hole No. Final Depth Intercept Intercept Copper (%) Gold (g/t)
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TSD-56 676m 88-519m *431m 0.66 0.37
88-237m *149m 1.12 0.08
TSD-57 930m 200-930m *730m 0.17 0.24
750-865m 115m 0.22 0.44
TSD-58 511m 85-511m *426m 0.14 0.05
TSD-59 881m 224-881m 657m 0.37 0.43
616-856m 240m 0.55 0.51
TSD-60 953m 189-953m *764m 0.12 0.14
801-953m 152m 0.21 0.28
TSD-61 630m 198-630m 432m 0.39 0.62
198-435m 237m 0.49 0.86
TSD-62 633m 85-633m *548m 0.26 0.27
171-255m *84m 0.72 0.09
TSD-63 550m 117-129m 12m 1.48 6.24
129-427m 298m 0.99 0.58
TSD-64 625m 180-625m 445m 0.32 0.34
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* Cut-off not applied
/T/
"Many of the holes reported in this release were drilled at the
northern, eastern and southern edges of the deposit and have
effectively closed it off in these directions", said Gerard H.
Brimo, Chairman and CEO. "The Anglo exploration programme for
2003 includes 28,000 metres of drilling. For the first half of
the year, exploration will intensify on targets immediately to
the northwest and west of the deposit, where 10,000 metres of
drilling are planned. An additional 6,000 metres is also planned
at Magpayang, 3 kilometers south, and at Bagacay, 2 kilometers
northwest of Boyongan, during this first half. As reported to us
by Anglo, while the Boyongan deposit contains high grades in
part, the tonnage anticipated from the oxide zone is unlikely to
be sufficient to support a large-scale, long-life operation,
while the deep seated sulphide mineralization currently appears
to have an erratic grade distribution. The focus for the first
half is therefore to evaluate other porphyry systems within the
immediate vicinity of Boyongan, as evidenced by the intercepts of
Bird's Eye porphyry and other geological indications in previous
drilling, including the on-going hole TSD-65 northwest of the
deposit, which intercepted oxide mineralization. We look forward
to reporting on the results in due course."
"Anglo has also informed us that resource estimates incorporating
the results of the additional drilling and metallurgical
test-work will be available subsequent to an audit to be
conducted by an independent consultant, which is expected to be
accomplished early in the second half of this year. We also look
forward to reporting on these results once available."
Drilling adjacent to Boyongan will continue with four large
capacity drill rigs capable of reaching depths of 1,000m. Two
medium capacity rigs capable of drilling to 600m depth are
currently being transferred for scout drilling at Bagacay.
Detailed geologic information on holes TSD-56 to 67 and JSD-9
follows:
TSD-56
The hole was collared approximately 100m north of TSD-50 and
drilled northwards at -60 degrees. The hole intersected unaltered
cover from collar to a depth of 88m.
The hole transected argillized polymict breccia and potassic
altered microdiorite intrusion breccia to a depth of 435m and
medium grained diorite porphyry to hole end at 676m depth. Oxide
mineralization consists of limonite, cuprite and native copper.
The base of oxidation was logged at 316m and sulphide
mineralization comprises chalcopyrite, rare bornite and pyrite.
TSD-57
The hole was collared approximately 100m north of TSD-52 and
drilled northwards at -60 degrees. The hole intersected unaltered
cover from collar to a depth of 200m.
The hole intersected potassic altered polymict breccia,
microdiorite intrusion breccia and diorite porphyry with a
variable argillic overprint from 200m to a depth of 817m.
Magnetite, chlorite, epidote, sulphide skarn and chloritized
basalt was intersected from 817m to hole end at 930m depth. Oxide
mineralization comprises of limonite and neoticite. The base of
oxidation was logged at 227m depth, and hypogene sulphide
mineralization includes pyrite, chalcopyrite and molybdenite.
TSD-58
The hole was collared approximately 100m east of TSD-56 and
drilled northwards at -60 degrees. The hole intersected unaltered
cover from collar to a depth of 70m.
The hole encountered argillized, andesitic tuffs from 70m to 383m
depth and chlorite-calcite-magnetite altered basalt to hole end
at 511m. The base of oxidation was logged at 130m depth.
Mineralization in the oxide zone consists of limonite and the
sulphide zone comprises pyrite, chalcopyrite and rare bornite.
TSD-59
The hole was collared approximately 100m south of TSD-49 and
drilled northwards at -60 degrees. The hole intersected unaltered
cover from collar to a depth of 215m.
The hole transected potassic altered, diorite intrusion breccia
and basalt breccia to hole end at 881m depth. Oxide
mineralization comprises limonite, azurite, malachite cuprite and
native copper. The base of oxidation was noted at 576m depth and
hypogene sulphide mineralization consists of minor chalcopyrite,
rare bornite and pyrite.
TSD-60
The hole was collared approximately 200m north of TSD-51 and
drilled westwards at -60 degrees. The hole intersected unaltered
cover from collar to a depth of 189m.
The hole encountered potassic altered polymict breccia and
diorite breccia with a variable argillic overprint from 189m to a
depth of 400m and potassic altered medium-grained diorite to hole
end at 953m depth. Oxide mineralization consists of moderate
limonite development. The base of oxidation was logged at 349m
and sulphide mineralization comprises weakly disseminated pyrite,
chalcopyrite and rare bornite.
TSD-61
The hole was collared approximately 200m south of TSD-59 and
drilled northwards at -60 degrees. The hole intersected unaltered
cover from collar to a depth of 198m.
The hole continued in potassic altered diorite breccia to hole
end at 630m. Oxide mineralization comprises minor cuprite,
azurite, malachite and chrysocolla. The base of oxidation was not
intersected.
TSD-62
The hole was collared approximately 150m south of TSD-58 and
drilled northwards at -60 degrees. The hole intersected unaltered
cover from collar to a depth of 85m.
From 85m to a depth of 503m, the hole intersected potassic
altered diorite breccia, polymict breccia and basalt breccia. A
strongly potassic altered medium-grained diorite porphyry was
encountered to hole end at 633m depth. Oxide mineralization
consists of pervasive limonite stains and veinlets, minor cuprite
and native copper. The base of oxidation was noted at 280m depth
and hypogene sulphides comprise pyrite, chalcopyrite and rare
bornite.
TSD-63
The hole was collared at the site of TSD-38 and drilled westwards
at -55 degrees. The hole intersected unaltered cover from collar
to a depth of 117m and scree with mineralized quartz boulders to
129m depth.
From 129m to a depth of 382m, the hole intersected potassic
altered polymict breccia and diorite breccia with intense
stockworking increasing downhole. Stockworked, coarse grained
diorite was encountered from 382m to hole end at 550m depth.
Oxide mineralization comprises azurite, malachite, chrysocolla,
cuprite and native copper. The base of oxidation was not
encountered.
TSD-64
The hole was collared approximately 100m south of TSD-55 and
drilled northwards at -60 degrees. The hole intersected unaltered
cover from collar to a depth of 180m.
From 180m to a depth of 547m, the hole intersected potassic
altered polymict breccia and fine-grained diorite breccia, and
transected coarse-grained diorite to hole end at 625m depth. The
base of oxidation was not encountered. Oxide mineralization
consists of limonite, cuprite, azurite, malachite, chrysocolla
and native copper.
TSD-65
The hole was collared at the site of TSD-32 and drilled westwards
at -60 degrees. The hole intersected unaltered cover from collar
to a depth of 291m.
From 291m to the current depth of 438m the hole intersected
oxidized, argillized and potassic altered medium-grained diorite
with minor quartz stockworking. Oxide mineralization comprises
cuprite, azurite, malachite and trace chalcocite. Drilling is in
progress.
TSD-66
The hole was collared at the site of TSD-62 and drilled eastwards
at -60 degrees. The hole intersected unaltered cover from collar
to a depth of 94m.
From 94m to the current depth of 301m, the hole intersected
silica-clay-chlorite-pyrite altered andesitic pyroclastics. The
base of oxidation was encountered at 112m depth and sulphide
mineralization comprises pyrite, trace chalcocite and rare
chalcopyrite. Drilling is in progress.
TSD-67
The hole was collared 100m west of TSD-33 and drilled northwards
at -60 degrees. The hole intersected unaltered cover from collar
to the current depth of 106m. Drilling is in progress.
JSD-9
The hole was collared 400m west of JSD-3 and drilled westwards at
-60 degrees. The hole intersected unaltered cover from collar to
the current depth of 20m. Drilling is in progress.
All assays were conducted on intervals of split core, on average
3m in length, 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.
Copper equivalents on the attached Drill Hole Location Maps have
been calculated on the following basis: % Copper equivalent
equals Copper % + (Gold grams/tonne x 0.455) with copper at $0.90
per pound and gold at $280 per ounce.
NOTE: A map is available on CCNMatthews' website at:
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