VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 29, 2011) - International PBX Ventures Ltd. ("PBX" or the "Company") (TSX VENTURE:PBX) is pleased to provide an update on the First Phase 5,000 meter diamond drill program at its 100% owned Copaquire Porphyry Copper-Moly Property in northern Chile. The Sulfato South zone infill drill program is intended to extend and confirm new copper mineral resources at the Copaquire project in areas north and adjacent to previously published resource estimates at the Cerro Moly zone. These new areas (Sulfato South) have now been confirmed to contain significant copper mineralization.
To date the company has received new analytical results for drill hole CQ-113 (Sulfato South).
Assay result highlights for drill hole CQ-113 are as follows:
1Metal equivalent data are based on US$ 2.50/lb copper and US$10/lb Moly. In calculating copper equivalencies 100% metal recoveries have been assumed.
Drill hole CQ-113 was located 200 meters north of previously announced CQ-111(NR Aug. 8, 2011) which intercepted 46m of 0.55% CuEq. The hole location was selected to test for continuation of mineralization northward. View plan map at: http://www.internationalpbx.com/pdfs/drillplansulfato.pdf.
"All drill holes of our 2011 drill program to date has consistently encountered copper mineralization and have confirmed the new geological model of the Copaquire porphyry," said George Sookochoff, President & CEO of PBX. "There continues to be good continuation of mineralization both laterally and vertically and copper mineralization remains open in all directions."
The new geological model at Copaquire consists of multi-phase intrusions and copper mineralization structurally controlled by north-south trending faults. It is along these north-south fissures that multiple episodes of hydrothermal activity in the form of intrusive and hydrothermal breccias, accompanied by fracture filling (veinlets and veins of quartz-pyrite-chalcopyrite and quartz-pyrite moly) have intruded a porphyritic Quartz Monzonite intrusive (known as the Copaquire Porphyry) and also intruded a near surface sequence of metasediments where replacement, fracture filling and breccia copper mineralization has developed as well.
A full QA/QC program, involving insertion of appropriate blanks, standards and duplicates is being employed. All drill holes are mostly sampled on a 2 m continuous basis, with samples split on site and one half being transported by ALS Laboratories to the ALS Laboratories in Antofagasta, Chile for preparation. The samples are then transferred to ALS Laboratories in La Serena for analysis. A second half will be stored at a PBX facility for reference.
The 2011 Copaquire diamond drill program is being supervised by Mr. Victor Jaramillo, M.Sc.A., P.Geo. (PBX Project Manager) and who is the qualified person under National Instrument 43-101. Mr. Victor Jaramillo has reviewed and approved the scientific and technical information contained in this release.
About International PBX Ventures Inc.
International PBX Ventures Inc. is a junior exploration Company with a strong portfolio of copper, molybdenum and gold projects in Chile. The 100% owned Copaquire copper molybdenum property is the Company's flagship project and is located in Chile's prolific copper porphyry belt. This arc‐parallel belt includes 30 porphyry Cu‐Mo deposits and prospects with the largest amount of copper concentration in the world, totalling about 220 million tonnes of copper. The Quebrada Blanca and Collahuasi (the third largest copper mine in the world) producers are within 15 kilometres of the property. For more information, please visit the Company's website: www.internationalpbx.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF INTERNATIONAL PBX VENTURES LTD.
George Sookochoff, President & CEO
We seek safe harbour.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.