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International PBX Ventures Ltd. provided an update on the drilling on its Copaquire copper-molybdenum project in Chile.
The first drill hole of the 2010 drill program, CQ-100, has encountered a supergene copper enrichment blanket from 43.40 meters to 69.80 meters. This copper enrichment zone is characterized by a chalcocite (copper sulphide) bearing matrix that cements strongly silicified breccia fragments of meta-sediments. This zone is composed of multi-phase brecciation with chalcocite replacing chalcopyrite-pyrite in the matrix. The breccia fragments are Meta-sediments that are also cut by multi-phase veinlets and stringers of quartz-pyrite-chalcopyrite-chalcocite. Also in some fracture surfaces chalcocite is observed as thin layers.
From 69.80 meters this drill hole has cut hypogene copper mineralization. The host rocks are silicified meta-sediments with quartz-chalcopyrite stockwork type veinlets and disseminated pyrite-chalcopyrite.
Drilling is currently at 170 meters and continues in hypogene copper mineralization.
The first batch of drill samples will be sent to the ALS Chemex Laboratories by weeks end.
George Sookochoff, President and CEO, said that "I'm very excited with how the drill core looks from the Supergene and Hypogene zones of the copper porphyry. The objective of this drill program is to define a higher grade copper zone from the supergene enrichment copper zone which will become the starter pit for the Copaquire mine plan. We are also looking to increase the overall copper tonnage from the Hypogene zone which typically makes up a majority of the volume of the large copper porphyries and subsequently is the most important part."