Philex Gold Announces Additional Drilling Results At The Boyongan Property.Business Editors TORONTO, Ontario--(BUSINESS WIRE)--June 11, 2003 Philex Gold Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension Venture:PGI PGI Protected Geographical Indication PGI Progiciel de Gestion Intégré (French: Enterprise Resource Planning) PGI Phosphoglucose Isomerase PGI Polish Geological Institute (Warsaw, Poland) ) is pleased to report that following the release of the complete results from diamond drill-holes TSD-65 to 66 and the partial results of TSD-67 on April 2, 2003, six drill-holes, TSD-67, TSD-69 to 70, TSD-72, JSD-10 and JSD-12 have been completed while five drill-holes, TSD-71 to 74 and JSD-15 are in progress. Four scout holes, BSD-8 to 11 were completed in the Bagacay area. Six scout holes JSD-11, JSD-13 to 14, JSD-16 to 17 and JSD-19 have been completed and two scout holes JSD-18 and JSD-20 are in progress. Available assay results of holes TSD-67 to 70 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.
-----------------------------------------------------------------
Length of Grades
Hole Final Intercept Intercept Copper Gold
No. Depth (%) (g/t)
-----------------------------------------------------------------
TSD-67 961m 541-961m (i)420m 0.14 0.18
TSD-68 442m 335-442m (i)107m 0.09 0.08
TSD-69 425m 276-425m (i)149m 0.08 0.18
TSD-70 476m 341-402m (i)61m 0.21 0.04
-----------------------------------------------------------------
(i) Cut-off not applied
"Quite a number of scout holes primarily south of Boyongan have been completed since our last press release, although unfortunately none of these have given us the results that we had hoped for", said Gerard H. Brimo, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Hole JSD-12 was also not able to intercept the "Bird's Eye" porphyry Porphyry, Greek scholar Porphyry (pôr`fĭrē), c.232–c.304, Greek scholar and Neoplatonic philosopher. He studied rhetoric under Cassius Longinus and philosophy under Plotinus. encountered in TSD-67 due to an inferred fault zone which appears to have downthrown the mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. . Four rigs are currently drilling at the Northwest porphyry target, one rig is drilling southeast of Boyongan while two rigs are conducting scout drilling southwest of the deposit and east of the Magpayang block." Detailed geologic information on holes TSD-67 to 74, JSD-10 to 20 and BSD-8 to 11 follows: TSD-67 The hole was collared 100m southwest of TSD-33 and drilled northwards at -60 degrees. The hole intersected unaltered cover from collar to a depth of 318m. From 318m to a depth of 954m the hole intersected "Bird's Eye Porphyry". Alteration in the upper section is argillic grading to potassic by 500m depth. Mineralization comprises variable pyrite pyrite (pī`rīt) or iron pyrites (pīrī`tēz, pə–, pī`rīts), pale brass-yellow mineral, the bisulfide of iron, FeS2. , chalcopyrite, rare bornite bornite Common copper-ore mineral, copper and iron sulfide (Cu5FeS4). Typical occurrences are found in Mount Lyell, Tasmania; Chile; Peru; and Butte, Mont. Bornite may form isometric crystals but occurs most commonly as irregular masses. and molybdenite molybdenite (məlĭb`dənīt, mō–), a mineral, molybdenum disulfide, MoS2, blue-gray in color, with a metallic luster and greasy feel. . The hole is interpreted to have intersected the eastern margin of the mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. Bird's Eye porphyry. The hole bottomed in skarn skarn In geology, a metamorphic zone developed in the contact area around igneous rock intrusions when carbonate sedimentary rocks are invaded by and replaced with chemical elements that originate from the igneous rock mass nearby. with minor pyrite and chalcopyrite at 961m depth. TSD-68 The hole was collared at the site of TSD-26 and drilled northwards at -60 degrees. The hole intersected unaltered cover from collar to a depth of 335m. From 335m to the final depth of 442m the hole intersected argillized and weakly mineralized diorite diorite Medium- to coarse-grained igneous rock that commonly is composed of about two-thirds plagioclase feldspar and one-third dark-coloured minerals, such as hornblende or biotite. porphyry. Mineralization comprises limonite limonite (līm`ənīt) or brown hematite (hĕm`ətīt, hē`–), yellowish to dark brown mineral, a hydrated oxide of iron, FeO(OH)·nH2 , pyrite and trace chalcocite chalcocite Sulfide mineral, Cu2S, that may be an important ore of copper. It belongs to a group of sulfide minerals formed at relatively low temperatures. Chalcocite alters to native copper and other copper minerals. . TSD-69 The hole was collared at the site of TSD-32 and drilled northwards at -60 degrees. The hole intersected unaltered cover from collar to a depth of 276m. From 276m to hole end at 425m the hole encountered argillized medium grained diorite. Oxide mineralization comprises limonite and rare chalcocite with the base of oxidation logged at 366m depth. Hypogene hy·po·gene adj. Formed or situated below the earth's surface. Used of rocks. sulphide mineralization comprises pyrite and trace chalcopyrite. TSD-70 The hole was collared at the site of TSD-68 and drilled westwards at -60 degrees. The hole intersected unaltered cover from collar to a depth of 308m. The hole encountered argillized medium-grained diorite porphyry from 308m to the end of hole at 476m depth. The base of oxidation was logged at 359m and oxide mineralization comprises limonite, hematite hematite (hĕm`ətīt), mineral, an oxide of iron, Fe2O3, containing about 70% metal, occurring in nature in red to reddish-brown earthy masses and in steel-gray to black crystalline forms. , cuprite cu·prite n. A natural red secondary ore of copper, essentially Cu2O, that forms as a result of weathering. Noun 1. and native copper. Hypogene sulphide mineralization consists of pyrite and rare chalcopyrite. TSD-71 The hole was collared 200m north of TSD-67 and drilled northwards at -60 degrees. The hole intersected unaltered cover from collar to a depth of 380m. From 380m to the current depth of 449m the hole encountered argillized, part oxidized oxidized having been modified by the process of oxidation. oxidized cellulose see absorbable cellulose. medium grained diorite with disseminated pyrite and goethite goethite Widespread iron hydroxide mineral, α-FeO(OH), the most common ingredient of iron rust. In terms of relative abundance, it is second only to hematite (α-Fe2O3) among iron oxides. . Drilling is in progress. TSD-72 The hole was collared 200m south of TSD-26 and drilled northwards at -60 degrees. The hole intersected unaltered cover from collar to hold end at 221m depth. The hole was terminated due to technical problems. TSD-72A The hole was collared at the site of TSD-72 and drilled northwards at -65 degrees. The hole intersected unaltered cover from collar to the current depth of 119m. Drilling is in progress. TSD-73 The hole was collared approximately 200m north of TSD-29 and drilled northwards at -60 degrees. The hole intersected unaltered cover from collar to the current depth of 126m. Drilling is in progress. TSD-74 The hole was collared 500m east of TSD-54 and drilled northwards at -60 degrees. The hole intersected unaltered cover from collar to the current depth of 144m. Drilling is in progress. JSD-10 The hole was collared at the site of JSD-9 and drilled northwards at -60 degrees. The hole intersected unaltered lavas and sediments from collar to hole end at 775m depth. JSD-12 The hole was collared 150m northwest of TSD-71 and drilled westwards at -60 degrees. The hole intersected unaltered lavas from collar to hole end at 632m. JSD-15 The hole was collared at the site of JSD-5 and drilled northwards at -60 degrees. The hole intersected unaltered lavas from collar to a depth of 412m. From 412m to the current depth of 517m the hole encountered partly oxidized, potassic altered medium grained diorite with a variable argillic overprint o·ver·print tr.v. o·ver·print·ed, o·ver·print·ing, o·ver·prints To imprint over with something more, especially to print over with another color. n. 1. A mark or impression made by overprinting. and minor quartz veinlets. Mineralization comprises disseminated pyrite, minor chalcopyrite and limonite. Drilling is in progress. Scout drilling BSD-8 The hole was collared approximately 1000m north of BSD-5 and drilled vertically. The hole intersected unaltered cover from collar to a depth of 59m and unaltered siltstone siltstone Hardened sedimentary rock that is composed primarily of angular silt-sized particles (see silt) and that is not laminated or easily split into thin layers. of the Motherlode Turbidite tur·bi·dite n. A sedimentary deposit formed by a turbidity current. turbidite A sedimentary deposit formed by a turbidity current. Formation to hole end at 76m depth. BSD-9 The hole was collared approximately 1200m west of BSD-3 and drilled vertically. The hole intersected unaltered lavas from collar to the final depth of 363m. BSD-10 The hole was collared approximately 600m north of BSD-1 and drilled vertically. The hole intersected unaltered Tugunan Clastics from collar to a depth of 70m underlain un·der·lain v. Past participle of underlie. by unaltered siltstone of the Motherlode Turbidite Formation to hole end at 103m depth. BSD-11 The hole was collared approximately 800m northeast of BSD-5 and drilled vertically. The hole intersected unaltered cover from collar to a depth of 36m underlain by Timamana Limestone to hole end at 111m depth. JSD-11 The hole was collared 1800m east of JSD-6 and drilled vertically. The hole intersected alluvium al·lu·vi·um n. pl. al·lu·vi·ums or al·lu·vi·a Sediment deposited by flowing water, as in a riverbed, flood plain, or delta. Also called alluvion. from collar to 15m depth underlain by massive, unaltered karstic limestone to hole end at 198m depth. JSD-13 The hole was collared approximately 500m northeast of JSD-7 and vertically. The hole intersected unaltered lavas and sediments to a depth of 132m and unaltered siltstones of the Motherlode Turbidite Formation to hole end at 182m depth. JSD-14 The hole was collared 400m east of JSD-3 and drilled westwards at -60 degrees. The hole intersected unaltered lavas and sediments from collar to a depth of 163m underlain by weakly propylitized basalt basalt (bəsôlt`, băs`ôlt), fine-grained rock of volcanic origin, dark gray, dark green, brown, reddish, or black in color. Basalt is an igneous rock, i.e., one that has congealed from a molten state. of the Bacuag Formation to hole end at 199m depth. JSD-16 The hole was collared 750m east of JSD-14 and drilled vertically. The hole intersected unaltered lavas and sediments from collar to a depth of 135m underlain by unaltered siltstone of the Motherlode Turbidite Formation to 167m and limestone of the Bacuag Formation to hole end at 208m depth. JSD-17 The hole was collared approximately 750m southeast of JSD-7 and drilled vertically. The hole intersected unaltered lavas and sediments from collar to a depth of 96m underlain by weakly propylitized basalt of the Bacuag Formation to hole end at 149m depth. JSD-18 The hole was collared 500m west of TSD-31 and drilled eastwards at -60 degrees. The hole intersected unaltered lavas from collar to the current depth of 431m. Drilling is in progress. JSD-19 The hole was collared 550m east of JSD-17 and drilled vertically. The hole intersected unaltered lavas and sediments from collar to a depth of 118m underlain by weakly propylitized basalts and limestones of the Bacuag Formation to hole end at 310m depth. JSD-20 The hole was collared 700m southwest of JSD-17 and drilled vertically. The hole intersected unaltered lavas and sediments from collar to the current depth of 138m. 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. that, 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. For detailed geologic and drill hole location maps of the aforementioned, please click on the links below: Bagacay Geologic Map and Drill Hole Location - http://www2.cdn-news.com/database/fax/2000/c1.pdf Boyongan Geologic Map and Drill Hole Location (detailed) - http://www2.cdn-news.com/database/fax/2000/b1.pdf Boyongan Geologic Man and Drill Hole Location - http://www2.cdn-news.com/database/fax/2000/b2.pdf |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion