Philex Gold Announces Drilling Results.Business Editors TORONTO--(BUSINESS WIRE)--Sept. 14, 2000 Philex Gold Inc. (CDNX-PGI.) reports that diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral being conducted by Anglo American Exploration (Philippines), Inc., under a joint venture covering the Surigao joint venture properties ("the Properties") in the province of Surigao del Norte Surigao del Norte is a province of the Philippines located in the Caraga region in Mindanao. Its capital is Surigao City. The province consists of two major islands—Siargao Island, and Bucas Grande Island—in the Philippine Sea, and a small region at the northernmost , Philippines, has encountered significant 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. copper-gold 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. at the Boyungan Prospect. The mineralization is related to a 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 intrusive intercepted under volcanic cover at a down-hole depth of 57 metres in diamond drill-hole TDS-6. Mineralization continues to a down-hole depth of 422 metres where the hole terminated due to limitations in drill rig capacity. The uncut, weighted average assay values of the 365 metre intercept are 0.81% copper and 1.90 grams per tonne gold. Applying a 0.1% copper and 0.1 gram per tonne cut-off, the weighted average values of a 329 metre intercept from 93 metres to 422 metres averaged 0.90% copper and 2.07 grams per tonne gold. An upper cut-off was not applied as outlier outlier /out·li·er/ (out´li-er) an observation so distant from the central mass of the data that it noticeably influences results. outlier an extremely high or low value lying beyond the range of the bulk of the data. copper and gold values were not encountered. All assays were conducted on average 3 metre intervals of split drill 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. Step out drilling is currently being undertaken with two diamond drill rigs to investigate the extent of the porphyry copper-gold mineralization. Under the terms of the joint venture, Philex Gold is free carried through exploration and feasibility studies. Should Anglo American spend a total of $2.2 million within a five year period, its 40% equity interest in the Properties will be vested. In addition, should Anglo American complete a bankable bank·a·ble adj. 1. Acceptable to or at a bank: bankable funds. 2. Guaranteed to bring profit: a bankable movie star. feasibility study, it will obtain a 70% interest in the Properties either directly or if necessary through a joint venture with a qualified entity, and will conduct the operations if the project proceeds to development. Philex Gold will be required to raise its pro-rata share of the project funding while Anglo American would provide 100% of the completion guarantees that may be required by third party lenders. 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 Properties. Philex Gold has not independently verified this information. The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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