Philex Gold Announces Results of Infill Drill Holes at the Boyongan Property.TORONTO -- Philex Gold Inc. (TSX VENTURE:PGI) is pleased to report that five infill drill-holes, TSD-79 to TSD-83 have been completed while drill-hole TSD-84 is in progress. Available assay results of holes TSD-79 to TSD-81 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.
---------------------------------------------------------------------
Hole No. Final Depth Intercept Length of Grades
Intercept --------------
Copper Gold
(%) (g/t)
---------------------------------------------------------------------
TSD-79 602m 97-602m 505m 0.81 1.31
211-315m 104m 1.90 3.93
397-465m 68m 0.66 0.88
TSD-80 579m 80-579m 499m 0.58 1.85
161-491m 330m 0.70 2.59
TSD-81 620m 124-302m 178m 0.70 0.15
---------------------------------------------------------------------
Walter W. Brown, 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. , stated that "PGI is very pleased with the excellent drill results from initial in-fill holes at Boyongan. We appreciate the fact that our partner, Anglo American Exploration, has committed to 17,000 meters of confirmatory drilling, which will upgrade the resources from the "inferred" to the "indicated" category necessary to advance the project to a pre-feasibility stage. We look forward to receiving and reporting on-going definition drill results." Detailed geologic information on holes TSD-79 to TSD-84 follows: TSD-79 The hole was collared 50m southwest of TSD-38 and drilled northwards at -60 degrees. The hole intersected unaltered cover from collar to a depth of 97m. From 97m to 104m depth oxidized oxidized having been modified by the process of oxidation. oxidized cellulose see absorbable cellulose. and strongly 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. hydrothermal quartz-breccia and 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 was intersected underlain by a weakly mineralized, late-mineral diorite dyke to a depth of 211m. Diorite breccia containing clasts of diorite porphyry and basalt was intersected downhole to 554m depth. Oxide 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. comprising cuprite cu·prite n. A natural red secondary ore of copper, essentially Cu2O, that forms as a result of weathering. Noun 1. , malachite malachite (măl`əkīt), a mineral, the green basic carbonate of copper occurring in crystals of the monoclinic system or (more usually) in masses. It is translucent or opaque; the luster is silky, vitreous, adamantine, or dull. , azurite azurite (ăzh`ərīt), blue mineral, the basic carbonate of copper, occurring in monoclinic crystals or masses that range from transparent to translucent and opaque. , limonite limonite (līm`ənīt) or brown hematite (hĕm`ətīt, hē`–), yellowish to dark brown mineral, a hydrated oxide of iron, FeO(OH)·nH2 associated with 1-3% quartz veins was noted to a depth of 314m. Sulphide mineralization consists of weak chalcopyrite, pyrite and less than 1% quartz veins associated with sericite, clay, chlorite chlorite Widespread group of layer silicate minerals composed of hydrous aluminum silicates, usually of magnesium and iron. The name, from the Greek for “green,” refers to chlorite's typical colour. alteration. From 554m depth the hole continued in diorite porphyry to hole end at 603m depth. TSD-80 The hole was collared 60m southeast of TSD-38 and drilled northwards at -60 degrees. The hole intersected unaltered cover from collar to a depth of 80m. From 80m to 579m depth the hole intersected strongly altered and mineralized diorite porphyry and diorite breccia. Alteration comprises moderate K-silicate alteration, overprinted by sericite, clay and chlorite. Oxide mineralization was noted to a depth of 396m and comprises malachite, azurite, cuprite and native copper. Hypogene hy·po·gene adj. Formed or situated below the earth's surface. Used of rocks. mineralization comprises quartz-magnetite veinlets with chalcopyrite, 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 pyrite. Decreasing quartz veining and chalcopyrite was noted towards the end of the hole. TSD-81 The hole was collared 100m south of TSD-79 and drilled northwards at -60 degrees. The hole intersected unaltered cover from collar to a depth of 124m. From 124m the hole intersected, potassic altered mineralized polymict breccia, basalt breccia and diorite to a depth of 620m. Oxide mineralization was noted to 212m depth and comprises veinlets and disseminated malachite, azurite, cuprite, limonite and chrysocolla Chrys´o`col`la n. 1. (Min.) A hydrous silicate of copper, occurring massive, of a blue or greenish blue color. . Hypogene sulphide mineralization is dominated by chalcopyrite, bornite, 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. and pyrite as fracture fillings and disseminations in quartz veins. The hole was terminated at a depth of 620m in weakly mineralized basalt breccia. TSD-82 The hole was collared 100m south of TSD-80 and drilled northwards at -60 degrees. The hole intersected unaltered cover from collar to a depth of 105m. From 105m to the final depth of 622m the hole transected intensely quartz stockworked, polymict breccia with k-silicate alteration overprinted by an intermediate argillic assemblage. The base of oxidation was logged at 280m depth and oxide mineralization comprises disseminated cuprite, malachite, azurite, 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. and chalcocite. Hypogene sulphide mineralization comprises chalcopyrite, bornite and pyrite disseminations and veinlets. Assay results are pending. TSD-83 The hole was collared 100m north of TSD-79 and drilled northwards at -60 degrees. The hole intersected unaltered cover from collar to a depth of 131m. From 131m to the hole end at 615m depth, potassic altered and argillic overprinted polymict breccia, diorite and basalt breccia was intersected hosting quartz veinlets. The base of oxidation was logged at 218m depth and oxide mineralization comprises azurite, malachite, cuprite, goethite and native copper. Hypogene sulphide mineralization consists of chalcopyrite, bornite, covellite co·vel·lite n. A lustrous indigo-blue mineral, CuS, an important ore of copper. [After Nicolò Covelli (1790-1829), Italian mineralogist.] and pyrite. Assay results are pending. TSD-84 The hole was collared 100m north of TSD-80 and drilled northwards at -60 degrees. The hole intersected unaltered cover from collar to a depth of 88m. From 88m to the current depth of 493m potassic altered and argillic overprinted, mineralized polymict breccia, diorite porphyry and diorite breccia was intersected. The base of oxidation was noted at 277m depth and oxide mineralization comprises cuprite, azurite, malachite, goethite and native copper.and limonite. Hypogene sulphide mineralization consists of chalcopyrite, bornite, covellite and pyrite. 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 0.62) with copper at $1 per pound and gold at $425 per ounce. NOTE: A Map is available on CCNMatthews' website at: http://www.ccnmatthews.com/docs/phlx0306.pdf The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept resp onsibility for the adequacy or accuracy of this release. Philex Gold Inc. (TSX VENTURE:PGI) |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion