Int'l PBX optionee Oz plans Copaquire drilling
2013-01-23 09:09 ET - News Release
Mr. Terry Lynch reports
COPAQUIRE UPDATE - OZ MINERALS COMMENCES DETAILED EXPLORATORY ACTIVITIES AT COPAQUIRE.
International PBX Ventures Ltd. is providing its shareholders with the following update.
Oz Exploration Chile Limitada a subsidiary of Australian based Oz Minerals ("Oz") has provided an update on its activities at the Copaquire project in Chile. Copaquire is comprised of three seperate permit areas, Marta, Cerro Moly and Sulfato. OZ initial focus at Copaquire was to gain a broader geological understanding of the Copper;Molybdenum Porphyry system by undertaking a detailed geological mapping program to aid in assisting for location of targets outside of the main Sulfato area. The greater understanding and emphasis placed on the geology has in conjunction also recognized targets for water bearing aquifers which need to be tested to enable IPBX to complete a water exploration report by end Q1, 2013. To date Oz has completed approximately 4000 metres of drilling on geological targets and results are expected from this drilling later in February. Of interest to the long term viability of the project is that three of the four holes completed to date have intersected water with one potentially significant aquifer intersected in the course of drilling. Further test work will be conducted by IPBX at a later stage to further assess the aquifers potential.
Oz has applied for various drilling permits at the project and expects to advance its drilling exploration program in the near future. Terry Lynch, CEO of International PBX Ventures Ltd, stated
"We are encouraged by the update from Oz, they have done an excellent job integrating their staff and processes into Chile, we believe the initial geological mapping in conjunction with the drilling to undertake assessments of targets has been a positive start to the program. In addition, the discovery of a potentially significant aquifer is a valuable contribution to the project as it may reduce any future capital expenditures significantly if an economic mineral resource is discovered in the future. We look forward to continued success in the Oz program and will keep our shareholders advised as developments merit."