Friday, 22nd February 2008 (1761 views)

International PBX Ventures has announced that it has discovered a large, three-dimensional induced polarisation (IP) anomaly at the Tierra de Oro gold property in Chile that could be the source of near-surface gold mineralisation at the site.

The anomaly, which measures 2,800 metres long by 1,700 metres wide, is open at depth and potentially represents a substantial gold and copper resource.

Syd Visser of SJ Geophysics said the anomaly was significant for its size, clear definition and closure on all sides.

"These characteristics are a strong indication that the anomaly may be caused by a distinct sulphide-rich intrusive body," he added.

International PBX is currently test drilling several shallow gold targets at the site, with depths of up to 100 metres, but said the discovery of the anomaly means it will have to bring a deep-drill rig.

The company's chief executive George Sookochoff said he was pleased that International PBX's "technologically advanced" exploration methods had proved successful.

Tierra de Oro is located 48 kilometres south of the Candelaria mine, which was discovered through test drilling IP anomalies.

Located in northern Chile, Tierra de Oro's gold production since the 1930s reportedly runs into hundreds of thousands of ounces.

 

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