TORONTO, ONTARIO is pleased to report that three additional
infill drill-holes, JSD-25, JSD-26 and JSD-26A have been completed
while four holes, TSD-124, TSD-125, JSD-27 and JSD-28 are currently
in progress at the Bayugo Project. In addition, a deep-hole rig is
currently drilling hole TSD-123 at the Northwest Hypogene Zone.
With the exception of drilling the Northwest Hypogene Zone at
greater depths, drilling has concentrated at the Bayugo deposit
after the completion of the resource definition drilling program at
the Main Boyongan deposit. Bayugo is a distinct porphyry deposit
located approximately 1.3 kilometers northwest of the main Boyongan
deposit and peripheral to the Exotic Copper Zone. Bayugo is covered
by Exploration Permit 0013-XIII and MPSA 149-99-XIII while the
Boyongan deposit is covered by MPSA 149-99-XIII.
We expect that in January 2008, a seventh rig will be mobilized
to drill test the occurrence of concealed porphyry copper-gold
system in Magpayang Prospect, some 4 kilometers southeast of
Boyongan. The Magpayang Prospect is characterized by numerous float
samples with anomalous gold values and the boulders may have
originated from an eroding porphyry copper gold system concealed
beneath Quarternary alluvium cover.
Assay results of hole TSD-122 and partial results of holes
TSD-123, TSD-124 and JSD-25 are presented in the following table.
All quoted depths are measured in meters (m) downhole, and all
assay results have had a cut off of 0.1% copper applied.
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Grades
Length of ---------------------
Hole No. Final Depth Intercept Intercept Copper (%) Gold (g/t)
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TSD-122 1102m 378-1102m 724m 0.29 0.45
411-432m 21m 0.29 1.01
483-696m 213m 0.77 1.03
JSD-25 1037m 387-1037m 650m 0.20 0.22
976-1030m 54m 0.38 0.75
TSD-123 1290m(i) 241-1082m 841m 0.30 0.33
581-1052m 471m 0.40 0.45
954-996m 42m 0.53 0.67
1040-1052m 12m 1.05 1.14
TSD-124 937m(i) 379-701m 322m 0.96 0.91
433-701m 268m 1.11 0.93
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(i)Hole in progress
"Hole TSD-124 confirms the potential of a significant zone of
high grade, quartz stockwork hosted copper-gold mineralisation
within the Bayugo Porphyry Deposit initially intersected in hole
TSD-122. Deep hole TSD-123 has progressed steadily with increasing
intensity of alteration, mineralisation and the occurrence
mineralised hydrothermal breccia clasts indicating the presence of
a deep seated progenitor intrusive possibly topping out at greater
than 1100 metres depth. Geologically exciting as these results may
be, we caution our stakeholders that discoveries like these are at
least a few years away from being declared a mineral resource or an
ore reserve, and it may take another three years after that to
become a mine. In short, the potential of the area has been
upgraded but the discoveries have no immediate positive effect on
the pre-feasibility study of Boyongan currently being undertaken by
Anglo American," said Walter Brown, CEO and Chairman of Philex
Gold.
Detailed geologic information on holes TSD-123 to TSD-125 and
JSD-25, JSD-26, JSD-26A, JSD-27 and JSD-28 follows:
TSD-123
The hole was collared at the site of TSD-111 and drilled
southwards at -75o to test the "Exotic Copper Zone" and extend to
test the deep seated Western Hypogene Zone at depth. The hole
intersected unaltered cover from collar to a depth of 246m.
From 246m to the current depth of 1290m weakly to strongly
potassic altered and variably argillic overprinted, mineralised
diorite porphyry, diorite breccia and localized hydrothermal
breccia was intersected. The base of oxidation was noted at 410m
and supergene mineralisation comprises cuprite, limonite,
chalcocite and native copper. Hypogene sulphide mineralisation
consists of chalcopyrite, bornite and pyrite occurring as fracture
fillings and within minor quartz-magnetite-sulphide stockworks. The
intensity of alteration, mineralisation and quartz veining are
increasing significantly with depth.
The hole intersected several dark grey, matrix supported
hydrothermal breccias from 851m to 940m and from 1020m to 1052m
depth. Clasts are dominantly cream-brown highly silicified and
intensely potassic altered diorite with abundant magnetite and host
quartz-bornite-magnetite-chalcopyrite veinlets. The matrix is
highly silicified, biotite-rich, containing abundant magnetite and
minor bornite and chalcopyrite. The source of the mineralised
hydrothermal breccia clasts and the hydrothermal matrix is presumed
to be a blind progenitor intrusive possibly topping out at greater
than 1100m depth. Drilling is in progress and the hole is designed
to reach a depth of +1600m in testing the geological target.
TSD-124
The hole was collared 115m northeast of TSD-77 and drilled
westwards at -70 degrees to test the high grade mineralisation
within the eastern portion of the Bayugo previously intercepted in
TSD-122. The hole intersected unaltered cover from collar to a
depth of 378m.
From 378m to the current depth of 937m moderately to strongly
potassic altered and variably argillic overprinted, mineralised
diorite porphyry was intersected. Intense quartz stockworks are
developed from 415m to a depth of 815m within a progenitor, diorite
porphyry. The base of oxidation was noted at 493m depth and
supergene mineralisation comprises hematite, cuprite, azurite,
malachite, chalcocite and native copper. Hypogene sulphide
mineralisation consists of chalcopyrite, bornite and pyrite
occurring as disseminations and within quartz-magnetite-sulphide
stockworks. Drilling is in progress.
TSD-125
The hole was collared approximately 130m north of TSD-73 and
drilled northwards at -65 degrees to test the northern extension of
the high grade zone within the eastern portion of the Bayugo
Porphyry. The hole intersected unaltered cover from collar to the
current depth of 140m. Drilling is in progress.
JSD-25
The hole was collared approximately 200m south of TSD-122 and
drilled northwards at -70 degrees to test the southern extension of
the high grade zone within the Bayugo porphyry located in hole
TSD-122. The hole intersected unaltered cover from collar to a
depth of 387m.
From 387m to the final depth of 1037m weakly to strongly
potassic altered and variably argillic overprinted, mineralised
diorite porphyry, diorite breccia, basalt breccia and basalt was
intersected. The base of oxidation was noted at 408m and supergene
mineralisation comprises hematite, limonite and chalcocite.
Hypogene sulphide mineralisation consists of chalcopyrite, bornite,
molybdenite and pyrite occurring as disseminations and within
fractures. Localised
epidote-garnet-magnetite-chlorite-pyrite-chalcopyrite skarn lenses
were intersected from 525m to 673m depth. Increasingly intense
potassic alteration is developed at depth.
JSD-26
The hole was collared approximately 140m southeast of JSD-23 and
drilled westwards at -75 degrees to test the southern extension of
the high grade mineralisation within the Bayugo porphyry discovered
in hole JSD-23. The hole intersected unaltered cover from collar to
the final depth of 223m. The hole was abandoned in deep cover due
to technical reasons.
JSD-26A
The hole was collared adjacent to JSD-26 and drilled westwards
at -75 degrees to test the southern extension of the high grade
mineralisation within the Bayugo porphyry located in hole JSD-23.
The hole intersected unaltered cover from collar to the final depth
of 100m. The hole was abandoned in cover due to technical
reasons.
JSD-27
The hole was collared approximately 200m south of JSD-23 and
drilled northwards at -70 degrees to test the southern extension of
the high grade zone within the Bayugo porphyry discovered in hole
JSD-23. The hole intersected unaltered cover from collar to the
current depth of 406m. Drilling is in progress
JSD-28
The hole was collared approximately 150m east of JSD-27 and
drilled northwards at -65 degrees to test the southern extension of
the high grade zone within the Bayugo porphyry discovered in hole
JSD-23. The hole intersected unaltered cover from collar to the
current depth of 94m. 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 Map have
been calculated on the following basis: % Copper equivalent equals
Copper % + (Gold grams/tonne x 0.60) with copper at $1.15 per pound
and gold at $475 per ounce.
To view a map of Boyongan - Bayugo Geologic Map and Drill Hole
Location, please visit the following link:
http://www.ccnmatthews.com/docs/boyonganmap.pdf
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Philex Gold Inc. Rogelio G. Laraya (632) 746-8756
(632) 634-4441 (FAX) Email: rglaraya@yahoo.com.ph
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