Philex Gold Announces Drilling Results at Vista Alegre Project for the First Quarter of 2008
April 29 2008 - 7:30AM
Marketwired
TORONTO, ONTARIO (TSX VENTURE: PGI) is pleased to report
significant drill hole intercepts at its Nagtalay Prospect in
Negros Island, Central Philippines. The Nagtalay Prospect is one of
several gold prospects currently being drilled within the Company's
Vista Alegre Project. The Vista Alegre Project is not considered,
at this time, to be a property material to the Company for the
purposes of National Instrument 43-101 - Standards for Disclosure
of Mineral Projects.
The Vista Alegre Project comprises several mesothermal and
epithermal gold prospects within a three kilometre by one kilometer
gold belt that includes Nagtalay and the decommissioned Bulawan
Mine. Two diamond drill rigs are currently operating at the
Nagtalay Prospect and two reverse circulation (RC) rigs are drill
testing at 200 meters spaced grid the other prospects within the
gold belt. A fifth rig will be mobilized for deeper-hole drilling
at the old Bulawan Mine.
A summary of assay results of holes at Nagtalay 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 1.0 g/t gold
applied.
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Length of Gold
Hole No. Final Depth Intercept Intercept (g/t)
-----------------------------------------------------------
NSD-2 107m 2 - 39m 37m 1.9
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NSD-3 100m 5 - 39m 34m 2.4
-----------------------------------------------------------
NSD-6 228m 82 - 98m 16m 1.3
-----------------------------------------------------------
NSD-11 507m 129 - 291m 162m 3.0
-----------------------------------------------------------
including 209 - 291m 83m 4.0
-----------------------------------------------------------
including 239 - 276m 37m 6.2
-----------------------------------------------------------
-----------------------------------------------------------
"Hole NSD-11 intersected dacite porphyry breccia characterized
by carbonate-clay alteration and fair to strong sphalerite and
galena mineralization which are the typical geological
characteristic of ore at the Bulawan deposit. Results of drilling
at Nagtalay indicated the occurrence of possible open-pittable
deposits within the Vista Alegre Gold Belt but we caution our
readers that in our opinion it is too soon to say if this find will
eventually be economic", said Company Chairman Walter Brown.
All assays were conducted on split core at intervals of one
metre, by Intertek Testing Services at their laboratory in Jakarta.
Quality control was monitored with assay standards and
duplicates.
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 President (632)
746-8756 (632) 631-9498 (FAX) Email: rglaraya@yahoo.com
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