Petaquilla drilling continues to deliver

Drilling on the Petaquilla property in Panama continues to return gold values on the Molejon zone.

The drilling is aimed at outlining a stand-alone gold mine, while feasibility work continues on the nearby Petaquilla and Botija copper-gold deposits.

Teck is conducting the feasibility work in order to earn half of the 52% interest in the Petaquilla property held by Adrian Resources (TSE). The remaining 48% interest is owned by Inmet Mining (TSE).

Adrian says drilling on the Upper zone of the Molejon deposit is confirming continuity, and the zone now measures 300 by 500 metres. The Upper zone is at, or near, the surface and partially overlaps the Main zone, which covers a further area measuring 450 by 550 metres.

Select results from the Upper zone include a 14.6-metre intersection grading 5 grams gold and 5 grams silver per tonne in hole 237 and a 16-metre intersection grading 2.66 grams gold and 2.5 grams silver in hole 239.

Select results from the Main zone include a 23.6-metre intersection grading 9.9 grams gold and 5.3 grams silver in hole 244.

The Molejon zone was last estimated to contain 12.3 million tonnes grading 3.2 grams gold, and Adrian expects feasibility work to start by this fall.

Elsewhere on the property, follow-up drilling on the recent Nada discovery has drilled off 152.4 metres of strike length, and the zone remains open in both directions. Results from the drilling include a 21-metre interval grading 0.97% copper in hole 243 and a 45-metre intersection grading 0.68% copper in hole 247.

Previous drilling on the Nada includes 87 metres grading 1.26% copper in hole 192 and 46.5 metres grading 1.07% copper in hole 198.

Adrian is also encouraged by the results of further drilling on the Valle Grande zone, and believes this structure could serve as a starter pit for the Botija-Petaquilla development.

The Valle Grande zone is south of the Petaquilla deposit and within a 1-by-1.6-km copper, molybdenum and gold anomaly, of which only a 500-by-600-metre area has been tested.

Select results from the recent Valle Grande drilling includes: a 34.5-metre intersection grading 1.15% copper, 0.01% molybdenite, 0.39 gram gold and 2.6 grams silver in hole 252; and a 117-metre intersection grading 0.57% copper, 0.02% molybdenum, 0.06 gram gold and 2.2 grams silver in hole 253.

The Botija and Petaquilla deposits were last estimated to contain a diluted minable reserve of 579 million tonnes grading 0.52% copper, 0.12 gram gold, 0.014% molybdenite and 1.32 grams silver.