Adrian boosts reserve estimates at Petaquilla

Initial step-out drilling at the Petaquilla property in Panama has increased preliminary reserve estimates to more than one billion tons.

Adrian Resources (VSE) is drilling under an option to earn up to a 40% interest in an 80% interest in the property, jointly owned by Minnova (TSE) and Kerr Addison Mines (TSE). The remaining 20% interest is owned by a private Panamanian company.

A mineral inventory by Consultant Orcan Mineral Associates last year estimated that the Petaquilla and Botija deposits contain about 875.6 million tons grading 0.6% copper at a 0.3% copper cutoff.

Based on results from six step-out holes from 1992 drilling and six of the recently completed step-out holes on Petaquilla and Botija, Adrian estimates the deposits contain an additional 130 million tons, bringing the total to more than one billion tons.

The initial seven holes of the 1993 first-phase program include six 330-660 ft. step-outs, one to the north of the Botija and five to the west of the Petaquilla. The seventh hole is about 6,600 ft. southeast of Botija in the newly discovered Botija-Abajo area. Additional drilling is in progress there to further assess the area’s potential.

Results from the first seven holes are as follows:

Hole Location Interval Width Copper Gold

(ft.) (ft.) (%) (oz./ton)

B93-11 Botija 344.4-374.0 29.6 0.52 0.004

447.8-1,378.0 930.2 0.52 0.002

P93-12 Petaquilla 0-348.1 348.1 0.43 0.01

P93-13 Petaquilla 0-317.9 317.9 0.36 0.008

P93-14 Petaquilla 249.4-293.7 44.3 0.42 0.002

382.2-643.1 260.9 0.36 0.001

P93-15 Petaquilla 20.0-251.0 231.0 0.43 0.004

P93-16 Petaquilla 45.0-173.9 128.9 0.41 0.001

277.2-488.8 211.6 0.41 0.003

BA-17 Botija-Abajo 142.7-211.6 68.9 0.69 0.005