Adrian drilling enhances Molejon deposit

Drilling on the Petaquilla property in Panama is enhancing the potential of the Molejon gold deposit to become a stand-alone producer while development work continues on the nearby copper-gold porphyry deposits.

Adrian Resources (TSE) reports that drilling on the Molejon intersected several gold intervals, including 12 metres grading 4.19 grams gold per tonne in hole 201; 16 metres grading 2.15 grams in hole 203; 62.8 metres grading 6.51 grams in hole 219; 17 metres grading 4.88 grams in hole 230; and 8.5 metres grading 12.98 grams in hole 236.

Stepout and infill drilling is continuing at the deposit, which in January was estimated to contain 12.3 million tonnes grading 3.2 grams gold. Cyanidization tests on six composite samples of drill core returned an average gold recovery of more than 97%.

Adrian President Chet Idziszek says a lot of drilling has been carried out since the January estimate, and he hopes to see Molejon proceed to the feasibility stage by the fall.

Meanwhile, drilling is continuing on other targets in an effort to define the huge, mineralized system that includes the Petaquilla and Botija deposits.

The two 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.

Idziszek believes the resource potential is well over 1 billion tonnes.

Recent drilling on the Valle Grande area, midway between the Petaquilla and Vega deposits, returned significant values, with hole 210 intersecting 96.9 metres grading 0.94% copper, 0.09 gram gold and 3.2 grams silver, plus 0.04% molybdenite; and hole 223 returning 182.3 metres grading 1.09% copper, 0.07 gram gold and 3.1 grams silver, plus 0.03% molybdenite. Both holes bottomed in high-grade mineralization.

Geochemical work indicates the entire 1.6-km distance between Petaquilla and Vega is prospective for copper-gold-molybdenum mineralization.

Adrian holds a 52% interest in the property, while Inmet Mining (TSE) owns the remaining 48% interest. Under an agreement to earn half of Adrian’s interest, Teck (TSE) is funding Adrian’s share of exploration costs and must complete a feasibility study by late 1996.