Recent stepout drilling on the Petaquilla project in Panama indicates a recently completed estimate of the project’s geological resource is open to considerable expansion, according to Adrian Resources (VSE).
Adrian can earn up to a 40% interest in the property from Minnova (TSE) by making annual cash payments of $100,000, spending a total of $6 million, issuing 200,000 shares and completing a detailed economic feasibility. Orcan Mineral Associates, a consulting firm, estimates combined preliminary reserves on the Petaquilla and Botija deposits at about 875 million tons grading 0.6% copper at a 0.3% cutoff grade, or about 357 million tons grading 0.81% copper at a 0.6% cutoff grade.
The Orcan calculation is based on 50 drill holes completed by a consortium of Japanese companies in the early 1970s and 18 exploratory holes drilled by the United Nations in the late 1960s.
Adrian’s drilling included five holes on each deposit. Three infill holes (92-1,7 and 9) essentially confirmed mineral continuity and expected grades for the deposits, while six stepout holes (92-2,3,5,6,8 and 10) expanded the reserve potential. Drill hole 92-4 was set up over 300 ft. south of its intended site, returning no significant mineralization.
Adrian plans to drill the site in its next phase of work to test an old hole which terminated in strong mineralization after intersecting 80 ft. grading 2.65% copper.
Results from Adrian’s program are as follows:
Hole Location Width Copper Gold
(ft.) (ft.) (%) (oz./ton)
92-01 Botija 968.2 0.71 0.006
92-02 Petaquilla 255.8* 0.71 0.01
92-03 Botija 660.6 0.53 0.002
92-05 Botija 167.4 0.35 0.001
92-06 Petaquilla 559.0 0.44 0.001
92-07 Botija 49.2 0.35 0.002
314.8 0.56 0.003
92-08 Botija 408.4 0.50 0.001
92-09 Petaquilla 723.9 0.85 0.002
92-10 Petaquilla 210.6 0.59 0.011
*interval excludes dykes
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