A $4.7-million exploration program by Adrian Resources (VSE) will include about 15,000 metres of drilling to define known deposits further and continue testing several discovery areas on the Petaquilla property in Panama.
Adrian holds an option to earn 32% of the copper-gold project from Metall Mining (TSE) and plans to acquire a Panamanian company which holds a 20% interest. Once these agreements close, Adrian will have a 52% interest in the project while Metall will hold 48%.
The initial holes from this phase are aimed at evaluating the dimensions of the Botija deposit, as well as the copper and gold grades of its minable reserve. Other holes will be directed at the Petaquilla deposit and several newly discovered areas of mineralization.
A $250,000 first-phase program is also under way at Adrian’s wholly owned La Esperanza concession. Situated next to the Petaquilla project, it is underlain by similar geology.
Silverstone Resources (VSE) can earn half of this project by spending $2.5 million, paying $250,000 and issuing 300,000 shares over the 4-year term of the option.
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