Adrian program under way at Panamanian copper play

A $1-million exploration program aimed at expanding reserves and testing new targets is under way on the Petaquilla copper property in Panama. The program is being funded by Adrian Resources (VSE) which is earning up to a 40% interest from Minnova (TSE). Linecutting began in May to provide grid coverage of the property’s two deposits, Petaquilla and Botija, and several recently discovered geochemical targets. Magnetometer surveying of the grid is in progress.

A base camp is being built, complete with a satellite communications system, and two rigs have been mobilized to begin the drill program by the end of July.

This year’s program is aimed at expanding the Petaquilla and Botija porphyry deposits, 2.4 miles apart, which together contain preliminary reserves of 198 million tons averaging 0.76% copper at a 0.6% copper cutoff grade, or 543 million tons of 0.56% copper, at a 0.3% copper cutoff. These deposits are open at depth, to surface, and along strike in either direction. The program is also focused on delineation of gold-enriched portions of the two deposits which can be mined early in production, as well as delineation of near-surface, high-grade copper reserves which could also be mined in the project’s early history. At least four outside geochemical targets on the property will also be tested.

As well, Adrian is active in northwestern British Columbia, for example, at the Ski project adjacent to the Eskay Creek deposit. This project includes the TOK claim gap which covers a portion of the 21B deposit and which hosts estimated reserves of 125,000 tons averaging 1 oz. gold and 26.99 oz. silver per ton at a cutoff of 0.10 oz. gold.

The TOK claim gap also covers preliminary reserves in the Pumphouse zone which are estimated at 57,000 tons of 0.4 oz. gold and 17.18 oz. silver. The 21B deposit also trends north from the claim gap through the Eskay Creek property and eventually comes back on to the Ski property. This northern extension is estimated to host preliminary reserves of 80,000 tons grading 0.2 oz. gold and 40 oz. silver.

Prime Resources Group (VSE) and Stikine Resources are jointly earning a 50% interest in the Ski project from Adrian, which is carried for all costs to put the TOK claim gap reserves into production (less its share of mining and milling charges).

North of Eskay Creek, Adrian and joint venture partner Hemlo Gold Mines (TSE) are reviewing plans for a trenching and drilling program on the Bear 1-4 claims along More Creek. The property features polymetallic mineralization in stratigraphy similar to that hosting the Eskay Creek deposits.