Drilling extends Botija deposit

The first three holes drilled in this year’s second-phase exploration program are expected to increase the geological resource of a deposit on the Petaquilla project in Panama.

All three holes at the Botija deposit intersected significantly longer intercepts than expected and all ended in mineralization, Adrian Resources (VSE) reports. The first hole, 93-28, returned 1,013.1 ft. grading 0.74% copper plus 0.16 grams gold and 1.8 grams silver per tonne from 45-1,058.1 ft. This hole intersected about 250 ft. of mineralization beyond that expected and ended in mineralization. The last 250 ft. assayed 0.68% copper, 0.14 grams gold, 1.8 grams silver and 0.02% molybdenite.

Hole 93-29 returned 897 ft. of 0.65% copper plus 0.18 grams gold and 2.2 grams silver per tonne from 47.9-944.9 ft. This hole encountered about 170 ft. of mineralization beyond that expected and ended in a post-mineralization dyke. This dyke is expected to be narrow and mineralization is believed to resume on the other side. Holes 28 and 29 were drilled in the west-central part of the deposit.

Hole 93-30 was drilled in the east-central part, where previous drilling had indicated potential for near-surface copper mineralization. The hole returned 717.5 ft. of 0.65% copper plus 0.06 grams gold and 2.5 grams silver per tonne from 6.6-724.1 ft. The hole ended in mineralization after encountering about 140 ft. of additional mineralization beyond that expected. The last 140 ft. of this hole assayed 0.7% copper, 0.06 grams gold, 3.0 grams silver and 0.03 molybdenite.

Results are awaited from an additional five holes; four at Botija and one near the Petaquilla deposit and Southwest Gold zone.

The two main deposits, Botija and Petaquilla, reportedly contain 875.6 million tons grading 0.6% copper at a 0.3% copper cutoff. This estimate is based on a 1992 calculation by Orcan Mineral Associates.

Recent drilling prior to the current program is estimated to have increased the total geological resource to more than 1.1 billion tons in five deposits. Adrian owns a 20% indirect interest in the Petaquilla concession and has an option to acquire a further 32% interest from Metall Mining (TSE). Once this option is exercised, Adrian’s direct and indirect interests will total 52% while Metall will hold 48%.