Shareholders of Adrian Resources (VSE) have approved an agreement to buy all issued and outstanding shares of Panamanian company Georecursos Internacional S.A.
As a result, Adrian will hold an indirect 20% interest in the Cerro Petaquilla exploration concession in Panama. This will be increased to 52% once Adrian earns its interest from a unit of Minnova.
The Petaquilla project contains two advanced copper-gold porphyry deposits, Botija and Petaquilla. Combined reserves total 875.6 million tons grading 0.6% copper at a 0.3% copper cutoff. This estimate does not take into account drilling in 1992 and 1993, which is expected to boost the inventory to well over one billion tons.
Adrian is planning to explore other areas of the concession where several large multi-element anomalies have been identified. Preliminary drilling of 11 holes in two discovery areas confirmed the presence of additional copper and gold potential within the anomalous areas. Adrian also secured adjoining ground in the emerging mineral district.
Adrian recently arranged a $6-million private placement to finance the Georecursos acquisition and continued exploration and development on the Panama properties.
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