Petaquilla reserves expanded by drilling

Drilling on the Petaquilla property in Panama is steadily expanding reserves.

Adrian Resources (VSE), manager of the exploration program, has a 20% indirect interest in the project and an option to acquire a further 32% from Metall Mining (TSE) which owns the balance.

Since starting the current phase in July, Adrian has drilled more than 12,500 ft. in 15 holes, bringing the total for the year to more than 40 holes. (The total since Adrian optioned the property is about 33,000 ft.) Ten of the holes were drilled on the Botija deposit, three on the Southwest zone of the Petaquilla deposit and the remaining two on the Botija-Abajo discovery.

Adrian’s drilling to date has increased reserves to more than one billion tons.

A previous estimate by Consultants Orcan Mineral Associates put the geological resource at about 875.6 million tons grading 0.6% copper using a 0.3% copper cutoff.

James Stewart, a director of Adrian, said the company has tenders out to four engineering firms for a preliminary feasibility study.

Recent results from the Botija deposit are as follows:

Hole Interval Width Copper

(ft.) (ft.) (%)

B93-32 224.7-1,007.9 783.2 0.65

B93-33 103.4-703.8 600.4 0.54

762.8-821.9 59.1 0.49

856.3-1,008.9 152.6 0.49

B93-34 137.8-172.3 34.5 0.44

595.5-713.6 118.1 0.46

762.8-994.1 231.3 0.35

B93-35 10.0-29.5 19.5 0.57

78.7-851.4 772.7 0.51

900.6-1,063.0 162.4 0.43

B93-36 164.0-356.0 192 0.56

B93-38 803.8-995.8 192 0.47

Note: Gold and silver values ranged up to 0.003 oz. and 0.11 oz. per ton, respectively.