Adrian plans initial program for Petaquilla project in

An initial $1-million phase of drilling is scheduled to begin shortly at the Petaquilla property in the Republic of Panama.

Adrian Resources (VSE) is in the process of earning up to a 40% interest in an 80% interest held by Minnova (TSE). The remaining 20% interest in the property is owned by a private Panamanian company.

To earn its interest, Adrian must issue Minnova 300,000 shares, complete staged exploration expenditures of $6 million, make annual cash payments of $100,000 to a total of $600,000 and complete a preliminary feasibility study on the property.

The planned drilling program includes along-trend evaluation of the Petaquilla and Botija deposits which contain estimated preliminary reserves of 875.6 million tons grading 0.6% copper (based on a 0.3% copper cutoff). Adrian completed a 10-hole drilling program on the property last year and estimates it added another 70 million tons to the total reserve. This year’s program also includes further evaluation of the Southwest Gold anomaly where Adrian identified a gold-in-soil anomaly measuring at least 11,500 ft. by 1,300 ft. on the southeastern flank of the Petaquilla deposit. Two of last year’s holes were located within the anomaly and returned wide copper-gold intersections starting at bedrock. Hole P92-2 intersected 256 ft. grading 0.71% copper and 0.01 oz. gold per ton while P92-10 intersected 211 ft. grading 0.59% copper and 0.011 oz. gold.

Adrian also plans to test a number of other targets which display similar geological, geochemical and geophysical characteristics as those found in the Botija and Petaquilla deposits.