Drilling is planned for the Belencillo property in Panama. Madison Enterprises (VSE) is earning a half interest in the project from Adrian Resources (TSE).
The program will include 6-8 holes to test possible extensions of the Palmilla deposit to the north, east and west. Previous work at Palmilla outlined 14 million tonnes grading 0.3% copper and 1.02 grams gold per tonne.
Adrian, the operator, also plans to drill-test the recently discovered Trueno zone, which bears geophysical similarity to Palmilla. Trueno hosts a coincident copper-gold-molybdenum geochemical anomaly measuring at least 500 by 500 metres.
Madison is funding the exploration work through a private placement of 706,000 units at 76 cents each. The units include one share and one 2-year warrant exercisable at 76 cents in the first year and 88 cents in the second.
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