Teck intensifies efforts in Panama

As part of its final feasibility work at the Petaquilla property in Panama, Teck (TSE) has started an extensive, infill diamond drilling program on three of the project’s copper-gold deposits.

The $4-million program will consist of at least 16,000 metres of delineation drilling on the Petaquilla, Botija and Valle Grande deposits.

Teck is preparing a bankable feasibility study in order to earn half of the 52% interest held by Adrian Resources (TSE). The remaining 48% is owned by Inmet Mining (TSE).

An interim scoping study by Fluor Daniel Wright estimates the Petaquilla project contains a diluted measured and indicated minable reserve of 1.1 billion tonnes grading 0.48% copper and 0.11 gram gold plus 0.014% molybdenite, based on cutoff grade of 0.2% copper-equivalent.

Starter pits in the Botija, Petaquilla and Valle Grande deposits are estimated to contain a measured and indicated minable reserve of 160 million tonnes grading 0.63% copper and 0.24 gram gold plus 0.018% molybdenite, at a stripping ratio of 0.93-to-1.

Recent drilling at the Petaquilla has been focused on the Botija and Valle Grande deposits. Results included a 118.6-metre intersection grading 0.94% copper, 0.29 gram gold and 0.022% molybdenite for hole 384 at Botija, and 64.5 metres grading 0.84% copper, 0.12 gram gold and 0.024% molybdenite for hole 367 at Valle Grande.

Meanwhile, drilling 400 metres to the east of the proposed Petaquilla pit intersected 33 metres grading 1.2% copper, 0.14 gram gold and 0.017% molybdenite. Also, a 150-metre stepout hole on the Medio deposit returned 103.6 metres grading 0.91% copper, 0.11 gram gold and 0.004% molybdenite. Both areas represent significant extensions of previously known mineralization.

Drill results will be included in a final scoping study, expected in early February.

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