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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