Petaquilla Minerals Ltd.
OTC Bulletin Board : PTQMF

Petaquilla Minerals Ltd.

December 14, 2009 16:14 ET

Petaquilla Exploration Update: Significant Gold Mineralization Discovered by Surface Rock Chip Samples

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 14, 2009) - Petaquilla Minerals Ltd ("Petaquilla" or the "Company") (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z) announced today that its exploration program has resulted in the discovery of significant gold mineralization by surface rock chip sampling on its Oro Del Norte concession.

Petaquilla holds 100% of the exploration and exploitation rights to 842 square kilometres of concessions surrounding its Molejon Gold Project and Inmet Mining Ltd.'s world class copper project, all located within the Petaquilla Mineral District in Central Panama.

The Company initiated the first phase of its regional exploration field program, which included detailed mapping, soil sampling and rock chip sampling on the Oro Del Norte concession, in the first quarter of calendar 2009. This concession is located twenty-two (22) kilometres north-east from the Molejon gold processing plant. The work initially focused on zones of historical (1990's) soil and rock chip sampling with the primary objective of confirming the initial results and, secondly, extending the areas of mineralization by mapping and surface sampling.

This early work has rapidly highlighted a 12 kilometre by 4 kilometre gold in soil anomaly. To date, approximately thirty percent (30%) of this soil anomaly has had detailed mapping and surface rock chip sampling completed within which sixty two (62) rock chips with grades greater than 1g/t Au have been identified. A total of 1054 samples were collected across various zones within this anomaly. Peak gold assay results include: 151.5 g/t, 59.8 g/t, 58.5 g/t, 48.4 g/t, 27.7 g/t, 19.25 g/t and 15.4 g/t Au. A table of results follows.

Table 1: 2009 Rock chip sample results

Sample Number Au g/t   Sample Number Au g/t   Sample Number Au g/t
R000904 14.8   R001101 1.74   R001749 8.25
R000905 4.67   R001424 2.7   R001751 2.22
R000918 15.35   R001425 1.23   R001800 1.93
R000969 59.8   R001551 3.84   R001803 1.14
R000970 151.5   R001552 21.2   R002045 2.06
R000974 5.68   R001614 1.18   R002048 2.05
R000983 48.4   R001617 1.23   R002051 1.87
R000984 5.36   R001627 1.32   R002052 58.5
R000985 3.02   R001630 6.01   R002053 27.7
R001001 1.91   R001631 1.79   R002056 6.85
R001002 6.24   R001636 1.12   R002057 5.63
R001005 1.73   R001637 16.3   R002058 15.4
R001015 1.27   R001638 2.29   R002059 1.19
R001016 17.9   R001664 1.19   R002063 4.62
R001018 1.34   R001665 1.16   R002064 7.83
R001019 4.32   R001672 4.3   R002065 9.21
R001037 3.17   R001719 1.23   R002098 6.85
R001042 9.99   R001722 1.56   R002103 1.63
R001060 1.0   R001740 4.37   R002106 1.86
R001067 7.74   R001743 2.2   R002107 1.3
R001088 19.25   R001745 1.01      
Total 62 rock chips greater than 1g/t Au        

Source: ALS Chemex Laboratory, North Vancouver, BC Canada

Mr. John Kapetas, P. Geo., a Qualified Person as defined by National Instrument 43-101 and Vice President Exploration & Resources Development for the Company, has been overseeing the exploration field program. He is ensuring that the appropriate quality assurance protocols are being followed and that the data is being qualified under strict quality controls. He has reviewed and verified the technical mining information contained in this news release.

Follow-up Activity

An aggressive exploration program is planned to follow-up these results. The program will include continued detailed mapping, expansion of the soil sampling grid, rock chip sampling and trenching in order to define drill ready targets, which the Company anticipates drilling in 2010.

Joao C. Manuel, the Company's President and Chief Executive Officer, remarks that, "This primary phase of exploration has returned early success by confirming our geological and exploration models for the Petaquilla Mineral District. The Company is now well positioned to expand its exploration efforts for the year ahead."

Project Geology

Gold mineralization at the Oro Del Norte concession area is associated with a series of northeast and northwest striking quartz veins and alteration. Several zones of quartz veining and alteration have been identified to date and given the size of the soil anomaly highlighted, the Company believes the potential of the concession to host additional gold bearing vein sets is high. The concession geology is dominated by volcanic andesites and lesser intrusive granodiorites.

Petaquilla believes that its 100% owned concessions surrounding its Molejon Gold Project are prospective for intrusive related epithermal gold vein systems and porphyry copper-gold-molybdenum deposits.

Petaquilla is the sole company funding exploration on its 100% owned concessions.

About Petaquilla Minerals Ltd. - Petaquilla Minerals Ltd. is a gold producer operating its gold processing plant at its 100% owned Molejon Gold Project in Panama. The plant utilizes three ball mills and a carbon-in-pulp processing facility. Anticipated throughput for the project during the first year of commercial production is estimated to be 2200 tonnes per day. The Molejon mine site is located in the south central area of the Company's 100% owned 842 square kilometer concession lands, a region known historically for its gold content.

On behalf of the Board of Directors of PETAQUILLA MINERALS LTD.

Joao C. Manuel, President and Chief Executive Officer


No Stock Exchange has approved or disapproved the information contained herein.

Contact Information

  • Petaquilla Minerals Ltd.
    Joao C. Manuel
    President and Chief Executive Officer
    (604) 694-0021 or Toll-free: 1 (877) 694-0021
    (604) 694-0063 (FAX)