Petaquilla Minerals Ltd.
TSX : PTQ
OTC Bulletin Board : PTQMF
FRANKFURT : P7Z

Petaquilla Minerals Ltd.

May 15, 2006 03:05 ET

Petaquilla Minerals Ltd.: More Gold Intercepted in Molejon Drilling

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 15, 2006) - Michael Levy, the president of Petaquilla Minerals Ltd., (TSX:PTQ)(OTCBB:PTQMF)(FWB:P7Z) is pleased to announce that analytical results are now available from ALS Chemex for sixteen more holes of the 58-hole diamond drilling program at the Molejon gold deposit. New core hole data for the 100% owned Molejon gold project, west of Panama City, Panama with material gold interceptions are identified in the table below:



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Hole Interval thickness grade
# M m g/tonne Host rock
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MO-06-18 4.0 - 13.0 9.0 1.1 SAP, FQPO
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MO-06-19 1.0 - 5.9 4.9 1.2 SAP, QZBX
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16.4 - 20.8 4.4 2.0 SAP, QZBX, FSPO
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32.0 - 41.0 9.0 2.4 FSPO, QV
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MO-06-20 50.1 - 61.7 11.6 16.4 QV, FQPO
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MO-06-21 44.0 - 48.0 4.0 2.5 FQPO
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54.0 - 62.0 8.0 2.8 FQPO
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68.0 - 86.9 18.9 6.1 FQPO, QV, QZBX
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MO-06-22 0 - 14.4 14.0 2.8 FSPO, QZBX
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MO-06-23 0 - 20.0 20.0 5.5 SAP, QZBX, FSPO
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MO-06-24 46.6 - 84.3 38.0 6.82 FQPO, QV
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MO-06-25 0.0 - 15.2 15.2 8.51 SAP, QZBX, FSPO
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19.7 - 20.8 1.1 1.64 QZBX
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31.1 - 32.2 1.1 2.05 QZBX
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40.9 - 42.2 1.3 2.75 QV
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MO-06-26 4.0 - 6.3 2.3 2.83 FQPO, SAP
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MO-06-27 9.0 - 13.3 4.3 1.76 FSPO, QZBX
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MO-06-28 0.0 - 17.8 17.8 8.51 SAP, QZBX, FSPO
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19.4 - 23.8 4.4 5.66 QZBX
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MO-06-29 3.1 - 5.1 2.0 1.10 FQPO
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10.6 - 26.6 16.0 2.22 QZBX, FSPO
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MO-06-30 0.0 - 12.0 12.0 1.22 SAP, FQPO
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14.0 - 48.0 34.0 3.81 FQPO, QV, BRHM
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64.0 - 66.0 2.0 1.08 BRHM
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MO-06-31 8.0 - 12.0 4.0 1.53 SAP
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15.5 - 24.9 9.4 6.04 SAP, QZBX, FSPO, QV
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25.8 - 26.4 0.6 3.63 QZBX
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MO-06-32 0.0 - 6.0 6.0 10.0 SAP
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MO-06-33 0.0 - 2.0 2.0 1.3 SAP
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16.0 - 18.0 2.0 1.79 SAP
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21.2 - 31.1 9.9 7.70 FQPO, QZBX, QV, BRHM
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32.6 - 34.6 2.0 1.84 BRHM
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37.7 - 40.5 2.8 7.0 QV
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SAP - Saprolite (weathered bedrock) QZBX - Quartz Breccia
FQPO - Feldspar - Quartz Porphyry FSPO - Feldspar Porphyry
QV - Quartz Vein and Calcite Stockwork BRHM - Homolithic Breccia

Note: Due to the dip of the strata, the thicknesses may not always
represent true width. However, most holes were directionally drilled
to normally intersect (re: at 90 degrees) the mineralized beds for
purposes of obtaining as close to a true width as possible.


In-fill drilling in an area with limited drill hole control has produced unexpectedly favorable results (re: core hole MO-06-20). This high-grade, gold mineralization occurs in a massive bluish-white quartz vein. Additional drilling in this area is expected as a result of this new information.

New drill data (MO-06-19 and MO-06-21) also confirm that gold mineralization occurs in up to three stacked horizons. Shallow gold mineralization is widespread throughout the deposit (MO-06-18, MO-06-19, MO-06-22 and MO-06-23).

MO-06-24 that was drilled in the southeast portion of the Molejon deposit shows a thick, high-grade extension zone encountered recently in MO-06-20. Both holes are in an area of limited historical data. Approximately 125 meters to the east, the upper gold interception in MO-06-25 shows continuity with proximal MO-06-23 and MO-06-28. Several additional core holes are planned for this relatively untested and promising area.

While the thin, low-grade gold interceptions in MO-06-26 and MO-06-27 are disappointing, both holes lie to the northwest of the zone planned for mining. These holes have been drilled as off-set twins to core holes drilled in 1995. However, MO-06-29 and MO-06-32 drilled just north of MO-06-26 and MO-06-27 do confirm that thick shallow mineralization can be found in the northwest area. Drill holes 31 and 33 were drilled from the same drill platform. MO-06-31 was drilled at -74 degrees on azimuth 150 degrees and MO-06-33 was drilled at -75 degrees on azimuth 330 degrees.

The results confirm the results of Adrian's 1994-1995 program, and the results from the current program, when complete, are anticipated to be capable of providing a reliable basis for resource estimation and pit modeling. The new assay results have further revealed the presence of gold in multiple host rocks. Up to now, the theory was that the gold was only associated with the massive quartz breccias. Recent analytical data have shown that gold is also associated with feldspar quartz porphyries that have undergone prophilitic and silicic alteration. Further, gold values of potential economic significance have been also found in quartz and calcite stockwork veins and veinlets in andesite. The implications of multiple rock types hosting gold mineralization will undoubtedly broaden the search for additional extensions to the resource trend at Molejon.

The current results adjoin with the data received from the SRK study published in a company news release of October 26, 2005 and are one more step in the process to bring the Molejon deposit to a 43-101 measured resource under the auspices of SRK, who are now on site.

Some highlights of the Oct 26/05 news release are as follows:

"The 2005 (SRK) Report estimates the inferred mineral resource of the Molejon Deposit to be 11.2 million tonnes grading 2.48 g/t for total contained gold of 893,000 ounces using a bottom cut-off grade of 0.500 g/t Au.

This 2005 Report represents an increase of 35% over a 1995 pre 43-101 resource estimate of 7.8 million tonnes grading 2.63 grams for total contained gold of 661,000 ounces using a bottom cut-off grade of 0.500 g/t Au.

The 2005 SRK Report also includes additional analysis of the sensitivity of Molejon tonnes and grade at various cut-offs. For example, a cut-off grade of 3.0 g/t results in 3.3 million tonnes grading 5.3 g/t for total contained gold of 560,000 ounces.

SRK was contracted to complete a database audit, resource estimate and an encompassing NI 43-101 Technical Report to be used in support of an Issuer Disclosure of mineral resources and fulfills a requirement for a resource estimate in Petaquilla's Mine Development Plan that was approved by the government of Panama in Sept 2005 (see Petaquilla Press Release dated Sept 26).

The study included a complete review of the drilling, sampling methods and approach, sample preparation, analysis, security (chain of custody), and quality assurance/quality control procedures ("QA/QC") used during the exploration of the Molejon gold deposit.

The database audit and resource estimate was completed by George H Wahl ("GHW"), an associate of SRK who is a Qualified Person as defined by NI-43-101 and a P.Geo. registered with the Association of Professional Geoscientists of Ontario."

The on-site independent QP, Sean C. Muller, P. Geo. has observed and verified that recent drilling, sample preparation and ALS Chemex laboratory procedures utilized for the Molejon project meet N.I. 43-101 standards. Strict QA/QC protocols have been defined and implemented under Mr. Muller's supervision including the submission of blanks, standards and duplicate core samples to the laboratory.

Petaquilla Minerals Ltd. has core drilled over 3200 metres of a 6200-metre core drilling program and will continue drilling over the next couple of months. Complete data from the drill program and a map will be available on the company website.

On behalf of the Board of Directors of

PETAQUILLA MINERALS LTD.

Michael Levy, President and Director


No stock exchange has approved or disapproved the information contained herein.

Contact Information

  • Petaquilla Minerals Ltd.
    Michael Levy
    President and Director
    (604) 694-0021
    (604) 694-0063 (FAX)
    www.petaquilla.com