Petaquilla Minerals Ltd.
OTC Bulletin Board : PTQMF

Petaquilla Minerals Ltd.

October 25, 2010 09:49 ET

Petaquilla Announces Additional Exploration and Drilling Results From Its Oro del Norte Concession

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 25, 2010) - Petaquilla Minerals Ltd. ("Petaquilla" or the "Company") (TSX:PTQ)(OTCBB:PTQMF)(FRANKFURT:P7Z) is pleased to announce that it has received additional drilling, trenching and surface rock chip assay results from its Tucan Project and the newly identified San Lucas Project both located on its Oro del Norte concession in Central Panama.

As previously announced on August 9, 2010, the Company has commenced its first diamond drilling program on the Tucan Project located in the Oro del Norte Concession. Concurrently, an extensive program of surface rock chip sampling, trenching and detailed mapping continues across the concession.

Diamond Drilling Program

During the third calendar quarter of 2010, the Company continued its diamond drilling program on numerous targets identified by surface geochemical sampling during 2009 and 2010. To date, 29 HQ3 diamond drill holes for a total of 5,310 metres have been completed.

Highlights of additional results received subsequent to those previously announced are listed in Table 1 below.

Table 1: Diamond Drill Result Highlights     
  From To Length Au
Hole (metres) (metres) (metres) (g/t)
TCDH-012 90.50 92.00 1.50 3.14
TCDH-014 55.8 59 3.20 2.44
TCDH-014A 60.55 63.35 2.80 1.61
  includes 60.55 61.55 1.00 3.23
TCDH-015 51.5 52 0.50 1.60
TCDH-015 178 180 2.00 1.54
  includes 179 180 1.00 2.03
TCDH-015 184 185 1.00 1.13
TCDH-017 59.25 60 0.75 5.36
TCDH-020 61.5 65 3.50 1.39
  includes 63.25 64.50 1.25 2.53
TCDH-021 131.13 132.1 0.97 1.79
TCDH-022 29.4 30 0.60 4.91
TCDH-022 151.5 152.2 0.70 1.60
(1) Assay results for drill holes TCDH-012 to TCDH-022 have been analyzed by ALS Chemex in North Vancouver, BC, Canada.
(2) Drill intersections tabulated under 'Intercept Length' are reported as drilled thicknesses. Based on core axis to structure angles, true widths are estimated to be 70% to 90% of the interval lengths.

These drill holes were focused on evaluating the northernmost epithermal vein system identified by exploration mapping and trenching completed in the first calendar half of 2010. This northern vein system is one of three separate sub-parallel vein systems identified by the Company and reported on August 9, 2010. This northern vein system has a demonstrated strike length of 1.8 kilometres striking northwest–southeast. In several locations along its strike, the mineralization has been offset by 50 to 80 metres by transverse post mineralization faults. Drilling and trenching to date has confirmed the continuity of mineralization over its strike length.

Follow-up trenching and drilling will continue testing the strike extent of this northern vein system in addition to the two other sub-parallel vein systems identified. Several deeper diamond drill holes are also currently in progress beneath the main Tucan Project to evaluate the continuity of gold grades and depth potential of the mineralized system.

Rock Chip Sampling Program

The reconnaissance surface rock chip sampling program continues to expand across the Oro del Norte concession extending both south and southeast from the Tucan Project area. In addition, a detailed mapping exercise is being completed. This work is being completed to generate the next phase of trenching and subsequent drill targets.

Highlights of the reconnaissance rock chip sampling program are listed below in Table 2.

Table 2: Rock Chip Sample Result Highlights      
Sample Au Sample Au Sample Au
Number g/t Number g/t Number g/t
R032603 5.65 R032691 2.59 R039462 1.28
R032608 3.7 R034213 1.1 R039469 1.34
R032623 2.53 R034243 16.1 R039471 10.9
R032651 1.56 R034245 4.78 R039480 1.12
R032653 7.12 R037711 1.21 R039482 4.44
R032655 6.75 R037729 1.4 R039483 1.96
R032657 1.61 R037846 1.02 R039737 3.4
R032660 1.16 R038014 1.53 R039739 3.86
R032661 1.5 R038048 3.54 R039765 5.1
R032674 2.24 R038050 2.88 R040359 1.27
R032681 4 R038751 2.37 R040701 1.81
R032683 2.95 R038753 2.96 R040842 6.18
R032685 3.7 R038757 6.11 R040899 6.43
R032687 4.62 R039407 2.72 R040995 2.14
R032689 2.3 R039439 4.15 R041226 1.2
Total 45 rock chips greater than 1 g/t

These rock chip results have identified gold mineralization extending over an area of 3.0 kilometres x 2.5 kilometres known as the San Lucas Project, which is situated three kilometers south-southeast of the Tucan Project. Both the Tucan and San Lucas projects are located within the same regional mineralized corridor. Follow up activity currently in progress includes continued mapping and rock chip sampling to define the dimensions of the mineralization at the San Lucas project in addition to continued sampling along this mineralized corridor. Phase 1 of the trenching program has also commenced and has returned encouraging results listed in Table 3 and discussed below.

Trenching Program

In conjunction with the diamond drilling program underway, the Company has completed 282 trenches for a total of 10,857 metres.

Trenching completed during this reporting period has been focused on both the Tucan and San Lucas Project areas.

Eleven trenches (prefix ONT-SL) for a total of 1,527 metres have been completed on the newly identified San Lucas Project and results for the first 710 samples have been received. Highlights of trenching are listed in Table 3.

Table 3: Trench Result Highlights     
  From To Length Au
Hole (metres) (metres) (metres) (g/t)
ONT-SL-04 90 91 1 1.35
ONT-SL-04 118 122 4 2.95
  Includes 119 120 1 11.05
ONT-SL-04 144 146 2 1.37
  Includes 144 145 1 2.51
ONT-SL-04-1 34 35 1 1.19
ONT-SL-05 7 11 4 3.59
  Includes 8 9 1 8.97
ONT-SL-05 32 33 1 4.07
ONT-SL-05-1 0 8 8 1.78
  Includes 6 7 1 9.52
ONT-SL-06-2 37 40 3 2.13
ONT-SL-06-3 43 44 1 1.29
ONT-SL-06-3 45 46 1 1.24
ONT-SL-06-4 1 2 1 2.48
ONT-SL-08 1 6 5 1.39
  Includes 2 3 1 3.69

During final calendar quarter of 2010, the Company will continue its aggressive trenching and drilling programs to expand existing areas of identified mineralization in addition to evaluating and defining other mineralization targets on the Oro del Norte concession.

The Company has also commenced its program of updating its global resources estimate. This updated estimate is planned to be released in the first calendar quarter of 2011.

Richard Fifer, the Company's Executive Chairman, remarks that, "The Company is enthusiastic about these results from our maiden drilling program in the Oro del Norte concession where results have returned numerous commercial grade gold intercepts. There is also no shortage of exploration targets as results from the reconnaissance work continue to identify new areas of gold mineralization."

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 sole funding exploration on its 100% owned concessions.

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.

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. Anticipated throughput for the project during the first year of commercial production is estimated to be 2,200 tonnes per day. Commercial production commenced January 8, 2010. The Molejon mine site is located in the south central area of the Company's 100% owned 842 square kilometre concession lands, a region known historically for gold content.

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

Richard Fifer, Director and Executive Chairman of the Board

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

Contact Information

  • Petaquilla Minerals Ltd.
    Richard Fifer
    Director and Executive Chairman of the Board
    (604) 694-0021 or Toll free: 1-877-694-0021
    (604) 694-0063 (FAX)