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

Petaquilla Minerals Ltd.

June 23, 2005 09:01 ET

Petaquilla Minerals Ltd.: Molejon Continues to Provide Encouraging Gold Values

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 23, 2005) - Petaquilla Minerals Ltd ("PTQ" or the "Company") (TSX:PTQ)(OTCBB:PTQMF) reports on the on-going trenching program at the epithermal Molejon gold deposit in north-central Panama.

Highlights of this round of trenching

- 2.60 meters grading 41.92 g/t

- 9.00 meters grading 16.72 g/t

- 15.05 meters grading 18.47 g/t

- 11.20 meters grading 13.05 g/t

- 31.50 meters grading 11.00 g/t

The trenching program was initiated to generate a geological model whereupon a drill program could be based and a mineral resource estimate defined conforming to the regulations and guidelines in National Instrument 43-101. The pending drill program will consist of infill drilling, bringing the separation between holes down to 20 to 35 meters, and step out drilling in the Northwest zone ("NW-zone") where the trenching has identified new targets.

The Molejon deposit was previously diamond drilled in a 124-hole program conducted by Teck, Inmet and Petaquilla (formerly Adrian Resources) in 1994-95. The drilling was done on 50-meter drill lines with 40 to 70 meters separation between holes.

Approximately 40 holes were drilled in the Northwest zone during the 94 -95 program with the majority of the holes providing poor core recovery through the target zone. No surface trenching was done on the NW-zone prior to the 94 - 95 drilling. The current trenching, which has exposed contiguous in situ gold mineralization from within a meter of the surface, is providing valuable information that the Company feels will improve results during this round of drilling.

The Northwest zone is currently being interpreted as a gently SW dipping tabular body of quartz breccia and quartz stock work veining, from 2 to 5 meters thick. Gold mineralization has been delineated over a distance of 340 meters in a north-south direction and is open to further expansion.

The zone is located in a high relief area, and trenching is exposing the zone along hillsides and creek beds. Because the zone is a hard, silicified band, hand trenching is exposing the erosion surface of the zone. In most cases, the channel-chip samples follow the zone obliquely along strike or down dip. Trench sample length intersection are an indicator of gold mineralization continuity, and do not represent true widths of mineralization.

A table containing a number of significant high-grade intersections encountered in the trenching of the Northwest zone is listed below.



(Sampling is contiguous in the trench unless noted in comments column)

----------------------------------------------------------------------
NW-Zone High Grade Intersections
----------------------------------------------------------------------
TRENCH INTERSECTION
LENGTH From To Width Grade
TARGET TRENCH (meters) (meters) (meters) (meters) (Au gr/t) Comment
----------------------------------------------------------------------
NWZ TR-104A 39.80 0.00 39.80 39.80 3.76
-------------------------------------------------------
INCLUDING 0.00 17.80 17.80 6.68
----------------------------------------------------------------------
NWZ TR-120A 39.10 0.00 39.10 39.10 2.64
-------------------------------------------------------
INCLUDING 0.00 12.10 12.10 6.48
----------------------------------------------------------------------
NWZ TR-123A 71.90 41.20 61.70 20.50 3.35
-------------------------------------------------------
INCLUDING 56.90 61.70 4.80 11.06
-------------------------------------------------------
61.70 71.90 10.20 Waiting for Assay
results
----------------------------------------------------------------------
NWZ TR-126C 31.50 0.00 31.50 31.50 11.00
-------------------------------------------------------
INCLUDING 16.45 31.50 15.05 18.47
----------------------------------------------------------------------
NWZ TR-164C 293.30 122.50 149.50 27.00 6.48
-------------------------------------------------------
INCLUDING 124.00 133.00 9.00 16.72
-------------------------------------------------------
250.60 261.80 11.20 13.05
-------------------------------------------------------
INCLUDING 252.10 254.70 2.60 41.92
----------------------------------------------------------------------


The trench results clearly indicate that the Northwest zone is a near-surface mineralized body returning significant gold grades. In addition the assay results suggest that we have zones of significantly higher-grade mineralization in the Quartz Breccia zone, and that in places mineralization extends into the footwall and hanging wall.

These favorable trench results have led the company to continue the trenching program within the Northwest zone and across the deposit's other zones (Central Zone and Main Zone).

Margaret Venable (PhD Geo.) was the on-site geologist supervising the trenching and sampling program on the Molejon Deposit. David Nowak, (P.Geo.), has reviewed the data, and is the Qualified Person under the definition of Canadian National Instrument 43-101.

Acme Analytical Laboratories, Vancouver performed the preparation and assaying on the trench samples. Procedures included a 1 assay tonne Gold Fire assay and multi-element ICP analysis.

The tables below contain the known results to date from this round of trenching in the NW-zone. The tables include the significant high-grade results reported above.



(Sampling is contiguous in the trench unless noted in comments column)

----------------------------------------------------------------------
NW-Zone Trenching Results (Table 1)
----------------------------------------------------------------------
TRENCH INTERSECTION
LENGTH From To Width Grade
TARGET TRENCH (meters) (meters) (meters) (meters) (Au gr/t) Comment
----------------------------------------------------------------------
NWZ TR-103A 38.90 11.35 14.30 2.95 2.05
----------------------------------------------------------------------
NWZ TR-103B 24.00 0.00 4.90 4.90 1.37
----------------------------------------------------------------------
NWZ TR-103C 27.20 0.00 27.20 27.20 3.13
-------------------------------------------------------
INCLUDING 0.00 6.20 6.20 6.16
-------------------------------------------------------
14.70 20.60 5.90 5.44
----------------------------------------------------------------------
NWZ TR-103D 37.10 26.50 37.10 10.60 3.30
----------------------------------------------------------------------
NWZ TR-104A 39.80 0.00 39.80 39.80 3.76
-------------------------------------------------------
INCLUDING 0.00 17.80 17.80 6.68
----------------------------------------------------------------------
NWZ TR-104D 101.90 11.30 30.00 18.70 5.07
-------------------------------------------------------
91.65 101.90 10.25 0.72
----------------------------------------------------------------------
NWZ TR-104E 76.20 0.00 15.10 15.10 0.87
-------------------------------------------------------
54.20 56.80 2.60 3.34
----------------------------------------------------------------------
NWZ TR-119C 22.40 15.35 16.82 1.47 2.67
----------------------------------------------------------------------
NWZ TR-119D 28.50 15.29 17.33 2.04 1.49
----------------------------------------------------------------------
NWZ TR-119E 45.70 0.00 3.00 3.00 3.44
-------------------------------------------------------
31.79 39.29 7.50 3.55
----------------------------------------------------------------------
NWZ TR-120A 39.10 0.00 39.10 39.10 2.64
-------------------------------------------------------
INCLUDING 0.00 12.10 12.10 6.48
----------------------------------------------------------------------
NWZ TR-120B 60.80 0.00 33.00 Waiting for Assay
results
-------------------------------------------------------
33.00 60.80 27.80 1.31
-------------------------------------------------------
INCLUDING 48.90 60.80 11.90 2.11
----------------------------------------------------------------------
NWZ TR-122A 21.90 0.00 3.66 3.66 6.61
----------------------------------------------------------------------
NWZ TR-123A 71.90 41.20 61.70 20.50 3.35
-------------------------------------------------------
INCLUDING 56.90 61.70 4.80 11.06
-------------------------------------------------------
61.70 71.90 10.20 Waiting for Assay
results
----------------------------------------------------------------------
NWZ TR-123B 65.50 0.00 18.00 18.00 Waiting for Assay
results
-------------------------------------------------------
18.00 65.50 47.50 2.02
----------------------------------------------------------------------
NWZ TR-124A 35.60 NO SIGNIFICANT RESULTS
----------------------------------------------------------------------
NWZ TR-126A 39.00 4.50 12.00 7.50 1.57
-------------------------------------------------------
21.00 31.50 10.50 4.49
----------------------------------------------------------------------
NWZ TR-126C 31.50 0.00 31.50 31.50 11.00
-------------------------------------------------------
INCLUDING 16.45 31.50 15.05 18.47
----------------------------------------------------------------------
NWZ TR-138 48.75 0.00 15.90 15.90 6.07
----------------------------------------------------------------------
NWZ TR-163 36.60 0.00 36.60 36.60 3.53
-------------------------------------------------------
INCLUDING 0.00 22.30 22.30 4.35
-------------------------------------------------------
27.20 31.90 4.70 5.92
----------------------------------------------------------------------
NWZ TR-164 25.50 NO SIGNIFICANT RESULTS
----------------------------------------------------------------------
NWZ TR-164A 70.00 34.20 40.50 6.30 3.85
-------------------------------------------------------
46.60 51.70 5.10 2.82
-------------------------------------------------------
64.20 68.60 4.40 1.07
----------------------------------------------------------------------
NWZ TR-164B 66.00 0.00 10.50 10.50 0.96
-------------------------------------------------------
46.50 66.00 19.50 3.17
----------------------------------------------------------------------
NWZ TR-164D 48.00 NO SIGNIFICANT RESULTS
----------------------------------------------------------------------
NWZ TR-164E 132.70 75.40 89.30 13.90 1.17
----------------------------------------------------------------------
NWZ TR-164F 116.40 18.85 27.80 8.95 1.38
----------------------------------------------------------------------
NWZ TR-166A 69.60 3.84 8.97 5.13 1.98
-------------------------------------------------------
13.68 15.25 1.57 3.26
----------------------------------------------------------------------


----------------------------------------------------------------------
NW-Zone Trenching Results (Table 2)
----------------------------------------------------------------------
TRENCH INTERSECTION
LENGTH From To Width Grade
TARGET TRENCH (meters) (meters) (meters) (meters) (Au gr/t) Comment
----------------------------------------------------------------------
NWZ TR-125 41.10 0.00 34.00 34.00 2.04
-------------------------------------------------------
34.00 41.50 7.50 Waiting for assay
results
----------------------------------------------------------------------
NWZ TR-127 14.05 2.70 12.25 9.55 3.07
----------------------------------------------------------------------
NWZ TR-164C 293.30 1.50 3.00 1.50 3.02
-------------------------------------------------------
11.50 12.80 1.30 3.74
-------------------------------------------------------
21.10 54.80 33.70 3.73
-------------------------------------------------------
122.50 149.50 27.00 6.48
-------------------------------------------------------
INCLUDING 124.00 133.00 9.00 16.72
-------------------------------------------------------
171.40 178.60 7.20 0.82
-------------------------------------------------------
193.50 209.80 16.30 1.36
-------------------------------------------------------
224.00 228.30 4.30 1.92
-------------------------------------------------------
250.60 261.80 11.20 13.05
-------------------------------------------------------
INCLUDING 252.10 254.70 2.60 41.92
----------------------------------------------------------------------
NWZ TR-166 176.70 94.20 95.70 1.50 1.26
-------------------------------------------------------
133.20 134.70 1.50 2.84
----------------------------------------------------------------------


On behalf of the Board of Directors of

PETAQUILLA MINERALS LTD.

Kenneth W. Morgan, CFO and Director

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

Contact Information

  • Petaquilla Minerals Ltd.
    Kenneth W. Morgan
    CFO and Director
    (604) 694-0021
    (604) 694-0063 (FAX)
    www.petaquilla.com