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

Petaquilla Minerals Ltd.

August 04, 2005 16:50 ET

Petaquilla Minerals Ltd.: Molejon Trenching Continues to Encounter High Grade Gold

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 4, 2005) - Petaquilla Minerals Ltd. ("PTQ" or the "Company") (TSX:PTQ)(OTCBB:PTQMF) today released another set of high grade trenching results, including assays of over 100 gr/t in the 244 area of the Main Zone, and said it expects that the upcoming drill program will add both ounces and grade to its published resource estimate.

Highlights from this round of trenching results:

- Grades exceeding 100 gr/t Au obtained in the 244 Area of the Main Zone

- 244 Area completely mineralized with higher grade than previously indicated

- 51.50 meters @ 16.93 gr/t Au in 244 Area

- 99.00 meters @ 4.49 gr/t Au in Central Zone

- 31.45 meters @ 15.55 gr/t Au in Central Zone

- 65.50 meters @ 3.34 gr/t Au in NW Zone

- 13.30 meters @ 5.09 gr/t Au in Main Zone

Based on a 1995 report by SRK Consultants of Vancouver, BC (the "SRK Report"), the Molejon deposit contains 569,189 ounces of gold, consisting of probable resources of 5,032,870 tonnes at a grade of 2.81 gr/t for 454,803 ounces of gold and possible resources of 956,300 tonnes at a grade of 3.72 gr/t for 114,386 ounces of gold. These resources, if reported by today's standards, would be defined as an inferred resource. We have reviewed the data from the report, and consider the estimate of the resource to be relevant and reliable.

The Company expanded the trenching program to Molejon's Central and Main Zone after earlier success trenching the NW Zone (See Map on Web Site). The trenching program was initiated to generate a geological model for the high grade gold intersections encountered in the 1994-95 drill program. Certain intersections from that drill program were difficult to interpret due to low core recoveries, or their occurrence in sludge samples taken while driving drill casing.

244 Area

The 244 Area is located in the Main Zone, and centered on a silicified hill approximately 45 meters in diameter at its base, 8 meters diameter the top, and 16 meters in height.

In 1994, Teck-Petaquilla collared a vertical drill hole (DDH-244) at the top of the hill, and intersected 29.60 meters of intense pervasive silica and Quartz Breccia. The hole was cased for the first 4.60 meters (sludge sampling returned up to 19 gr/t Au), with the interval 4.60 to 13.10 meters (57% core recovery) assayed 21.09 gr/t Au. These holes were drilled prior to the implementation of National Instrument 43-101 and the information is considered by the Company to be relevant and reliable. Assays were performed by TSL Laboratories of Saskatoon.

Contiguous channel sampling was completed along a section at the base of the hill, and a series of trenches were dug and sampled down the hill slope, with the object of confirming the gold grade potential indicated by DDH-244.

The results of the trenching confirm that the hill is completely mineralized, that the gold grade is higher than that suggested from the assays results of limited core recovery in the drill hole. The trenching indicates that the mineralization extends beyond the hill, across the creek to the Northwest and up the adjoining hill to the Southeast. (A 244 Area plan and sections will be posted on the Company's website as soon as possible.)



244 Area Trench Results

(Sampling is contiguous in the trenches unless noted)

--------------------------------------------------------------------
Trench Composite
Trench Length Interval Length of
(meters) (meters) Composite with Gold Assay
--------------------------------------------------------------------
TR-20 62.00 0.00 to 62.00 62.00 meters @ 12.97 gr/t Au
-------------------------------------------------------------
including 0.00 to 30.00 30.00 meters @ 22.65 gr/t Au
--------------------------------------------------------------------
TR-205A 27.40 0.00 to 27.40 27.04 meters @ 21.05 gr/t Au
-------------------------------------------------------------
including 6.60 to 25.00 18.40 meters @ 29.94 gr/t Au
--------------------------------------------------------------------
TR-205B 51.50 0.00 to 51.50 (i)51.50 meters @ 16.93 gr/t Au
-------------------------------------------------------------
including 10.00 to 25.40 25.40 meters @ 28.32 gr/t Au
-------------------------------------------------------------
with 11.0 to 12.50 1.50 meters @ 106.10 gr/t Au
------------------------------------------------
12.50 to 14.0 1.50 meters @ 101.31 gr/t Au
--------------------------------------------------------------------
(i) NOTE
2 sections of the trench were not sampled because of poor
accessibility (Creek Bed)
A nominal gold assay of 0.00 gr/t was assigned to the intervals
for the composite calculation.
--------------------------------------------------------------------
TR-205C 12.00 0.00 to 12.00 12.00 meters @ 8.69 gr/t Au
--------------------------------------------------------------------
TR-205D 27.00 0.00 to 27.00 27.00 meters @ 8.95 gr/t Au
--------------------------------------------------------------------
TR-140A 59.90 0.00 to 22.50 22.50 meters @ 6.95 gr/t Au
-------------------------------------------------------------
including 7.50 to 18.00 18.00 meters @10.45 gr/t Au
--------------------------------------------------------------------
TR-144C 12.10 0.00 to 12.10 12.10 meters @ 8.03 gr/t Au
--------------------------------------------------------------------


Central Zone

Trenching was initiated along the projection of mineralization of the central zone to the surface. Initial trenching was concentrated on an east-west trending ridge approximately 250 meters long and up to 16 meters in height. The Central Zone ridge is situated 100 meters due north from the 244 Area.

Teck-Petaquilla drilled two vertical drill holes on the ridge in 1994, DDH-057 (45.0 meters @ 3.85 gr/t Au with 62% core recovery) and DDH-095 (20.50 meters @ 1.57 gr/t Au with 48% core recovery). These holes were drilled prior to the implementation of National Instrument 43-101 and the information is considered by the Company to be relevant and reliable. Assays were performed by TSL Laboratories of Saskatoon.

The trench results indicate strong continuity of mineralization, and a higher gold grade than the gold assays from the low recovery drill holes. The higher-grade mineralization encountered in the trenching suggests inclined drill holes could provide more representative gold assays for the mineralization of the ridge.

Because of these initial results, trenching will be expanded along strike on the ridge.



Central Zone Trench Results

--------------------------------------------------------------------
Trench Composite
Trench Length Interval Length of
(meters) (meters) Composite with Gold Assay
--------------------------------------------------------------------
TR-135 26.00 0.00 to 26.00 26.00 meters @ 4.56 gr/t Au
--------------------------------------------------------------------
TR-136 28.75 20.75 to 28.75 8.00 meters @ 2.56 gr/t Au
--------------------------------------------------------------------
TR-136A 164.40 16.50 to 115.50 99.00 meters @ 4.49 gr/t Au
-------------------------------------------------------------
including 66.00 to 70.50 4.50 meters @ 10.54 gr/t Au
---------------------------------------------------
102.00 to 115.50 13.50 meters @ 18.07 gr/t Au
--------------------------------------------------------------------
TR-147B 31.45 0.00 to 31.45 31.45 meters @ 15.55 gr/t Au
--------------------------------------------------------------------
TR-150A 67.50 9.00 to 19.50 10.00 meters @ 1.52 gr/t Au
---------------------------------------------------
25.50 to 66.00 40.50 meters @ 1.45 gr/t Au
--------------------------------------------------------------------


Northwest Zone

The current trenching program has exposed contiguous, insitu gold mineralization from within a meter of the surface in the Northwest zone. The zone is now interpreted as a gently SW dipping tabular body of quartz breccia and quartz stock work veining, from 2 to 5 meters thick.

Furthermore it should be noted that the Northwest 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.

These reported trenches are within 20 meters of trench results previously released, and were placed to test continuity of the high grade mineralization that was intersected in the initial trenching. The results indicate that there is continuity along strike.



Northwest Zone Trench Results

--------------------------------------------------------------------
Trench Composite
Trench Length Interval Length of
(meters) (meters) Composite with Gold Assay
--------------------------------------------------------------------
TR-123B 65.50 0.00 to 65.50 65.50 meters @ 3.34 gr/t Au
-------------------------------------------------------------
including 0.00 to 18.00 18.00 meters @ 6.81 gr/t Au
---------------------------------------------------
(i)18.00 to 65.50 47.40 meters @ 2.02 gr/t Au
--------------------------------------------------------------------
(i) Note
Results were previously released in Petaquilla June 05 News Release
--------------------------------------------------------------------
TR-169 31.50 0.00 to 31.50 31.50 meters @ 9.14 gr/t Au
--------------------------------------------------------------------
TR-171 12.10 0.00 to 12.10 12.10 meters @ 8.03 gr/t Au
-------------------------------------------------------------
including 0.00 to 7.50 7.50 meters @ 11.77 gr/t Au
--------------------------------------------------------------------
TG-172 13.55 0.00 to 13.50 13.55 meters @ 4.63 gr/t Au
-------------------------------------------------------------
including 0.00 to 6.10 6.10 meters @ 6.98 gr/t Au
--------------------------------------------------------------------
TR-178 22.50 0.00 to 22.50 22.50 meters @ 6.71 gr/t Au
-------------------------------------------------------------
including 13.50 to 22.50 9.00 meters @ 16.34 gr/t Au
--------------------------------------------------------------------


Main Zone

Initial trenching has been initiated to the south and east of the 244 Area, to test the main ridge on the Molejon project (approximately 80 meters above the valley floor).

Trenches exposed Quartz Breccia and pervasive silica alteration, very similar to that encountered in the Northwest Zone. It is postulated that the Main Zone is trending parallel to the ridge, and is orientated so that it is dipping down the slope surface of the ridge. The trench composite lengths are an indication of mineralization continuity and are not are reflection of the true width of the zone.

The highest gold grade composites found in the trenches (TR-145 and TR-146) are located at the same elevation as the 244 Area.



Main Zone Trench Results

--------------------------------------------------------------------
Trench Composite
Trench Length Interval Length of
(meters) (meters) Composite with Gold Assay
--------------------------------------------------------------------
TR-141 31.50 0.00 to 31.50 31.50 meters @ 1.06 gr/t Au
--------------------------------------------------------------------
TR-144 45.00 14.20 to 45.00 30.80 meters @ 1.99 gr/t Au
--------------------------------------------------------------------
TR-144A 39.40 4.50 to 27.70 23.20 meters @ 1.62 gr/t Au
--------------------------------------------------------------------
TR-144B 67.55 0.00 to 22.60 26.00 meters @ 1.06 gr/t Au
--------------------------------------------------------------------
TR-145 21.30 0.00 to 21.30 21.30 meters @ 2.78 gr/t Au
--------------------------------------------------------------------
TR-146 13.30 0.00 to 13.30 13.30 meters @ 5.09 gr/t Au
--------------------------------------------------------------------
TR-150B 109.50 10.50 to 34.50 24.00 meters @ 1.44 gr/t Au
--------------------------------------------------
54.00 to 109.50 56.00 meters @ 1.42 gr/t Au
--------------------------------------------------------------------


David Nowak, (P.Geo.), has reviewed the technical data, and is the Qualified Person under the definition of Canadian National Instrument 43-101.

All samples were collected in accordance with industry standards, with a sample length of 1.5 meters or geological break, (excluding a few samples in overburden). Preliminary sample preparation is done on site under the guidance of Dr. Juan Caelles and Global Discovery Lab in Vancouver ("GDL"). A 500-gram sample is shipped to GDL's Vancouver laboratory where final sample preparation is completed and a 1-ton Fire Assay is performed. Samples submitted included duplicates, blanks and standards, following industry established quality control practices.

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