Petaquilla Minerals Ltd. Announces Drill Hole Results
VANCOUVER, March 24 /PRNewswire-FirstCall/ — Petaquilla Minerals Ltd. (the “Company”) today announced drill hole results received since the last resource model update of the Molejon gold deposit.
The two objectives of the drill program were to provide infill information to complement data obtained from previous drilling and to advance towards delineating the mineral deposit. The program has succeeded in meeting both its objectives. First, the results obtained from infill drilling will allow for the conversion of inferred and indicated resources to indicated and measured resources, respectively. Second, as the condemnation holes support the model, the results obtained from delineation drilling have verified the geologic interpretation and have also provided for important increases in geologic understanding.
The holes that did not intercept mineralization were effectively around the perimeter of the known deposit. The holes that did intersect mineralization were drilled to define the suspected high grade and, while important for increasing the high grade envelope, also verify the model. Additionally, these results have provided the basis to expand the previously modeled high grade ore shell to encompass a previously undrilled region.
The following table highlights important results from the drill holes added since the last model update in October 2007. It should be noted there were 132 holes added since the last model update. Complete drill results will be published on the Company’s website.
————————————————————————- ————————————————————————- Average Drillhole Thickness(m) Grade (g/t) Lithology From (m) To (m) ————————————————————————- ————————————————————————- MO-07-383 8.8 5.06 QZBX 116.5 125.3 ————————————————————————- MO-07-383 4.4 1.62 QZBX 138.6 143 ————————————————————————- MO-07-386 9 3.64 QZBX 91.85 100.85 ————————————————————————- MO-07-388 4.5 1.96 QZBX 96.6 101.1 ————————————————————————- MO-07-388 12.5 1.17 QZBX 105 117.5 ————————————————————————- MO-07-391 7.5 6.27 ANPO/QZBX 9 16.5 ————————————————————————- MO-07-391 9 1.43 ANPO/QZBX 22.5 31.5 ————————————————————————- MO-07-479 12.5 9.99 SAP/QZBX 0 12.5 ————————————————————————- MO-07-495 14.15 2.86 ANBR 78.95 93.1 ————————————————————————- MO-07-497 20 3.50 QZBX 68.5 88.5 ————————————————————————- MO-07-497 8.2 1.61 QZBX 97 105.2 ————————————————————————- MO-07-497 7 1.24 ANBR 128.5 135.5 ————————————————————————- MO-07-413 Condemnation hole: no significant intercepts ————————————————————————- ————————————————————————- MO-07-414 Condemnation hole: no significant intercepts ————————————————————————- ————————————————————————- MO-07-438 Condemnation hole: no significant intercepts ————————————————————————- ————————————————————————- MO-07-447 Condemnation hole: no significant intercepts ————————————————————————- ————————————————————————- MO-07-455 Condemnation hole: no significant intercepts ————————————————————————- ————————————————————————- MO-07-460 Condemnation hole: no significant intercepts ————————————————————————- ————————————————————————- MO-07-466 Condemnation hole: no significant intercepts ————————————————————————- ————————————————————————- MO-07-475 Condemnation hole: no significant intercepts ————————————————————————- ————————————————————————- MO-07-492 Condemnation hole: no significant intercepts ————————————————————————- ————————————————————————- Lithology codes: QZBX= quartz breccia, ANPO= andesite porphyry, SAP= saprolite, ANBR= andesite breccia ————————————————————————- ————————————————————————-
The independent QP, Cathryn Stewart, P. Geo., has verified that recent drilling, sample preparation and laboratory procedures utilized for the Molejon project meet NI 43-101 standards. Strict QA/QC protocols have been defined and implemented for the submission of blanks, standards and duplicate core samples to the laboratory. Samples were analyzed at ALS Chemex Labs Ltd.
At the Lata prospect, a detailed field mapping and surface sampling program is ongoing and a diamond drilling program has commenced. Initial surface sampling results include 11.7 g/t Au sample (sample number: R-49), 8.24 g/t Au (sample number: R-270), 2.02 g/t Au (sample number: R-172, and 1.7 g/t Au (sample number R-116). The anomalous sample results highlight a NW trending structure that projects to the south toward the Molejon deposit, confirming the district geological interpretation. Initial drilling has intercepted alteration in andesitic host rocks. The assays are pending completion at ALS Chemex.
In addition to the above, a 260 line kilometre Induced Polarization (IP) geophysics program and a detailed field mapping program are concurrently underway over a significant part of the Company’s concessions. To date, the IP geophysics program is 30% complete and is focused on identifying ‘Molejon look-alikes’ along the main mineralized trends.
About Petaquilla Minerals Ltd. – Petaquilla Minerals Ltd. is an emerging gold producer scheduled to bring its 100%-owned Molejon Gold Project into production in 2008. Anticipated throughput for the project during the first year of production will be 2200 tonnes per day. The plant will utilize three ball mills and a carbon-in-pulp processing facility.
On behalf of the Board of Directors of PETAQUILLA MINERALS LTD. Richard Fifer President and Chief Executive Officer NO STOCK EXCHANGE HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
Petaquilla Minerals Ltd.
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