VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--May 13, 2008 -- Petaquilla Copper Ltd. (the "Company") (Toronto:
PTC.TO -
News) announces the results of drilling on the El Real corridor at the Petaquilla Copper Project, Panama. Resources along the El Real corridor were not included in the mid 1990's, pre National Instrument 43-101 estimates by Fluor Daniel, and AMEC (formerly H. A. Simons) for the three copper deposits Petaquilla, Valle Grande, and Botija, all of which are northwest of the El Real corridor. These new El Real corridor resources represent an addition of approximately 15% in Indicated and Measured resources relative to the Fluor Daniel scoping study and 23% compared to the H.A. Simons' feasibility study.
Highlights include Inferred resources in Brazo, and newly defined mineralization around drill holes BADH-07-353, 373, and 383 about 1.5 kilometres southeast of the Botija Copper deposit. Both Brazo and the new zone contain vertically extensive mineralization, including:
------------------------------------------------------------------ Average grade FromDrill hole Thickness(m) %Cu Lithology (m) To (m)------------------------------------------------------------------BRDH-001 159.00 0.6699 ANFP/ABXA 59.6 218.6------------------------------------------------------------------BRDH-001 16.4 0.7600 ANFP 98.3 114.7------------------------------------------------------------------BRDH-002 12 1.0604 ANFP 2.5 14.5------------------------------------------------------------------BRDH-002 78.6 0.6060 ANFP/ABXA 26.5 105.1------------------------------------------------------------------BRDH-004 33.5 0.6575 ANFP 67.9 101.4------------------------------------------------------------------BRDH-005 34.7 0.6586 ANFP 4.2 38.9------------------------------------------------------------------BRDH-005 205.3 0.6323 ANFP/QZBX 77.2 282.5------------------------------------------------------------------BADH-353 125 0.5634 BGD3 181.5 306.5------------------------------------------------------------------Lithology codes are as follows: QZBX equals Quartz breccia, ABXAequals Andesite breccia, ANFP equals Andesite porhpyry, BGD3equals Granodiorite.
The independent QP, Marc Melker, P. Geo., has verified that recent drilling, sample preparation and laboratory procedures utilized for the Petaquilla Copper Project meet National Instrument 43-101 standards, and has reviewed and has approved the content of this news release. 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 and SGS Laboratories.
Based on positive results from recent confirmation and step-out drilling at the Brazo deposit, the Company has been able to calculate an Inferred mineral resource, and the Company anticipates that further infill drilling will enable the Company to reclassify most of this Inferred mineral resource to Indicated and Measured mineral resources status. New mapping in the Brazo area suggests the deposit may be hosted in a breccia pipe which helps to explain the large vertical extent of mineralization.
Another 20% of the total El Real Inferred mineral resource above 0.3% Cu in the Botija Abajo West area is similarly expected to be converted to Indicated and Measured mineral resource status with continued infill drilling currently in progress. This area is defined by multiple copper assays in multiple holes, but at a spacing generally more than 200m.
--------------------------------------------------------------------------Total Copper and Total Gold Resources in El Real at 0.5% Cu and 0.5 g/t AuCut Off Grades (COG)-------------------------------------------------------------------------- Copper 0.5% COG Gold 0.5 g/t COG ----------------------------- ----------------------Resource tons tons gradeCategory X1000 grade% lbs X1000 X1000 g/t ounces--------------------------------------------------------------------------El Real Measured 1,019 0.8459 18,970 1,502 1.091 52,675--------------------------------------------------------------------------El Real Indicated 6,541 0.6991 100,614 1,343 0.892 38,509--------------------------------------------------------------------------El Real Inferred 7,816 0.6489 111,581 2,568 0.620 51,221--------------------------------------------------------------------------Brazo Inferred 37,390 0.6282 516,709 - - -----------------------------------------------------------------------------------------------------------------------------------------------------Total Copper and Total Gold Resources in El Real at 0.3% Cu and 0.3 g/t AuCOG-------------------------------------------------------------------------- Copper 0.3% COG Gold 0.3 g/t COG ----------------------------- ----------------------Resource tons tons gradeCategory X1000 grade% lbs X1000 X1000 g/t ounces--------------------------------------------------------------------------El Real Measured 2,585 0.5690 32,351 2,486 0.808 64,599--------------------------------------------------------------------------El Real Indicated 22,485 0.4763 235,627 3,020 0.603 58,555--------------------------------------------------------------------------El Real Inferred 26,754 0.4599 270,705 7,128 0.444 101,837--------------------------------------------------------------------------Brazo Inferred 131,507 0.4537 1,312,582 1,377 0.316 13,989--------------------------------------------------------------------------
The tables above include National Instrument 43-101 compliant resources defined in Botija Abajo, Botija Abajo West, Brazo and the intervening areas. The Inferred tonnage at Brazo was initially modeled as a Conceptual tonnage, however, subsequent to modeling, positive results of confirmation drilling as of May 2008 show that the results from the 1990's holes are reliable and, therefore, dictate a reclassification to Inferred tonnage.
Conceptual copper equivalents were calculated and are presented as a means of determining reasonable in-situ gross value, non-adjusted for processing costs or feasibility of extraction.
The reader is cautioned that the quantities and grades set out below are conceptual in nature, and are set out to indicate only the potential copper equivalent grades of the resources in the El Real Corridor and the Brazo deposit. In addition, the commercial feasibility of extraction, metallurgical characteristics and the costs of processing are not known at the present time.
The copper equivalent grades are based on the total tonnage of each metal (total Conceptual inventories for silver and molybdenum, and total Measured, Indicated, Inferred, and Conceptual inventories for copper and gold). These are only in situ values of metal converted to grades of copper and integrated, given the following prices and factors: Gold at $800 per troy ounce, Molybdenum at $20 per pound, Silver at $12 per troy ounce, and Copper at $2 per pound. These prices result in the following factors: Mo Cu Eq% equals 0.00104 (Mo in ppm) and Ag Cu Eq% equals 0.0088 (Ag in ppm), and Au Cu Eq% equals 0.584 (Au in ppm). Complete economic investigation for these metals, including metallurgical characteristics and recovery has not yet been completed. In general, the distribution for each metal is not necessarily coincident with the other metals in the model blocks. Therefore, any particular model block may only be defined by the values for one metal. This is important to extraction strategies since different volumes along the corridor may have only recoverable values for one metal, and may impact mine and process designs.
--------------------------------------------------Conceptual Total Cu Equivalent--------------------------------------------------COG: 0.5% EqCuTons EqCu % EqCu lbs--------------------------------------------------Conceptual tonnage 155,736,433 0.6783 2,323,905,474--------------------------------------------------COG: 0.3% EqCuTons EqCu % EqCu lbs--------------------------------------------------Conceptual tonnage 417,966,697 0.4981 4,579,994,570--------------------------------------------------
The conceptual potential tonnages and grades were assigned to model blocks generally greater than 225 metres away from corroborating assays and were defined in two ways. (1) Blocks based on Copper assays from only one hole (in widely spaced areas), these grades are interpolated with a minimum of three assays from one hole. (2) In the case of Brazo, the model is based on previously obtained data for which the drill core could not be verified due to its loss subsequent to drilling in the mid 1990's. A minimum of two copper assays in a single drill hole was required for copper grade interpolation at Brazo.
The Company has been completing a series of metallurgical tests that have indicated a potentially leachable copper zone of oxides and secondary sulfides. At present, metallurgical tests are underway that will determine the amount and commercial viability of extraction.
Forward looking information - Securities regulators encourage companies to disclose forward looking information to help investors understand a company's future prospects. This press release contains forward-looking information. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements usually include words such as may, expect, anticipate, and believe or other similar words. We believe the expectations reflected in such forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our respective business or events that happen after the date of this press release. You should not place undue reliance on forward-looking statements.
About Petaquilla Copper Ltd. - Petaquilla Copper Ltd. is a mineral exploration company headquartered in Vancouver, Canada. Its shares are listed on the Toronto Stock Exchange under the symbol PTC. The Company holds 26% of Minera Petaquilla, S.A., a joint venture company developing its world-class copper deposit in the Republic of Panama. The Company has commenced arbitration proceedings which, if successful, will result in its shareholding increasing from 26% to 52%. Petaquilla Copper Ltd. also owns 49% of the issued shares of Petaquilla Infrastructure Ltd., a company incorporated to manage and expedite the development of the power, port and related infrastructure in support of the Molejon Gold Mine of Petaquilla Minerals Ltd.
On behalf of the Board of Directors of PETAQUILLA COPPER LTD.
Richard Fifer, Chief Executive Officer and Director
No Stock Exchange has approved or disapproved the information contained herein.