Petaquilla Exploration Update
- Additional Sampling Extends Area of Significant Mineralization -
- 5000 Metre Drilling Program Planned -
Vancouver, BC -March 4, 2010: Petaquilla Minerals Ltd. ("Petaquilla" or the "Company") is pleased
to announce that it will begin a 5000 metre exploration drilling program this month on its 100% owned
Oro del Norte concession. The Company holds the rights to 842 square kilometres of concessions,
including the Oro del Norte concession, in central Panama.
This forthcoming drilling program will further define the significant gold mineralization discovered by
the 2009 Phase 1 exploration on the Oro Del Norte concession as previously announced by the Company
on December 14, 2009.
During the first calendar quarter of 2010, the Company has been aggressively exploring the Oro Del
Norte concession to expand the areas of identified gold mineralization. This work has included detailed
mapping, soil sampling and rock chip sampling as a follow-up to the 2009 results. Additional surface
rock chip samples collected during this period have resulted in the collection of forty two (42) rock chips
with grades greater than 1g/t Au from a total of 211 samples collected.
Peak gold assay results include: 17.4 g/t, 13.0 g/t, 7.66 g/t, 6.88 g/t, 5.94 g/t, 5.48 g/t, 5.20 g/t Au. A
table of results follows.
Table 1:2010 Rock Chip Samples Results
| Sample Number |
Au g/t |
Sample Number |
Au g/t |
Sample Number |
Au g/t |
| R001829 |
2.1 |
R001893 |
1.96 |
R030028 |
1.36 |
| R001835 |
2.48 |
R001898 |
5.94 |
R030036 |
1.76 |
| R001838 |
1.14 |
R002159 |
5.2 |
R030106 |
1.8 |
| R001840 |
2.14 |
R002161 |
1.5 |
R030174 |
1.52 |
| R001842 |
2.9 |
R002173 |
1 |
R030176 |
1.24 |
| R001848 |
5.15 |
R002189 |
1.16 |
R030178 |
6.88 |
| R001850 |
1.82 |
R002191 |
7.66 |
R030182 |
2.56 |
| R001852 |
2.88 |
R002195 |
1.16 |
R030190 |
4.48 |
| R001856 |
2.52 |
R002197 |
2.28 |
R030196 |
1.56 |
| R001859 |
2.76 |
R002260 |
5.48 |
R030206 |
1.68 |
| R001863 |
3.88 |
R002269 |
3.4 |
R030224 |
17.4 |
| R001884 |
3.48 |
R002279 |
1.4 |
R030250 |
13 |
| R001889 |
2.42 |
R002334 |
1.6 |
R030252 |
1.34 |
| R001891 |
1.4 |
R030016 |
1.28 |
R030254 |
1.96 |
| Total |
42 rock chips > 1g/t Au |
|
|
The samples listed in Table 1 have been analyzed by Petaquilla’s on-site analytical laboratory, which is
not a certified independent laboratory, located at the Company’s Molejon Gold Project.
Duplicate
samples have been collected and sent to ALS Chemex in North Vancouver for verification and the
Company is awaiting the results of independent analysis. The Company utilizes the service of its inhouse
laboratory as it is able to provide a 24 hour turnaround for assay results and, thus, enabling the
Company to quickly verify its exploration strategy on the ground.
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.
The Oro del Norte concession project is situated on a similar structure to the Molejon gold deposit located
24 kilometers south-southwest. The target area has been named the “Toucan Project” and, to date, has
approximate dimensions of 2.0 kilometres by 1.5 kilometres consisting of both mineralized structures
with significant gold mineralization ranging from 5 to 17 g/t as well as lower grade disseminated areas of
1 to 2 g/t. The Toucan Project represents only 15-20% of the Oro Del Norte exploration area.
Since commercial production commenced on January 8, 2010, at its 100% owned Molejon gold project in
Central Panama, the Company has been producing gold at a running rate of approximately 6,000 ounces
of gold per month and looks to increasing production levels as well as reducing costs as efficiencies are
implemented.
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 2200 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.
Joao C. Manuel
President and Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
Petaquilla Minerals Ltd.
Phone: (604) 694-0021 Fax: (604) 694-0063
Toll free: 1-877-694-0021
www.petaquilla.com
NO STOCK EXCHANGE HAS APPROVED OR DISAPPROVED
THE INFORMATION CONTAINED HEREIN.