Aquila Resources Inc.: Drilling at Back Forty Defines New Near Surface Gold Zone
Mon Jun 2, 8:00 AM
ca.news.finance.yahoo.com
TORONTO, ONTARIO--(Marketwire - June 2, 2008) - AQUILA RESOURCES INC. (TSX: AQA.TO)(FRANKFURT:JM4A) ("Aquila" or the "Company") today announced more drill results from the Back Forty Project in the Upper Peninsula of Michigan. The results released today are from 15 drill holes targeting the PM Gold Zone, the 90 Gold Zone, and a newly discovered zone of near surface gold mineralization called the "NS Gold Zone".
The results reported are from a program of detailed exploration drilling aimed at defining gold and silver mineralization that occurs in rocks hosting the Back Forty massive sulfide lenses, with the goal of including these zones in the upcoming NI 43-101 resource estimate which is in progress and expected later this summer. Results from another 170 holes will be included in the updated resource estimate.
Although gold and silver occurs throughout the zinc and copper rich massive sulfides at the Back Forty Project, the precious metal zones reported below constitute distinct areas of gold and silver mineralization with low base metals.
Results are tabulated below:
----------------------------------------------------------------------------
All Intervals
in Meters Est.
---------------------- True g/t g/t % % % Descrip- Zone
Hole # From To Width Au Ag Cu Pb Zn tion (ii)
----------------------------------------------------------------------------
LK264 11.9 14.0 2.1(i) 0.98 47.34 0.27 0.16 0.01 Altered NS
rhyolite
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LK-267 12.3 19.2 6.9(i) 7.11 42.84 0.07 0.03 0.01 Altered NS
rhyolite
----------------
Including 16.8 17.3 0.5(i) 94.25 292.57 0.17 0.13 0.01 Altered NS
rhyolite
119.5 121.6 2.0 3.54 3.65 0.01 0.01 0.01 Quartz PM
Feldspar
Porphyry
----------------------------------------------------------------------------
LK-271 13.5 30.0 16.5(i) 6.60 4.15 0.01 0.01 0.01 Altered NS
rhyolite
Including 24.5 27.6 3.1(i) 28.41 9.41 0.00 0.01 0.01 Altered NS
rhyolite
45.0 49.0 4.0(i) 0.61 51.88 0.83 0.17 0.37 Semi Un-
massive known
sulfide
----------------------------------------------------------------------------
LK-276 13.0 17.5 4.5 3.17 1.00 0.00 0.07 0.00 Tuffa- 90
ceous
sedi-
ments
24.5 25.7 1.2 2.32 8.00 0.03 0.11 0.00 Tuffa- 90
ceous
sedi-
ments
83.4 129.2 30.5 0.92 12.75 0.26 0.18 13.72 Massive Hinge
sulfide
136.5 145.5 9.0(i) 0.30 8.13 0.60 0.08 0.06 Stringer Un-
sulfides known
----------------------------------------------------------------------------
LK-279 34.5 37.5 3.0 3.26 3.05 0.05 0.16 0.01 Tuffa- 90
ceous
sedi-
ments
73.0 75.8 2.8(i) 0.76 9.09 0.06 0.18 2.58 Semi Un-
massive known
sulfide
81.3 81.6 0.2(i) 2.10 62.84 0.04 1.21 0.10 Quartz PM
Feldspar
Porphyry
104.0 123.5 19.5 1.76 20.34 0.08 0.26 4.31 Semi Hinge
massive
sulfide
Including 104.0 107.0 3.0 6.20 27.30 0.12 0.43 11.45 Semi Hinge
massive
sulfide
----------------------------------------------------------------------------
LK-283 90.4 92.5 2.1(i) 1.45 34.79 0.06 0.77 0.98 Chlorite 90
altered
rhyolite
----------------
131.0 135.5 4.5(i) 2.29 6.43 0.06 0.19 0.88 Chlorite 90
altered
rhyolite
----------------------------------------------------------------------------
LK-289 Abandoned due to excessive deviation
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LK-290 No significant values
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LK-294 9.1 30.6 21.4(i) 2.20 11.43 0.03 0.04 0.02 Altered NS
rhyolite
Including 12.0 19.5 7.5(i) 4.31 18.74 0.02 0.05 0.02 Altered NS
rhyolite
44.0 45.5 1.3 3.77 62.15 0.01 0.03 0.79 Quartz PM
Feldspar
Porphyry
----------------------------------------------------------------------------
LK-296 20.1 25.5 4.9 0.24 384.85 2.80 0.32 0.03 Gossan/ PW
semi
massive
23.5 24.1 0.6(i) 0.09 267.10 20.27 0.26 0.03 Massive PW
sulfide
----------------------------------------------------------------------------
LK-297 109.5 111.0 1.5(i) 1.82 5.28 0.01 0.04 0.03 Quartz PM
Feldspar
Porphyry
----------------------------------------------------------------------------
LK-298 No significant values
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LK-302 20.5 26.5 6.0(i) 1.14 7.66 0.03 0.03 0.32 Altered NS
rhyolite
129.5 130.9 1.3 16.69 289.79 1.21 1.87 0.24 Quartz PM
Feldspar
Porphyry
----------------------------------------------------------------------------
LK-304 13.0 14.5 1.5(i) 1.85 0.50 0.01 0.02 0.02 Altered NS
rhyolite
20.2 21.5 1.3(i) 1.25 9.13 0.08 0.05 0.01 Altered NS
rhyolite
----------------------------------------------------------------------------
LK-305 6.0 7.5 1.5(i) 1.91 19.85 0.08 0.05 0.01 Altered NS
rhyolite
134.9 139.3 4.4(i) 0.68 79.57 0.07 1.16 7.11 Semi Un-
massive known
sulfide
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(i) Drilled thickness, true thickness unknown
(ii) NS equals NS Gold Zone, PM equals Porphyry Margin Gold Zone, 90 equals
90 Gold Zone, Hinge equals Hinge Zone massive sulfide, SL equals South
Limb massive sulfide, PW equals Pinwheel massive sulfide
The new NS Gold Zone has now been encountered in a total of 7 holes over a strike length of greater than 200 meters. It lies between the Pinwheel gossan and the 90 Gold Zone in sheared and altered rhyolites and may represent an extension of Porphyry margin gold mineralization to the surface, although further drilling will be required to confirm this.
"We are hoping the continuity of this new zone of gold and silver mineralization holds together and will constitute yet another style of precious metal mineralization to potentially add to the resource," stated Aquila's senior geologist Bob Mahin. "The proximity of this zone to the 90 Gold Zone and the Pinwheel gossan makes it a very attractive target from a mining perspective."
Several holes also encountered porphyry margin gold mineralization (PM Gold Zone) massive sulfides associated with the Main Zone (hinge) as well as several zones of semi massive sulfides of unknown affinity. A map showing the location of the holes in this press release as well as the principle mineralized zones is available on the Company's website at www.aquilaresources.com.
Other Project Activities
Preparations for a new resource estimate expected later this summer are progressing on schedule, and metallurgical test work on sulfide ores as well as gold and silver mineralization is nearing completion, as is a preliminary processing flowsheet for Back Forty ores. As the new resource takes shape, preliminary mine design, environmental baseline studies, and other engineering activities will be undertaken as a part of scoping/prefeasibility studies planned for later in 2008 and 2009.
"Our goal is to stay on track advancing the project towards permitting in late 2009 or 2010", stated Tom Quigley Aquila's president. "We are expanding our team of environmental and engineering professionals to assist the Aquila geological staff to work towards project feasibility, including permit applications."
Additional information about the Company's Back Forty Project is available on the Company's website at www.aquilaresources.com.
Sample preparation and analyses for this release were conducted by Accurassay Labs in Thunder Bay, Ontario on split drill core supplied by Aquila. Standards were inserted in the sample sequences with check assays and re-run's routinely conducted. Tom Quigley, P.Geo. and President of Aquila is the Qualified Person as described in National Instrument 43-101 for the Back Forty Project and is responsible for the content of this press release.
Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The securities being offered have not and will not be registered in the United States under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws, and may not be offered or sold within the United States or to or for the account of benefit of U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This news release does not constitute an offer to sell or a solicitation of an offer to purchase securities in the United States.
Shares Outstanding: 70,109,478
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the contents of this release.
Contacts
Robin Dunbar
Aquila Resources Inc. (Toronto)
CFO
(416) 203-1404
Email: info@aquilaresourcesinc.com
Thomas O. Quigley
Aquila Resources Inc. (U.S.)
President
(218) 733-1452
Email: toquigley@qwest.net
Website: www.aquilaresources.com
Christine Stewart
Renmark Financial Communications, Inc.
(514) 939-3989
Email: cstewart@renmarkfinancial.com
Jason Monaco
First Canadian Capital Corp.
(416) 742-5600
Email: request@firstcanadiancapital.com |
