Aquila likes first stroke at Back Forty drill results
2006-06-06 18:54 ET - News Release
Mr. Tom Quigley reports
BACK FORTY DRILLING INTERSECTS ZINC-GOLD
Aquila Resources Inc. has released assay results from the first five holes of a 14-hole 3,000-metre drill program at the Back Forty VMS-gold project in Michigan's Upper Peninsula. The Back Forty project is located in the eastern end of the Penokean volcanic belt, an early-Proterozoic-aged, calc-alkaline volcanic and sedimentary assemblage containing numerous VMS deposits and occurrences. VMS mineralization at the project was discovered and operated by a privately held Michigan corporation until Aquila Resources Inc. acquired the project in 2006. The project consists of over 9,000 acres of mineral and surface interests owned or held under lease or option by Aquila, subject to various net smelter return royalties and other minority interests.
Previous exploration at the project identified two lenses of zinc and gold-rich massive sulphide mineralization hosted by a highly altered sequence of rhyolitic flows and pyroclastic rocks. During 2002 and 2003, 12,200 metres (m) of drilling in 51 holes established a 43-101-inferred resource of 3.1 million tonnes of 6.8 per cent Zn and two grams per tonne Au, which is open for expansion and is currently being targeted in the drilling campaign at the project.
The first five holes (LK-72 through LK-76) of the drilling program were directed at expanding and further defining flat-lying, near-surface gossans and underlying massive sulphides of the East zone massive sulphide encountered in previous drilling. Subsequent drilling will test the down plunge and dip extensions of this horizon as well as the overlying Tuff zone massive sulphide mineralization.
LK-72: a step-out hole 25 m to the south of the East End discovery hole 108402. The hole was drilled vertically and at a depth of eight m encountered a true thickness of 3.57 m of gossan averaging 33.31 g/t Au, overlying 28.24 m of massive sulphide containing 9.25 per cent Zn, and 4.28 g/t Au, including a 4.5 m basal gold-rich section of massive sulphide grading 13.3 per cent Zn and 10.58 g/t Au.
LK-73: a vertical hole located 27 m south of LK-72, which encountered 3.5 m of gossan grading 50.28 g/t Au, underlain by 20.8 m of massive sulphide containing 12 per cent Zn and two g/t Au, including a basal section of 4.3 m of 17 per cent Zn and 4.74 g/t Au.
LK-74: was drilled from the LK-73 site and angled minus 50 degrees to the south to delineate the southern edge of the East End massive sulphide where it is intruded by quartz-feldspar-porphyry (QFP). The hole encountered 7.5 m of gossan (4.8 m estimated true thickness) grading 11.34 g/t Au and 0.35 m of massive sulphide grading 14.6 g/t Au before encountering intrusive porphyry.
LK-75: was drilled from the LK-73 set up at a minus-70-degree angle to cut a thicker section of massive sulphides and confirm the attitude of the QFP encountered in LK-74. LK-75 encountered an estimated true thickness of 3.6 m of gossan averaging 33.3 g/t Au and nine m (estimated 8.4 m true thickness) of massive sulphide grading 9.1 per cent Zn and .93 g/t Au, before intersecting QFP. Based on results of vertically oriented LK-73, this hole, as well as LK-74, is interpreted to have only tested a portion of the full thickness of massive sulphides before encountering the intrusive QFP.
LK-76: was drilled vertically 27 m to the east of LK-72 and encountered 2.75 m (true thickness) of gossan averaging 24.21 g/t Au overlying 20.68 m of massive sulphide running 9.8 per cent Zn and 2.5 g/t Au, which included a basal section of 3.5 m of 17.3 per cent Zn and six g/t Au.
Composite assay results from these holes are provided below and further information will be available on the company's website.
COMPOSITE SUMMARIES
Est.
Int. true G/t G/t
BHID From To (m) width Au %Zn %Cu Ag
LK72 8.09 11.66 3.57 3.57 33.31 0.01 0.01 11.0
LK72 16.26 44.50 28.24 28.24 4.28 9.25 0.45 23.5
includes 16.26 38.50 22.24 22.24 4.54 10.43 0.55 27.5
includes 20.50 38.50 18.00 18.00 5.23 11.02 0.59 30.1
includes 34.00 38.50 4.50 4.50 10.58 13.32 0.47 50.7
LK73 8.37 11.85 3.48 3.48 50.29 0.02 0.01 8.4
LK73 13.50 34.30 20.80 20.80 2.01 12.04 0.18 16.3
includes 30.00 34.30 4.30 4.30 4.74 17.00 0.17 31.1
LK74 11.06 18.60 7.54 4.80 11.34 0.02 0.08 5.4
includes 11.06 13.00 1.94 1.90 33.04 0.01 0.01 7.3
LK75 9.64 13.54 3.90 3.64 33.30 0.02 0.02 7.7
LK75 16.50 25.50 9.00 8.40 0.93 9.07 0.10 9.8
includes 21.00 24.00 3.00 2.80 0.44 11.92 0.04 14.5
LK76 8.10 10.85 2.75 2.75 24.21 0.02 0.00 9.3
LK76 10.85 31.53 20.68 20.68 2.49 9.78 0.24 18.8
includes 24.00 31.53 7.53 7.53 4.06 12.54 0.16 33.2
includes 27.00 30.50 3.50 3.50 6.00 17.26 0.20 46.0
Tom Quigley, president of Aquila and NI 43-101-qualified person for the project, stated: "Initial drill holes in this program were targeting the important near-surface gossan and massive sulphides at the east end of the west plunging massive sulphide system, and were successful at expanding and further defining this important portion of the resource. Additional drilling targeting down plunge portions of the Main zone, South Limb and Tuff zones are ongoing and results will be released when assays have been received."
Concurrent with the drill program, down hole, pulse EM surveys are being conducted to identify off-hole targets and deep mineralization. These surveys have been successfully employed in the past and will help guide follow-up drilling to delineate existing mineralization as well as identify new targets in the extensively altered sequence of host rhyolites.
Drill core from this program is logged, split and sampled at the project site, with analytical blanks and standards inserted in sample streams which are shipped to Chemex Labs in Thunder Bay, Ont., for analysis.
Incentive options
The board of directors of Aquila Resources Inc. has approved the issuance of 500,000 incentive common share options to management of the company. The options are exercisable for a period of five years at an exercise price of 70 cents per share. The issuance of the options is subject to the approval of the TSX Venture Exchange.
We seek Safe Harbor.
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