Shares Outstanding: 70,109,478
Results include 11.24 meters of 5.7 grams per tonne gold and 28.0 grams per tonne silver
Toronto, ON - January 29, 2008 - AQUILA RESOURCES INC. (TSX: AQA - Frankfurt: JM4A) ("Aquila" or the "Company") today announced more drilling results from 11 holes from the ongoing drilling program at the Back Forty Project in the Upper Peninsula of Michigan. Ten out of 11 holes encountered significant gold and silver values in multiple zones, including near surface gold mineralization in a new zone south of the Pinwheel massive sulfide and gossan encountered in LK-220. High grade zinc mineralization in extensions of both the Hinge and South Limb areas of the Main Zone massive sulfide were also encountered.
Results include:
|
All Intervals in |
Est. | ||||||||
|
Meters |
True |
g/t |
g/t |
% |
% |
% | |||
|
Hole # |
From |
To |
Width |
Au |
Ag |
Cu |
Pb |
Zn |
Description |
|
LK-220 |
11.9 |
12.5 |
0.6 |
0.72 |
46.25 |
1.62 |
0.09 |
0.03 |
Pinwheel massive sulfide |
|
15.3 |
26.5 |
11.24* |
5.67 |
28.00 |
0.03 |
0.03 |
0.01 |
Altered rhyolite crystal tuff ( new gold zone) | |
|
including |
19.0 |
23.5 |
4.5* |
9.90 |
45.84 |
0.03 |
0.02 |
0.02 |
Altered rhyolite crystal tuff |
|
LK-203 |
115.0 |
125.0 |
10.0* |
0.18 |
15.47 |
0.02 |
0.69 |
2.11 |
Stringer sulfides |
|
170.3 |
174.3 |
3.6 |
2.08 |
20.75 |
0.61 |
0.15 |
10.54 |
Hinge Zone massive sulfide | |
|
LK-204 |
No Significant Values | ||||||||
|
LK-210 |
90.0 |
92.0 |
2.0* |
7.68 |
163.39 |
0.02 |
1.96 |
1.75 |
Chlorite altered rhyolite |
|
103.0 |
104.5 |
1.5* |
3.52 |
147.92 |
0.02 |
0.93 |
0.58 |
Chlorite altered rhyolite | |
|
212.0 |
214.9 |
2.9* |
6.12 |
64.89 |
0.11 |
1.25 |
0.49 |
Chlorite altered rhyolite | |
|
214.9 |
238.8 |
10.6 |
1.02 |
5.52 |
0.05 |
0.15 |
10.51 |
South Limb massive sulfide | |
|
103.0 |
104.5 |
1.5* |
2.32 |
28.04 |
1.19 |
0.19 |
0.10 |
Unknown massive sulfide | |
|
LK-212 |
86.5 |
95.0 |
8.5* |
2.05 |
70.74 |
0.02 |
0.41 |
2.02 |
Tuffaceous sediments w/ thin massive sulfide |
|
including |
89.0 |
90.5 |
1.5* |
5.28 |
231.13 |
0.08 |
1.59 |
10.17 |
Unknown massive sulfide |
|
280.5 |
296.4 |
14.3 |
1.43 |
8.89 |
0.09 |
0.24 |
9.34 |
South Limb massive sulfide | |
|
LK-215 |
317.0 |
319.9 |
2.9 |
0.60 |
2.26 |
0.06 |
0.15 |
20.54 |
South Limb massive sulfide |
|
348.5 |
351.0 |
2.5* |
4.70 |
24.26 |
0.05 |
1.61 |
0.02 |
PM Gold Zone |
*Drilled thickness, true thickness unknown
|
All Intervals in |
Est. | ||||||||
|
Meters |
True |
g/t |
g/t |
% |
% |
% | |||
|
Hole # |
From |
To |
Width |
Au |
Ag |
Cu |
Pb |
Zn |
Description |
|
LK-222 |
109.5 |
112.5 |
3.0* |
12.20 |
32.00 |
0.04 |
0.66 |
1.07 |
Altered rhyolite tuff |
|
229.5 |
246.0 |
16.5* |
1.82 |
9.62 |
0.19 |
0.11 |
13.04 |
South Limb massive sulfide | |
|
LK-227 |
141.5 |
160.5 |
11.0 |
2.60 |
47.86 |
0.07 |
0.21 |
0.34 |
South Limb massive sulfide |
|
including |
153.0 |
154.5 |
1.0 |
20.44 |
10.45 |
0.25 |
0.04 |
1.21 |
Stringer sulfides |
|
LK-232 |
211.0 |
214.0 |
3.0 |
4.00 |
76.57 |
0.07 |
0.68 |
0.07 |
Altered rhyolite crystal tuff |
|
233.0 |
243.3 |
10.3* |
5.24 |
43.97 |
0.22 |
0.47 |
0.12 |
South Limb massive sulfide | |
|
including |
233.0 |
235.5 |
2.5* |
16.64 |
137.48 |
0.22 |
1.46 |
0.16 |
South Limb massive sulfide |
|
LK-237 |
208.3 |
249.5 |
13.2 |
1.12 |
41.47 |
0.54 |
0.30 |
6.19 |
South Limb massive sulfide |
|
including |
229.5 |
238.5 |
2.9 |
1.73 |
52.30 |
0.62 |
0.23 |
14.31 |
South Limb massive sulfide |
|
LK-241 |
322.5 |
341.3 |
18.8* |
3.26 |
20.58 |
0.20 |
0.31 |
2.87 |
South Limb stringer sulfide |
|
including |
333.0 |
339.0 |
6.0* |
6.53 |
22.14 |
0.17 |
0.37 |
2.32 |
South Limb stringer sulfide |
*Drilled thickness, true thickness unknown
New Near Surface Gold Mineralization
LK-220 targeted an undrilled region of the main fold hinge south of the Pinwheel massive sulfide and intersected a shallow massive sulfide interpreted to be an outlier of the Pinwheel Zone, underlain by gold bearing altered and oxidized rhyolite tuff representing another new, near surface gold occurrence at the project. Follow up drilling to assess the relationship of this intercept with the nearby Pinwheel gossan and massive sulfide is underway. "New intercepts like this are expected to add significantly to the growing gold and silver inventory at the Back Forty Project," stated Tom Quigley, Aquila's President.
Main Zone South Limb Expansion
Three drill holes (LK-210, -212, -215) targeted the South Limb of the Main Zone massive sulfide along section 435050E, extending and further defining massive sulfide in this area. Significant gold and silver mineralization wa s also encountered in these holes in overlying chloritic tuffs, siliceous sediments and along the central porphyry margin (PM Zone).
Drill holes LK-222, -227, -232, -237, and -241 were step outs from two previously reported intercepts (LK-202PE - 13 meters of 8.7% zinc and LK-206PE - 7.7 meters of 10% zinc) in a new area of South Limb massive sulfide mineralization. These step out holes successfully intercepted base and precious metal mineralization related to the South Limb and peripheral host rocks and significantly expand the South Limb and related gold mineralization into this area.
Main Zone Hinge
At the western extent of the Hinge zone, where it appears to be thinning, LK-203 extended the Hinge zone to the north by an additional 25 meters beyond previous intercepts. LK-204, drilled to the north of LK-203, returned no significant values, closing off the north limb of the Hinge on this section.
Ongoing Drilli ng
Drilling at the Back Forty project continues to intersect widespread zinc, copper, gold and sliver mineralization, and the focus of ongoing drilling in 2008 will be directed at providing information required for computing an updated 43-101 mineral resource estimate, which will include not only the expanded massive sulfide and stringer mineralization, but will also include a distinct gold and silver component.
An up to date plan map of completed and pending holes is available on the company's website at http://www.aquilaresources.com/projects.php#map.
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 Quali fied Person as described in National Instrument 43-101 for the Back Forty Project and is responsible for the content of this press release.
For more information about Aquila Resources Inc. please contact:
Aquila Resources Inc. (Toronto)
Robin Dunbar, CFO
Tel: 416-203-1404
Email: info@aquilaresourcesinc.com
Aquila Resources Inc. (U.S.)
Thomas O. Quigley, President
Tel: 218-733-1452
Email: toquigley@qwest.net
First Canadian Capital Corp.
Dan Boase
Tel: 416-742-5600
Email: request@firstcanadiancapital.com
Renmark Financial Communications, Inc.
Christine Stewart : cstewart@renmarkfinancial.com
John Boidman : jboidman@renmarkfinancial.com
Media - Vanessa Napoli : vnapoli@renmarkfinancial.com
Tel: 514-939-3989
Fax : (514) 939-3717
www.renmarkfinancial.com
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the contents of this 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 securitie s in the United States.
