July 28, 2008
Aquila Intersects Copper and Gold Rich South Limb Massive Sulfide
Including 4.3 meters of 26.1 grams per tonne gold and 366 grams per tonne silver
TORONTO, ONTARIO--(Marketwire - July 28, 2008) - AQUILA RESOURCES INC. (TSX:AQA)(FRANKFURT:JM4A) ("Aquila" or the "Company") released results from an additional 10 step out and infill drill holes targeting the South Limb Massive Sulfide at the Back Forty Project in Michigan's Upper Peninsula. In addition to intercepts of the South Limb Massive Sulfide, mineralization was encountered above and below the South Limb target, representing unknown or new zones of mineralization. These drill hole results are part of an additional 170 holes drilled in the past year that will be incorporated in an updated National Instrument (NI) 43-101 resource expected later this summer.
Highlights include:
South Limb Massive Sulfide
- 6.2 meters of 2.3% copper and 0.9% zinc in LK-295
- 4.3 meters of 26.1 grams per tonne (g/t) gold and 366.0 g/t silver in LK-307
- 7.2 meters of 7.1 g/t gold and 63.8 g/t silver in LK-309
- 5.4 meters of 10.1% zinc and 0.24% copper in LK-291
- 5.0 meters of 1.0% copper and 1.7% zinc in LK-292
--------------------------------------------------
All Intervals
in Meters Est.
---------------------- True g/t g/t % % % Descrip- Zone
Hole # From To Width Au Ag Cu Pb Zn tion (ii)
--------------------------------------------------
Altered
rhyolite
LK-248 21.5 24.5 3.0(i) 2.33 39.85 0.01 0.05 0.04 tuff NS
Altered
rhyolite
38.0 41.0 3.0(i) 3.46 28.03 0.01 0.01 0.06 tuff NS
--------------------------------------------------
Stringer Un-
LK-287 407.0 411.1 4.1(i) 0.15 7.71 0.03 0.41 2.02 sulfides known
--------------------------------------------------
Semi-
massive Un-
LK-291 318.7 320.5 1.8(i) 1.27 185.13 0.30 3.02 6.56 sulfide known
S. Limb
massive South
401.5 409.2 5.4 1.42 14.18 0.24 0.17 10.06 sulfide Limb
Massive Un-
432.3 437.1 4.8(i) 1.26 16.09 0.55 0.17 0.13 sulfide known
Felsic
462.5 463.5 1.0(i) 6.96 49.00 0.20 0.45 0.02 dike PM?
--------------------------------------------------
S. Limb
massive South
LK-292 371.0 398.2 22.7 0.79 17.11 0.50 0.17 0.69 sulfide Limb
S. Limb
massive South
Including 381.5 387.5 5.0 1.05 32.95 0.98 0.16 1.70 sulfide Limb
--------------------------------------------------
Altered
rhyolite Un-
LK-295 4.5 9.2 4.7(i) 0.14 4.06 0.86 0.05 0.01 tuff known
Semi-
massive Un-
341.9 343.4 1.5(i) 0.72 2.26 0.37 0.34 8.62 sulfide known
S. Limb
massive South
387.6 404.4 15.2 0.92 27.07 1.10 0.25 0.54 sulfide Limb
S. Limb
massive South
Including 397.5 404.4 6.2 1.14 37.14 2.25 0.45 0.94 sulfide Limb
Altered
rhyolite Un-
415.0 418.5 3.5(i) 0.36 6.92 0.90 0.02 0.14 tuff known
--------------------------------------------------
Semi-
massive Un-
LK-301 394.9 395.9 0.9(i) 0.05 0.50 0.01 0.08 3.16 sulfide known
Altered
rhyolite Un-
445.5 447.2 1.7(i) 0.06 15.04 0.10 0.36 3.73 tuff known
--------------------------------------------------
Altered
rhyolite
LK-307 77.5 97.0 19.5(i) 1.65 14.17 0.06 0.22 0.88 tuff NS
Altered
rhyolite
Including 85.0 88.0 3.0(i) 3.23 9.55 0.09 0.20 0.24 tuff NS
Altered
rhyolite Un-
168.5 172.8 4.3(i) 26.14 366.03 0.19 2.12 0.87 tuff known
Altered
rhyolite Un-
Including 168.5 171.5 3.0(i) 36.22 480.42 0.25 2.82 1.09 tuff known
S. Limb
semi-
massive South
172.8 185.6 10.6 1.08 28.92 0.06 0.22 2.24 sulfide Limb
S. Limb
semi-
massive South
Including 175.8 182.8 5.8 1.28 35.30 0.05 0.30 3.45 sulfide Limb
--------------------------------------------------
LK-308 No significant values
--------------------------------------------------
S. Limb
massive South
LK-309 192.3 200.8 7.2 7.12 63.80 0.17 0.46 0.24 sulfide Limb
S. Limb
semi-
massive South
211.3 215.9 3.5 6.01 173.80 0.35 1.67 0.54 sulfide Limb
--------------------------------------------------
RS-3 No significant values
--------------------------------------------------
(i)Drilled thickness, true thickness unknown
(ii)PM equals Porphyry Margin Gold Zone, NS equals NS Gold Zone, South Limb
equals South Limb Massive Sulfide
Holes listed above include a 125 meter down dip step out of the South Limb in LK-291, as well as a 30 meter up-dip step out in LK-307. The holes also included intercepts of the NS Gold Zone, the PM Gold Zone, as well as other peripheral zones of precious metal and zinc mineralization.
As of March 2007 the South Limb and Hinge massive sulfides had a measured and indicated resource of 4 million tonnes grading 1.83 g/t gold, 18.59 g/t silver, 6.58% zinc, 0.25% copper, and these intercepts represent an important extension of those zones.
Drilling at the Back Forty Project currently consists of one drill rig focusing on the Deep Zone massive sulfide, and assay results from several holes targeting the East Zone massive sulfide, near surface definition of the Porphyry Margin Gold Zone, as well as strike extensions of the Pinwheel Zone are still pending.
Although the resource remains open to expansion and numerous other targets remain to be tested, the Company is temporarily slowing down its drill program at the Back Forty Project in order to focus on establishing a new NI 43-101 compliant mineral resource to form the basis for mine planning and scoping work required for a preliminary economic assessment. "We feel that our drilling over the past year and a half has resulted in significant expansion of the March 2007 resource zones, as well as definition of previously undefined gold zones, and that it is important to quantify these expansions and incorporate them into an economic framework," stated Tom Quigley, Aquila's President. Work continues to advance the updated 43-101 compliant resource estimate expected later this summer, and initial engineering studies related to mine planning and plant design have been implemented.
Further information about Aquila and the Back Forty Project including 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.
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.
CONTACT INFORMATION:
Aquila Resources Inc. (Toronto)
Robin Dunbar
CFO
(416) 203-1404
Email: info@aquilaresourcesinc.com
or
Aquila Resources Inc. (U.S.)
Thomas O. Quigley
President
(906) 753-9602
Email: toquigley@qwest.net
Website: www.aquilaresources.com
or
First Canadian Capital Corp.
Leo Karabelas
(416) 742-5600
Email: request@firstcanadiancapital.com
INDUSTRY: Manufacturing and Production - Mining and Metals |
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