SEPTEMBER 11, 2006 - 01:00 ET Show Text
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Aquila Drills New Gold Intercept and More Masssive Sulphides
TORONTO, ONTARIO--(Sept. 11, 2006) - AQUILA RESOURCES INC. (TSX VENTURE:AQA)(FRANKFURT:JM4A) ("Aquila" or the "Company") is pleased to announce results from three (3) additional drill holes from the ongoing drill program at the Back Forty Project in the Upper Peninsula of Michigan. Results are highlighted by multiple gold and base metal intercepts listed in the table below.
Drill hole LK-88 was a step out of the Tuff Zone massive sulfide 35 meters to the west of drill hole 108471 and 60 meters northeast of LK-87 and encountered two horizons of Tuff Zone massive and stringer sulfides.
Drill hole LK-89 was a 25 meter step out from LK-80 on the Tuff Zone which intersected only anomalous values.
The near surface gold intercept encountered in LK-90 represents one of the more significant gold results discovered on the project to date. An additional five closely spaced follow up step outs from LK-90 have recently been completed and will be submitted for assay shortly. The five additional holes were designed to test the geometry of the zone and the potential for continuity of this type of mineralization. The location of LK-90 is shown on the plan view map of drill holes on the Aquila web site.
-------------------------------------------------- (m) (m) Gold Silver (m) (m)Inter- est. g/ g/ Copper ZincHole # From To val true tonne tonne % % Unit-------------------------------------------------- Tuff Zone Massive Sulfide, UpperLK-88 254.00 263.00 9.00 8.46 0.68 13.50 0.04 3.22 Lens--------------------------------------------------inclu-des 256.94 259.40 2.46 2.31 1.13 18.00 0.06 9.54--------------------------------------------------inclu-des 256.94 258 1.06 1.00 1.50 22.00 0.09 13.70-------------------------------------------------- Tuff Zone Massive Sulfide, LowerLK-88 296.2 296.75 0.55 0.52 0.57 60.00 0.017 11.4 Lens-------------------------------------------------- No significantLK-89 values-------------------------------------------------- Gold Zone, fractured, silicified un- sedi-LK-90 5.1 24.5 19.4 known 10.35 32.92 0.03 0.01 ments-------------------------------------------------- Main Zone MassiveLK-90 206.3 220.86 14.56 13.40 2.33 22.27 0.13 7.91 Sulfide-------------------------------------------------- un- PorphyryLK-90 299.75 302.1 2.35 known 23.50 (i) (i) (i) margin-------------------------------------------------- (i)results pending--------------------------------------------------
A total of 102 drill holes have been completed to date at the Back Forty Project and results will continue to be reported as assays are received. A second drill has now been mobilized to the property with drilling underway. One drill will focus on defining near surface gossans and massive sulfides on the recently acquired MRT property. The second drill will continue to test deeper targets and down plunge extensions of the known massive sulfide bodies.
Sample preparation and assays on split core submitted by Aquila were completed by ALS Chemex Labs in Thunder Bay, Ontario and Vancouver, BC. Trace elements, excluding gold, were analyzed by ICP emission spectrometry with "ore grade" analyses conducted on heavily mineralized samples and samples exceeding upper reporting limits for the ICP package. Gold was analyzed by fire assay fusion with atomic absorption finish with samples exceeding 3 ppm gold re-run with fire assay fusion and gravimetric finish. Standards were inserted in the sample stream and check analyses performed on select samples. Thomas O. Quigley, P. Geo., is the qualified person as defined in National Instrument 43-101 and is responsible for the information contained in this news release.
Warrant Exercise
The Company is pleased to report that, as of 4:00 pm on September 6, 2006, 100% of the 13,277,958 warrants issued in connection with the reverse takeover transaction with Aquila Resources Corp. have been exercised for gross and net proceeds of $3,983,387. Proceeds of the financing will be used for exploration at the Back Forty Project and general corporate purposes.
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: 53,167,365
The TSX Venture 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
info@aquilaresourcesinc.com
or
Aquila Resources Inc. (U.S.)
Thomas O. Quigley
President
(218) 733-1452
toquigley@qwest.net
or
Clark Avenue Co. Inc.
Investor Relations
(905) 882-4422
clarkavenue@rogers.com
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