Aquila Looks to Expand Back Forty Resource in 2007 With Drilling Underway
Thursday February 8, 1:00 am ET
TORONTO, ONTARIO--(CCNMatthews - Feb. 7, 2007) - AQUILA RESOURCES INC. (TSX VENTURE:AQA - News; FRANKFURT:JM4A - News; "Aquila" or the "Company") today announced resumption of drilling plus other activities to advance the Back Forty Project located in the Upper Peninsula of Michigan. For 2007, 15,000 to 20,000 meters of drilling is planned, targeting resource expansion and definition, as well as testing new zones of mineralization both near the known resource and in the broader project area.
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Exploration and Other Activities in 2007
Drill targets in 2007 will include extensions and further definition of the known massive sulfide and stringer zone resources, as well as porphyry margin gold targets and the 90 Gold Zone. Off hole anomalies from down hole pulse EM surveys will also be targeted as will new anomalies identified from ground geophysical surveys recently completed in three different target areas.
Initial drilling will focus on the Tuff Zone, Main Zone South Limb and the 90 Gold Zone with one drill, with the expectation of adding at least one additional drill when available.
Mineralization remains open in at least one direction in all zones except the East Zone, including down plunge in the Deep Zone and Main Zone Hinge, down plunge and down dip in the Main Zone South Limb, down dip in the Tuff Zone and down dip and southwest along strike in the Pinwheel Zone, and in all directions in the 90 Gold Zone.
Datamine Consultants from the UK have been contracted to compile a new 43-101 resource estimate incorporating all drill results up to the end of 2006. Eric Chapman, MSc., Datamine specialist in mineral resource estimation and geostatistics, will be the qualified person responsible for the resource estimate.
Plans for implementation of environmental baseline work and metallurgical studies are being finalized with a goal of completing a scoping study in 2007.
Project History and Exploration Highlights
- After private interests discovered massive sulfide mineralization in 2001 at the Back Forty Project, 12,200 meters of drilling during 2002 and 2003 established a National Instrument 43-101 inferred resource of 3.1 million tonnes of 6.8% zinc and 2.0 g/t gold calculated by DeMatties and Munroe consultants in August, 2005 on the portion of the property controlled by the private group at that time.
- In 2006 the private group went public as Aquila Resources Inc. (TSX VENTURE:AQA - News), and subsequently acquired an adjoining property containing known extensions of the existing resource, and completed 11,000 meters of drilling aimed at both expanding and better defining the resource.
- The 2006 drilling was successful in defining near surface zinc and copper rich massive sulfide lenses capped by gold rich gossans at the East Zone and Pinwheel Zone, and in defining down plunge and down dip extensions of the Main Zone Hinge, the South Limb, the Tuff Zone and the Deep Zone. Thick gold bearing stringer zones were encountered locally underneath massive sulfide mineralization, and high grade gold mineralization was also encountered in intrusive porphyries and siliceous sediments of the 90 Gold Zone. Select highlights from previously released results from these zones include:
-- 19.9 meters (est. true thickness), 7.70% copper, 201 g/t silver at the Pinwheel Zone (LK-128P)
-- 28.2 meters (est. true thickness), 9.25% zinc, 4.28 g/t gold at the East Zone (LK-72)
-- 65.7 meters (est. true thickness), 6.7% zinc in the Main Zone Hinge (LK-150)
-- 31 meters (unknown true thickness), 10.0 g/t gold in Main Zone Hinge stringer zone (LK-150)
-- 19.4 meters (unknown true thickness), 10.35 g/t gold in the 90 Gold Zone (LK-90)
Drill hole locations and more details of 2006 drilling are available on the Company's website at www.aquilaresources.com.
Aquila controls a large property consisting of over 9,000 acres of mineral and surface interests owned or held under lease or option, some subject to various net smelter royalties and other minority interests.
Grant of Stock Options
The Board of Directors of Aquila has approved the granting of stock options pursuant to the Company's currently authorized incentive stock option plan. A total of 1.4 million share purchase incentive options were granted to eligible individuals. The grants are being made to directors, officers, employees and consultants of Aquila. The options have an exercise price of $2.15 for up to a five year term and are subject to the approval of the TSX Venture Exchange.
"Aquila plans an aggressive exploration program for 2007," said President Thomas O. Quigley. "We look forward to building on previous work at the project and expanding the scope of the work to include activities required for advancing the project towards feasibility". Mr. 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 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: 69,429,478
The TSX Venture Exchange has not reviewed and does not accept responsibility for the contents of this release.
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