ORONTO, ONTARIO--(CCNMatthews - July 18, 2006) - AQUILA RESOURCES INC. (TSX VENTURE:AQA - News; FRANKFURT:JM4A - News; "Aquila" or the "Company") is pleased to announce additional results from its ongoing drilling program at the Back Forty VMS gold project in the Upper Peninsula of Michigan, where previous exploration has identified multiple lenses of massive sulfide and associated gold mineralization in an extensively altered sequence of rhyolites, tuffaceous sediments and porphyry intrusives.
ADVERTISEMENT click here The first five holes of the 2006 program targeted the near surface East End (see press release of June 6, 2006), and the next five holes, reported in this release, targeted expansions of the Tuff Zone, Main Zone and the Deep Copper Zone. An additional ten holes have been submitted for analyses with results pending.
Highlights from the latest drill results include Tuff Zone step outs in LK-79 and LK-80:
- 23m interval of 2.8% Zn in LK-79, including 1.96m (1.39m estimated true width) of 16.4% Zn and 1m (0.71m est. true) of 17.85% Zn.
- 6.2 meters (5.9m est. true) of 18.4% Zn, 2.9 g/t Au, 147.8 g/t Ag, and 6.4% Pb in LK-80.
A 50m step out on the Main Zone in LK-79 returned:
- 8.4m (5.4m est. true) of 13.2% Zn in a broader interval of 41m of 3.3% Zn.
Below the Main Zone in LK-79 a copper rich massive sulfide -- the Deep Copper Zone was encountered returning:
- 45.4 meters (29.2m est. true) of 0.77% Cu and 1.6 g/t Au, including 1.1% Cu and 1.7 g/t Au over 16.5 meters (10.1m est. true).
Gold mineralization distinct from massive sulfides was encountered in LK-79, where altered intrusive porphyry margin returned:
- 4.76 meters (2.9m est. true) of 3.94 g/t Au and 3.68% Zn.
In LK-80, the same porphyry margin returned
- 4.6m (4.4m est. true) of 5.3 g/t Au.
In LK-81, chlorite altered footwall rocks to the Tuff Zone returned:
- 1.5 meters (1.4m est. true) of 6.0 g/t Au, 6.22% Zn, and 299 g/t Ag.
More detailed assay results for these drill holes are presented in the table below.
Aquila Resources Inc. Summary Drill Results July 18, 2006 -------------------------------------------------- All Intervals Est. in Meters True g/t % g/t % % Hole # From To Width Au Zn Ag Cu Pb Description -------------------------------------------------- Chloritic rhyolite LK-77 147.5 153.5 5.4 0.42 1.90 57.30 0.01 0.70 fragmental -------------------------------------------------- includes Chloritic rhyolite 149 150.5 1.35 0.23 2.21 37.90 0.01 0.47 fragmental -------------------------------------------------- Chloritic rhyolite 150.5 152 1.35 0.91 4.99 149.00 0.04 1.90 fragmental -------------------------------------------------- Siliceous tuffaceous LK-78 102.5 129.4 17.3 0.37 0.11 2.64 0.01 0.05 sediments -------------------------------------------------- includes Siliceous tuffaceous sediments/ 128 129 0.65 0.32 1.07 7.70 0.01 0.17 Tuff Zone -------------------------------------------------- Chloritic rhyolite LK-78 180.5 204.9 15.9 0.20 0.57 8.67 0.01 0.24 fragmental -------------------------------------------------- includes Chloritic rhyolite 180.5 184.5 2.6 0.38 1.50 27.80 0.01 0.70 fragmental -------------------------------------------------- Siliceous tuffaceous sediments/ LK-79 147 169.75 16.1 0.62 2.79 29.90 0.03 1.23 Tuff Zone -------------------------------------------------- includes Tuff Zone massive 157.3 158.3 0.71 0.70 15.75 81.00 0.05 3.20 sulfide -------------------------------------------------- Tuff Zone massive 158.3 159.26 0.67 1.14 17.15 146.00 0.19 6.01 sulfide -------------------------------------------------- Tuff Zone massive 167.5 168.75 0.88 1.19 3.84 43.20 0.10 2.22 sulfide -------------------------------------------------- Tuff Zone massive 168.75 169.75 0.71 1.18 17.85 153.00 0.02 10.30 sulfide -------------------------------------------------- Main Zone massive LK-79 267.8 276.2 5.9 0.75 13.22 14.00 0.04 0.54 sulfide -------------------------------------------------- includes Main Zone massive 267.8 269 0.84 1.06 14.30 36.00 0.05 2.38 sulfide -------------------------------------------------- Main Zone massive 269 270.5 1.1 0.83 14.45 16.00 0.03 0.62 sulfide -------------------------------------------------- Main Zone massive 273.5 275 1.1 0.58 29.30 8.00 0.10 0.10 sulfide -------------------------------------------------- Semi-massive sulfide stringer in LK-79 351.8 356.56 2.9 3.95 3.68 4.75 0.06 0.02 rhyolite -------------------------------------------------- includes Semi-massive sulfide stringer in 351.8 353.1 0.8 9.49 6.10 8.00 0.13 0.01 rhyolite -------------------------------------------------- Semi-massive sulfide stringer in 354.8 356.56 1.1 3.33 2.01 5.00 0.02 0.04 rhyolite -------------------------------------------------- Deep Copper LK-79 362.8 408.15 29.2 1.60 0.16 16.20 0.77 0.02 Zone -------------------------------------------------- Deep Copper 365.8 428.96 10.1 1.69 0.12 20.36 1.06 0.02 Zone -------------------------------------------------- Tuff Zone massive LK-80 125.79 132 5.9 2.89 18.39 147.76 0.17 6.36 sulfide -------------------------------------------------- includes Tuff Zone massive 125.79 126.8 0.96 8.33 11.90 164.00 0.67 4.11 sulfide -------------------------------------------------- Tuff Zone massive 126.8 127.8 0.95 3.14 32.00 288.00 0.13 13.00 sulfide -------------------------------------------------- Tuff Zone massive 127.8 128.8 0.95 2.33 25.30 143.00 0.08 6.67 sulfide -------------------------------------------------- Tuff Zone massive 128.8 130.29 1.42 1.53 25.20 190.00 0.02 9.47 sulfide -------------------------------------------------- Sheared, altered rhyolite and porphyry LK-80 206.4 211 4.37 5.34 dike -------------------------------------------------- includes Sheared, altered rhyolite and porphyry 208 211 2.85 6.25 dike -------------------------------------------------- Siliceous tuffaceous LK-81 72.5 86.8 13.6 1.59 0.90 54.34 0.05 0.58 sediments -------------------------------------------------- includes Siliceous tuffaceous sediments/ 85.8 86.8 0.95 6.54 4.40 292.00 0.25 3.28 Tuff Zone -------------------------------------------------- Siliceous tuffaceous sediments/ 86.8 88 1.14 0.42 1.88 25.00 0.03 0.24 Tuff Zone -------------------------------------------------- Chloritic rhyolite LK-81 104.5 106 1.43 5.84 6.22 299.00 0.07 2.43 fragmental -------------------------------------------------- g/t=grams per tonne; Au=gold; Zn=zinc; Ag=silver; Cu=copper; Pb=lead
Results from holes LK-77 through LK-81 continue to expand the known massive sulfide zones and improve the understanding of the geometry and grade distribution within these bodies, as well as in the altered and mineralized host rocks. Multiple intercepts of Au and Zn mineralization in both footwall and hanging wall sequences, and the occurrence of Cu and Au rich massive sulfides beneath the Main Zone, attest to the strength of the mineralized system and potential to expand the mineral resources contained within.
Results of the additional 10 drill holes completed to date will be released as they are received. Sample preparation and analyses continue to be conducted by ALS Chemex Labs in Thunder Bay Ontario and Vancouver BC, on split drill core supplied by Aquila. Standards and blanks are inserted in the sample sequences, and check assays and re-runs are conducted as appropriate. Tom Quigley, P.Geo and President of Aquila, is the 43-101 Qualified Person for the Back Forty project and is responsible for the contents 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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the contents of this release.
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