Aquila Announces Updates on Back Forty and Aquila Gold Projects
Published : June 27, 2011
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Keywords :   Copper | Diamond | Gold | Lead | Market | Recovery | Silver | Storage | Zinc |

TORONTO, ONTARIO--(Marketwire - June 27, 2011) - AQUILA RESOURCES INC. (News - Market indicators)(OTCQX:AQARF)(FRANKFURT:JM4A) ("Aquila" or the "Company") is pleased to announce drilling results and an update on activities at the Back Forty Project in the Upper Peninsula of Michigan. The Back Forty Project is a joint venture between Aquila and HudBay Minerals Inc. (TSX:HBM)(NYSE:HBM) ("HudBay"), with HudBay currently holding a 51% interest and Aquila a 49% interest in the project. The project has recently entered a prefeasibility level of evaluation of a large volcanogenic massive sulfide deposit containing zinc, gold, silver and copper, and is expected to complete feasibility studies and submit a mine permit in the second quarter of 2012.

In addition to Back Forty activity, Aquila continues to advance its 100% owned gold projects, and has initiated exploration and drilling at the Reef Gold project, and will resume drilling at its Peninsula Gold project in early July. Aquila has also received final interpretation of VTEM airborne geophysical results and has initiated land acquisition and exploration on two of its Strategic Alliance projects with alliance partner HudBay.

Back Forty Project – Drill Results
Two drills continue to define and expand existing mineralization at the Back Forty Project as well as evaluate geophysical targets identified from down hole EM surveys and airborne and ground EM surveys. Significant intercepts include:
  From To Interval* Gold Silver Copper Lead Zinc
DDH Meters Meters Meters g/t g/t % % %
LK-391 ext 171.24 213.30 42.06 1.07 12.66 0.12 0.05 7.62
LK-493 302.80 348.17 45.37 0.73 9.90 0.06 0.02 5.11
  348.17 356.50 8.33 5.15 24.74 0.20 0.24 1.37
  671.28 685.06 13.78 2.22 16.53 0.18 0.07 0.04
LK-494 344.00 461.00 117.00 1.43 20.02 0.29 0.16 2.40
Including 424.00 443.50 19.50 4.32 37.08 0.25 0.57 1.68
LK-497 114.46 160.54 46.08 1.64 16.55 0.10 0.14 8.45
Including 138.50 152.00 13.50 0.07 9.17 0.10 0.01 13.63
LK-492 147.20 149.23 2.03 3.87 462.33 0.01 0.35 0.82
  359.35 371.21 11.86 0.54 13.18 1.02 0.02 0.16
  454.00 464.58 10.58 2.81 5.44 0.25 0.01 0.06
LK-488 411.00 427.00 16.00 1.03 76.73 0.03 0.71 0.82
*Drilled thickness, not true thickness

Drill holes LK-391, 492, 494 and 497 were infill holes designed to increase confidence in portions of the Main Zone massive sulfide contained in the potential open pit as well as test the limits of mineralization at depth. Notably, LK-492 encountered a copper rich sulfide stringer zone (11.86m of 1.02% copper) that extends 25 meters below the modeled resource as well as encountering a second sulfide stringer zone lower in the hole that graded 2.81g/t gold over 10.58 meters and represents an intercept of 115 meters from the nearest modeled ore zone.

Drill holes LK-488 and 493 were step-out drilling to expand previously defined deep mineralization below the current resource (see Aquila press release dated October 15, 2010) and intercepted 16 meters of 1.03 g/t gold and 76.73 g/t silver in LK-488 and 13.78 meters of 2.22 g/t gold and 16.53 g/t silver in LK-493. The mineralized zone in LK-488 is within a silicified tuffaceous sedimentary unit that represents the hanging wall to the deep South Limb massive sulfide. Although no massive sulfide was encountered, the similar stratigraphy 115 meters along strike from the modeled resource is considered promising. The deep intercept in LK-493 represents a possible 140 meter up-dip extension of recent gold rich intercepts in LK-479 and LK-484 (see press release dated March 3, 2011) which encountered 3 meters of 5.13g/t gold, 49.5 g/t silver and 6 meters of 24.85 g/t gold, 91.73 g/t silver respectively. This target is currently being drilled to better understand the continuity and significance of this potentially important new gold zone.

Aquila Gold Projects

Aquila has commenced drilling on its 100% owned Reef project in central Wisconsin located approximately 160 km southwest of the Back Forty Project. Seventeen drill holes are planned to test expansions of previously defined gold zones drilled by Noranda in the 1980's. Drilling will also test areas of mineralized quartz float found during surface exploration activities this past spring. Compilation of previously collected geophysical and geochemical data and re-logging and analysis of historic drill core is also underway. The Reef prospect hosts a non 43-101compliant resource of 454,600 tons of 10.6 g/t gold.

Aquila Alliance Projects

Aquila has received final VTEM airborne geophysical results for two of four Strategic Alliance projects with Alliance partner HudBay Minerals Inc. Interpretation of the airborne results, including a detailed analysis of conductive responses was completed by HudBay geophysicists for the Sturgeon Falls area and the Turner Peridotite – both located in the Upper Peninsula of Michigan. Both targets contain multiple conductive zones associated with mafic and ultramafic intrusive rocks untested by previous drilling. Land acquisition and ground geophysical follow-up are under way. Final VTEM results and interpretation are pending for two additional Alliance targets in Minnesota and Wisconsin. 

Quality Assurance and Quality Control 

Exploration core drilling was NQ size. The core was logged and mineralized intersections were marked for sampling and assaying by geologists and geo-technicians employed by Aquila Resources Inc. and the HudBay Aquila Joint Venture. The marked intersections or intervals were sawn in half by a Diamond saw and one-half of the core was placed in sample bags and tagged with unique sample numbers, while the remaining half was returned to the core box for storage. Each bagged core sample was transported to Minerals Processing Corporation's sample prep lab in Carney, Michigan where it was dried, crushed and pulverized and a 250-gram sample was prepared and split, with one split for assaying at Inspectorate Labs in Sparks, Nevada. Strict sampling and QA/QC protocol are followed, including the insertion of standards and blanks in the sample stream on a regular basis. Sample intervals are typically 1.5 meters. Analytical method for gold is fire assay with atomic adsorption finish and gravimetric finish for samples greater than 3.0 g/t gold. All other elements are analyzed by ICP with silver over limits (>200 g/t) analyzed by fire assay/gravimetric finish and base metal over limits analyzed by AAS.

Assaying integrity is monitored internally with a quality control program, which includes the use of assay sample standards, blanks, duplicates and repeats, and externally through national and international programs. This news release provides core lengths and estimates of vertical thickness only. True widths are not provided. Where metal assays are provided for intersections they are either a single assay of a sample of the entire intersection length or a composite of assays calculated from interval weighted assays over the intersection length.

Thomas O. Quigley is the Qualified Person for Aquila as described in National Instrument 43-101 and is responsible for contents of this release.

More information about Aquila and the Back Forty Project, including updated drilling information, can be found on the Company's website at

This press release contains certain forward-looking statements. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to international operations; risks related to joint venture operations; actual results of current exploration activities; changes in project parameters as plans continue to be refined, future prices of resources; possible variations in reserves, grade or recovery rates, accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Shares Outstanding: 86,196,850

Aquila Resources Inc. (Toronto)
Robin Dunbar
Aquila Resources Inc. (U.S.)
Thomas O. Quigley

Aquila Resources Inc.

ISIN : CA03841G1019
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Aquila Resources Inc. is a zinc and lead exploration company based in Canada.

Aquila Resources Inc. holds various exploration projects in USA.

Its main exploration properties are BACK FORTY and MICHIGAN GOLD in USA.

Aquila Resources Inc. is listed in Canada. Its market capitalisation is CA$ 23.1 millions as of today (US$ 18.0 millions, € 15.9 millions).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 1.74, and its lowest recent point on November 21, 2008 at CA$ 0.05.

Aquila Resources Inc. has 271 540 000 shares outstanding.

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