Results include 11 meters of 20% zinc in hole
GT-11 and 6.27 meters of 28.3 grams per tonne
of gold in hole GT-12
Shares Outstanding: 271,809,638
TORONTO, June 7, 2017 /CNW/ - Aquila Resources
Inc. (TSX: AQA) ("Aquila"), a permitting-stage
company, today announced the first round of drill results from its
ongoing drill program at the Back Forty project in Michigan's Upper Peninsula. Ten drill holes
have been completed to date and assay results presented
below. The holes were targeting the Pinwheel, Deep Zone, and
Main Zone massive sulfide outside of the proposed open pit, and
were a combination of infill, step out, and geotechnical
drilling.
Highlights from the drilling completed to date include:
- 1.3 grams/tonne (g/t) gold (Au), 13 g/t silver (Ag),
0.66% copper (Cu), 9.9 % zinc (Zn) over 4.99 meters* in GT-09
- 0.74 g/t Au, 9.3% Zn over 9 meters* and
1.6 g/t Au, 32 g/t Ag, 1.6% Cu over 20.9 meters* in GT-10
- 3.6 g/t Au, 35 g/t Ag, 10.07% Zn over 7.69 meters*
and
0.96 g/t Au, 29 g/t Ag, 0.33% Cu, and 20% Zn
over 11.4 meters* in GT-11
- 1.176 g/t Au, 5.19% Zn over 42.07 meters* and
11.65 g/t Au, 50 g/t Ag over 21.4 meters* in GT-12
- 1.33 g/t Au, 15 g/t Ag, 0.99% Cu over 45 meters* in
LK-17-523
"These are impressive grades and thicknesses of mineralization
encountered peripheral to, and underneath, the proposed open pit at
Back Forty," stated Tom Quigley VP
of Exploration. "The results illustrate the strong,
polymetallic nature of the Back Forty deposit and will be
incorporated into future resource calculations related to the
evaluation of potential underground developments at the
project."
Drilling is ongoing at the project, including drill testing of
geophysical targets south of the known deposit, and follow up
drilling on the newly discovered, 2016 Zone of massive sulfide
mineralization (see press release dated September 27, 2016).
Significant intercepts from the first round of drilling are
tabulated and described below.
Drill Hole
|
From
|
To
|
Interval*
|
Au
|
Ag
|
Cu
|
Pb
|
Zn
|
GT-08
|
m
|
m
|
m
|
g/t
|
g/t
|
%
|
%
|
%
|
|
19.64
|
24.50
|
4.86
|
1.88
|
214
|
1.12
|
0.20
|
0.03
|
|
63.00
|
78.70
|
15.70
|
0.88
|
21
|
0.54
|
0.02
|
0.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drill Hole
|
From
|
To
|
Interval*
|
Au
|
Ag
|
Cu
|
Pb
|
Zn
|
GT-09
|
m
|
m
|
m
|
g/t
|
g/t
|
%
|
%
|
%
|
|
55.50
|
57.00
|
1.50
|
9.379
|
126
|
0.16
|
0.65
|
0.04
|
|
59.51
|
64.50
|
4.99
|
1.319
|
13
|
0.66
|
0.17
|
9.99
|
|
76.50
|
89.30
|
12.80
|
2.241
|
9
|
0.30
|
0.04
|
0.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drill Hole
|
From
|
To
|
Interval*
|
Au
|
Ag
|
Cu
|
Pb
|
Zn
|
GT-10
|
m
|
m
|
m
|
g/t
|
g/t
|
%
|
%
|
%
|
|
50.20
|
59.24
|
9.04
|
0.740
|
8
|
0.20
|
0.33
|
9.31
|
Including
|
76.68
|
78.75
|
2.07
|
2.905
|
38
|
0.14
|
0.30
|
0.03
|
|
|
|
|
|
|
|
|
|
|
114.23
|
128.00
|
13.77
|
1.381
|
14
|
0.04
|
0.08
|
3.82
|
Including
|
114.23
|
117.70
|
3.47
|
1.651
|
13
|
0.07
|
0.05
|
6.93
|
|
|
|
|
|
|
|
|
|
|
159.60
|
190.00
|
30.40
|
1.497
|
29
|
1.23
|
0.01
|
0.32
|
Including
|
159.60
|
180.50
|
20.90
|
1.605
|
32
|
1.58
|
0.01
|
0.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drill Hole
|
From
|
To
|
Interval*
|
Au
|
Ag
|
Cu
|
Pb
|
Zn
|
GT-11
|
m
|
m
|
m
|
g/t
|
g/t
|
%
|
%
|
%
|
|
42.31
|
50.00
|
7.69
|
3.627
|
35
|
0.12
|
0.12
|
10.07
|
|
57.80
|
69.20
|
11.40
|
0.962
|
29
|
0.33
|
0.01
|
20.01
|
|
80.50
|
82.57
|
2.07
|
6.643
|
15
|
0.10
|
0.22
|
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drill Hole
|
From
|
To
|
Interval*
|
Au
|
Ag
|
Cu
|
Pb
|
Zn
|
GT-12
|
m
|
m
|
m
|
g/t
|
g/t
|
%
|
%
|
%
|
|
337.00
|
379.07
|
42.07
|
1.176
|
15
|
0.17
|
0.05
|
5.19
|
Including
|
342.00
|
365.50
|
23.50
|
0.725
|
11
|
0.08
|
0.02
|
7.50
|
|
|
|
|
|
|
|
|
|
|
378.00
|
399.40
|
21.40
|
11.655
|
50
|
0.44
|
0.41
|
1.29
|
Including
|
379.07
|
385.34
|
6.27
|
28.333
|
60
|
0.51
|
0.64
|
3.24
|
Drill Hole
|
From
|
To
|
Interval*
|
Au
|
Ag
|
Cu
|
Pb
|
Zn
|
LK-17-521
|
m
|
m
|
m
|
g/t
|
g/t
|
%
|
%
|
%
|
|
61.10
|
62.75
|
1.65
|
0.381
|
77
|
0.06
|
1.18
|
3.02
|
|
68.52
|
74.49
|
5.97
|
0.719
|
53
|
0.18
|
0.37
|
2.21
|
|
133.00
|
145.75
|
12.75
|
0.949
|
10
|
0.29
|
0.04
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drill Hole
|
From
|
To
|
Interval*
|
Au
|
Ag
|
Cu
|
Pb
|
Zn
|
LK-17-522
|
m
|
m
|
m
|
g/t
|
g/t
|
%
|
%
|
%
|
|
134.65
|
150.05
|
15.40
|
0.943
|
10
|
0.26
|
0.05
|
0.80
|
Including
|
134.65
|
137.00
|
2.35
|
0.975
|
35
|
0.29
|
0.17
|
4.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drill Hole
|
From
|
To
|
Interval*
|
Au
|
Ag
|
Cu
|
Pb
|
Zn
|
LK-17-523
|
m
|
m
|
m
|
g/t
|
g/t
|
%
|
%
|
%
|
|
51.00
|
165.00
|
114.00
|
1.006
|
14
|
0.61
|
0.01
|
1.80
|
Including
|
67.50
|
99.00
|
31.50
|
0.681
|
9
|
0.28
|
0.01
|
4.55
|
|
120.00
|
165.00
|
45.00
|
1.333
|
15
|
0.99
|
0.01
|
0.39
|
Including
|
133.00
|
137.50
|
4.50
|
2.126
|
22
|
2.07
|
0.00
|
0.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drill Hole
|
From
|
To
|
Interval*
|
Au
|
Ag
|
Cu
|
Pb
|
Zn
|
LK-17-524
|
m
|
m
|
m
|
g/t
|
g/t
|
%
|
%
|
%
|
|
45.50
|
100.58
|
55.08
|
1.304
|
13
|
0.49
|
0.04
|
0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drill Hole
|
From
|
To
|
Interval*
|
Au
|
Ag
|
Cu
|
Pb
|
Zn
|
LK-17-525
|
m
|
m
|
m
|
g/t
|
g/t
|
%
|
%
|
%
|
|
142.88
|
143.55
|
0.67
|
0.838
|
32
|
0.04
|
0.46
|
22.42
|
|
147.30
|
163.36
|
16.06
|
0.921
|
12
|
0.46
|
0.20
|
1.81
|
Including
|
147.30
|
154.50
|
7.20
|
0.766
|
19
|
0.59
|
0.43
|
3.62
|
|
166.00
|
170.63
|
4.63
|
1.830
|
8
|
0.21
|
0.06
|
0.13
|
*Interval is drilled
thickness and does not represent true thickness. Estimated
true thicknesses for individual holes are: GT-08 90%, GT-09
95%, GT-10 48% to 62%, GT-11 67%, GT-12 73%, LK-17-521 63%,
LK-17-522 60%, LK-17-523 35%, LK-17-524 74%, LK-17-525
65%
|
Drill holes LK-17-521, LK-17-522, LK-17-523, LK-524, LK-17-525,
GT-08, GT-09, GT-10, and GT-11 were testing the extension of the
Pinwheel Zone massive sulfide to the west and southwest of the
proposed open pit. The drilling was designed to infill and
step out along the extension of the Pinwheel Zone (LK holes) as
well as to assess the rock quality and stability of both the
mineralized zones and host rocks (GT holes).
Gt-12 was a geotechnical hole drilled southwest of the proposed
open pit and was directed at rock quality assessment for potential
underground development associated with the Main Zone massive
sulfide and related stringer mineralization located approximately
200 meters below the open pit.
Quality Assurance and Quality Control
Exploration core
drilling was NQ3 size. The core was logged and mineralized
intersections were marked for sampling and assaying by geologists
either employed or contracted by Aquila Resources Inc. The
marked intersections were sampled by Aquila employed
geo-technicians. Samples were sawn in half using a diamond
core saw and one-half of the core was placed in a 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 (of which
Aquila's V.P. Exploration is a part owner) ISO /IEC 17025 Certified
sample prep lab and assay laboratory 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 Bureau Veritas Mineral Laboratories
USA – Inspectorate America
Corporation, an ISO certified assaying/geochemistry facility in
Sparks, Nevada. Some samples were assayed at the Minerals
Processing Corporation lab, including pulp duplicates and over
limits for gold and sulfur. 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 in length. Analytical
methods for gold are fire assay with atomic absorption finish and
gravimetric finish for samples greater than 3.0 g/t gold. All
other elements are analyzed by ICP with silver over limits (>
300 g/t) analyzed by fire assay/gravimetric finish and base metal
over limits analyzed by AAS. Sulfur over limits were analyzed
by LECO furnace.
Assay 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 drilled thickness. True widths are
estimates. 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.
Qualified Person
The scientific and technical
information in this news release was reviewed and approved by
Thomas O. Quigley, Vice President of
Exploration and Senior Technical Advisor for the Back Forty
Project. By virtue of his education, experience, and professional
association, Mr. Quigley is considered a Qualified Person as
defined under National Instrument 43-101.
ABOUT AQUILA RESOURCES
Aquila Resources Inc. (TSX:
AQA) is a permitting-stage company with strategic assets in the
Great Lakes Region. The company's experienced management team is
currently focused on advancing permitting activities for its
100%-owned gold- and zinc-rich Back Forty Project in
Michigan.
Aquila's flagship Back Forty Project is a volcanogenic massive
sulfide (VMS) deposit located along the mineral-rich Penokean
Volcanic Belt in Michigan's Upper
Peninsula. In its updated Preliminary Economic Assessment filed in
September 2014, Back Forty
demonstrated strong economics with a pre-tax NPV of $282 million ($210.8
million after-tax) and a pre-tax IRR of 38.8% (32%
after-tax) based on mining 16.1M tonnes of measured, indicated, and
inferred resources over the 16-year life of mine, of which 12.5M
tonne will be open-pit and 3.6M tonnes will be underground.
This press release contains certain forward-looking
statements within the meaning of applicable Canadian securities
legislation. 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" and similar expressions suggesting future outcomes or
statements regarding an outlook.
Forward-looking statements relate to any matters that are not
historical facts and statements of our beliefs, intentions and
expectations about developments, results and events which will or
may occur in the future, without limitation, statement with respect
to the proposed Offering.
These and other forward-looking statements and information
are subject to various known and unknown risks and uncertainties,
many of which are beyond the ability of Aquila to control or
predict, that may cause their actual results, performance or
achievements to be materially different from those expressed or
implied thereby, and are developed based on assumptions about such
risks, uncertainties and other factors set out herein. Aquila
expressly disclaims any obligation to update forward-looking
information except as required by applicable law. Such
forward-looking information represents Aquila's best judgment based
on information currently available. No forward-looking statement
can be guaranteed and actual future results may vary materially.
Accordingly, readers are advised not to place undue reliance on
forward-looking statements or information. Furthermore, mineral
resources that are not mineral reserves do not have demonstrated
economic viability.
SOURCE Aquila Resources Inc.