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Aquila Resources Inc
Symbol AQA
Shares Issued 272,127,438
Close 2017-08-28 C$ 0.245
Market Cap C$ 66,671,222
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Aquila drills 120.2m of 1.14g/t Au, 13.18g/t Ag at Back

2017-08-28 07:10 ET - News Release

Mr. Jeffrey Lynott reports

AQUILA RESOURCES ANNOUNCES SECOND ROUND OF RESULTS FROM 2017 DRILL PROGRAM

Aquila Resources Inc. has released the second round of drill results from its continuing drilling program at the Back Forty project in Michigan's Upper Peninsula. The first round of results was announced on June 7, 2017. Assay results are still pending from exploration holes targeting a newly discovered mineralized zone 500 metres from the proposed open pit. Results from this final phase are expected by the end of the third quarter of 2017.

Highlights from the second round of assay results include:

  • 0.85 gram per tonne gold, 17.41 g/t silver, 0.18 per cent copper, 14.17 per cent zinc over 3.89 metres (1) in hole LK-17-526;
  • 1.14 g/t gold, 13.18 g/t silver, 0.72 per cent copper over 120.21 metres (1) in hole LK-17-527;
  • 1.09 g/t gold, 30.52 g/t silver over 15.4 metres (1) and 1.43 g/t gold, 257.36 g/t silver, 0.14 per cent copper, 9.06 per cent lead, 23.50 per cent zinc over 2.5 metres (1) in hole GT-13;
  • 1.23 g/t gold, 112.96 g/t silver, 1.12 per cent lead, 13.61 per cent zinc over 2.39 metres (1) and 0.82 g/t gold, 75.37 g/t silver, 0.10 per cent copper, 2.69 per cent lead, 9.6 per cent zinc over 5.9 metres (1) and 0.98 g/t gold, 65.75 g/t silver, 2.53 per cent lead, 8.95 per cent zinc over 6.00 metres (1) in hole LK-17-528;
  • 1.18 g/t gold, 16.55 g/t silver over 13.24 metres (1) in hole LK-17-533.

(1) Drilled thickness.

"We are extremely pleased with the drill results to date. It is especially encouraging to continue to intersect mineralization around the perimeter and underneath the proposed open pit at Back Forty," commented Jeffrey S. Lynott, director of exploration for Aquila. "The results contribute to a growing resource of the Back Forty deposit and will be incorporated into future resource calculations related to the evaluation of potential underground developments at the project."

The results of this drilling program demonstrate the strength of the mineralizing system at Back Forty. Drilling targeted the Pinwheel, Deep zone, and Main zone massive sulphides outside of the proposed open pit, and were a combination of infill, stepout and geotechnical drilling. Significant intercepts from this round of drilling are tabulated and described in the associated tables. The interval represents the drilled thickness.


LK-17-526   Interval (1)     From      To    Gold       Silver    Copper      Lead        Zinc
                     (m)      (m)     (m)   (g/t)        (g/t)       (%)       (%)         (%)

                    16.8    155.7   172.5    0.76         8.73      0.11      0.16        4.27
including           3.89   156.36  160.25    0.85        17.41      0.18      0.41       14.17
and                 2.13   170.37   172.5    0.59        14.86      0.16      0.26        6.83
 
(1) True thickness is estimated to be 75 per cent of drilled thickness.


LK-17-527   Interval (1)     From     To      Gold     Silver      Copper      Lead       Zinc
                     (m)      (m)    (m)     (g/t)      (g/t)         (%)       (%)        (%)

                  120.21    54.09  174.3      1.14      13.18        0.72      0.01        0.6
zinc-rich 
interval            22.5       57   79.5      1.02      12.27        0.48      0.01       1.55
including              3       57     60      1.11         35        0.56      0.02       3.28
and                  4.5       75   79.5      0.88          7        0.25      0.01       3.44
copper-rich 
interval            14.5    112.5    127       1.3      12.19         0.9      0.01       0.48
                    27.3      147  174.3      1.52      21.47        1.54      0.01       0.32
including            9.1      153  162.1      1.66      28.29        2.35      0.01

(1) True thickness is estimated to be 30 per cent of drilled thickness.


LK-17-528   Interval (1)     From      To    Gold      Silver     Copper      Lead       Zinc
                     (m)      (m)     (m)   (g/t)       (g/t)        (%)       (%)        (%)

                    2.39   163.94  166.33    1.23      112.96       0.05      1.12      13.61
                     5.9   180.83  186.73    0.82       75.37        0.1      2.69        9.6
                       6    192.5   198.5    0.98       65.75       0.06      2.53       8.95
including           2.45   193.74  196.19    1.09      130.41       0.09      5.31      19.79
                     7.1    204.4   211.5    1.31       44.26       0.02      0.52        0.6
including              3      207     210    2.71          67       0.03      0.75       0.35
                    3.79   291.37  295.16       2       15.27       0.57      0.05       2.02
including           1.27   292.87  294.14    4.59          28       1.14      0.04       1.37

(1) True thickness is estimated to be 85 per cent of drilled thickness. 

  
LK-17-533  Interval (1)     From      To    Gold      Silver      Copper     Lead      Zinc
                    (m)      (m)     (m)   (g/t)       (g/t)         (%)      (%)       (%)

                    1.5      158   159.5     2.5         237        0.05     0.88      0.71
                  40.52   227.65  268.17    0.38        3.56        0.02      0.1      2.31
including          0.81   227.65  228.46    4.29          73        0.03      2.6     14.14
including          5.03    239.3  244.33    0.76         3.5        0.04     0.08     10.01
including           4.5    256.5     261    0.59        1.33        0.04     0.02      2.88
                    4.5    436.5     441    0.88       31.67        0.02     0.61       0.2
                  13.24    442.6  455.84    1.18       16.55        0.59     0.09      0.84
including          1.91    442.6  444.51    1.25        19.1        0.02     0.48      4.89
including         11.33   444.51  455.84    1.17       16.12        0.68     0.02      0.16


GT-13      Interval (1)     From      To    Gold      Silver      Copper     Lead          Zinc
                    (m)      (m)     (m)   (g/t)       (g/t)         (%)      (%)           (%)

                    1.5    149.2   150.7    2.72         187        0.01     0.23          0.03
                   4.52      163  167.52    0.83      255.01        0.01     0.14          0.04
including          1.85    164.3  166.15    1.64      531.65        0.02     0.26          0.05
                   15.4      171   186.4    1.09       30.52        0.01     0.28           0.2
including           5.7    171.3     177     1.7       73.99        0.03     0.59          0.24
and                0.28    180.1  180.38    8.74        4.59           0     0.01          0.06
                    2.5    187.4   189.9    1.43      257.36        0.14     9.06          23.5
                    7.1    189.9     197    1.64       23.36        0.02      0.7          1.18
                  15.67    343.4  359.07    1.72         2.2        0.11        0          0.14
including          2.57    356.5  359.07    4.22        1.68        0.08        0          0.09

(1) True thickness is estimated to be 85 per cent of drilled thickness.

LK-17-526 and LK-17-527 tested the downdip extension of the Pinwheel massive sulphide zone outside of the proposed pit. LK-17-527 was drilled at a low angle to the mineralization and the true thickness is estimated to be 30 per cent of drilled thickness. Both holes demonstrate the persistence of this zone downdip.

Geotechnical and resource drilling targeted inferred mineralization of the Deep zone (beneath the proposed pit) in DDH GT-13, LK-17-528 and LK-17-533. All three of these holes were collared within the footprint of the proposed pit and intersected Tuff zone and 90 gold zone mineralization in the upper part of the holes. Within the pit, these holes intersected mineralization that is outside of the known resource along and near the proposed pit wall. LK-17-533 also intersected the Deep zone outside of the modelled resource.

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. The marked intersections were sampled by Aquila employed geotechnicians. Samples were sawn in half using a diamond core 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 Corp.'s (of which Aquila's vice-president of exploration is a part owner) ISO/IEC 17025-certified sample prep lab and assay laboratory in Carney, Mich., 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 Corp., an ISO-certified assaying/geochemistry facility in Sparks, Nev. Some samples were assayed at the Minerals Processing lab, including pulp duplicates, and overlimits for gold and sulphur. 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 metres in length. Analytical methods for gold are fire assay with atomic absorption finish and gravimetric finish for samples greater than three grams per tonne gold. All other elements are analyzed by inductively coupled plasma, with silver overlimits (greater than 300 grams per tonne) analyzed by fire assay/gravimetric finish and base metal overlimits analyzed by atomic absorption spectrometry. Sulphur overlimits 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 adviser 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 Inc.

Aquila Resources 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-per-cent-owned gold- and zinc-rich Back Forty project in Michigan.

Aquila's flagship Back Forty project is a volcanogenic massive sulphide 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 pretax net present value of $282-million ($210.8-million after tax) and a pretax internal rate of return of 38.8 per cent (32 per cent after tax) based on mining 16.1 million tonnes of measured, indicated and inferred resources over the 16-year life of mine, of which 12.5 million tonnes will be open pit and 3.6 million tonnes will be underground.

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