Mr. Barry Hildred reports
AQUILA RELEASES FINAL DRILL RESULTS FROM 2017 DRILLING PROGRAM
Aquila Resources Inc. has released final drill results from its recently completed 2017 drilling program at the Back Forty project in Michigan's Upper Peninsula. The holes tested the area in the vicinity of the new zone of massive sulphide intercepts identified in the 2016 drilling program. This new zone of mineralization is approximately 500 metres southwest of the proposed open pit.
Highlights from the drilling completed to date include:
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0.50 gram per tonne (g/t) gold, 12.94 g/t silver, 0.09 per cent copper, 6.49 per cent zinc over 2.46 metres in LK-17-529;
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1.61 g/t gold, 40.72 g/t silver, 0.08 per cent copper, 6.32 per cent zinc over 11.06 metres in LK-17-534;
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1.49 g/t gold, 29.55 g/t silver, 7.61 per cent zinc over 8.38 metres in LK-17-535;
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0.61 g/t gold, 3.00 g/t silver, 4.82 per cent zinc over 1.28 metres and 0.57 g/t gold, 5.47 g/t silver, 3.19 per cent zinc over 4.53 metres in LK-17-536;
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0.86 g/t gold, 13.27 g/t silver, 0.11 per cent copper, 5.48 per cent zinc over 15.97 metres and 1.26 g/t gold, 11.87 g/t silver, 6.37 per cent zinc over 18.09 metres in LK-17-537.
"Positive drill results in the vicinity of the new 2016 mineralized zone support our belief that this new zone represents an opportunity to expand the resource in the future," said Jeffrey S. Lynott, director of exploration for Aquila. "This drilling has shown that mineralization extends for more than 120 metres and is open along strike. The geologic relationship with the modeled resource remains unclear due to structural complexity."
Significant intercepts from this round of drilling are shown in the associated table. All intervals are expressed as drilled interval.
LK-17-529
Interval From To Gold Silver Copper Lead Zinc
(m) (m) (m) (g/t) (g/t) (%) (%) (%)
2.46 55.11 57.57 0.50 12.94 0.09 0.05 6.49
LK-17-534
Interval From To Gold Silver Copper Lead Zinc
(m) (m) (m) (g/t) (g/t) (%) (%) (%)
1.16 27.50 28.66 1.49 8.00 1.39 0.02 0.01
Interval From To Gold Silver Copper Lead Zinc
(m) (m) (m) (g/t) (g/t) (%) (%) (%)
2.50 112.00 114.50 0.15 38.20 0.02 0.67 0.02
Interval From To Gold Silver Copper Lead Zinc
(m) (m) (m) (g/t) (g/t) (%) (%) (%)
1.00 113.50 114.50 0.24 70.00 0.02 1.31 0.01
LK-17-534
Interval From To Gold Silver Copper Lead Zinc
(m) (m) (m) (g/t) (g/t) (%) (%) (%)
11.06 116.44 127.50 1.61 40.72 0.08 0.22 6.32
Interval From To Gold Silver Copper Lead Zinc
(m) (m) (m) (g/t) (g/t) (%) (%) (%)
2.29 117.44 119.73 6.20 174.83 0.13 0.92 2.06
Interval From To Gold Silver Copper Lead Zinc
(m) (m) (m) (g/t) (g/t) (%) (%) (%)
5.09 119.73 124.82 0.52 5.68 0.08 0.03 11.56
Interval From To Gold Silver Copper Lead Zinc
(m) (m) (m) (g/t) (g/t) (%) (%) (%)
2.00 233.50 235.50 0.55 28.00 0.75 0.01 0.12
Interval From To Gold Silver Copper Lead Zinc
(m) (m) (m) (g/t) (g/t) (%) (%) (%)
1.00 234.50 235.50 0.53 35.00 1.03 0.01 0.06
LK-17-535
Interval From To Gold Silver Copper Lead Zinc
(m) (m) (m) (g/t) (g/t) (%) (%) (%)
14.85 64.00 78.85 0.84 13.23 0.29 0.04 0.20
Interval From To Gold Silver Copper Lead Zinc
(m) (m) (m) (g/t) (g/t) (%) (%) (%)
7.35 71.50 78.85 1.05 16.94 0.46 0.02 0.13
Interval From To Gold Silver Copper Lead Zinc
(m) (m) (m) (g/t) (g/t) (%) (%) (%)
1.85 106.15 108.00 2.03 233.82 0.09 4.13 0.09
Interval From To Gold Silver Copper Lead Zinc
(m) (m) (m) (g/t) (g/t) (%) (%) (%)
8.38 108.00 116.38 1.49 29.55 0.08 0.20 7.61
Interval From To Gold Silver Copper Lead Zinc
(m) (m) (m) (g/t) (g/t) (%) (%) (%)
5.38 108.00 113.38 1.85 25.58 0.13 0.17 11.46
LK-17-536
Interval From To Gold Silver Copper Lead Zinc
(m) (m) (m) (g/t) (g/t) (%) (%) (%)
5.62 46.86 52.48 0.71 4.93 0.33 0.01 0.03
Interval From To Gold Silver Copper Lead Zinc
(m) (m) (m) (g/t) (g/t) (%) (%) (%)
1.08 46.86 47.94 1.09 13.00 1.00 0.01 0.01
Interval From To Gold Silver Copper Lead Zinc
(m) (m) (m) (g/t) (g/t) (%) (%) (%)
1.50 77.50 79.00 2.73 8.00 0.01 0.06 0.07
Interval From To Gold Silver Copper Lead Zinc
(m) (m) (m) (g/t) (g/t) (%) (%) (%)
1.28 99.72 101.00 0.61 3.00 0.00 0.01 4.82
Interval From To Gold Silver Copper Lead Zinc
(m) (m) (m) (g/t) (g/t) (%) (%) (%)
4.53 127.50 132.03 0.57 5.47 0.01 0.05 3.19
Interval From To Gold Silver Copper Lead Zinc
(m) (m) (m) (g/t) (g/t) (%) (%) (%)
2.83 129.20 132.03 0.79 7.02 0.00 0.07 4.27
LK-17-537
Interval From To Gold Silver Copper Lead Zinc
(m) (m) (m) (g/t) (g/t) (%) (%) (%)
15.97 84.53 100.50 0.86 13.27 0.11 0.11 5.48
Interval From To Gold Silver Copper Lead Zinc
(m) (m) (m) (g/t) (g/t) (%) (%) (%)
10.12 87.57 97.69 0.95 7.26 0.07 0.07 7.04
Interval From To Gold Silver Copper Lead Zinc
(m) (m) (m) (g/t) (g/t) (%) (%) (%)
18.09 113.00 131.09 1.26 11.87 0.03 0.10 6.37
Interval From To Gold Silver Copper Lead Zinc
(m) (m) (m) (g/t) (g/t) (%) (%) (%)
2.34 120.00 122.34 3.72 22.64 0.05 0.25 4.48
Interval From To Gold Silver Copper Lead Zinc
(m) (m) (m) (g/t) (g/t) (%) (%) (%)
7.09 124.00 131.09 1.27 15.78 0.04 0.12 12.17
LK-17-529 intersected a zinc-rich massive sulphide adjacent with a massive chlorite interval. This interval extends the 2016 zone 30 metres east.
LK-17-534, LK-17-535 and LK-17-536 all intersected a similar stratigraphy that included multiple mineralized intervals. The three holes were drilled in a fence such that LK-17-534 was drilled, followed by LK-17-535 drilled as an overcut and LK-17-536 was drilled at a steeper angle. The fence was designed to test the down-strike extension of the 2016 zone and confirmed the zone of massive sulphides and tuffaceous sediments continues more than 20 metres to the southwest, but may be offset vertically downward.
LK-17-537 tested an additional southwest extension of the 2016 zone. Zinc-rich massive sulphide and tuffaceous sediments were intersected more than 30 metres southwest of the mineralization identified in the LK-17-534 fence to the east.
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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