Aquila Resources Inc.: Drilling Expands Gold and VMS Zones
Market Wire, October, 2006
AQUILA RESOURCES INC. (TSX VENTURE: AQA)(Frankfurt:JM4A) ("Aquila" or the "Company") announced today successful follow-up drill results on the Back Forty project from the new near-surface 90 Gold Zone and continued expansion of the VMS-hosted Main Zone, Tuff Zone and Deep Zone. The 90 Gold Zone is highlighted by 32.5 m of 8.07 g/t gold and 6.0 m of 13.8 g/t gold. Significant Main Zone intercepts include 18.4 m of 10.6 % zinc and 6.0 m of 14.9% zinc. Tuff Zone highlights include 15.9 m of 4.5 g/t gold, 130.6 g/t silver and 2.9% zinc as well as 6.0 m of 6.7 g/t gold and 321.9 g/t silver. A new zinc intercept in the Deep Zone yielded 35.6 m of 5.74% zinc marking the first time the Deep Zone has produced significant zinc mineralization.
Two drills are active at the project targeting near surface base and precious mineralization at the East Zone and the Pin Wheel Zone which are part of the MRT acquisition. Analytical results from a total of 27 completed holes are pending. An updated National Instrument 43-101 compliant resource estimate, which will include data from the recently acquired MRT property, is planned following completion of the current phase of drilling.
90 Gold Zone
At the 90 Gold Zone five holes drilled at 10 and 20 metre step outs around discovery hole LK-90 all intersected gold and silver mineralization. The results are shown below.
90 Gold Zone Results
-----------------------------------------------------------------------
From To Interval Est. True Gold Silver
DDH (m) (m) (m) (m) g/tonne g/tonne Description
-----------------------------------------------------------------------
Silicified
sediments &
rhyolite
LK-98 23.0 49.0 26.0 15.6 2.22 42.46 volcanics
-----------------------------------------------------------------------
includes 39.0 43.0 4.0 2.4 8.42 76.69
-----------------------------------------------------------------------
Silicified
sediments &
rhyolite
LK-99 11.5 44.0 32.5 19.5 8.07 75.74 volcanics
-----------------------------------------------------------------------
includes 32.0 38.0 6.0 3.6 18.71 213.0
-----------------------------------------------------------------------
Silicified
sediments &
rhyolite
LK-100 43.5 61.5 18.0 10.8 3.29 76.74 volcanics
-----------------------------------------------------------------------
includes 55.7 61.5 5.8 3.5 7.04 164.18
-----------------------------------------------------------------------
Silicified
sediments &
rhyolite
LK-101 33.5 51.5 18.0 10.8 2.92 133.33 volcanics
-----------------------------------------------------------------------
includes 33.5 38.0 4.5 2.7 5.58 253.67
-----------------------------------------------------------------------
Silicified
sediments &
rhyolite
LK-102 25.0 46.0 21.0 12.6 5.60 32.06 volcanics
-----------------------------------------------------------------------
includes 40.0 46.0 6.0 3.6 13.81 79.95
-----------------------------------------------------------------------
(m) equals metres
The near-surface 90 Gold Zone was first discovered in drill hole LK-90 which intersected 19.4 metres of 10.35 g/t gold (reported in Aquila press release on 9/11/2006). Results of the five step-out holes reported above show continuity of gold mineralization. The initial interpretation of the zone is that it is structurally controlled and steeply dipping with an estimated true thickness between 10 and 15 metres. The mineralization appears to be located peripheral to the massive sulfide zones. The 90 Gold Zone remains open with exploration potential along strike for approximately 200 meters. Future drilling will be directed at defining and expanding this near-surface gold mineralization.
Massive Sulfide Expansion
Three zones of massive sulfides were targeted by the reported drill holes. The three holes reported below are notable in that they each intersected multiple mineralized zones.
Massive Sulfide Results
-----------------------------------------------------------------------
Inter- Est. Gold Silver
From To val True g/ g/ Copper Zinc
DDH (m) (m) (m) (m) tonne tonne % % Description
------------------------------------------------------------------------
LK-93 96.5 102.6 6.0 Un- 6.71 321.93 pend- pend- Tuff Zone
known ing ing
------------------------------------------------------------------------
LK-93 174.2 192.6 18.4 12.0 0.65 13.19 0.04 10.60 Main Zone
------------------------------------------------------------------------
includes 186.5 192.6 6.1 4.0 0.53 21.82 0.04 16.19 Main Zone
------------------------------------------------------------------------
un- Silicified
LK-93 265.0 272.4 7.4 known 4.78 30.62 rhyolite
------------------------------------------------------------------------
un-
LK-93 305.1 311.8 6.7 known 1.29 32.55 1.75 1.03 Deep Zone
------------------------------------------------------------------------
un- pend-
LK-94 111.5 120.5 9.0 known 2.56 ing Tuff Zone
------------------------------------------------------------------------
un- Stringer
LK-94 155.4 157.3 1.9 known 5.1 108.00 0.02 6.25 Sulfides
------------------------------------------------------------------------
un- Stringer
LK-94 196.0 201.4 5.4 known 0.59 52.72 0.05 4.18 Sulfides
------------------------------------------------------------------------
un-
LK-94 269.9 305.5 35.6 known 0.98 12.12 0.41 5.74 Deep Zone
------------------------------------------------------------------------
un-
includes 294.9 302.4 7.5 known 0.80 6.60 0.14 12.21 Deep Zone
------------------------------------------------------------------------
LK-96 83.0 98.9 15.9 10.2 4.46 130.55 0.04 2.92 Tuff Zone
------------------------------------------------------------------------
includes 83.0 87.3 4.3 2.73 16.02 394.12 0.03 2.74 Tuff Zone
------------------------------------------------------------------------
LK-96 160.3 166.3 6.0 4.0 1.60 9.50 0.08 14.89 Main Zone
------------------------------------------------------------------------
(m) equals metres
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