Aquiline Resources Inc.
TSX : AQI

Aquiline Resources Inc.

August 06, 2008 08:30 ET

Aquiline Drilling at Navidad Continues Infill Program at Loma de La Plata and Extends Valle Esperanza Zone

TORONTO, ONTARIO--(Marketwire - Aug. 6, 2008) - Aquiline Resources Inc. ("Aquiline" or the "Company") (TSX:AQI) is pleased to provide a drilling update on its Navidad silver project in Chubut, Argentina, where four rigs are currently on site. Since the last update in May 2008, a further 36 diamond drill holes have been assayed, with another 59 holes pending. Drilling was performed to continue the mix of infill and exploration drilling that has been ongoing since the last NI 43-101 compliant independent resource estimate published in December 2007. Up to published hole NV08-730, drilling at the Navidad project now totals 133,617 metres with Aquiline drilling accounting for nearly 55%) of the total. Maps and cross sections related to this release will be summarized on the website www.aquiline.com along with the complete table of results with collar data.

Highlights of the recent results are as follows:



Valle Esperanza: NV08-730: 15 metres @ 210 g/t Ag and 0.07% Pb
And 6 metres @ 3,372 g/t Ag and 1.23% Pb

Loma de La Plata: NV08-710: 15.8 metres @ 673 g/t Ag and 0.41% Pb
Including 6 metres @ 1,413 g/t Ag and 0.81% Pb

Loma de La Plata: NV08-713: 36.9 metres @ 243 g/t Ag and 0.16% Pb

Loma de La Plata: NV08-724: 5.01 metres @ 528 g/t Ag and
less than 0.01% Pb
Including 2.35 metres @ 1,091 g/t Ag and
less than 0.01% Pb

Connector Zone: NV08-719: 50.2 metres @ 113 g/t Ag and 0.27% Pb

Connector Zone: NV08-726: 65.3 metres @ 145 g/t Ag and
less than 0.01% Pb
Including 45 metres @ 199 g/t Ag and
less than 0.01% Pb
Including 6 metres @ 755 g/t Ag and
less than 0.01% Pb

Connector Zone: NV08-727: 70.16 metres @ 64 g/t Ag and 0.24% Pb


NOTES: True thickness has not been calculated for any of the above holes, and all length weighted averages are "uncut", i.e. have no grade capping.

Sixteen of the holes were drilled at the Loma de La Plata zone, with 9 being outside the previously reported resource envelope, and 7 being infill holes. Based on recommendations set forth by Snowden Mining Industry Consultants ("Snowden") in their December 2007 Resource Estimate, approximately 133 holes remain to be completed and assayed to infill the entire resource area footprint at 50 metre centres, in order to allow for the conversion of Inferred resources to Indicated resources. The Loma de La Plata zone was estimated to contain 9.1 million tonnes (indicated) at average grades of 226 g/t Ag, or 66 million contained ounces Ag plus 17.3 million tonnes (inferred) at average grades of 159 g/t Ag, or 89 million contained ounces. The Scoping Study announced June 26, 2008 will be limited to this resource estimate, and will not include any resource expansion indicated by drilling since November 2007. The holes drilled outside the resource boundary indicate an eventual probable expansion of the resource towards the east and northeast.

Eighteen holes have been drilled and assayed to date at Valle Esperanza on 100m centres. Results have demonstrated significant silver mineralization at grades in excess of 325 g/t Ag and with generally very low lead. Despite the proximity to the Galena Hill resource, the Valle Esperanza mineralization is initially interpreted to be within a lateral sub-horizontal body in the upper latite unit, with apparently low base metal values, that is not directly related to the more vertically-oriented breccia-hosted mineralization at Galena Hill. Mineralization is typically at an average depth of 200m. Recent drilling indicates that the mineralization remains open to the south-southeast where it may connect with previously identified mineralization denoted as the Esperanza Trend.

Four rigs are currently deployed at Navidad, performing infill drilling at Loma de La Plata, as well as exploration and condemnation drilling for future siting of tailings and processing facilities. The Scoping Study announced by press release June 26, 2008 remains on track for delivery late in the third quarter this year and will provide the first economic indications of potential cash flow from developing Navidad in a phased process, starting with Loma de La Plata where conventional flotation tests have demonstrated positive metallurgy and the ability to produce a high grade silver concentrate without the use of cyanide. Detailed analysis will be forthcoming upon release of the Scoping Study as well as further metallurgical results anticipated to be received from Xstrata Processing Systems later this month.

Aquiline has continued with the quality control program implemented by the previous operator and considers it to be of "best practice" caliber for a systematic sampling program using diamond drill core. All assay work for the released results was carried out by Alex Stewart Laboratories in Mendoza, Argentina. Under the guidelines of the 43-101 National Instrument, the Qualified Person for the Navidad Project is Mr. John J. Chulick who is a registered geologist in the State of California.

ABOUT AQUILINE

Aquiline Resources Inc. is an exploration and development company advancing one of the world's largest undeveloped silver deposits (Navidad), as well as a gold/silver deposit (Calcatreu), both in Argentina, and a gold deposit in Peru (Pico Machay).

FORWARD-LOOKING STATEMENTS

This press release includes certain "forward-looking statements". All statements, expressed or implied, regarding mineralization contained on the Navidad Project are forward-looking statements that involve various risks and uncertainties, as disclosed under the heading "Risk Factors" and elsewhere in Aquiline documents filed from time to time with applicable regulatory authorities. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Contact Information

  • Aquiline Resources Inc.
    Flora Wood
    Vice President, Investor Relations
    (416) 599-4133
    Email: flora@aquiline.com
    or
    Aquiline Resources Inc.
    John J. Chulick
    Vice President of Exploration
    (54-2940) 432-704
    Website: www.aquiline.com