Aquiline Resources Inc.
TSX : AQI

Aquiline Resources Inc.

October 04, 2007 08:15 ET

Aquiline Drilling at Navidad Continues to Expand Loma de La Plata

Results Include 39m @ 367g/t Silver, including 7m @ 1,047g/t

TORONTO, ONTARIO--(Marketwire - Oct. 4, 2007) - Aquiline Resources Inc. ("Aquiline" or the "Company") (TSX:AQI) is pleased to report on the results of 41 new diamond drill holes at its Navidad Project in Chubut Province, Argentina. Of the 41 holes reported, 21 were drilled in the Loma de La Plata zone (see attached map), bringing total drilling there to 39 holes. The remaining 20 holes were drilled at Calcite NW, 10 of which were drilled outside the previous resource area. The Loma de La Plata results continue to exhibit high grade silver values with insignificant lead mineralization and occasional copper values to 0.4%. Drilling continues at Loma de La Plata, with a further 35-40 holes planned. The Loma results announced to date will be incorporated into the analysis being performed pursuant to a new NI 43-101 compliant Mineral Resource Estimate scheduled for release in the fourth quarter of 2007.

Highlights of the current results are as follows:

- Loma de La Plata: NV07-522 16.6 metres @ 589g/t Ag, including 1.4m @ 5,739g/t Ag

- Loma de La Plata: NV07-506 38.7 metres @ 367g/t Ag, including 7.1m @ 1,047g/t Ag

- Calcite NW: NV07-536 33.9 metres @ 140g/t Ag (0.5% lead), including 5.8m @ 619g/t Ag

At Loma de La Plata, mineralization is hosted in the upper latite breccia, and the zone remains open in three directions to the south, east and north. An area of 400 m N-S by 350m E-W has now been tested, with minimal infill drilling; i.e. only roughly three hectares drilled on 50m centers. An estimated 20 holes are currently being drilled on a wide-spaced grid to identify the boundaries of the mineralized system, after which time infill drilling will be planned. The strike of the mineralized unit is approximately 330degrees (N30W) and the dip is roughly 30-35 degrees to the NE, with most reported mineralization being within a vertical distance of 75m or less from surface.

The Calcite NW holes, while reporting comparatively low grades, continue to exhibit higher grade mineralization in the northeastern edge of the resource area, with mineralization tending to be open in this direction. Mineralization at Calcite NW is hosted in upper sedimentary units comprised of tuffaceous sandstone, sandy tuffs, mudstones and limestones. There are frequently two mineralized units: a near surface unit weakly mineralized in silver, and a lower unit usually reporting values greater than 0.5% in lead. The base metal association continues to reflect primarily silver/lead with low copper values and occasional zinc values.

Results for drilling of the 41 holes are summarized in the table below:



---------------------------------------------------------------------------
INTER-
DRILL LOCA- LOCAL LOCAL FROM TO CEPT Ag Pb Ag
HOLE TION EAST NORTH (metres) (metres) (metres) (g/t) (%) EQUIV
---------------------------------------------------------------------------
Loma
de la
NV07-504 Plata 47,866 7,373 44.70 79.10 34.40 294 0.03 295
---------------------------------------------------------------------------
including 44.70 53.75 9.05 799 0.06 801
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Loma
de la
NV07-505 Plata 47,899 7,397 63.80 87.80 24.00 205 0.04 207
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Loma
de la
NV07-506 Plata 47,813 7,350 6.90 45.55 38.65 367 0.00 367
---------------------------------------------------------------------------
including 12.90 20.00 7.10 1047 -0.01 1,047
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Loma
de la
NV07-507 Plata 47,766 7,323 15.00 31.80 16.80 109 0.01 109
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Loma
de la
NV07-508 Plata 47,751 7,368 10.95 24.70 13.75 380 -0.01 380
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Loma
de la
NV07-509 Plata 47,745 7,246 14.40 16.20 1.80 125 1.08 168
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Loma less
de la than
NV07-510 Plata 47,650 7,372 6.50 18.50 12.00 234 0.01 234
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Loma less
de la than
NV07-511 Plata 47,618 7,459 36.20 42.20 6.00 137 0.01 137
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Loma less
de la than
NV07-512 Plata 47,696 7,507 75.90 78.90 3.00 82 0.01 82
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Loma
de la
NV07-513 Plata 48,001 7,278 32.65 51.80 19.15 226 0.05 228
---------------------------------------------------------------------------
including 49.50 51.80 2.30 1438 0.25 1,448
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calc-
NV07-514 ite NW 47,598 9,955 14.10 17.97 3.87 29 0.53 51
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Loma
de la
NV07-515 Plata 47,997 7,219 2.00 20.80 18.80 482 0.04 484
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calc-
NV07-516 ite NW 47,604 10,050 32.10 34.90 2.80 71 0.24 81
---------------------------------------------------------------------------
and 87.27 90.04 2.77 29 2.25 119
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Loma
de la
NV07-517 Plata 47,955 7,314 24.80 39.80 15.00 461 0.01 461
---------------------------------------------------------------------------
including 24.80 27.80 3.00 2098 0.08 2,101
--------------------------------
Calc-
NV07-518 ite NW 47,598 10,156 3.00 11.10 8.10 49 0.39 64
---------------------------------------------------------------------------
and 27.50 40.50 13.00 23 1.73 92
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Loma
de la
NV07-519 Plata 47,939 7,363 38.40 56.80 18.40 294 0.00 294
---------------------------------------------------------------------------
including 38.40 50.30 11.90 439 0.01 439
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calc-
NV07-520 ite NW 47,402 9,903 3.00 8.10 5.10 27 0.29 39
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calc-
NV07-521 ite NW 47,401 9,949 11.10 20.10 9.00 33 0.17 39
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Loma
de la
NV07-522 Plata 47,832 7,420 54.70 71.27 16.57 589 0.11 594
---------------------------------------------------------------------------
including 69.90 71.27 1.37 5738 0.02 5,739
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calc-
NV07-523 ite NW 47,399 10,098 30.50 33.76 3.26 85 1.21 133
---------------------------------------------------------------------------
and 56.10 62.10 6.00 26 2.84 139
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calc-
NV07-524 ite NW 47,399 10,150 30.85 53.10 22.25 25 1.55 87
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calc-
NV07-525 ite NW 47,800 10,200 3.00 25.80 22.80 20 0.77 51
---------------------------------------------------------------------------
and 46.80 65.53 18.73 39 0.89 75
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Loma less
de la than
NV07-526 Plata 47,790 7,394 26.40 63.40 37.00 386 0.01 386
---------------------------------------------------------------------------
less
than
including 31.51 38.43 6.92 1720 0.01 1,720
---------------------------------------------------------------------------
and 34.70 37.40 2.70 3652 0.00 3,652
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calc-
NV07-527 ite NW 47,799 10,002 23.10 29.10 6.00 33 0.58 56
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calc-
NV07-528 ite NW 47,997 10,153 39.50 92.00 52.50 57 0.48 77
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Loma
de la
NV07-529 Plata 47,880 7,441 39.90 48.90 9.00 21 0.77 52
---------------------------------------------------------------------------
and 60.90 72.90 12.00 153 0.01 154
---------------------------------------------------------------------------
including 66.90 68.47 1.57 522 0.03 523
---------------------------------------------------------------------------
and 95.10 95.70 0.60 1642 0.06 1,644
---------------------------------------------------------------------------
less
than
and 126.90 127.75 0.85 835 0.01 835
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calc-
NV07-530 ite NW 48,000 10,056 11.10 29.80 18.70 17 0.36 31
---------------------------------------------------------------------------
and 43.25 47.10 3.85 73 1.35 127
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calc-
NV07-531 ite NW 47,998 10,012 5.10 18.80 13.70 35 0.19 42
---------------------------------------------------------------------------
and 32.10 35.10 3.00 70 2.33 163
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Loma
de la
NV07-532 Plata 47,950 7,422 59.73 64.62 4.89 56 0.83 89
---------------------------------------------------------------------------
less
than
and 84.90 96.20 11.30 112 0.01 112
---------------------------------
Calc-
NV07-533 ite NW 47,998 10,206 3.00 20.44 17.44 33 0.67 60
---------------------------------------------------------------------------
and 31.53 42.65 11.12 319 1.59 383
---------------------------------------------------------------------------
including 31.53 34.55 3.02 993 3.06 1,115
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calc-
NV07-534 ite NW 48,097 9,936 5.10 27.78 22.68 118 0.51 139
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Loma
de la
NV07-535 Plata 47,992 7,444 80.40 100.80 20.40 171 0.07 173
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calc-
NV07-536 ite NW 48,101 10,127 26.64 60.50 33.86 140 0.46 159
---------------------------------------------------------------------------
including 49.23 55.00 5.77 619 0.00 619
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Loma
de la
NV07-537 Plata 48,009 7,342 none
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calc-
NV07-538 ite NW 48,100 10,179 6.20 26.10 19.90 28 0.40 44
---------------------------------------------------------------------------
and 32.10 47.92 15.82 32 0.56 54
---------------------------------------------------------------------------
and 89.10 95.10 6.00 135 0.03 136
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calc-
NV07-539 ite NW 47,599 10,203 26.10 32.10 6.00 108 2.32 201
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Loma
de la
NV07-540 Plata 48,045 7,363 68.52 95.73 27.21 109 0.14 114
---------------------------------------------------------------------------
including 68.52 70.10 1.58 724 0.65 750
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calc-
NV07-541 ite NW 47,903 10,000 23.10 28.60 5.50 113 0.97 151
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calc-
NV07-542 ite NW 47,298 10,099 17.10 30.22 13.12 34 0.56 57
---------------------------------------------------------------------------
and 50.10 59.10 9.00 70 0.92 107
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Loma
de la
NV07-543 Plata 48,036 7,247 27.80 61.20 33.40 276 0.09 280
---------------------------------------------------------------------------
including 27.80 33.80 6.00 1198 0.08 1,201
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calc-
NV07-544 ite NW 47,301 10,001 20.10 29.10 9.00 35 0.37 50
---------------------------------------------------------------------------
---------------------------------------------------------------------------

Notes:
1. True thickness has not been calculated for these holes.
2. All length weighted averages (LWA) are "uncut", i.e., have no grade
capping.
3. Silver equivalent is calculated using US$6.00/oz silver and $0.35/lb
lead. (AgEq equals Ag +(%Pb x 10,000/250). No attempt has been made
to adjust these relative values by accounting for metallurgical
recoveries, as insufficient information is available to do so.


Total drilling to date at Navidad now stands at 89,951 metres of diamond drilling in 544 drill holes, with Aquiline drilling comprising 33% of the total (29,629 metres in 179 holes). The last NI 43-101 Mineral Resource Estimate performed on Navidad was published by Snowden Mining Industry Consultants ("Snowden") in February, amended in May, 2006, and incorporated data on 222 drill holes located within the Galena Hill, Connector Zone, Navidad Hill, Calcite Hill and Calcite Hill NW zones. Aquiline management has again commissioned Snowden to perform an updated Mineral Resource Estimate to incorporate additional drilling on these zones and to incorporate data on the Barite Hill and Loma de La Plata zones, which are essentially new discovery areas. The cut-off date for drilling was the end of September, with the new estimate scheduled for publication by mid-November, 2007.

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.

FORWARD-LOOKING STATEMENTS

This press release includes certain "forward-looking statements". All statements, expressed or implied, regarding mineralization contained on the Navidad Project and Aquiline's ultimate success in the litigation with IMA Exploration Inc. 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.

A map of drill holes at Navidad Project, Loma de La Plata, is available at the following web link:

http://www.ccnmatthews.com/docs/aqilaplatadrill.pdf

A map of drill holes at Navidad Project, Calcite NW, is available at the following web link:

http://www.ccnmatthews.com/docs/aqicalcitedrill.pdf

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