Aquiline Resources Inc.
TSX : AQI

Aquiline Resources Inc.

November 09, 2007 08:15 ET

Aquiline Reports Navidad Drill Results up to Cut-off for Pending Resource Estimate Loma de La Plata Hole NV07-581 Returns 43.36m @ 177 g/t Ag 750m from Initial Discovery Outcrop

TORONTO, ONTARIO--(Marketwire - Nov. 9, 2007) - Aquiline Resources Inc. ("Aquiline" or the "Company") (TSX:AQI) is pleased to report on the results of 45 diamond drill holes (NV07-545 to NV07-589) at its Navidad Project in Chubut Province, Argentina. Drill holes up to number NV07-581 are included in the analysis being performed by Snowden Mining Industry Consultants ("Snowden") in the NI 43-101 compliant Mineral Resource Estimate to be published this month. Of the 45 holes reported, 16 were drilled in the Loma de La Plata zone, bringing total drilling there to 55 holes. The remaining 29 holes were distributed as follows: 18 at Calcite NW, six in the Connector Zone, and 5 immediately to the southeast of the Galena Hill resource boundary. The Loma de La Plata results continue to exhibit high grade silver values with insignificant to low lead mineralization to 0.5% Pb and occasional copper values to 0.25%. Total drilling to date at Navidad stands at 96,593 metres in 589 drill holes, with Aquiline drilling comprising 36,371 metres in 224 holes, or nearly 38% of the total. Highlights are as follows:

- Loma de La Plata: NV07-555 46.75 metres @ 244 g/t Ag

- Loma de La Plata: NV07-557 10.48 metres @ 1162 g/t Ag

- Connector Zone: NV07-560 25.96 metres @ 229 g/t Ag

- Calcite NW: NV07-587 23.28 metres @ 168 g/t Ag

At Loma de La Plata, mineralization is hosted in the upper latite breccia, and the zone remains open primarily to the north and northeast. A northeast trending area has now been identified with an extension of at least 750 metres, measured horizontally, from the discovery outcrop on the crest of Loma de La Plata to the surface-projected intercept in NV07-581. The average map width of the mineralized zone is approximately 250 metres, and the average thickness of the mineralized latite unit is approximately 23 metres. The unit has an average dip of some 30 degrees to the NE so that the top of the mineralized zone in NV07-581 is about 205m vertically below the surface. Drilling to date has demonstrated mineralization over some 15 hectares of which half has been drilled on 50m by 50m centers.

Drilling at Calcite NW can be sub-divided into four areas with reference to the previously published Snowden Mineral Resource Estimate amended May, 2006: a) Extension area to the northwest where hole NV07-584 (16.6m @ 51 g/t Ag w/ 0.70% Pb) continues to show mineralization open-ended on the NW trend, b) drilling in the SE inferred zone of the Calcite NW resource model, where NV07-587 (23.28m @ 168 g/t Ag w/ 0.42% Pb) demonstrates open mineralization to the southwest, c) the inferred area at the north end of the Calcite Hill resource model where NV07-567 (52.40m @ 34 g/t Ag w/ 0.67% Pb) further demonstrates the pattern of thicker sections of mineralization towards the northeast, and d) the gap area in between Calcite Hill and Calcite NW where 6 holes demonstrate continuous low-grade mineralization between the two areas, and NV07-576 (41m @ 14 g/t Ag w/ 1.19% Pb) demonstrates the importance of lead mineralization in this area. As elsewhere in Calcite NW, host lithologies are mudstones and tuffaceous sandstones.

Six holes drilled in the Connector Zone demonstrate open mineralization towards the north, especially with hole NV07-556 (40.70m @ 176 g/t Ag and 0.75% Pb) drilled on the northern edge of the existing resource boundary. Mineralization is hosted in sedimentary heterolithic breccias containing fragments of the mineralized latite.

At Galena Hill, five holes were drilled immediately to the SE of the present resource boundary in an attempt to pull mineralization further to the east in anticipation of the pending new resource estimate. The best intercept was in NV07-552 (10.20m @ 67 g/t Ag w/ 1.51% Pb) which intercepted a thin section of mineralized latite breccia.

Results for drilling of the 45 holes are summarized in the table below:



---------------------------------------------------------------------------
COMP-
OSITE Ag Pb AgEq
LOCA- LOCAL LOCAL FROM TO LENGTH g/t % g/t
DRILLHOLE TION EAST NORTH (m) (m) (m) (LWA) (LWA) (LWA)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calcite
NV07-545 NW 47,403 10,200 3.00 11.10 8.10 39 0.53 60
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and 31.40 43.80 12.40 75 1.05 118
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---------------------------------------------------------------------------
Loma
de la
NV07-546 Plata 48,080 7,271 51.70 72.70 21.00 131 0.46 150
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---------------------------------------------------------------------------
Loma
de la
NV07-547 Plata 47,982 7,096 4.50 15.80 11.30 11 0.49 31
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Galena
NV07-548 Hill 51,452 9,751 112.70 157.70 45.00 22 0.69 50
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---------------------------------------------------------------------------
Loma
de la
NV07-549 Plata 48,056 7,139 12.65 26.56 13.91 9 0.81 42
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---------------------------------------------------------------------------
Loma
de la
NV07-550 Plata 48,068 7,495 135.65 145.83 10.18 264 0.48 283
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Galena
NV07-551 Hill 51,449 9,857 67.70 71.50 3.80 14 0.37 29
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Galena
NV07-552 Hill 51,450 9,952 13.70 23.90 10.20 67 1.51 128
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---------------------------------------------------------------------------
Galena
NV07-553 Hill 51,375 9,899 43.70 63.17 19.47 42 0.76 72
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---------------------------------------------------------------------------
Galena
NV07-554 Hill 51,373 9,802 52.70 97.70 45.00 30 0.64 55
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---------------------------------------------------------------------------
Loma
de la
NV07-555 Plata 47,742 7,421 44.80 91.55 46.75 244 0.02 245
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---------------------------------------------------------------------------
Conn-
NV07-556 ector 50,200 10,013 3.00 43.70 40.70 176 0.75 205
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---------------------------------------------------------------------------
Loma
de la
NV07-557 Plata 47,827 7,472 35.15 45.63 10.48 1162 0.20 1,170
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including 37.20 40.20 3.00 2659 0.00 2,659
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and 72.47 74.80 2.33 582 0.02 583
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---------------------------------------------------------------------------
Conn-
NV07-558 ector 50,202 9,858 40.70 52.70 12.00 56 0.22 65
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---------------------------------------------------------------------------
Loma
de la
NV07-559 Plata 47,911 7,515 98.53 136.00 37.47 131 -0.01 131
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including 98.53 119.94 21.41 182 -0.01 182
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Conn-
NV07-560 ector 50,249 10,059 16.70 42.66 25.96 229 0.71 258
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---------------------------------------------------------------------------
Conn-
NV07-561 ector 50,301 10,073 13.70 52.70 39.00 45 0.50 65
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Conn-
NV07-562 ector 50,351 10,139 22.60 49.60 27.00 91 0.34 105
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---------------------------------------------------------------------------
Conn-
NV07-563 ector 50,300 9,869 71.47 96.99 25.52 33 0.48 53
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---------------------------------------------------------------------------
Loma
de la
NV07-564 Plata 47,997 7,569 139.00 157.00 18.00 323 0.03 325
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including 143.35 145.00 1.65 1024 0.03 1,025
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Calcite
NV07-565 NW 48,950 9,909 140.10 145.05 4.95 88 0.20 96
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---------------------------------------------------------------------------
Loma
de la
NV07-566 Plata 48,097 7,627 168.27 202.00 33.73 240 0.08 244
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---------------------------------------------------------------------------
Calcite
NV07-567 NW 48,908 10,001 0.00 52.40 52.40 34 0.67 61
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---------------------------------------------------------------------------
Calcite
NV07-568 NW 48,900 9,916 98.10 104.10 6.00 17 0.79 49
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---------------------------------------------------------------------------
Loma
de la
NV07-569 Plata 48,133 7414 102.40 109.68 7.28 97 0.49 117
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calcite
NV07-570 NW 48,852 9,895 95.10 107.10 12.00 8 0.46 26
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Loma
de la
NV07-571 Plata 48,000 7,682 159.45 193.00 33.55 251 -0.01 251
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including 159.45 181.00 21.55 370 -0.01 370
---------------------------------------------------------------------------
including 159.45 165.45 6.00 1024 -0.01 1,024
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calcite
NV07-572 NW 48,850 9,945 107.15 110.10 2.95 39 1.94 117
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calcite
NV07-573 NW 48,803 9,922 133.30 172.30 39.00 39 0.47 58
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calcite
NV07-574 NW 48,802 9,912 107.00 113.00 6.00 48 0.79 79
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---------------------------------------------------------------------------
Loma
de la
NV07-575 Plata 48,099 7,748 194.70 208.94 14.24 661 0.03 663
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calcite
NV07-576 NW 48,754 9,881 120.30 161.30 41.00 14 1.19 61
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calcite
NV07-577 NW 48,754 9,883 95.00 110.00 15.00 14 0.86 49
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calcite
NV07-578 NW 48,751 9,780 59.10 89.10 30.00 23 0.81 55
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---------------------------------------------------------------------------
Loma
de la
NV07-579 Plata 47,918 7,637 155.20 180.55 25.35 181 0.02 182
---------------------------------------------------------------------------
including 176.60 180.55 3.95 648 0.20 656
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calcite
NV07-580 NW 48,749 9,733 50.00 74.00 24.00 52 0.69 80
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Loma
de la
NV07-581 Plata 48,178 7,786 235.64 279.00 43.36 177 0.00 177
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including 235.64 265.00 29.36 235 -0.01 235
---------------------------------------------------------------------------
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Calcite
NV07-582 NW 47,289 9,863 14.00 18.97 4.97 11 0.79 43
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---------------------------------------------------------------------------
Calcite
NV07-583 NW 47,218 9,784 17.10 21.70 4.60 15 0.39 31
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calcite
NV07-584 NW 47,198 10,163 0.00 16.60 16.60 51 0.70 79
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calcite
NV07-585 NW 48,704 9,677 26.20 56.20 30.00 78 0.48 97
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---------------------------------------------------------------------------
Loma
de la
NV07-586 Plata 47,947 7,023 28.78 31.00 2.22 18 0.32 31
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calcite
NV07-587 NW 48,650 9,683 31.82 55.10 23.28 168 0.42 185
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Loma
de la
NV07-588 Plata 47,550 7,651 61.00 64.00 3.00 59 -0.01 59
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Calcite
NV07-589 NW 48,596 9,700 23.10 54.44 31.34 79 0.60 103
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including 41.10 54.44 13.34 154 0.74 184
---------------------------------------------------------------------------
---------------------------------------------------------------------------

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 times 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.


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. The Qualified Person has read and approved the contents of this release.

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 General Overview Map for Aquiline's Navidad Project is available at the following web link: http://www.ccnmatthews.com/docs/aqigeneraloverview.pdf

A map of the Loma de la Plata drill holes is available at the following web link: http://www.ccnmatthews.com/docs/aqildlp.pdf

A map of the Calcite NW drill holes is available at the following web link: http://www.ccnmatthews.com/docs/aqicalcite.pdf

A map of the Connector Zone drill holes is available at the following web link: http://www.ccnmatthews.com/docs/aqiconnector.pdf

A map of the Portezuelo Zone drill holes is available at the following web link: http://www.ccnmatthews.com/docs/aqiportezuelo.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