Aquila Resources Inc.

Aquila Resources Inc.

March 02, 2009 08:00 ET

Aquila Announces New Gold Intercepts at Back Forty

Looks to Increase Gold Resource Results include 34.1m of 4.48 g/t gold and 2.3m of 18.77 g/t gold

TORONTO, ONTARIO--(Marketwire - March 2, 2009) - AQUILA RESOURCES INC. (TSX:AQA)(FRANKFURT:JM4A) ("Aquila" or the "Company") today announced significant new drill results from drilling at its Back Forty Project located in Menominee County, Michigan. Drilling targeted primary gold and silver mineralization at the project. The drill results were not incorporated in the January 2009 NI 43-101 Back Forty Project open pit and underground mineral resource estimate which contained a total of 580,000 ounces of gold averaging 2.13 g/t in the measured and indicated category and 110,000 ounces of gold averaging 2.91 g/t in the inferred category (see press release dated January 15, 2009 for resource details).

The latest results show significant gold values occurring as extensions to existing zones of mineralization and in previously unknown areas both near surface and at depth, and illustrate the strong potential for expansion of the gold resource at the Back Forty Project. The widths reported below are drilled thickness and not true width.


Results from eight of the drill holes reported below are not attributable to known zones of mineralization, with some holes encountering multiple gold intercepts. These holes will be targets of follow up drilling to test continuity and potential. Highlights include:

- 34.1 meters (m) of 4.48 grams/tonne (g/t) gold in LK-344

- 18.8m of 2.54 g/t gold in LK-346

- 2.9m of 6.77 g/t gold and 116.23 g/t silver in LK-328


Several promising new intercepts were encountered in the PM Zone, where gold mineralization occurs in late stage porphyry intrusions representing a distinct type of primary gold/silver mineralization. The PM Zone is open at depth and along strike. Highlights from the latest drilling results include:

- 13.8m of 2.83 g/t gold in LK-333

DEEP ZONE RESULTS - Good grades and width

Significant gold values were obtained in the Deep Zone. This copper-gold mineralization is found at depth and remains open for expansion.

- 2.3m of 18.77 g/t gold and 101.6 g/t silver in LK-192 extension

- 79.0m of 0.62 g/t gold, 19.5 g/t silver and 0.29% copper in LK-207 extension

- 1.5m of 8.67 g/t gold and 28.0 g/t silver in LK-348

- 12.9m of 1.01 g/t gold, 5.51 g/t silver and 0.63% copper in LK-353

NS ZONE RESULTS - New NS Gold Zone Intercept - number nine to date

The NS Zone occurs near surface and is only partially defined. It occurs within the resource pit shell and has potential to add to the open pit resource at the Back Forty Deposit. The intercept in LK-274 started at 17.7 meters down hole.

- 7.9m of 5.42 g/t gold in LK-274


Of additional note were several drill holes which were drilled to further define the East Zone Gossan and massive sulfide which returned excellent open pit gold grades of up to 12 g/t gold.

- 5.3m of 6.71 g/t gold in LK-315

- 3.1m of 12.04 g/t gold in LK-320

- 4.9m of 1.55g/t gold, 20.3 g/t silver and 9.57% zinc in LK-351

Aquila's President and CEO, Tom Quigley, commented, "We are very encouraged by drilling results targeting gold and silver mineralization at the Back Forty Project. A significant near term goal of the Company will be to build on the current precious metal resource. Although these results were received too late to be included in the updated resource released in January, they will undoubtedly add to the precious metal inventory at the project, and confirm the gold rich nature of the Back Forty mineralization and upside potential for the project."

A complete table of drill results, as well as a map showing the location of drill holes in this press release, will be available on the Company's website at

Sample preparation and analyses for this release were conducted by Accurassay Labs or ACT Labs in Thunder Bay, Ontario on split drill core supplied by Aquila. Standards were inserted in the sample sequences with check assays and re-run's routinely conducted. Tom Quigley, P.Geo. and President of Aquila is the Qualified Person as described in National Instrument 43-101 for the Back Forty Project and is responsible for the content of this press release.

About Aquila Resources Inc.

Aquila is an exploration and development stage Company focusing on the Back Forty Project in Menominee County, Michigan. In January, 2009 Aquila announced an updated NI 43-101 Mineral Resource at the Back Forty Project (see Press release dated January 15, 2009). The Company is completing baseline environmental studies and a preliminary economic assessment at the Back Forty Project. With a robust mineral resource and excellent project infrastructure, Aquila is positioned to capitalize on the current strong market for gold and silver, and the medium term potential for development of a quality poly-metallic project located in the continental United States.

Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The securities being offered have not and will not be registered in the United States under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws, and may not be offered or sold within the United States or to or for the account of benefit of U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This news release does not constitute an offer to sell or a solicitation of an offer to purchase securities in the United States.

Shares Outstanding: 69,609,478

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the contents of this release.

Contact Information