Aquiline Resources Inc.
TSX : AQI

Aquiline Resources Inc.

May 08, 2008 08:57 ET

Aquiline Adds Fourth Drill Rig as Navidad Drilling Continues to Expand Resource; Results Include 18.5 m Grading 1,058 g/t Ag in New Zone, Valle Esperanza

TORONTO, ONTARIO--(Marketwire - May 8, 2008) - Aquiline Resources Inc. ("Aquiline" or the "Company") (TSX:AQI) is pleased to report results of thirty nine holes (10,298 metres) drilled at its 100% owned Navidad silver project in Chubut province, Argentina. Total drilling at Navidad now stands at 122,889 metres in 694 drill holes. Step out drilling at 100 metre intervals continues to intersect wide zones of high grade silver mineralization at its recent Valle Esperanza discovery (see maps attached). Drill hole NV08-694 intersected 18.5 metres @ 1,058 g/t silver while drill hole NV08-692 returned 21.0 metres @ 487 g/t silver. Both holes were drilled on 100 metre exploration step outs, to the south and southeast from previously reported discovery drill holes NV08-646 that contained 18.1 metres @ 254 g/t Ag and NV08-649 20.0 metres @ 429 g/t Ag and NV08-655 13.30 metres @ 590 g/t Ag. These new results indicate that wide zones of high grade silver mineralization remain open to the south and southeast and have essentially doubled the surface footprint of the discovery to more than 200 metres. Mineralization at the Valle Esperanza zone has been identified at depths of 150 metres and deeper, representing another discovery of a zone where mineralization was not outcropping.

At Loma de La Plata, 200 metre step out drilling to the southeast of the deposit and outside the known resource boundary continues to intersect silver mineralization, although silver values are generally lower as the zone extends, with higher lead values as described below. Drill hole NV08-656 intersecting 6.00 metres @ 314 g/t silver and NV-681 intersected 13.43 metres @ 166 g/t Ag. The Loma de La Plata deposit is situated on the Argenta trend, which runs parallel to the Esperanza trend and to the main Navidad trend.

On the Argenta trend, approximately two kilometres to the north of Loma, exploration drilling has again intersected significant mineralization at a new zone labeled "Sector Z" by the Company's geological team. Sector Z" has returned 7.30 meters @ 134 g/t silver in drill hole NV08-670 and some two hundred metres away NV08- 674 intersected 4.2 meters @ 101 g/t silver and 1.09% lead.

In the last week of April, two additional Longyear diamond drill rigs were added and have begun working, bringing the total number of drills on the project to four. These extra two drills are needed to keep up with the increasing demand created by the project's engineering, metallurgical, resource definition and regional exploration programs.

Aquiline's first program of condemnation drilling aimed at sterilizing an area in order to erect a camp has intersected significant silver and lead mineralization in an area outside the known mineral resource, but in close proximity to the boundary between Galena Hill and Connector Zone. Drill hole NV08-673 intersected 11.1 metres @ 39 g/t silver and 4.16% lead while drill hole NV08-683 intersected 15.0 metres @ 140 g/t silver and 3.68% lead. These holes will likely add silver ounces and additional lead pounds to the project's overall mineral inventory as well as confirming the continuity of mineralization between the Galena Hill, Connector Zone and Navidad Hill deposits.

Below are significant results (18 holes) from the most recent drill holes completed on the project, with all 39 drill holes (NO08-656 - NO08-694) reported on the website table comprising drilling in five target areas:



----------------------------------------------------------------------------
Drill Location Local Local From To Composite Ag Pb AqEq
Hole East North (m) (m) Length g/t % g/t
(LWA) (LWA) (LWA)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
NV08- Loma de
656 La Plata 48347 7889 304.80 310.80 6.00 314 -0.01 314
----------------------------------------------------------------------------
And 337.40 339.80 2.40 20 0.41 36
----------------------------------------------------------------------------
----------------------------------------------------------------------------
NV08-
658 Galena 51230 9581 16.00 33.00 17.00 258 9.6 642
----------------------------------------------------------------------------
Incl-
uding 22.00 29.90 7.90 435 14.86 1,030
----------------------------------------------------------------------------
----------------------------------------------------------------------------
NV08-
659 Sector Z 46130 7693 3.00 6.40 3.40 40 -0.01 40
----------------------------------------------------------------------------
----------------------------------------------------------------------------
NV08-
669 Sector Z 46482 8076 31.60 33.00 1.40 185 -0.01 185
----------------------------------------------------------------------------
----------------------------------------------------------------------------
NV08-
670 Sector Z 46531 8059 60.10 67.40 7.30 134 0.53 155
----------------------------------------------------------------------------
----------------------------------------------------------------------------
NV08-
672 Sector Z 46532 8166 34.50 39.35 4.85 119 1.32 172
----------------------------------------------------------------------------
----------------------------------------------------------------------------
NV08-
673 Connector 50600 9889 61.30 72.40 11.10 39 4.16 206
----------------------------------------------------------------------------
----------------------------------------------------------------------------
NV08-
674 Sector Z 46574 8263 58.90 63.10 4.20 101 1.09 144
----------------------------------------------------------------------------
----------------------------------------------------------------------------
NV08- Loma de
676 La Plata 48157 7546 152.70 158.90 6.20 169 0.33 182
----------------------------------------------------------------------------
Incl-
uding 154.00 155.22 1.22 587 0.49 607
----------------------------------------------------------------------------
And 179.00 187.70 8.70 333 0.39 349
----------------------------------------------------------------------------
Incl-
uding 179.00 182.31 3.31 723 0.27 734
----------------------------------------------------------------------------
----------------------------------------------------------------------------
NV08- Loma de
681 La Plata 48301 7514 166.27 179.70 13.43 166 0.32 179
----------------------------------------------------------------------------
Incl-
uding 166.27 170.55 4.28 498 0.79 530
----------------------------------------------------------------------------
----------------------------------------------------------------------------
NV08-
683 Connector 50702 9954 22.00 50.95 28.95 83 2.16 169
----------------------------------------------------------------------------
Incl-
uding 22.00 37.00 15.00 140 3.68 287
----------------------------------------------------------------------------
----------------------------------------------------------------------------
NV08- Loma de
684 La Plata 48345 7774 261.00 266.27 5.27 204 0.08 207
----------------------------------------------------------------------------
----------------------------------------------------------------------------
NV08- Valle
685 Esperanza 50654 9204 223.37 227.82 4.45 1,392 0.24 1,401
----------------------------------------------------------------------------
----------------------------------------------------------------------------
NV08- Valle
686 Esperanza 50547 9151 335.00 338.00 3.00 45 2.11 130
----------------------------------------------------------------------------
----------------------------------------------------------------------------
NV08- Valle
688 Esperanza 50550 9243 210.40 211.70 1.30 169 -0.01 169
----------------------------------------------------------------------------
----------------------------------------------------------------------------
NV08- Valle
690 Esperanza 50548 9051 190.89 209.00 18.11 43 0.10 47
----------------------------------------------------------------------------
----------------------------------------------------------------------------
NV08- Valle
692 Esperanza 50751 9000 157.00 178.00 21.00 487 0.00 487
----------------------------------------------------------------------------
Incl-
uding 158.32 161.40 3.08 1,661 0.01 1,661
----------------------------------------------------------------------------
Incl-
uding 172.00 174.00 2.00 939 0.00 939
----------------------------------------------------------------------------
----------------------------------------------------------------------------
NV08- Valle
694 Esperanza 50851 9095 207.53 226.00 18.47 1,058 0.41 1,074
----------------------------------------------------------------------------
----------------------------------------------------------------------------

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.


Target Area Descriptions

Valle Esperanza:

Seven drill holes were completed with the object of extending the noteworthy mineralization reported in the previous news release which highlighted the new Valle Esperanza zone. The holes are spaced along 4 section lines 100m apart between lines 50450E and 50850E. On line 50,650E, 2 holes were completed bordering the edge of the known mineralization. In the extreme SE of the previously reported mineralized area 2 lines were drilled (50750E and 50850E) where holes 692 and 694, each on the southern end of the lines, reported excellent results. Hole 692 reports 21m @ 487 g/t Ag and hole 694 had an intercept of 18.47m @ 1058 g/t Ag (including 6m @ 2938 g/t Ag).

Hole 657 indicates a constricting of the mineralization towards the south on this line where only 2.10m @ 48 g/t Ag is reported, and in hole 685 towards the north on this line a high grade intercept was encountered of 4.45m @ 1392 g/t Ag.

The remaining 3 holes (686, 688 and 690), drilled on the line furthest to the west of the mineralized area (50550E), in general report low or erratic values that may indicate an apparent closing off of the mineralization in this direction.

In hole N degrees NV08-655 in Valle Esperanza, results released in the previous drilling New Release, that previously reported 18.00m @ 561 g/t Ag should now read:

13.30m @ 590 g/t Ag. Please see the table below for a complete sequence of the values that need to be corrected.



---------------------------------------------------------------------------
DDH Location from to composite g/t AgEq g/t Silver % Lead
(metres) (metres) length (LWA) (LWA) (LWA)
(metres)
---------------------------------------------------------------------------
NV08- Valle
655 Esperanza 182.70 196.00 13.30 590 590 0.02
---------------------------------------------------------------------------
inclu-
ding 182.70 188.34 5.64 1,250 1,249 0.05
---------------------------------------------------------------------------
inclu-
ding 182.70 186.00 3.30 2,048 2,047 0.04
---------------------------------------------------------------------------
---------------------------------------------------------------------------


Loma de la Plata:

The 8 new drill holes reported in this news release were completed in the eastern part of the previously defined resource area with the object of extending known mineralization towards the east or verifying the possibility of a second mineralized zone having a N-S orientation. It was determined that towards the east and southeast mineralization does not suddenly close-off but rather there is a gradual reduction in Ag values but with an increase in Pb similar in style to what has previously been encountered at Bajo del Plomo and Filo del Plomo.

For the majority of the holes, the results indicate thin mineralized horizons with low Ag values. The most noteworthy hole was 684, located 200m to the ENE of the delimited resource area, which reported 30.25m @ 81 g/t Ag. Another 2 holes having superior values but lesser thickness include hole 656, with 6m @ 314 g/t Ag and hole 681 located to the east with 13.43m @ 166 g/t Ag (including 4.28m @ 498 g/t Ag).

Sector Z:

Sector Z is located north of the Loma de La Plata zone, and represents a new target area. Four holes were drilled in each of two distinct zones which exhibit different geological characteristics:

Drilling in the first zone tested an outcropping breccia that exhibits copper oxides accompanied by modest values in Ag and Cu (holes 659 and 662).The mineralized breccia was encountered down dip as anticipated but with reduced thickness and low values in Ag. This is interpreted to be the upper contact of the key latite unit although structural complexity affecting this interpretation cannot be ruled out. Drill holes 664 and 665 did not intercept any mineralized values of interest.

The second target area, also tested with four holes, returned values of interest in hole 670, which cut 7.3m @ 134 g/t Ag and 0.5334% Pb, and in hole 672, with 4.85m @ 119 g/t Ag and 1.32% Pb, with the mineralization in each case being along the upper contact of the upper latite. Hole 674 also returned values of 4.20m @ 101 g/t Ag and 1.09% Pb. The intercepts in holes 670 and 672 indicate that the zone is still open to the SE where additional follow-up drilling is planned.

Connector Zone:

The objective of these seven holes, drilled between Navidad Hill and Galena Hill, was principally to condemn the currently used lay-down area prior to installing a driller's field camp.

The drill hole most noteworthy for its unexpected results was hole 675 with an intercept of 54m @ 85 g/t Ag and 0.18% Pb at a depth beginning at 190m and hosted in sedimentary rocks with intercalations of volcaniclastic latite. Another noteworthy hole, drilled in the area between the Connector Zone and Galena Hill, was hole 683 that intercepted 28.95m @ 83 g/t Ag and 2.16% Pb. Holes 673, 677 and 679 indicate low Ag values that can be correlated with the mineralized horizon encountered in hole 683. The remaining holes 680 and 682 located near Galena Hill did not return Ag or Pb values of interest.

Galena Hill (SE):

This previously undrilled area exhibited a geophysical chargeability anomaly. The eight drill holes confirmed the presence of low silver values with locally important lead values that can explain the strong IP anomaly in this area. All of the hole intercepts exhibit low Ag values between 9 - 21 g/t and with Pb values between 0.46% - 0.89% in hole lengths between 34.50 and 144 meters. Noteworthy values were obtained in hole 658, located near the center of Galena Hill, which reported 17m @ 258 g/t Ag and 9.60% Pb (including 7.90m @ 435 g/t Ag and 14.86% Pb). Almost all of these holes, with the exception of hole 671, fall within the previously delimited inferred resource area of Galena Hill.

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 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.

To view a map of "Aquiline Resources Inc. Navidad Project - General Overview Map", please visit the link below:

http://media3.marketwire.com/docs/NavidadDrillingwmaps1.pdf

To view a map of "Aquiline Resources Inc. Navidad Project - Esperanza Valley", please visit the link below:

http://media3.marketwire.com/docs/NavidadDrillingwmaps1-2.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