Aquiline Resources Inc.
TSX : AQI

Aquiline Resources Inc.

March 28, 2007 08:30 ET

Aquiline Announces Castro Sur \ Cancela Drilling Results Including 5m @12.7 g/t Au

TORONTO, ONTARIO--(CCNMatthews - March 28, 2007) - Aquiline (TSX:AQI) is pleased to announce results from its ongoing Phase II drilling campaign that commenced in December, 2006 at its wholly owned Calcatreu Gold Project in Rio Negro province, Argentina. Drilling to date has focused on the Castro Sur, Cancela, and Mariano targets which are all located approximately 2 - 5 km northeast of its Vein 49 gold deposit. Aquiline recently released a feasibility study centered on the Vein 49 deposit and the objective of the current drilling is to augment these resources in satellite deposits within trucking distance of the proposed plant. Results to date are encouraging and drilling continues with a single UDR-650 rig capable of drilling both RC and diamond HQ core drilling. A total of 4,036m in 46 holes have been completed to date and the program has been increased to 6,000 meters of drilling with further expansion of the program dependent on results.

Castro Sur

Phase II drilling at Castro Sur includes 28 holes totaling 2,710m to test approximately 2km of strike length along a prominent northeast trending fault-controlled structure. Of the 17 holes reported with significant results, 12 of these are located along the 600m of strike length trending N45E from hole AQI-471. Three of these 12 holes are on local section 9810N in which 2m @ 9.17 g/t Au was encountered in AQI-469 at approximately 40m vertical below the surface; up-dip hole AQI-467 and down-dip hole AQI-508 also report significant results. Other noteworthy Castro Sur holes include AQI-502 (8m @ 7.03 g/t Au) that is apparently located on an open-to-the-southwest splay that trends off the main northeast-striking structure; hole AQI-491 (5m @ 2.3 g/t Au) is located 575m southwest along strike on the projection of this splay. Castro Sur mineralization typically occurs in a silicified volcaniclastic with or without accompanying narrow quartz veins with textures characteristic of low-sulfidation epithermal systems.

Cancela

The Cancela prospect is located 2.5km to the northeast of Vein 49. The prospect occurs along a prominent N-S structural break as indicated by a high-definition ground magnetic survey conducted in November of 2006 and confirmed by high grade surface rock chip samples. These high-grade near-surface values were confirmed in AQI-476 which reported a 5m interval of 12.7 g/t Au only 4--9 meters below the surface. Two of the five significant reported results are on local section 8590N which was tested on the basis of highly anomalous rock chip samples above a well-defined resistivity anomaly on a nearby pole-dipole geophysical section. Total drilling to date on Cancela prospect -which has little or no surface exposure - consists of 7 holes, 5 of which returned significant results at shallow depths along 125m of strike length.

The Mariano prospect consists of northeast-trending narrow quartz veins and veinlets in a silicified, volcaniclastic unit which returned moderate results from surface rock chip sampling. Drilling, however, was disappointing and no significant results are reported from 11 RC drill holes that totaled 860 meters.

Significant results pertaining to 22 drill holes from the Castro Sur and Cancela prospects are tabled below. The reader is referred to the Aquiline website for maps showing the location of the various targets and all of the holes referred to in this news release.



------------------------------------------------------------------------
HOLE NORTHING EASTING FROM TO INTERCEPT Au Ag AREA
(m) (m) (m) (g/t) (g/t)
------------------------------------------------------------------------
AQI-463 2457318 5367546 76 83.7 7.7 1.09 1.9 Castro Sur
107.5 110 2.5 4.77 5.2
------------------------------------------------------------------------
AQI-464 2457240 5367553 40 52.2 12.2 1.18 1.3 Castro Sur
------------------------------------------------------------------------
AQI-465 2457264 5367527 69.6 80 10.4 2.12 6.8 Castro Sur
92.1 110.3 18.2 1.70 5.4
------------------------------------------------------------------------
AQI-466 2457199 5367523 36 39 3 1.72 6.0 Castro Sur
------------------------------------------------------------------------
AQI-467 2457046 5367404 9 12 3 4.28 32.7 Castro Sur
------------------------------------------------------------------------
AQI-469 2457072 5367414 49 51 2 9.17 10.6 Castro Sur
82.3 83.3 1 5.38 9.9
------------------------------------------------------------------------
AQI-470 2457021 5367371 42 44 2 4.64 12.0 Castro Sur
57 61 4 4.28 3.7
------------------------------------------------------------------------
AQI-473 2457383 5367608 78 79 1 10.05 65.2 Castro Sur
85.4 88.25 2.85 2.23 32.4
------------------------------------------------------------------------
AQI-475 2456610 5366127 11 13 2 6.20 4.0 Cancela
------------------------------------------------------------------------
AQI-476 2456658 5366117 4 9 5 12.69 3.1 Cancela
------------------------------------------------------------------------
AQI-477 2456594 5366080 6 10 4 1.47 -0.5 Cancela
------------------------------------------------------------------------
AQI-478 2456571 5365949 2 4 2 2.85 2.3 Cancela
------------------------------------------------------------------------
AQI-479 2456879 5367113 98 104 6 1.06 5.3 Castro Sur
------------------------------------------------------------------------
AQI-491 2457721 5367555 57 62 5 2.30 4.8 Castro Sur
------------------------------------------------------------------------
AQI-493 2457343 5367517 102.8 107.9 5.1 1.19 3.9 Castro Sur
109.9 111.9 2 3.47 5.3
115.9 125.1 9.2 1.17 3.4
------------------------------------------------------------------------
AQI-494 2457461 5367660 89 94.2 5.2 0.98 9.4 Castro Sur
109 110.9 1.9 6.83 55.4
------------------------------------------------------------------------
AQI-495 2457473 5367722 61.1 66.7 5.6 1.45 12.6 Castro Sur
------------------------------------------------------------------------
AQI-497 2457537 5367825 4 9 5 1.02 42.8 Castro Sur
------------------------------------------------------------------------
AQI-500 2457699 5367900 19 21 2 6.45 14.0 Castro Sur
------------------------------------------------------------------------
AQI-502 2457986 5368064 26 34 8 7.03 15.2 Castro Sur
------------------------------------------------------------------------
AQI-505 2456644 5366085 19 25 6 3.43 1.2 Cancela
AQI-508 2457046 5367360 76 77 1 7.13 7.0 Castro Sur
87 90 3 2.03 5.3
------------------------------------------------------------------------


Notes: Results are with 0.5 g/t Au cut-off and true width is yet to be determined. Results deemed "not significant" are not reported for holes with intercepts whose product is less than 5 g/t Au x meter, e.g. 5m @ 1.0 gpt Au, 1m @ 5.0 g/t Au, etc. Castro Sur holes with no significant results include AQI-468, AQI-471, AQI-472, AQI-474, AQI-492, AQI-496, AQI-498, AQI-499, AQI-501, AQI-506, and AQI-507. No significant results encountered in all Mariano Holes AQI-480 thru AQI-490. Cancela holes with no significant results include AQI-503, AQI-504.

Aquiline is encouraged with the Phase II drilling results at Castro Sur, particularly with the significant-grade mineralization that is still open-ended along the southwestern part of the principal structure as well as in numerous instances down-dip. Also, the extent of the high-grade shallow mineralization at Cancela remains largely untested. Drilling is currently in progress to further delineate both of these potentially important new resource areas.

Aquiline has implemented a quality control program to ensure best practice in chemical sampling and analysis of surface and drill core samples. All assay work for the Calcatreu project is carried out at ALS Chemex Mendoza Laboratories. Under the guidelines of the National Instrument 43-101, the Qualified Person for the Calcatreu Gold Project is Mr. John J. Chulick who is a registered geologist in the State of California.

This press release contains forward looking statements.

FORWARD-LOOKING STATEMENTS

This press release includes certain "forward-looking statements". All statements regarding the ability of the Company to identify areas with potential for the development of additional resources at Calcatreu, the ability of the Company to correctly identify the trend of mineralization for the Viuda de Castro drilling target and the ability of the Company to receive the transfer of title to the Navidad project are forward-looking statements that involve various risks and uncertainties. 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. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, are "forward-looking statements". We caution you that such "forward looking statements" involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements. Such risks and uncertainties include unpredictable results of exploration activities, uncertainties inherent in the estimation of mineral resources, fluctuations in the costs of goods and services, problems associated with production operations, changes in legal, social or political conditions in the jurisdictions where the Company operates, lack of appropriate funding and other risk factors, as discussed in the Company's filings with Canadian securities regulatory agencies. The Company expressly disclaims any obligation to update any forward-looking statements.

Contact Information

  • Aquiline Resources Inc.
    Marc C. Henderson
    President & CEO
    (416) 599-4133
    or
    Aquiline Resources Inc.
    John J. Chulick
    Vice President of Exploration
    (54) 2940-432704
    Website: www.Aquiline.com