Aquiline Resources Inc.
TSX VENTURE : AQI

Aquiline Resources Inc.

September 29, 2005 19:24 ET

Aquiline Completes Winter Drilling Program at Calcatreu

TORONTO, ONTARIO--(CCNMatthews - Sept. 29, 2005) - Aquiline Resources Inc. (TSX VENTURE:AQI) is pleased to announce the results from its recently completed winter drilling campaign at its 100% owned Calcatreu Gold Project, Rio Negro Province, Argentina. Aquiline has been aggressively advancing Calcatreu with a view to achieving commercial production as quickly as possible. This fast-track approach to development is part of a broader corporate strategy that includes a significant emphasis on ongoing exploration, both within the Calcatreu tenements themselves as well as regionally in what appears to be a newly emerging epithermal district.

The recently completed exploration campaign totaled 2,945m of diamond core drilling for 18 completed drill holes. The work immediately followed the previously announced drilling program for the feasibility study that began in May of this year and total meters drilled for all categories - metallurgical, geotechnical, infill, and exploration - totaled 6,334m in 56 drill holes.

The exploration program was directed towards expanding the resource at Vein 49 through 3 principal objectives: 1) extension of the resource along the north strike extension 2) location of at least one more oreshoot with down-dip potential, and 3) further definition of a previously encountered hanging wall splay structures away from the principal structure. These objectives were achieved and drilling results are as follows:



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FROM TO INTER- ASSAY ASSAY
HOLE# EASTING NORTHING (m) (m) CEPT (g/t Au) (g/t Ag) VEIN
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AQI- 73 89.9 16.9 1.84 12.4
332 579.5 6350 ------------------------------------ VEIN49
97.3 101.2 3.9 9.59 75.4
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AQI- 122.4 126.2 3.8 1.41 17.0
333 629 6350 ------------------------------------ VEIN49
137.2 143 5.8 2.79 20.6
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AQI-
334 581 6400 89.4 94.7 5.3 2.67 4.0 VEIN49
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AQI-
335 633.5 6400 145.8 148.4 2.6 0.63 2.7 VEIN49
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AQI- 59 60 1 1.61 4.2
336 574 5450 ------------------------------------ VEIN49
80 81.2 1.2 1.27 18.2
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AQI-
337 627.5 5450 BELOW CUT-OFF VEIN49
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AQI- 172.9 174.7 1.8 1.02 6.0
338 683.5 6400 ------------------------------------ VEIN49
192.8 193.9 1.1 0.54 1.8
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AQI-
339 580 6450 103.4 105.8 2.4 1.04 2.5 VEIN49
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AQI-
340 604.5 5550 157.3 158.3 1 1.16 3.4 VEIN49
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AQI- 20 22.7 2.7 0.69 10.5
341 540.5 5675 ------------------------------------ VEIN49
104.9 108 3.1 2.88 67.4
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AQI- 50.1 57 6.9 3.68 41.7
343 583 5675 ------------------------------------ VEIN49
157 160 3 1.53 22.5
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AQI- 67.7 72.2 4.5 1.1 27.1
344 607.5 5775 ------------------------------------ VEIN49
152.6 154.6 2 10.44 252
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101.6 102.8 1.2 3.3 91
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AQI- 139.2 141.5 2.3 0.83 11.6 NELSON
351 945 4200 ------------------------------------ EAST
152.8 154 1.2 1.17 2.2
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158 159.5 1.5 1.11 11.0
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AQI-
352 561 4600 BELOW CUT-OFF NELSON
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AQI-
353 910 4150 56 57.5 1.5 1.04 41.25 NELSON
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AQI-
354 906 4250 83 83.5 0.5 1.17 26.9 NELSON
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AQI-
355 600 6600 NO INTERSECTION VEIN49
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Towards the north, drill hole AQI-332 (3.9m @ 9.59 g/t Au) confirms significant mineralization to at least section 6350NE which indicates an extension of the geologic resource at the 1,225 level some 50m beyond previous estimates. Towards the south on section 5775NE, AQI-344 (2m @ 10.44 g/t Au w/ 252 g/t Ag) intercepted attractive mineralization at the 1,160 level that suggests the potential for a second Vein 49 oreshoot between sections 5750NE - 5950NE. The reader is directed to Aquiline's website (www.Aquiline.com) to see the location of these and other drill holes on an updated longitudinal section along Vein 49.

On section 5675NE, AQI-343 (6.9m @ 3.68 g/t Au) confirmed a projected oblique hanging wall splay 90m outboard from the main Vein 49 structure (intercept not depicted on the Longitudinal Section). Such splays are considered important exploration guides since they may represent mineralized link faults between a pair of principal tensional structures, (e.g., the oblique Discovery Wash fault between the Quebrada Orito and Quebrada Colorada veins at Meridan Golds El Penon deposit in Chile).

Even while the winter drilling campaign was still in progress, targeting efforts were initiated for a more extensive drilling program which is tentatively scheduled to begin in late November. This program is likely to include up to 10,000m of new exploration drilling, the details of which will be announced upon the commencement of the program. The objective of the coming program will be to a) explore the significant but still little-tested sub-parallel structures to Vein 49, including Belen and the un-drilled Puesto veins, and b) explore the east-northeast trending Coyu - Nabel corridor. See map 1 on website etc.

Excluding the main project area at Vein 49 / Nelson, this 36km long corridor has 7 principal target structures where each have geochemical rock chip samples of quartz vein material collected yielding values greater than 1.0 g/t gold for a total of 58 such samples in the belt. To date, outside of the Vein 49 / Nelson area, there has been a combined total of only18 drill holes completed by Aquiline and former operator Normandy Australia in the corridor. Results from the previous limited drilling campaigns include intercepts of 2m @ 3 g/t Au (Normandy 82-1) that have had no subsequent follow-up work.

Preparations for the scheduled late-November drilling campaign started off with a district-wide re-interpretation of the gradient array I.P. geophysical database by consultant geophysicist Robert Ellis. New versions of the resistivity and chargeability plots have outlined a number of potential new target structures in the corridor. The geophysical delineation is being supplemented by ongoing rock chip and soil geochemical sampling to enhance definition of drill targets.

Included in ongoing exploration is field evaluation of an extensive geochemical database for Chubut province where Aquiline has a land position approaching 200,000 hectares. A significant portion of the property block is aligned along the Gastre fault corridor that hosts the world class Navidad silver deposit. In Chubut, Aquiline has more than 80 gold and nearly 30 silver stream sediment (bleg) geochemical anomalies that have received minor or only limited follow-up work to date.

Aquiline also wishes to announce that the terms of an investor relations agreement dated July 20, 2004 entered into with Fuller Fletcher & Associates Limited has been amended to provide for monthly retainer fee of $4,500 with a term expiring on February 10, 2006.

In further news, Aquiline has acquired a total of 247 mineral claims comprising 5425 hectares located in the Province of Newfoundland & Labrador from an arm's length vendor. The terms of the acquisition call for Aquiline to make staged cash payments and share issuance over a two year period totaling $50,000 and 60,000 common shares of Aquiline (Year 1: cash payments of $30,000 and the issuance of 40,000 common shares; Year 2: cash payment of $20,000 and 20,000 common shares). The vendor has retained a 2% net smelter royalty ("NSR") in respect of the property. Aquiline has the right to purchase up to 2% of the NSR upon making payment of $1,000,000 for each 1% of the NSR.

Aquiline Resources Inc. is a results driven precious metals company focused on acquiring advance stage high-grade gold deposits that can be profitably mined. The Company's primary asset, the Calcatreu Gold Project, is located in the province of Rio Negro, Argentina. Aquiline is committed to its company-wide environmental and social best practices policy and has a leading team of experts on staff to support this mandate.

At Calcatreu, Aquiline has implemented a quality control program to ensure best practice in chemical sampling and analysis of surface and drill core samples. The Company's consultants, Ironbark Geoservices SRL, is providing technical management to the project and have a supervising geologist on site at all times while work is being carried out. Under the guidelines of the 43-101 National Instrument the required qualified person for the Calcatreu Gold Project is Mr. Peter Mullens, who is a member of the Australian Institute of Mining and Metallurgy.

This press release contains forward looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Aquiline Resources Inc.
    Marc C. Henderson
    President & CEO
    (416) 599-4133
    Toronto, Canada
    or
    Aquiline Resources Inc.
    Martin J. Walter
    Director & Vice President of Exploration
    (416) 599-4133
    Toronto, Canada
    or
    Minera Aquiline Argentina
    John Chulick
    Exploration Manager
    54 2940 432 704
    Jacobacci, Rio Negro, Argentina
    www.AquilineResources.com