Aquiline Resources Inc.
TSX : AQI

Aquiline Resources Inc.

May 31, 2006 08:45 ET

Aquiline Drilling Confirms Potential of New Castro Sur Discovery

TORONTO, ONTARIO--(CCNMatthews - May 31, 2006) - Aquiline Resources Inc. (TSX:AQI) -

Twenty-two exploration drill holes, including the latest results to be reported today from drillhole AQI425, that has intersected 9 metres at 12 g/t gold and 81 g/t silver, have now indicated a new gold discovery in the Calcatreu district. The strike and down-dip extent of significant mineralization have yet to be determined. This new discovery, Castro Sur, sits within a prominent NE trending fault-controlled structure that strikes for more than 3 kilometres. The bulk of the drilling to date at Castro Sur has been concentrated along only a small 300 metre segment of the structure, where significant gold mineralization has been intersected. All intercepts to date have occurred at shallow depths. Importantly the new discovery is only a short distance (approximately 5 km) from Calcatreu's main gold and silver deposit Vein 49. For this reason Castro Sur is considered a contributing factor in the eventual development of the proposed plant facilities at Vein 49 because of its close proximity.

Castro Sur is a new discovery made by the Company's geological team. From reviewing original BLEG data from the Project's past owners, Normandy Mining, and from remodelling gradient-array geophysical data, Castro Sur stood out as a well-defined resistivity anomaly. Follow-up systematic collecting of rock chip geochemical samples across the structure returned results in the range of 0.5 - 5 g/t Au over more than 2 kilometres of strike length. A map of the Calcatreu Project, showing the location of Castro Sur plus the Vein 49 and Nelson deposits, can be viewed on the Company's website (http://www.aquiline.com/projects_calc_map9.asp).



The new results for Castro Sur are tabled as follows:

---------------------------------------------------------------------
Drillhole Northing Easting From To Intercept Au Ag
(m) (m) (m) (g/t) (g/t) Deposit
---------------------------------------------------------------------
AQI417 5367741 457452 18 25 7 1.21 21.5 Castro
Sur
---------------------------------------------------------------------
AQI418 5367642 457350 4 7 3 5.28 35.4 Castro
Sur
---------------------------------------------------------------------
Plus 27.9 34.8 6.9 4.00 206.1
---------------------------------------------------------------------
AQI419 5367579 457270 32 40 8 1.91 15.7 Castro
Sur
---------------------------------------------------------------------
AQI420 5367703 457417 18 34 16 1.06 10.3 Castro
Sur
---------------------------------------------------------------------
AQI423 5367404 457046 8 10 2 3.32 3.9 Castro
Sur
---------------------------------------------------------------------
Plus 56 60 4 2.81 3.7
---------------------------------------------------------------------
AQI421 5367624 457371 61 62 1 4.64 49.5 Castro
Sur
---------------------------------------------------------------------
AQI425 5367562 457297 49 53 4 2.84 19.8 Castro
Sur
---------------------------------------------------------------------
Plus 61 70 9 11.81 81.2
---------------------------------------------------------------------
AQI427 5367688 457442 66 69 3 5.96 37.3 Castro
Sur
---------------------------------------------------------------------
Plus 79 82 3 4.07 44.1
---------------------------------------------------------------------
AQI391(a) 5367617 457313 31 43 12 5.28 36.7 Castro
Sur
---------------------------------------------------------------------
AQI393(a) 5367686 457418 33 40 7 4.73 136.0 Castro
Sur
---------------------------------------------------------------------
(a) Previously reported

Results are with 0.5 g/t Au cut-off and true width is yet to have
been determined


Drilling continues in the region and results will be released as they come available.

Aquiline is also pleased to announce that AMMTEC Limited of Australia has now completed the metallurgical test work for the Calcatreu deposit and as a result the Company's mining engineering consultants AUSENCO are working towards completing an initial mine feasibility study. (See Company news release May 16th 2005) The study is considering various gold extraction methods and will also provide detailed engineering drawings for proposed open cut mines and selected process facilities. The report is due to be tabled in the 2nd quarter of 2006.

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 Laboratories where samples are prepared in Mendoza, Argentina, and subsequently analyzed in Santiago, Chile. Under the guidelines of National Instrument 43-101, the Qualified Person for the Calcatreu Gold Project is independent consultant Mr. John J. Chulick, who is a registered geologist in the State of California.

This press release contains forward looking statements.

The TSX 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
    or
    Aquiline Resources Inc.
    Martin J. Walter
    Director & Vice President of Exploration
    (416) 599-4133
    or
    Visit our website at
    www.Aquiline.com