Aquiline Resources Inc.
TSX : AQI

Aquiline Resources Inc.

September 18, 2008 08:29 ET

Aquiline Drilling at Navidad Expands New Valle Esperanza Discovery; Hole NV08-802 Returns 20 Metres @ 870 g/t Ag

TORONTO, ONTARIO--(Marketwire - Sept. 18, 2008) - Aquiline Resources Inc. ("Aquiline" or "the Company") (TSX:AQI) is pleased to report on the results of 72 new diamond drill holes (NV08-731 to NV08-802) within the Navidad Project in Chubut Province, Argentina (see maps attached). Total drilling on the project amounts to 802 holes over 154,482 metres.

Most of the drilling pertained to the infill program at Loma de La Plata which was recommended by Snowden Mining Group ("Snowden") in its Technical Report of November 2007. This will allow for the conversion of most of the Loma de La Plata resource to the higher confidence interval of Indicated from the current Inferred resource. The distribution of the new holes is as follows: Loma de La Plata (45); Valle Esperanza (14); Sector Z (3); exploration drilling in Valle La Plata (see map for location) (7), condemnation holes in the proposed tailings dam area (3). Location maps and all assays are reported on the website at www.aquiline.com along with collar data and updated sections (Valle Esperanza).



Highlights of the Loma de La Plata and Valle Esperanza
results are as follows:

-----------------------------------------------------------
Loma de La Plata
-----------------------------------------------------------
Local Local
Grid Grid From To
DDH Location Easting Northing (metres) (metres)
(metres) (metres)
-----------------------------------------------------------
Loma de La
NV08-732 Plata 47943 7133 3.00 17.39
-----------------------------------------------------------
Including 14.06 17.39
-----------------------------------------------------------
Loma de La
NV08-765 Plata 47878 7789 167.50 177.50
-----------------------------------------------------------
Including 172.50 174.50
-----------------------------------------------------------
Loma de La
NV08-781 Plata 47913 7173 1.50 21.47
-----------------------------------------------------------
Including 1.50 10.94
-----------------------------------------------------------
Loma de La
NV08-782 Plata 47698 7394 22.77 56.60
-----------------------------------------------------------
Including 27.25 36.10
-----------------------------------------------------------
And 67.50 80.10
-----------------------------------------------------------
Loma de La
NV08-792 Plata 47955 7199 9.60 29.10
-----------------------------------------------------------
Including 14.45 23.10
-----------------------------------------------------------
Loma de La
NV08-794 Plata 47815 7291 3.00 35.72
-----------------------------------------------------------
Including 3.00 10.50
-----------------------------------------------------------
Loma de La
NV08-798 Plata 47982 7386 61.55 90.70
-----------------------------------------------------------
Including 61.55 81.70
-----------------------------------------------------------
Including 63.70 68.20
-----------------------------------------------------------
-----------------------------------------------------------


---------------------------------------------------------
Loma de La Plata
---------------------------------------------------------
Composite g/t % g/t
DDH Location length Silver Lead AgEq
(metres) (LWA) (LWA) (LWA)
---------------------------------------------------------
Loma de La
NV08-732 Plata 14.39 249 0.04 251
---------------------------------------------------------
Including 3.33 819 0.02 820
---------------------------------------------------------
Loma de La
NV08-765 Plata 10.00 383 -0.01 383
---------------------------------------------------------
Including 2.00 1790 -0.01 1790
---------------------------------------------------------
Loma de La
NV08-781 Plata 19.97 620 0.18 627
---------------------------------------------------------
Including 9.44 1000 0.21 1,009
---------------------------------------------------------
Loma de La
NV08-782 Plata 33.83 407 -0.01 407
---------------------------------------------------------
Including 8.85 1433 -0.01 1,433
---------------------------------------------------------
And 12.60 172 0.12 177
---------------------------------------------------------
Loma de La
NV08-792 Plata 19.50 254 0.16 260
---------------------------------------------------------
Including 8.65 503 0.13 508
---------------------------------------------------------
Loma de La
NV08-794 Plata 32.72 308 0.05 310
---------------------------------------------------------
Including 7.50 813 -0.01 813
---------------------------------------------------------
Loma de La
NV08-798 Plata 29.15 171 0.10 175
---------------------------------------------------------
Including 20.15 238 0.15 243
---------------------------------------------------------
Including 4.50 818 0.01 818
---------------------------------------------------------
---------------------------------------------------------



-----------------------------------------------------------
Valle Esperanza
-----------------------------------------------------------
Local Local
Grid Grid
DDH Location Easting Northing From To
(metres) (metres) (metres) (metres)
-----------------------------------------------------------
Valle
NV08-768 Esperanza 50801 9050 188.75 219.00
-----------------------------------------------------------
Including 192.00 213.00
-----------------------------------------------------------
Including 198.00 201.71
-----------------------------------------------------------
Valle
NV08-773 Esperanza 50801 9151 223.50 240.60
-----------------------------------------------------------
Including 227.50 237.70
-----------------------------------------------------------
Valle
NV08-783 Esperanza 50698 9046 187.00 196.00
-----------------------------------------------------------
Including 190.50 191.53
-----------------------------------------------------------
Valle
NV08-802 Esperanza 50900 8955 138.12 157.80
-----------------------------------------------------------
Including 138.12 148.62
-----------------------------------------------------------
Including 154.24 157.80
-----------------------------------------------------------
-----------------------------------------------------------



---------------------------------------------------------
Valle Esperanza
---------------------------------------------------------
Composite g/t % g/t
DDH Location length Silver Lead AgEq
(metres) (LWA) (LWA) (LWA)
---------------------------------------------------------
Valle
NV08-768 Esperanza 30.25 347 0.32 360
---------------------------------------------------------
Including 21.00 494 0.35 508
---------------------------------------------------------
Including 3.71 1604 0.24 1,613
---------------------------------------------------------
Valle
NV08-773 Esperanza 17.10 300 0.63 325
---------------------------------------------------------
Including 10.20 476 0.74 506
---------------------------------------------------------
Valle
NV08-783 Esperanza 9.00 321 0.04 322
---------------------------------------------------------
Including 1.03 1570 0.02 1,571
---------------------------------------------------------
Valle
NV08-802 Esperanza 19.68 870 0.12 874
---------------------------------------------------------
Including 10.50 947 0.20 955
---------------------------------------------------------
Including 3.56 1982 0.07 1,985
---------------------------------------------------------
---------------------------------------------------------

NOTES: True thickness has not been calculated for any of
the above holes, and all length weighted averages
are "uncut", i.e. have no grade capping


Mr. Marc Henderson, Aquiline President & CEO, commented, "We are pleased with the infill results at Loma de La Plata, which confirm the resource grades there and look forward to the release of the upcoming Scoping Study on Loma, which is being finalized in the next two weeks. The Valle Esperanza zone was not included in the Snowden 2007 resource estimate, and will not be part of the Scoping Study. The presence of this high grade silver zone is an important development that could add to the favourable economics we expect in developing Navidad. We are currently collecting metallurgical samples to add to work already underway, and expect the next round of testing to take place in the fourth quarter this year."

The 45 holes drilled at Loma de La Plata have demonstrated that the mineralized zone remains partially open to the North and to the East, outside the resource polygon calculated on December 2007. Moreover, results from infill drill holes in this set of assays returned higher grade values than the average resource grade calculated by Snowden (225 g/t Ag in Indicated, and 159 g/t Ag Inferred).

The 14 holes completed in Valle Esperanza were located between previously drilled lines and in the known mineralized area perimeter, and tested the upper latite unit (without xenoliths) with the object of defining the known boundaries of the mineralized area. The results demonstrated that the mineralized zone is partially open to the NE and SW, and remains open to the SE (see hole NV08-802 in above highlights). Thus, the Valle Esperanza mineralization continuity to the South and South-East has been confirmed as well as the connection with the previous known Esperanza Hill Esperanza mineralization. Hole NV08-740 was drilled below the volcanic units (latite) reporting Ag values in sandstones in depth. Valle Esperanza was not included in the Snowden 2007 Mineral Resource Estimate, which estimated 127.7 million Measured and Indicated tonnes grading 161 g/t Ag, or 453 million contained silver ounces and 49.0 million Inferred tonnes grading 97 g/t Ag, or 153 million contained silver ounces.

New drilling was performed in the previously drilled Sector Z area, while exploration drilling took place in Valle La Plata (located between Sector Z and Loma de La Plata). Although results did not return values of interest, the results from certain holes demonstrate a relatively high copper/silver ratio, which is one of the principal metals associations of the Navidad project; additional drilling in this area is warranted using the copper/silver association as an exploration guide.

Four rigs are currently deployed at Navidad, of which two are performing infill as well as delimitation drilling on Loma de La Plata. The third rig is performing condemnation drilling for future siting of infrastructure, and the fourth rig is dedicated to exploration in the Valle Esperanza and other areas.

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.

ABOUT AQUILINE

Aquiline Resources Inc. is an exploration and development company advancing one of the world's largest undeveloped silver deposits (Navidad), as well as a gold/silver deposit (Calcatreu), both in Argentina, and a gold deposit in Peru (Pico Machay).

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 3 maps of the "Navidad Project", please visit the link below:

http://media3.marketwire.com/docs/aqi918m.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