Aquiline Resources Inc.
TSX : AQI

Aquiline Resources Inc.

August 23, 2007 10:09 ET

Aquiline Drilling on Navidad Argenta Trend Expands High Grade Loma De La Plata Zone; Results Include 40.9m at 614 g/t Ag

TORONTO, ONTARIO--(Marketwire - Aug. 23, 2007) - Aquiline Resources Inc. ("Aquiline" or the "Company") (TSX:AQI) is pleased to report on the results of 41 new diamond drill holes at the Navidad Project in Chubut Province, Argentina. These include the results for 16 follow-up holes to further extend the high-grade zone of mineralization on the southeast flank of Barite Hill, (see April 10 and May 23 news releases), 3 exploratory holes at Marcasite Hill, 4 reconnaissance holes on the north flank of Calcite Hill, 10 holes in the Bajo del Plomo zone in the Argenta trend, and 8 holes in the developing high-grade silver zone at Loma de La Plata. Total drilling to date at Navidad now totals 84,671 meters of diamond drilling in 503 drill holes. Drilling continues at Navidad, with two drill rigs on the property.

The Loma de La Plata results demonstrate the potential for a high grade silver zone, which continues to be open to the north, east (down-dip) and southeast, and will be followed up in subsequent drilling. Eight consecutive holes all reported results less than 50 vertical metres from the surface including intervals which essentially start from outcrop. Highlights include 20.2m @ 1,151 g/t Ag in NV07-497, 37.2m @ 496 g/t Ag in NV07-501, and 40.9m @ 614 g/t Ag in NV07-502. Recent drilling has been confined to an area approximately 125m north-south by 100m east-west. The stratigraphy at Loma de La Plata is comprised, from top to bottom, of the upper latite (typically brecciated), an intervening sedimentary unit, a lower latite unit, and the footwall andesite. The favourable unit is the upper latite although previous drilling has demonstrated occasional mineralization in the intervening sedimentary package. In the area drilled, the upper latite forms a dip-slope on the flank of an east-facing hill, hence the near-surface intercepts in all reported holes.

At Barite Hill, best results correspond to what are essentially in-fill holes, with 39.0m @206 g/t Ag reported in NV07-471 and 35.75m @ 321 g/t in NV07-472; drilling reported in other holes has not enlarged the core high-grade zone from that reported in previous news releases. At Bajo del Plomo silver results are generally modest though near-surface high lead values are reported in NV07-486 (5.6m @ 15.75% Pb) and NV07-489 (7.34m @ 5.48%) . Three holes drilled at Marcasite Hill, on trend about 1km to the southeast of Barite Hill, indicate continuation of the base metal sulfide system (NV07-479 w/ 30.6m @ 1.2% Zn) in intervals up to 60m thick but so far without significant Ag values. Significant initial exploration results have been encountered well off the north flank of Calcite Hill where NV07-484 returned values of 12.95m @ 324 g/t Ag and NV07-485 returned a similar 11.90m @ 300 g/t Ag. This target is tentatively interpreted as mineralized sedimentary units proximal to a low-angle fault contact between the upper sedimentary package and the lower volcaniclastic unit. Metallurgical samples will be collected from Barite Hill and Loma de La Plata and will be sent for testing during the current quarter as part of the program described by press release dated August 15, 2007.



Results for drilling described in the above areas are summarized in the
following table:

---------------------------------------------------------------------------
Local Local
Grid Grid compo- g/t
East- North- from to site g/t Sil- %
Loca- ing ing (met- (met- length AgEq ver Lead
DDH tion (metres) (metres) res) res) (metres) (LWA) (LWA) (LWA)
---------------------------------------------------------------------------
NV07- Barite
463 Hill 52,549 9,285 77.56 91.00 13.44 61 21 1.00
---------------------------------------------------------------------------
NV07- Barite
464 Hill 52,548 9,231 193.00 196.00 3.00 75 40 0.87
---------------------------------------------------------------------------
NV07- Barite
465 Hill 52,548 9,344 122.42 131.47 9.05 98 50 1.19
---------------------------------------------------------------------------
NV07- Barite
466 Hill 52,547 9,401 89.35 109.00 19.65 54 44 0.26
---------------------------------------------------------------------------
NV07- Barite
467 Hill 52,602 9,314 79.00 100.00 21.00 101 27 1.86
---------------------------------------------------------------------------
NV07- Barite
468 Hill 52,604 9,366 47.30 55.00 7.70 123 57 1.67
---------------------------------------------------------------------------
NV07- Barite
469 Hill 52,600 9,255 115.00 133.00 18.00 67 27 0.98
---------------------------------------------------------------------------
NV07- Barite
470 Hill 52,499 9,420 82.35 118.00 35.65 55 53 0.04
---------------------------------------------------------------------------
NV07- Barite
471 Hill 52,400 9,477 130.00 169.00 39.00 206 206 0.01
---------------------------------------------------------------------------
NV07- Barite
472 Hill 52,449 9,475 92.75 128.50 35.75 345 321 0.61
---------------------------------------------------------------------------
including 95.47 117.70 22.23 501 463 0.95
---------------------------------------------------------------------------
NV07- Barite
473 Hill 52,503 9,473 13.00 29.35 16.35 54 47 0.17
---------------------------------------------------------------------------
NV07- Barite
474 Hil 52,099 9,373 none
---------------------------------------------------------------------------
NV07- Barite
475 Hill 52,096 9,481 none
---------------------------------------------------------------------------
NV07- Barite
476 Hill 52,099 9,373 7.95 22.00 14.05 112 36 1.89
---------------------------------------------------------------------------
NV07- Barite
477 Hill 52,100 9,675 76.50 85.20 8.70 35 22 0.34
---------------------------------------------------------------------------
NV07- Barite
478 Hill 51,902 9,399 82.20 88.20 6.00 160 90 1.75
---------------------------------------------------------------------------
NV07- Marcasite
479 Hill 53,399 9,697 3.00 35.00 32.00 18 1 0.43
---------------------------------------------------------------------------
NV07- Marcasite
480 Hill 53,500 9,601 26.00 94.80 68.80 16 4 0.30
---------------------------------------------------------------------------
NV07- Marcasite
481 Hill 53,452 9,652 2.50 48.60 46.10 39 2 0.92
---------------------------------------------------------------------------
NV07- Calcite
482 Hill 49,474 10,199 none
(Flank N)
---------------------------------------------------------------------------
NV07- Calcite
483 Hill 49,382 10,350 0.50 3.50 3.00 132 128 0.11
(Flank N)
---------------------------------------------------------------------------
NV07- Calcite
484 Hill 49,343 10,289 9.60 49.55 39.95 168 143 0.61
(Flank N)
---------------------------------------------------------------------------
includ-
ing 36.60 49.55 12.95 328 324 0.10
---------------------------------------------------------------------------
NV07- Calcite
485 Hill 49,289 10,283 19.70 39.10 19.40 234 222 0.31
(Flank N)
---------------------------------------------------------------------------
includ-
ing 19.70 31.60 11.90 318 300 0.47
---------------------------------------------------------------------------
NV07 Bajo del
-486 Plomo 48,101 6,903 14.35 27.50 13.15 380 97 7.10
---------------------------------------------------------------------------
includ-
ing 14.35 19.95 5.60 832 201 15.75
---------------------------------------------------------------------------
NV07- Bajo del
487 Plomo 48,103 6,958 15.50 20.30 4.80 151 28 3.06
---------------------------------------------------------------------------
NV07- Bajo del
488 Plomo 48,106 7,001 18.80 24.80 6.70 126 28 2.47
---------------------------------------------------------------------------
NV07- Bajo del
489 Plomo 48,753 6,793 17.16 24.50 7.34 244 25 5.48
---------------------------------------------------------------------------
NV07- Bajo del
490 Plomo 48,752 6,836 35.60 51.10 15.50 70 13 1.42
---------------------------------------------------------------------------
NV07- Bajo del
491 Plomo 48,751 6,890 none
---------------------------------------------------------------------------
NV07- Bajo del
492 Plomo 48,701 6,811 58.00 67.20 9.20 74 56 0.44
---------------------------------------------------------------------------
NV07- Bajo del
493 Plomo 48,646 6,810 20.92 33.40 12.48 116 42 1.85
---------------------------------------------------------------------------
NV07- Bajo del
494 Plomo 48,849 6,827 39.00 51.50 12.50 125 72 1.30
---------------------------------------------------------------------------
NV07- Bajo del
495 Plomo 47,864 7,205 44.63 46.29 1.66 133 32 2.52
---------------------------------------------------------------------------
NV07- Loma de
496 la Plata 47,893 7,194 0.00 18.95 18.95 242 238 0.09
---------------------------------------------------------------------------
NV07- Loma de
497 la Plata 47,893 7,194 1.50 30.70 29.20 882 874 0.20
---------------------------------------------------------------------------
includ-
ing 1.50 21.70 20.20 1,159 1151 0.19
---------------------------------------------------------------------------
NV07- Loma de
498 la Plata 47,877 7,266 1.20 33.70 32.50 442 442 0.00
---------------------------------------------------------------------------
includ-
ing 1.20 4.07 2.87 2,096 2096 -0.01
---------------------------------------------------------------------------
NV07- Loma de
499 la Plata 47,922 7,231 1.50 19.20 17.70 316 314 0.07
---------------------------------------------------------------------------
NV07- Loma de
500 la Plata 47,962 7,255 1.20 54.50 53.30 258 257 0.01
---------------------------------------------------------------------------
includ-
ing 9.80 19.90 10.10 735 735 0.01
---------------------------------------------------------------------------
NV07- Loma de
501 la Plata 47,924 7,290 12.70 49.90 37.20 502 496 0.14
---------------------------------------------------------------------------
NV07- Loma de
502 la Plata 47,861 7,315 14.40 55.30 40.90 617 614 0.07
---------------------------------------------------------------------------
includ-
ing 18.00 30.70 12.70 1,619 1617 0.06
---------------------------------------------------------------------------
NV07- Loma de
503 la Plata 47,901 7,341 36.90 55.78 18.88 292 291 0.03
---------------------------------------------------------------------------

Notes (A):
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 times 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.


The current focus of the drilling at Navidad is completion of holes for inclusion in the updated resource estimate. The cut off date for this will be approximately the end of August, at which point drilling will resume at more exploratory targets such as that reported on the north flank of Calcite 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 and Aquiline's ultimate success in the litigation with IMA Exploration Inc. 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.

NOTE: To view pictures of the Navdad Project maps, please visit the following link: http://www.ccnmatthews.com/docs/aqimaps.pdf.

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) 432-704
    Website: www.Aquiline.com