Aquiline Resources Inc.

Aquiline Resources Inc.

April 05, 2006 13:31 ET

Aquiline Expands 2006 Drilling Program

TORONTO, ONTARIO--(CCNMatthews - April 5, 2006) - Aquiline Resources Inc. or "Aquiline" (TSX:AQI) is pleased to announce that exploration drilling on its 100% owned Calcatreu Gold Project, located in Rio Negro province, Argentina, is well advanced with 43 holes completed since the start of the current program in December, 2005. Initial results are encouraging, specifically within the Belen target area to the southwest of the main Vein 49 gold deposit where the latest drilling has returned 5.77 gm/t Au and 70.4 gm/t Ag across a 6 meter wide intersection in drill hole AQI-364. Further, new drilling at Viuda de Castro, a separate prospect, has discovered near surface gold with drillhole AQI-388 intersecting 5.0m @ 4.42 gm/t Au and 7.6 gm/t Ag at a shallow 21 meters down the hole. The objective of the current exploration program is to delineate additional near surface gold ounces within close proximity to Vein 49, where the Company is completing an open pit mine feasibility study; these results are considered significant in that context. The drilling program has been expanded and drilling will now continue through May, 2006.

Exploration at Calcatreu, Argentina

Aquiline's 2006 exploration drilling campaign at Calcatreu is well underway with 43 holes completed to date. The Company plans to drill over 6,000 meters testing no less than ten exploration targets in and around the Vein 49 Gold deposit plus a number of district targets located within 12km of Calcatreu to the northeast. A series of RC and combination RC/Diamond holes have been completed in the following areas:

- Belen, located to the southwest of the Vein 49 deposit - 11 holes

- Puesto, located to the west of the Nelson deposit - 6 holes

- Nelson, various targets - 12 holes

- Castro Sur - 7 holes

- Viuda de Castro - 4 holes

- Vein 49 Hanging Wall Splay - 3 holes

For location map please visit the Aquiline site by clicking below:

At Belen, located some 400m to the southwest of Vein 49, there are two sub-parallel north-trending quartz veins each sporadically exposed over a strike length of about 400 meters. The westerly of the two veins, Belen West, had not been drilled prior to the present campaign. It has now been tested along strike for about 200m and down to a vertical depth of 100m. Best results to date are 6m @ 5.77 gm/t Au with 70.4 gm/t Ag in AQI-364. The structure continues to be open along strike to the north where the Vein's surface trace is lost beneath volcanic cover. Further drilling is planned for this area.

At Nelson the principal target in the present campaign has been to test mineralization at deeper levels than have previously been drilled in this area. Results have been only partially successful (AQI-378 returned 3.05m @ 3.27 gm/t Au) and demonstrate the relatively intense amount of drilling that is required to explore for low sulfidation epithermal vein targets.

At the Castro Sur target seven holes have been drilled to test a robust geophysical resistivity anomaly associated with anomalous rock chip geochemical samples in the range of 1.0 - 5.0 gm/t Au that were systematically collected over a northeast trending topographical ridge. This structure was essentially undrilled prior to the present campaign. Best drill results received to date are 3m @ 2.30 gm/t Au with 394.3 gm/t Ag in AQI-385. The mineralization appears to be associated with intense silicification of a volcaniclastic unit along a regional-scale fault and is open along strike in both directions as well as at depth. Aquiline is very encouraged by the high silver values, up to 780 gm/t in individual samples, which is in itself unusually elevated for the general Calcatreu district.

At the Viuda de Castro target three holes have been drilled to test below banded chalcedonic quartz outcrops that in parts have returned gold values of up to 6.0 gm/t and that strike for more than 400 meters. The mineralization appears to be controlled by a west-southwest to east-northeast trending fault of at least 2km in extent. The best results received to date are in near-surface hole AQI-388 with 5.0m @ 4.42 gm/t Au and 7.6 gm/t Ag. As at Castro Sur, Aquiline is planning further drilling at its Viuda de Castro prospect during April to follow-up on these initial encouraging gold intercepts.

Significant drilling results from the current exploration program are tabled below:

Hole Northing Easting From To Inter- Au Ag Target
cept(m)(gm/t) (gm/t)
AQI360 5300 288 65 68 3.00 5.60 58.43 Belen E.
AQI362 5450 140 120 127 7.00 2.34 13.1 Belen W.
AQI364 5500 139 71 77 6.00 5.77 77.4 Belen W.
AQI369 4800 586 161.2 165.3 4.10 2.71 15.3 Nelson.
AQI378 4850 561 131.45 134.5 3.05 3.27 3.6 Nelson
AQI380 3450 1059 31 34 3.00 2.06 39.1 Nelson
AQI384 5.368.084 2.458.042 63 65 2.00 2.07 110.3 Castro
77 79 2.00 2.11 105.2 Sur
AQI385 5.368.126 2.458.063 53 56 3.00 1.97 287.5 Castro
63 66 3.00 2.30 394.3 Sur
AQI386 5.370.878 2.457.687 47 51 4.00 2.04 5.3 Viuda
AQI387 5.368.084 2.458.042 41 45 4.00 3.01 4.0 Viuda
AQI388 5.370.854 2.457.688 21 26 5.00 4.42 7.6 Viuda
Note: 0.5 gm/t Au Cut-off Note: True width has not been determined

It should be noted that Aquiline in this current drilling campaign has completed a further 18 holes testing various targets at the Nelson, Puesto and Belen prospects that have returned insignificant results.

Drilling is continuing and the remaining areas to be drilled during the present campaign include:

- Trinidad

- Deep Central ore shoot potential at Vein 49

- Vein 49 north extension

- Vein 49 Footwall targets

In other news, the Company is please to announce the appointment of Mr. Dennis Gibson as its Chief Financial Officer. Mr. Gibson holds a Bachelor of Commerce from Concordia University, is Certified General Accountant and has held various senior financial positions over the past twenty-five years. From 1996 to 2004, Mr. Gibson served as the Vice-President, CFO and Corporate Secretary of Vector Intermediaries Inc., a public company listed on TSX Venture Exchange. Mr. Gibson replaces Mr. Martin Walter who has been acting in the capacity as the Company's CFO.

Aquiline has implemented a quality control program to ensure best practice in chemical sampling and analysis of surface and drill core samples. Information used in this release was compiled and reviewed by John J. Chulick, Calcatreu Exploration Manager and an appropriately qualified person as defined by National Instrument 43-101. All assay work has been carried out by ALS Laboratories of Mendoza, Argentina.

This press release contains forward looking statements.

The TSX 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
    Aquiline Resources Inc.
    Martin Walter
    Director & Vice President of Exploration
    (416) 599-4133