Aquiline Resources Inc.
TSX : AQI

Aquiline Resources Inc.

May 02, 2007 09:09 ET

Aquiline Intersects 69.8 g/t of Gold Over 1.8 Metres at Castro Sur

TORONTO, ONTARIO--(CCNMatthews - May 2, 2007) - Aquiline (TSX:AQI) is pleased to announce drilling results from its Castro Sur deposit which is located on the Company's Calcatreu Gold Project approximately five km north of the Vein49 gold deposit in Rio Negro province, Argentina. Drilling has encountered high grade gold mineralization; with drill hole AQI-522 assaying 69.8 g/t gold and 53 g/t silver across a downhole intersection of 1.8 metres. This is the highest grade interval reported since Aquiline commenced drilling at Castro Sur in the second quarter of 2006. This result also highlights Castro Sur's underground mine potential, due to the proximity of this hole to drillhole AQI-523, drilled 800 metres to its north. Drillhole AQI-523 intercepted 8.68 g/t gold and 52 g/t silver across 3.8 metres approximately 110 metres below the surface. The Castro Sur principle structure remains open ended below these drill holes.

Aquiline recently tabled an initial feasibility study which centered on the viability of the current mineral resources at the Vein49 deposit and is now drilling satellite gold deposits (including Castro Sur) that occur in the immediate Vein49 surroundings and that are also located within trucking distance of the proposed plant in order to expand the project's total mineral resources. Results to date have been favourable and drilling continues. A total of 6,076m in 62 holes have been completed on nearby prospects and due to its success, the program has now been increased to 9,000 meters of drilling with additional program expansions dependent on results.

Drilling at the Company's Castro Sur deposit now totals 43 of the 62 drill holes. Current drilling at Castro Sur is testing a gold mineralized northeast trending geological structure that has a strike length of 3 kilometers. Drilling continues to return encouraging results including 4.72 g/t of gold across 12 metres in drillhole AQI-512 and 3 metres of 4.87 g/t gold in drillhole AQI-509.

Results of 13 new drill holes from the Castro Sur deposit are tabled below. Maps showing the location of these drill holes and others are can be found on the Company's website at www.aquiline.com



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HOLE EASTING NORTHING FROM TO INTERCEPT Au Ag
(m) (m) (m) (g/t) (g/t)
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AQI-509 2457016 5367311 59 62 3 4.87 38.4
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AQI-510 2457302 5367482 49 51 2 2.67 13.8
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56 62 6 3.13 15.7
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AQI-511 2456970 5367270 39 43 4 1.88 2.4
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70 77.7 7.7 1.04 11.9
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AQI-512 2456847 5367114 22 23 1 22.7 38
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27 39 12 4.72 29.5
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AQI-513 2456822 5367070 33 41 8 1.74 4.4
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AQI-515 2457262 5367655 93.9 97.7 3.8 5.43 3.5
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AQI-516 2457405 5367584 120.6 135 14.4 4.64 48.3
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AQI-517 2457310 5367521 130 135.1 5.1 1.15 2.5
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AQI-518 2458498 5368822 40 41 1 5.47 17.8
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AQI-519 2458008 5368104 10 12 2 23.02 40.1
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AQI-521 2458012 5368052 70.6 84.5 13.9 1.31 6.2
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AQI-522 2457956 5368026 27 30 3 1.65 5.9
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104 105.8 1.8 69.76 53.3
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AQI-523 2457360 5367500 133.8 137.6 3.8 8.68 51.7
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Note: Results were calculated using a 0.5 g/t Au cut-off and true width is yet to be determined. Results deemed "not significant" are not reported for two holes with intercepts whose product is less than 5 g/t Au x metre.

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 Mendoza Laboratories. Under the guidelines of the National Instrument 43-101, the Qualified Person for the Calcatreu Gold Project is Mr. John J. Chulick who is a registered geologist in the State of California.

Aquiline is also pleased to announce further expansion of its management team, reflecting the advancement of the Navidad and Calcatreu Projects. Effective May 1st, Mrs. Flora Wood has joined the Company as Vice President, Investor Relations. Flora has held Investor Relations positions since 1996, and most recently headed Investor Relations for Harris Steel Group Inc. which was acquired by Nucor Corporation in March this year. This appointment is a response to increasing shareholder interest in the Company as project development has accelerated at Navidad and Calcatreu.

About Aquiline

Aquiline Resources Inc. is a precious metals development and exploration company. The Company's core strategy is to acquire advanced stage high-grade precious metal deposits within Argentina and the Americas. Aquiline's two main assets are the Calcatreu Gold Project, in Rio Negro Province, Argentina and the Navidad Silver Project in neighbouring Chubut Province. Aquiline operates Navidad in trust under an Interim Project Development Agreement. The projects both occur along the Gastre Fault, an emerging mineralized district in southern Argentina that consists of several near-surface zones of high-grade mineralization, amenable to open pit mining.

Aquiline has a Board of Directors and a management team with years of experience in the resource sector from exploration to mine development.

This press release contains forward looking statements.

FORWARD-LOOKING STATEMENTS

This press release contains certain "forward-looking statements". All statements regarding perceived potential for underground mining at Castro Sur, as well as statements that involve interpretation of results to date and plans for further exploration are forward-looking statements involving various risks and uncertainties. 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 or implied in such statements. The Company expressly disclaims any obligation to update any forward-looking statements.

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) 2940-432704
    Website: www.Aquiline.com