Aquiline Resources Inc.
TSX : AQI

Aquiline Resources Inc.

December 06, 2006 08:00 ET

Aquiline Releases New Navidad Results Including 72 Meters of 565 g/t Silver

TORONTO, ONTARIO--(CCNMatthews - Dec. 6, 2006) - Aquiline Resources Inc. (TSX:AQI) is pleased to report on the results of 42 new diamond drill holes at the Navidad Project in Chubut Province, Argentina. The holes were completed by the previous operator IMA Exploration Inc. between May and July of this year and were all drilled within the defined resource areas of Calcite Hill and Navidad Hill. All 42 holes were mineralized and were consistent with previous results from these zones, confirming Navidad's status as one of the largest undeveloped silver deposits in the world.

Aquiline recently took over operations at Navidad and is managing the project pursuant to an interim project development agreement with IMA Exploration Inc., pending an appeal court hearing in British Columbia challenging the Company's legal victory last July which awarded ownership of Navidad to Aquiline (see Company news releases dated July17, 2006 and October 19, 2006). Drilling at Navidad under Aquiline management commenced on November 27, 2006 and is proceeding well with seven holes already completed.

With the release of these drill holes, total drilling to date at Navidad now totals 60,220m of diamond drilling in 365 drill holes. The newly released holes can be sub-divided into three groups:

Group 1: Calcite Hill, 8 diamond drill holes, NV06-324 though NV06-331. The objective was to obtain information on the variability of deposit mineralization by completing two profiles across the core area of the deposit as it is currently known. Samples were also collected for metallurgical studies. Attention is called to nearly 87m of 262 gpt Ag with 1.15% lead reported in NV06-328.

Group 2: Navidad Hill southwest flank, 19 diamond drill holes, NV06-339 to NV06-357. The objective was defined as infill and definition drilling with the secondary purpose of obtaining sample for metallurgical testing. Of note is 45.2m of 181 gpt Ag with 0.66% lead in NV06-343.

Group 3: Navidad Hill, summit area, 15 diamond drill holes, NV06-339 to NV06-357, and NV06-358 to NV06-365. The objective was defined as infill and exploratory drilling to trace a breccia zone to the southeast of the summit area with the secondary purpose of obtaining sample for metallurgical testing. Attention is called to nearly 72 meters of 565 gpt Ag with 0.59% lead in NV06-363.

These results are summarized in the following table:



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CALCITE HILL
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LOCAL LOCAL Intercept Ag Eq Ag Pb
HOLE NORTHING EASTING FROM(m) TO (m) (m) (g/t) (g/t) (%)
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NV06-324 49,225 9,901 78.70 144.05 65.35 342 281 1.53
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including 111.50 144.05 32.55 553 535 0.44
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NV06-325 49,225 9,874 86.00 143.00 57.00 91 82 0.23
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including 74.00 89.80 15.80 60 19 1.03
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including 126.50 143.00 16.50 270 259 0.27
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NV06-326 49,161 9,986 152.26 183.70 31.44 186 173 0.32
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including 170.70 183.70 13.00 374 346 0.69
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NV06-327 49,161 9,962 66.50 182.00 115.50 154 139 0.36
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including 95.00 131.00 36.00 316 293 0.56
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NV06-328 49,161 9,938 72.89 159.74 86.85 308 262 1.15
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including 113.00 155.92 42.92 457 428 0.72
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NV06-329 49,164 9,908 90.50 155.00 64.50 143 101 1.07
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including 90.50 95.00 4.50 505 74 10.78
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including 126.02 155.00 28.98 210 200 0.25
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NV06-330 49,162 9,883 83.49 101.40 17.91 291 49 6.05
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including 93.28 101.40 8.12 477 86 9.77
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NV06-331 49,162 9,857 72.50 81.50 9.00 61 18 1.09
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NAVIDAD HILL
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LOCAL LOCAL Intercept Ag Eq Ag Pb
HOLE NORTHING EASTING FROM(m) TO (m) (m) (g/t) (g/t) (%)
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NV06-332 49,890 10,039 5.00 47.57 42.57 74 68 0.13
including 26.00 47.57 21.57 105 103 0.06
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NV06-333 49,890 10,014 3.50 94.50 91.00 170 169 0.05
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NV06-334 49,891 9,988 5.50 55.50 50.00 175 168 0.16
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NV06-335 49,889 9,961 0.00 100.50 100.50 71 63 0.21
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NV06-336 49,979 10,060 11.60 28.80 17.20 115 113 0.05
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NV06-337 49,985 10,031 3.00 58.50 55.50 262 260 0.05
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NV06-338 49,979 9,963 3.00 55.70 52.70 65 62 0.06
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including 25.15 55.70 30.55 88 86 0.06
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NV06-339 49,678 9,894 20.00 32.40 12.40 97 72 0.63
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NV06-340 49,680 9,863 32.20 62.20 30.00 136 124 0.31
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NV06-341 49,681 9,832 39.00 55.00 16.00 224 158 1.63
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NV06-342 49,781 9,864 7.70 27.56 19.86 135 96 0.98
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NV06-343 49,781 9,838 11.00 56.20 45.20 208 181 0.66
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NV06-344 49,780 9,812 23.18 27.50 4.32 125 90 0.87
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NV06-345 49,961 9,823 14.00 32.00 18.00 95 90 0.12
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NV06-346 49,960 9,802 23.00 34.42 11.42 70 67 0.08
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and 98.00 110.00 12.00 120 117 0.08
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NV06-347 49,959 9,777 29.10 38.10 9.00 89 79 0.26
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NV06-348 49,999 9,811 20.00 37.37 17.37 105 100 0.13
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NV06-349 49,999 9,787 38.00 41.00 3.00 112 110 0.06
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NV06-350 50,001 9,762 38.00 41.00 3.00 169 167 0.06
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NV06-351 49,891 9,812 4.50 45.70 41.20 166 146 0.50
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NV06-352 49,886 9,783 5.00 40.75 35.75 140 111 0.73
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including 30.43 40.75 10.32 323 268 1.38
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NV06-353 49,887 9,755 14.00 80.00 66.00 98 81 0.44
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including 14.00 23.00 9.00 171 158 0.32
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including 65.70 80.00 14.30 117 116 0.04
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NV06-354 49,829 9,809 23.00 35.23 12.23 158 121 0.93
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NV06-355 49,830 9,778 14.00 59.00 45.00 118 93 0.60
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NV06-356 49,828 9,743 50.00 72.06 22.06 137 103 0.83
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NV06-357 49,739 9,827 11.00 65.55 54.55 83 76 0.18
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including 11.00 29.15 18.15 136 118 0.44
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including 57.69 65.55 7.86 186 182 0.11
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NV06-358 50,018 9,945 0.00 17.40 17.40 94 89 0.11
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NV06-359 49,938 9,946 2.60 88.50 85.90 154 147 0.16
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including 4.60 19.50 14.90 305 299 0.16
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including 78.80 82.50 3.70 929 834 2.38
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NV06-360 50,020 9,997 22.50 35.00 12.50 54 52 0.04
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NV06-361 50,020 10,061 0.00 40.50 40.50 504 501 0.07
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including 32.78 37.50 4.72 3,871 3867 0.09
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NV06-362 49,939 10,034 0.00 67.50 67.50 84 81 0.10
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including 34.20 39.15 4.95 440 429 0.28
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NV06-363 49,940 10,009 0.00 71.88 71.88 588 565 0.59
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including 10.54 46.25 35.71 1,084 1054 0.74
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NV06-364 49,834 10,050 0.00 118.50 118.50 107 103 0.11
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including 82.20 118.50 36.30 268 260 0.20
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including 86.80 99.70 12.90 562 543 0.46
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NV06-365 49,833 10,024 4.50 70.50 66.00 57 52 0.10
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including 4.50 34.23 29.73 64 62 0.06
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Notes:
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 x 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.
4. A map showing the locations of all of these results is available on
the Company's website at
http://aquiline.com/images/pressreleases/map120606.htm.


Aquiline has reviewed the quality control program 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.

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
    Website: www.aquiline.com