Aquiline Resources Inc.
TSX : AQI

Aquiline Resources Inc.

April 10, 2007 13:39 ET

Aquiline Releases New Navidad Results Including High-Grade Intervals at Barite Hill; Appeal Gets Underway in Vancouver

TORONTO, ONTARIO--(CCNMatthews - April 10, 2007) - Aquiline Resources Inc. ("Aquiline" or the "Company") (TSX:AQI) is pleased to report on the results of 39 new diamond drill holes at the Navidad Project in Chubut Province, Argentina. These include the first holes drilled by the Company at Barite Hill and of particular note are results for holes NV07-396/397 and NV07-403 drilled on section 52.400E. Results include an intersection of 30.8 metres grading 547 g/t Ag and 0.77% Cu in hole NV07-403 that was drilled at the south end of a reconnaissance drill fence to test the often-mineralized mudstone sequence. Follow-up drilling is now in-progress to confirm mineralization southwards along the sequence as well as to test the considerable potential to the east and west of these holes.

In addition, at Calcite NW new results from drill hole NV07-412 (18m @ 37g/t Ag with 0.28% Pb), located approximately 400 metres to the NW of the current resource limit, indicate the potential to extend the mineralized resource area northwest along the general N60W trend of the Navidad mineralization. The Company is also continuing to infill areas within the current Calcite NW resource and overall results are consistent with previous results from this zone.

Total drilling to date at Navidad now totals 70,257 metres of diamond drilling in 430 drill holes. These newly released holes can be sub-divided into four groups:

Group 1: Barite Hill: Nine diamond drill holes were completed numbered NV07-395 through NV07-403. The objective was to test mineralization at Barite Hill by drilling a fence of drill holes across the south flank of the hill along section 52.400E. Results suggest that mineralization in the mudstone layer that underlies the host latite unit, thickens and improves in grade towards the southwest. The drilling intersected mineralization across an area 300 metres wide along the southwest flank in a layer that can be traced between four drill holes and averages 20 metres thick. The best of the four holes, NV07-403 returned 30.80 metres grading 547 g/t Ag and 0.77% Cu in the southwest end of the drill fence.

Group 2: Galena Hill / Barite Hill Saddle: Three diamond drill holes were completed numbered NV07-392 through to NV07-394 to test the saddle area between Galena and Barite Hills with the objective of detecting "Connector Zone" style mineralization. Drill hole NV07-393 returned 18.95m @ 31g/t Ag and 0.74% Pb suggesting the possibility of extending the current Galena Hill resource boundary eastward towards Barite Hill.

Group 3: Yanquetru / Ginger: A total of seven diamond drill holes were completed with an objective to test broad silver, arsenic, and zinc soil anomalies along the south end of the Argenta trend. Although no significant silver mineralization was encountered the area needs further detailed geologic mapping and additional soil sampling on a tighter grid to determine the merit of any follow-up drilling.

Group 4: Calcite NW: A further eighteen infill diamond drill holes, NV07-413 through NV07-430, were completed in the inferred resource area at Calcite NW and results are tabled below. Of potential importance, reconnaissance hole NV07-412 was drilled approximately 400m northwest of the resource boundary at Calcite NW and intersected silver mineralization in an 18m intercept grading 37 g/t Ag with 0.28% Pb, in typical Calcite NW host lithologies. This suggests there is potential to extend the present known resource limit a considerable distance northwest and further drilling is planned for this area.



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

---------------------------------------------------------------------------
Ag
DRILL HOLE LOCAL LOCAL FROM TO INTERCEPT Ag g/t Pb % EQUIV
EAST NORTH (metres) (metres) (metres)
---------------------------------------------------------------------------

---------------------------------------------------------------------------
I.0 BARITE HILL
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NV07-395 52,398 9,677 42.50 57.50 15.00 36 0.56 58
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NV07-396 52,399 9,582 21.80 36.80 15.00 42 0.54 63
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and 96.80 114.80 18.00 235 0.05 237
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including 100.94 105.80 4.86 408 0.05 410
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NV07-397 52,399 9,479 14.93 38.40 23.47 29 0.70 57
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including 14.93 26.30 11.37 44 0.96 82
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and 133.00 148.80 15.80 297 0.01 297
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including 133.00 139.00 6.00 549 0.01 550
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and 182.25 193.00 10.75 412 0.03 413
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---------------------------------------------------------------------------
NV07-398 52,501 9,687 3.70 15.70 12.00 33 0.72 62
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and 47.70 55.60 7.90 34 1.93 111
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NV07-399 52,501 9,685 4.00 10.00 6.00 31 0.88 66
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NV07-400 52,601 9,511 none
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NV07-401 52,802 9,570 none
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NV07-402 52,798 9,269 29.00 29.80 0.80 19 4.69 207
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NV07-403 52,403 9,365 43.13 49.85 6.72 34 0.43 52
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and 147.50 178.30 30.80 547 0.08 550
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including 147.50 155.40 7.90 1443 0.35 1,457
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II.0 GALENA HILL / BARITE HILL SADDLE
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---------------------------------------------------------------------------
NV07-392 51,601 9,648 70.65 78.04 7.39 28 0.97 67
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---------------------------
NV07-393 51,600 9,756 58.60 77.55 18.95 31 0.74 61
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---------------------------
NV07-394 51,599 9,873 17.90 24.70 6.80 51 0.87 86
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III.0 YANQUETRU / GINGER
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NV07-404 53,002 6,620 none
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NV07-405 52,200 6,733 79.30 85.30 6.00 2 1.62 67
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NV07-406 52,191 6,487 160.10 163.10 3.00 20 0.61 45
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NV07-407 51,788 6,692 142.20 143.45 1.25 11 1.89 87
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NV07-408 51,799 6,499 none
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NV07-409 51,400 6,658 187.30 193.30 6.00 21 0.21 30
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NV07-410 52,187 6,843 none
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IV.0 CALCITE NW
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NV07-411 48,403 9,549 none To test geophysical anomaly to SW of
resource
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NV07-412 47,403 9,997 22.20 40.20 18.00 37 0.28 48
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including 34.20 40.20 6.00 69 0.69 97
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and 70.20 89.67 19.47 10 1.26 60
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---------------------------------------------------------------------------
NV07-413 48,101 10,077 34.30 55.96 21.66 68 0.62 93
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---------------------------------------------------------------------------
NV07-414 48,100 9,985 16.30 38.00 21.70 82 0.63 107
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NV07-415 48,200 10,096 16.20 60.90 44.70 48 0.48 68
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including 43.20 59.95 16.75 104 0.58 128
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and 115.20 121.20 6.00 178 0.06 180
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---------------------------------------------------------------------------
NV07-416 48,199 10,009 40.00 55.00 15.00 151 0.83 185
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Including 49.00 52.00 3.00 514 0.99 553
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Including 46.00 55.00 9.00 213 0.90 249
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---------------------------------------------------------------------------
NV07-417 48,246 10,072 25.20 64.20 39.00 56 0.35 70
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including 43.20 61.60 18.40 87 0.35 101
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Including 56.95 61.60 4.65 190 1.39 245
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and 114.40 116.25 1.85 68 3.34 202
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NV07-418 48,301 10,010 34.00 40.00 6.00 142 0.17 149
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and 58.00 65.35 7.35 493 1.04 534
---------------------------------------------------------------------------
Including 58.00 62.70 4.70 758 1.50 818
---------------------------------------------------------------------------
Including 61.38 62.70 1.32 2227 4.18 2394
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NV07-419 48,450 10,012 31.20 64.20 33.00 81 0.57 103
---------------------------------------------------------------------------
including 58.20 64.20 6.00 183 1.64 249
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NV07-420 48,449 9,769 19.00 43.00 24.00 62 0.57 85
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---------------------------------------------------------------------------
NV07-421 48,495 9,750 25.00 52.00 27.00 51 0.56 73
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including 37.00 49.00 12.00 84 0.52 105
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---------------------------------------------------------------------------
NV07-422 48,552 9,713 25.00 52.00 27.00 96 0.59 119
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NV07-423 48,640 9,732 40.00 61.80 21.80 195 0.70 223
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including 49.00 61.80 12.80 317 0.71 345
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---------------------------------------------------------------------------
NV07-424 48,651 9,771 46.20 70.20 24.00 78 0.59 101
---------------------------------------------------------------------------
including 58.20 64.20 6.00 236 0.37 251
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---------------------------------------------------------------------------
NV07-425 48,648 9,821 67.00 82.00 15.00 123 0.57 146
---------------------------------------------------------------------------
including 67.00 73.00 6.00 283 0.70 311
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NV07-426 48,655 9,877 58.00 67.00 9.00 35 2.33 128
---------------------------------------------------------------------------
and 79.00 94.00 15.00 20 1.07 62
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NV07-427 48,657 9,877 115.20 123.60 8.40 26 1.26 76
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NV07-428 48,694 9,877 85.00 97.00 12.00 25 1.05 67
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NV07-429 48,195 10,741 66.60 75.60 9.00 10 0.67 36
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and 117.60 132.60 15.00 23 1.10 66
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NV07-430 48,691 9,818 73.00 85.00 12.00 13 0.83 46
---------------------------------------------------------------------------
---------------------------------------------------------------------------

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.


Aquiline is pleased with the above results, especially at Barite Hill and Calcite NW which have the potential to contribute additional resources to the world-class Navidad silver deposits upon further drilling.

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.

In further news, the British Columbia Court of Appeals will today begin hearing the appeal of IMA Explorations Inc regarding the British Columbia Supreme Court decision of July, 2006 which awarded ownership of Navidad to Minera Aquiline Argentina SA, Aquiline's wholly owned Argentinean subsidiary. The hearing is scheduled to take place over a three day period commencing today in the British Columbia Court of Appeal.

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.
    John J. Chulick
    Vice President of Exploration
    (54-2940) 432-704
    Website: www.Aquiline.com