Aquiline Resources Inc.
TSX : AQI

Aquiline Resources Inc.

November 18, 2008 09:15 ET

Aquiline Resources Inc.: Navidad Continues to Expand as Drilling Intersects Further Wide Zones of Mineralization in Step Out Drilling at Loma de La Plata and Connector Zones

TORONTO, ONTARIO--(Marketwire - Nov. 18, 2008) - Aquiline Resources Inc. ("Aquiline" or the "Company") (TSX:AQI) is pleased to report the results of 72 new diamond drill holes pertaining to its Navidad Silver Project, Chubut Province, Argentina. Best holes include NV08-857 at Loma de La Plata which intersected 23 metres of 321 g/t Ag some 250 metres east of the known resource. While drill hole NV08-867 intersected 119 g/t Ag across 86 metres in an area between the Connector Zone and the Company's latest discovery, the Valle de Esperanza zone.

The distribution of the drilling reported in this news release is 36 holes in Loma de La Plata, 10 holes in Valle de Esperanza, one hole in the Connector Zone, and one hole in the interval between Connector Zone and Valle de Esperanza. In addition to this drilling the Company completed 17 holes across an area that has been proposed as a possible site for the project's tailings dam. One of these 17 holes encountered significant silver mineralization intersecting 74 g/t silver across a 6.92 metre interval. A further 7 holes were drilled for engineering purposes. Hole location maps, collar coordinates plus hole orientation data, and complete assay information for all drill holes can be found on the Company's website at www.aquiline.com.

For convenience, only those holes with significant results are reported below and they have been grouped into three categories as follows: all zones other than Loma de La Plata, Loma de La Plata Extension drilling, and Loma de La Plata Infill.



Significant results from all zones other than Loma de La Plata:

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Gauss Gauss g/t
Kruger Kruger Composite Silv- % g/t
Loca- Zona Zona From To length er Lead AgEq
DDH tion 2 E 2 N (metres) (metres) (metres) (LWA) (LWA) (LWA)

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Valle
de
Espe-
NV08-827 ranza 2515379 5303030 240.50 243.50 3.00 69 2.17 155
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Valle
de
Espe-
NV08-841 ranza 2515493 5303027 271.00 275.60 4.60 146 1.62 211
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Tail-
ings
NV08-842 Dam 2512808 5302375 174.00 180.92 6.92 74 0.45 92
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Conn-
NV08-867 ector 2515157 5303945 197.00 283.00 86.00 119 0.10 123
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including 199.00 231.28 32.28 211 0.13 216
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Union
NV08-870 CZ-VE 2515105 5303857 313.00 319.00 6.00 51 0.01 51
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Significant results Loma de La Plata Extension drilling:

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Gauss Gauss g/t
Kruger Kruger Composite Silv- % g/t
Loca- Zone Zone From To length er Lead AgEq
DDH tion 2 E 2 N (metres) (metres) (metres) (LWA) (LWA) (LWA)

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Loma
de La
NV08-853 Plata 2512270 5303400 268.50 296.00 27.50 150 -0.01 150
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Including 268.50 272.00 3.50 817 0.01 817
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Loma
de La
NV08-857 Plata 2512321 5303351 259.00 282.00 23.00 321 -0.01 321
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Including 260.50 272.00 11.50 463 -0.01 463
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Significant results from Loma de La Plata infill drilling:

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Gauss Gauss g/t
Kruger Kruger Composite Silv- % g/t
Loca- Zone Zone From To length er Lead AgEq
DDH tion 2 E 2 N (metres) (metres) (metres) (LWA) (LWA) (LWA)

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Loma
de La
NV08-807 Plata 2511760 5303301 80.88 116.71 35.83 349 0.02 349
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Including 84.84 106.10 21.26 541 -0.01 541
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Loma
de La
NV08-811 Plata 2511922 5303346 149.30 153.65 4.35 129 0.00 129
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Loma
de La
NV08-814 Plata 2511964 5303405 153.20 164.10 10.90 231 0.08 234
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Loma
de La
NV08-815 Plata 2511876 5303451 140.50 148.70 8.20 174 -0.01 174
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Loma
de La
NV08-817 Plata 2511715 5303350 62.00 78.50 8.20 683 -0.01 683
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and 99.50 108.50 9.00 613 -0.01 613
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Loma
de La
NV08-823 Plata 2511714 5303547 141.17 151.80 10.63 460 -0.01 460
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Loma
de La
NV08-834 Plata 2511955 5303300 142.22 172.00 29.78 456 0.10 461
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Including 144.00 152.00 8.00 1,044 0.29 1055
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Loma
de La
NV08-835 Plata 2511981 5303450 178.70 216.00 37.30 351 0.00 351
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Loma
de La
NV08-838 Plata 2512048 5303301 192.04 211.60 19.56 243 0.66 269
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Loma
de La
NV08-843 Plata 2512063 5303499 222.12 262.50 40.38 458 0.02 459
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Including 224.45 235.50 11.05 1,553 0.00 1553
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or 228.30 230.30 2.00 7,585 0.02 7586
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NOTES: True thickness has not been calculated for any of the above holes,
and all length weighted averages are "uncut", i.e. have no grade capping


At Loma de La Plata the most noteworthy result is from hole NV08-857 which yielded an intersection of 321 g/t Ag across 23 metres in the key upper-latite unit some 250 metres to the east of the 2007 Snowden mineral resource grade shell boundary. Loma de La Plata continues to remain open to the east and current drilling continues to explore this eastern extension at 100 metre step-out intervals.

In an area south of the Connector Zone, hole NV08-867 was drilled on section 50.550E to test the continuity of mineralization projected down-dip from previously reported holes NV08-726 and NV08727 (145 g/t Ag across 65.30 metres and 64 g/t Ag across 70.16 metres respectively). New results from NV08-867 are reported as 119 g/t Ag across 86 metres, including 211 g/t Ag over 32.38 metres.

Hole NV08-870 was drilled a further 100 metres to the southwest on the same section in order to test if mineralization encountered in NV08-867 could be projected into the Valle de Esperanza deposit. However, it intercepted only 6 metres of 51 g/t Ag within the same sedimentary stratigraphic interval of sandstones with interbedded conglomerates. The cross section 50.550E, showing all the mentioned drill holes, may be found on the Company's website.

Finally of specific interest was hole NV08-842 that intersected 74 g/t Ag and 0.45% Pb across an interval of 6.92 metres and was drilled for engineering purposes in the area of the proposed tailings dam as described in the recently released Loma de La Plata Scoping Study. This silver mineralization was detected in a layer of the upper latite unit that can be traced down-dip from mineralization found at Filo de Plomo located several hundred metres to the southwest. A previously reported hole NV08-644 that was drilled approximately 400 metres up-dip intersected what appears to be the same latite layer and encountered 40 g/t Ag over 13 metres with 2.53% Pb and correlates well with the silver mineralization encountered in NV08-842.

Aquiline follows a quality control program at site that it considers 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, 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.

To view the maps associated with this release, please visit the following links:

http://media3.marketwire.com/docs/aqi1118.pdf

http://media3.marketwire.com/docs/aqi1118a.pdf

Contact Information

  • Aquiline Resources Inc.
    Flora Wood
    Vice President, Investor Relations
    (416) 599-4133
    Email: flora@aquiline.com
    or
    Aquiline Resources Inc.
    John J. Chulick
    Vice President of Exploration
    (54-2940) 432-704
    Website: www.aquiline.com