Aquiline Resources Inc.
TSX : AQI

Aquiline Resources Inc.

December 15, 2006 10:28 ET

Aquiline Resumes Drilling at Calcatreu Gold Project

TORONTO, ONTARIO--(CCNMatthews - Dec. 15, 2006) - Aquiline Resources Inc. (TSX:AQI) is pleased to announce that a minimum 4,000 meter drill program commenced December 6, 2006 at its wholly owned Calcatreu Gold property in Rio Negro Province, Argentina. The objective of the program is to expand the existing resource base beyond the million ounce threshold and the Company plans an updated 43-101 compliant resource calculation in the Spring following the conclusion of the current drill campaign.

Major Drilling of Mendoza, Argentina has been awarded a minimum contract for 3,000m RC and 1,000m HQ drill core using a UDR-650 combination drill rig; as of this date 5 drill holes have been completed. The priority focus of the drilling is a follow-up of last year's successful program which identified the newly discovered Castro Sur zone as a promising target; Castro Sur is located approximately 5km north of the Vein 49 deposit, which hosts the bulk of the current resource at Calcatreu. Initial holes at Castro Sur have been placed generally southwestwards from local grid section 10150N where previous released results in the Phase I drilling included 12m of 5.28 gpt Au in AQI-391 and 9m of 11.81 gpt Au in AQI-425. In addition to systematic rock chip geochemical sampling of vein detritus (lag sampling), exploration in this area is being guided by the results from recently completed high definition ground magnetometer and pole-dipole I.P. surveys in the general area between the north end of Vein 49 and the northern extension of Castro Sur. Over 500 line-km of ground mag and over 50 line-km of I.P. were completed in this area during the period November 15, 2006 to December 12, 2006.

Aquiline also takes this opportunity to release the final results from its June \ July infill drilling at Nelson \ Vein 49 (Calcatreu) and exploration drilling at its Trinidad prospect located approximately 18km to the north-northeast of Calcatreu. The most significant infill result was 9m of 3.25 gpt Au with 19.8 gpt Ag in AQI-447 at Nelson East with the remaining holes generally confirming what was expected in their respective areas. At Trinidad best results were 14m of 2.46 gpt Au in AQI-457 with mineralization beginning directly from the surface. Final significant infill and exploration results pertaining to Nelson \ Vein 49 and Trinidad are described and tabled below.



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From To Intercept Au Ag
Hole Northing Easting (m) (m) (m) (g/t) (g/t) Deposit
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AQI-447 5362736 2455225 34 43 9.0 3.25 19.8 Infill: Nelson
Este
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AQI-448 5362682 2455210 23 24 1.0 7.49 160.0 Infill: Nelson
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AQI-449 5362633 2455191 18 22 4.0 1.90 13.9 Infill: Nelson
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AQI-451 5362651 2455245 73 75 2.0 4.54 31.4 Infill: Nelson
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AQI-452 5363505 2455978 122.7 137.4 14.70 2.65 16.8 Infill: Veta 49
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AQI-453 5363300 2455870 171.5 182.7 11.2 0.99 11.3 Infill: Veta 49
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AQI-455 5379978 2460162 16 18 2.0 4.88 9.7 Trinidad
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AQI-457 5380017 2460222 1 15 14.0 2.46 6.3 Trinidad
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AQI-459 5379940 2460133 14 21 7.0 1.28 2.1 Trinidad
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AQI-462 5379966 2460087 45 51 6.0 1.11 0.8 Trinidad
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Results are with 0.5 g/t Au cut-off and true width is yet to be determined.


The program completed through July 2006 totaled 10,943 meters of combined RC and core drilling in 107 drill holes. Of the total, 8,847 meters or over 80 percent of the program, were drilled to test targets outside of the main Vein 49 \ Nelson deposit areas. Beginning in 2003, drilling by Aquiline in the Calcatreu district, including Vein 49 \ Nelson infill drilling, now totals 38,161 meters distributed in 362 drill holes. All drilling in the Calcatreu district database, including work done by previous operator Normandy Argentina, totals 45,440m in 419 drill holes.

Aquiline further announces that it recently completed a six hole drilling program across its River Valley PGE Projects that are located 70 km east of Sudbury. Five holes were completed at North Dana and one hole on the Company's Anaconda block. At North Dana, drilling focused on following up results from drill hole AQ06-08 which intersected sulphide-bearing gabbro during the Fall 2006 drill program, as well as various IP geophysical anomalies that lie immediately North of Pacific Northwest Capital's Dana Lake PGE deposit that have not been previously tested. The target at River Valley is platinum-palladium bearing sulphide mineralization that occurs within the River Valley anorthositic intrusive. The company also completed one hole testing an IP and magnetic low anomaly on its Anaconda claims that cover a central part of the intrusion. Results are anticipated in January, 2007.

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.

This press release contains forward looking statements.

FORWARD-LOOKING STATEMENTS

This press release includes certain "forward-looking statements". All statements regarding the ability of the Company to identify areas with potential for the development of additional resources at Calcatreu, the ability of the Company to correctly identify the trend of mineralization for the Viuda de Castro drilling target and the ability of the Company to receive the transfer of title to the Navidad project are forward-looking statements that involve 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 in such statements. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, are "forward-looking statements". We caution you that such "forward looking statements" involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements. Such risks and uncertainties include unpredictable results of exploration activities, uncertainties inherent in the estimation of mineral resources, fluctuations in the costs of goods and services, problems associated with production operations, changes in legal, social or political conditions in the jurisdictions where the Company operates, lack of appropriate funding and other risk factors, as discussed in the Company's filings with Canadian securities regulatory agencies. The Company expressly disclaims any obligation to update any forward-looking statements.

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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