Aquiline Adds Fourth Drill Rig as Navidad Drilling Continues to Expand Resource;
posted on
May 09, 2008 12:35PM
One of the world’s largest undeveloped Silver projects - Argentina
TORONTO, ONTARIO--(Marketwire - May 8, 2008) - Aquiline Resources Inc. ("Aquiline" or the "Company") (TSX:AQI) is pleased to report results of thirty nine holes (10,298 metres) drilled at its 100% owned Navidad silver project in Chubut province, Argentina. Total drilling at Navidad now stands at 122,889 metres in 694 drill holes. Step out drilling at 100 metre intervals continues to intersect wide zones of high grade silver mineralization at its recent Valle Esperanza discovery (see maps attached). Drill hole NV08-694 intersected 18.5 metres @ 1,058 g/t silver while drill hole NV08-692 returned 21.0 metres @ 487 g/t silver. Both holes were drilled on 100 metre exploration step outs, to the south and southeast from previously reported discovery drill holes NV08-646 that contained 18.1 metres @ 254 g/t Ag and NV08-649 20.0 metres @ 429 g/t Ag and NV08-655 13.30 metres @ 590 g/t Ag. These new results indicate that wide zones of high grade silver mineralization remain open to the south and southeast and have essentially doubled the surface footprint of the discovery to more than 200 metres. Mineralization at the Valle Esperanza zone has been identified at depths of 150 metres and deeper, representing another discovery of a zone where mineralization was not outcropping.
At Loma de La Plata, 200 metre step out drilling to the southeast of the deposit and outside the known resource boundary continues to intersect silver mineralization, although silver values are generally lower as the zone extends, with higher lead values as described below. Drill hole NV08-656 intersecting 6.00 metres @ 314 g/t silver and NV-681 intersected 13.43 metres @ 166 g/t Ag. The Loma de La Plata deposit is situated on the Argenta trend, which runs parallel to the Esperanza trend and to the main Navidad trend.
On the Argenta trend, approximately two kilometres to the north of Loma, exploration drilling has again intersected significant mineralization at a new zone labeled "Sector Z" by the Company's geological team. Sector Z" has returned 7.30 meters @ 134 g/t silver in drill hole NV08-670 and some two hundred metres away NV08- 674 intersected 4.2 meters @ 101 g/t silver and 1.09% lead.
In the last week of April, two additional Longyear diamond drill rigs were added and have begun working, bringing the total number of drills on the project to four. These extra two drills are needed to keep up with the increasing demand created by the project's engineering, metallurgical, resource definition and regional exploration programs.
Aquiline's first program of condemnation drilling aimed at sterilizing an area in order to erect a camp has intersected significant silver and lead mineralization in an area outside the known mineral resource, but in close proximity to the boundary between Galena Hill and Connector Zone. Drill hole NV08-673 intersected 11.1 metres @ 39 g/t silver and 4.16% lead while drill hole NV08-683 intersected 15.0 metres @ 140 g/t silver and 3.68% lead. These holes will likely add silver ounces and additional lead pounds to the project's overall mineral inventory as well as confirming the continuity of mineralization between the Galena Hill, Connector Zone and Navidad Hill deposits.
Below are significant results (18 holes) from the most recent drill holes completed on the project, with all 39 drill holes (NO08-656 - NO08-694) reported on the website table comprising drilling in five target areas:
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Drill Location Local Local From To Composite Ag Pb AqEq
Hole East North (m) (m) Length g/t % g/t
(LWA) (LWA) (LWA)
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NV08- Loma de
656 La Plata 48347 7889 304.80 310.80 6.00 314 -0.01 314
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And 337.40 339.80 2.40 20 0.41 36
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NV08-
658 Galena 51230 9581 16.00 33.00 17.00 258 9.6 642
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Incl-
uding 22.00 29.90 7.90 435 14.86 1,030
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NV08-
659 Sector Z 46130 7693 3.00 6.40 3.40 40 -0.01 40
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NV08-
669 Sector Z 46482 8076 31.60 33.00 1.40 185 -0.01 185
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NV08-
670 Sector Z 46531 8059 60.10 67.40 7.30 134 0.53 155
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NV08-
672 Sector Z 46532 8166 34.50 39.35 4.85 119 1.32 172
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NV08-
673 Connector 50600 9889 61.30 72.40 11.10 39 4.16 206
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NV08-
674 Sector Z 46574 8263 58.90 63.10 4.20 101 1.09 144
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NV08- Loma de
676 La Plata 48157 7546 152.70 158.90 6.20 169 0.33 182
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Incl-
uding 154.00 155.22 1.22 587 0.49 607
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And 179.00 187.70 8.70 333 0.39 349
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Incl-
uding 179.00 182.31 3.31 723 0.27 734
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NV08- Loma de
681 La Plata 48301 7514 166.27 179.70 13.43 166 0.32 179
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Incl-
uding 166.27 170.55 4.28 498 0.79 530
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NV08-
683 Connector 50702 9954 22.00 50.95 28.95 83 2.16 169
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Incl-
uding 22.00 37.00 15.00 140 3.68 287
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NV08- Loma de
684 La Plata 48345 7774 261.00 266.27 5.27 204 0.08 207
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NV08- Valle
685 Esperanza 50654 9204 223.37 227.82 4.45 1,392 0.24 1,401
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NV08- Valle
686 Esperanza 50547 9151 335.00 338.00 3.00 45 2.11 130
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NV08- Valle
688 Esperanza 50550 9243 210.40 211.70 1.30 169 -0.01 169
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NV08- Valle
690 Esperanza 50548 9051 190.89 209.00 18.11 43 0.10 47
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NV08- Valle
692 Esperanza 50751 9000 157.00 178.00 21.00 487 0.00 487
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Incl-
uding 158.32 161.40 3.08 1,661 0.01 1,661
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Incl-
uding 172.00 174.00 2.00 939 0.00 939
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NV08- Valle
694 Esperanza 50851 9095 207.53 226.00 18.47 1,058 0.41 1,074
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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.
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DDH Location from to composite g/t AgEq g/t Silver % Lead
(metres) (metres) length (LWA) (LWA) (LWA)
(metres)
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NV08- Valle
655 Esperanza 182.70 196.00 13.30 590 590 0.02
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inclu-
ding 182.70 188.34 5.64 1,250 1,249 0.05
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inclu-
ding 182.70 186.00 3.30 2,048 2,047 0.04
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