Aquila
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Internet macht generell Probleme. Wahrscheinlich durch die T-Kom Hansels bedingt,
da die Ihre V-DSL Leitung installieren und hier und da das Netz überbrücken mit Hilfsleitungen. Z.K.
Kannst ja wieder ein witzig-sternchen setzen - crassus - dein o.eingestellter Chart ist allerdings wesentlich witziger - Aqa ist ja kein Russoil o.ä. oder sehe ich da was falsch?
adswu
Bis jetzt sind viele Rohstoffewerte gut gelaufen. Aquilia hat nachholbedarf!
zum Bau einer neuen Mine unweit von Aquila für Rio
Tinto erteilt werden.
Aquila Provides Updated Mineral Resource at Back Forty
TORONTO, ONTARIO--(Marketwire - Jan. 15, 2009) - AQUILA RESOURCES INC. (TSX:AQA)(FRANKFURT:JM4A) ("Aquila" or the "Company") is pleased to release an updated National Instrument (NI) 43-101 resource estimate for its Back Forty Project in the Upper Peninsula of Michigan. The new resource statement was prepared by SRK Consulting (Canada) Inc ("SRK") and includes 8.5 million tonnes in the measured and indicated categories and 1.17 million tonnes inferred category. An additional 9.1 million tonnes of mineralization below cut off grade was identified and estimated that did not qualify as mineral resource.
Tom Quigley, President and CEO of Aquila Resources commented on the updated resource. "We are extremely pleased with the expansion of the resource and the potential it represents. The large open pit component of this resource is especially significant in light of current commodity prices and escalating capital and operating costs. The overall size and quality of the resource establish the Back Forty Project as a major source of base and precious metals, and the potential for continued expansion further enhances the prospects for ultimate development into a major mining operation."
NI 43-101 RESOURCE ESTIMATE
The NI 43-101 compliant mineral resource statement is presented in Table 1 and consists of a total of 8.5 million tonnes measured and indicated (M+I) and an additional 1.17 million tonnes inferred. The mineral resource statement is reported at various NSR cut-off grades reflecting metallurgical recoveries, long term metal price projections, and estimated operating costs, and reflects reasonable prospects for economic extraction.
The open pit mineral resources are reported at an average NSR cut-off of US$20 and comprise a substantial tonnage (5.92 million tonnes M+I) and 620,000 tonnes inferred that is potentially minable by surface methods. The underground mineral resources, reported with an average NSR cut-off of US$62 (assuming underground mining costs estimated at US$43 per tonne), show excellent zinc grade, over 9%, in the indicated M+I category.
Table 1. Mineral Resource Statement(i) for the Back Forty Deposit, Michigan,
U.S.A. SRK Consulting, January 12, 2009.
--------------------------------------------------
Grade
--------------------------------------------------
Resource Tonnage Gold Zinc Silver Copper Lead
Category (t) (g/t) (%) (g/t) (%) (%)
--------------------------------------------------
Open Pit Resources(ii)
--------------------------------------------------
Measured (M) 4,660,000 2.04 3.64 29.2 0.68 0.08
--------------------------------------------------
Indicated (I) 1,260,000 4.03 5.63 47.3 0.37 0.30
--------------------------------------------------
M + I 5,920,000 2.46 4.06 33.1 0.61 0.13
--------------------------------------------------
Inferred 620,000 3.68 2.46 46.5 0.15 0.44
--------------------------------------------------
Underground Resources(iii)
--------------------------------------------------
Measured (M) 1,060,000 1.21 9.23 26.5 0.39 0.86
--------------------------------------------------
Indicated (I) 1,510,000 1.51 9.11 24.0 0.19 0.47
--------------------------------------------------
M + I 2,580,000 1.39 9.16 25.0 0.28 0.63
--------------------------------------------------
Inferred 550,000 2.03 6.62 36.4 0.28 0.67
--------------------------------------------------
Combined Open Pit and Underground
--------------------------------------------------
M + I 8,500,000 2.13 5.61 30.6 0.51 0.28
--------------------------------------------------
Total Inferred 1,170,000 2.90 4.42 41.7 0.21 0.55
--------------------------------------------------
--------------------------------------------------
Contained Metal
--------------------------------------------------
Resource Tonnage Gold Zinc Silver Copper Lead
Category (t) (1000 oz) (M lbs) (1000 oz) (M lbs) (M lbs)
--------------------------------------------------
Open Pit Resources(ii)
--------------------------------------------------
Measured (M) 4,660,000 305 374 4,380 70 8
--------------------------------------------------
Indicated (I) 1,260,000 160 156 1,872 10 8
--------------------------------------------------
M + I 5,920,000 465 530 6,252 80 16
--------------------------------------------------
Inferred 620,000 74 34 921 2 6
--------------------------------------------------
Underground Resources(iii)
--------------------------------------------------
Measured (M) 1,060,000 41 216 904 9 20
--------------------------------------------------
Indicated (I) 1,510,000 74 303 1,163 6 16
--------------------------------------------------
M + I 2,580,000 115 521 2,067 16 36
--------------------------------------------------
Inferred 550,000 36 80 643 3 8
--------------------------------------------------
Combined Open Pit and Underground
--------------------------------------------------
M + I 8,500,000 580 1,051 8,319 96 52
--------------------------------------------------
Total Inferred 1,170,000 110 114 1,564 5 14
--------------------------------------------------
(i) Mineral resources are not mineral reserves and do not have demonstrated
economic viability. All figures have been rounded to reflect the relative
accuracy of the estimates. The cut-off grades are based on metal price
assumptions of US$0.79 per pound zinc, US$1.89 per pound copper, US$0.55 per
pound lead, US$678 per troy ounce gold and US$10 per troy ounce silver.
Metallurgical recoveries were determined and used for each of eight
metallurgical domains determined for the deposit.
(ii) Cut off grades for each of eight metallurgical domains based on NSR
values, average cut-off grade for open pit resource contained within an
optimized pit shell US$20.
(iii) Cut off grades were determined for each of eight metallurgical domains
based on NSR values, average cut-off grade for underground resources outside
of an optimized pit shell is US$62.
A previous NI 43-101 compliant resource published in March of 2007 contained a measured plus indicated 6.64 million tonnes at 5.32% zinc, 2.28 g/t gold, 28.8 g/t silver, and 0.52 % copper and 1.75 million tonnes inferred at 2.61% zinc, 2.82 g/t gold, 32.4 g/t silver, and 0.15% copper. This resource did not use NSR parameters to determine the prospect for economic extraction.
The new mineral resource statement places the Back Forty deposit in the top 20th percentile in terms of size and contained zinc when compared to 137 Canadian VMS deposits with reported production and reserves, and in the top 10 percent of deposits in terms of contained gold in the mineral resource. When compared to published geologic tonnages for 846 VMS deposits worldwide, Back Forty ranks in the top 18 percent for size, the top 16 percent for contained zinc, and the top 10 percent for contained gold (Source: Geological Survey of Canada, Mineral Deposits of Canada: Synthesis of mineral deposits knowledge, Volcanogenic-Associated Massive Sulfide Deposits, Appendix 1: http://gsc.nrcan.gc.ca/mindep/synth_dep/vms/index_e.php).
The quantities of material offering reasonable prospects for economic extraction by open pit were determined using Mintec's Minesight and the Lerchs-Grossman optimizing algorithm, which evaluates the profitability of each resource block based on its NSR value. The optimization parameters are based on ongoing scoping studies for the project as well as by survey of similar deposits. Metal price assumptions are as follows: US$0.79 per pound zinc, US$1.89 per pound copper, US$0.55 per pound lead, US$678 per troy ounce gold and US$10 per troy ounce silver.
The drill hole database used for grade estimation consists of approximately 5,170 assay intervals from 336 diamond drill holes. Metal grades were estimated using an ordinary kriging estimator and two or three estimation runs for each domain. The first estimation run used a search ellipse corresponding to the full two structure variogram ranges. The second estimation used a search ellipse twice the two structure variogram ranges. For domains with relatively short variogram ranges, a third estimation run was used using a search ellipse three times the variogram range. A minimum of two composites were needed to make a block estimate with a maximum of seven or ten composites for the first estimation run. The second estimation considered a minimum of one composite and a maximum of seven and twenty composites to estimate a grade into a block. In some cases with long second structure ranges, the second estimation run used the full variogram range with a minimum of one composite per block estimate.
Block model grade estimates were validated by:
- Comparison of estimates to parallel estimate using nearest neighbor methodology at zero cut-off grade;
- Comparison of estimates to parallel estimate using inverse distance squared methodology;
- Comparison of domain average grades with declustered means of composites;
- Visual comparison of composites and original drill hole data with resource block data; and
- Evaluation of kriging efficiency.
This analysis indicates that the ordinary kriging resource estimate for the Back Forty projects is reasonable and appropriate.
Aquila measured specific gravity for approximately 293 sampled intervals using a weight in air and weight in water methodology. Based on these measurements an average specific gravity was assigned to sulfide, stringer, gold and gossan zones. The massive sulfide zone exhibits significant variation in specific gravity. For these zones, specific gravity was estimated into each sub-domain block when sufficient specific gravity data is available. On a sub-domain basis, a linear regression was developed to correlate measured specific gravity with sulfur assays. This relationship was then used to assign a specific gravity value for those intervals with sulfur assays, but without specific gravity measurement.
RESOURCE BY METALLURGICAL DOMAIN AND ZONE
Metallurgical studies of the Back Forty conducted by G&T Metallurgical Services Ltd. of Kamloops, B.C., released in 2008, defined eight metallurgical domains based on the dominant economic minerals and metal recovery method that correspond to the different mineralized zones. For example, higher grade zinc zones, such as the Main zone massive sulfide, were separated from high gold, low base metal zones, e.g. the 90 Zone. Mineral resources were estimated separately for each metallurgical zone to determine an appropriate NSR cut-off grade for reporting each resource block.
The mineral resources by metallurgical zones are shown in Tables 2 and 3. The open pit indicated M+I resource of 5.92 million tonnes can thus be viewed as a combination of 3.39 million tonnes M+I of higher grade zinc material (6.29% zinc), 1.24 million tonnes M+I of copper-rich resource (1.81% copper) and a further 620,000 tonnes M+I of high grade gold zones averaging 6.5 g/t gold plus stringer and Tuff zone material. The underground resource consists largely of zinc-rich Main zone (in the South Limb) and Pinwheel massive sulfide with accessory material contributed by the Tuff, Stringer, and PM zones.
Table 2. Open Pit Mineral Resources(i) - Metallurgical Domains and Zones
--------------------------------------------------
Cut-
Metallurgical off(ii) Quantity Gold Silver Copper Lead Zinc
Domain/Zone (US$NSR) Tonnes g/t g/t % % %
--------------------------------------------------
Massive Sulfide (Main Zone)
--------------------------------------------------
Measured + Indicated 19 3,390,000 2.00 15.7 0.30 0.09 6.29
--------------------------------------------------
Inferred 19 100,000 1.94 16.2 0.21 0.21 9.22
--------------------------------------------------
Massive Sulfide (Tuff Zone)
--------------------------------------------------
Measured + Indicated 19 90,000 1.92 108.7 0.10 2.92 10.81
--------------------------------------------------
Inferred 19 30,000 1.53 94.8 0.07 2.8 11.41
--------------------------------------------------
Massive Sulfide (Pinwheel Zone)
--------------------------------------------------
Measured + Indicated 19 1,240,000 1.85 62.1 1.81 0.06 0.97
--------------------------------------------------
Inferred 19 10,000 1.20 123.4 0.45 0.14 2.00
--------------------------------------------------
Stringer Sulfide (Stringer Zone)
--------------------------------------------------
Measured + Indicated 19 580,000 2.19 10.4 0.26 0.05 0.76
--------------------------------------------------
Inferred 19 170,000 2.39 9.9 0.27 0.05 0.71
--------------------------------------------------
Oxide (Pinwheel Gossan)
--------------------------------------------------
Measured + Indicated 29 200,000 7.83 153.8 0.99 0.07 0.01
--------------------------------------------------
Inferred 29 0
--------------------------------------------------
Oxide (East Gossan)
--------------------------------------------------
Measured + Indicated 24 80,000 17.98 7.5 0.04 0.02 0.01
--------------------------------------------------
Inferred 24 0
--------------------------------------------------
Gold (90 Gold Zone)
--------------------------------------------------
Measured + Indicated 24 340,000 3.05 53.8 0.02 0.17 0.25
--------------------------------------------------
Inferred 24 150,000 2.86 70.4 0.02 0.23 0.50
--------------------------------------------------
Gold (PM Gold Zone)
--------------------------------------------------
Measured + Indicated 0
--------------------------------------------------
Inferred 24 160,000 7.46 68.1 0.12 0.78 0.3
--------------------------------------------------
Totals
--------------------------------------------------
Measured + Indicated 5,920,000 2.46 33.1 0.61 0.13 4.06
--------------------------------------------------
Inferred 620,000 3.68 46.5 0.15 0.44 2.46
--------------------------------------------------
(i) Mineral resources are not mineral reserves and do not have demonstrated
economic viability. All figures have been rounded to reflect the relative
accuracy of the estimates, values of zero indicate quantities below the
relative accuracy of the estimate. The cut-off grades are based on metal
price assumptions of US$0.79 per pound Zn, US$1.89 per pound copper, US$0.55
per pound lead, US$678 per troy ounce gold and US$10 per troy ounce silver.
Metallurgical recoveries were determined and used for each of eight
metallurgical domains for the deposit.
(ii) Cut off grades for each of eight metallurgical domains based on NSR
values, cut-off grade for open pit resource contained within an optimized
pit shell.
Table 3. Underground Mineral Resources(i) - Metallurgical Domains and Zones
--------------------------------------------------
Cut-
Metallurgical off(ii) Quantity Gold Silver Copper Lead Zinc
Domain/Zone (US$NSR) Tonnes g/t g/t % % %
--------------------------------------------------
Massive Sulfide (Main Zone)
--------------------------------------------------
Measured + Indicated 62 1,410,000 1.57 20.7 0.22 0.29 8.93
--------------------------------------------------
Inferred 62 370,000 1.69 29 0.34 0.42 6.7
--------------------------------------------------
Massive Sulfide (Tuff Zone)
--------------------------------------------------
Measured + Indicated 62 160,000 1.28 52.3 0.06 1.97 9.63
--------------------------------------------------
Inferred 62 100,000 1.49 36.3 0.05 1.73 8.41
--------------------------------------------------
Massive Sulfide (Pinwheel Zone)
--------------------------------------------------
Measured + Indicated 62 980,000 1.02 26.8 0.4 0.91 9.65
--------------------------------------------------
Inferred 62 40,000 0.53 88.4 0.42 0.16 7.52
--------------------------------------------------
Stringer Sulfide (Stringer Zone)
--------------------------------------------------
Measured + Indicated 62 30,000 5.36 21.2 0.11 0.19 1.35
--------------------------------------------------
Inferred 62 10,000 5.57 10.9 0.12 0.11 1.94
--------------------------------------------------
Gold (PM Gold Zone)
--------------------------------------------------
Measured + Indicated 67
--------------------------------------------------
Inferred 67 30,000 8.8 66.3 0.10 1.00 0.06
--------------------------------------------------
Totals
--------------------------------------------------
Measured + Indicated 2,580,000 1.39 25.0 0.28 0.63 9.16
--------------------------------------------------
Inferred 550,000 2.03 36.4 0.28 0.67 6.62
--------------------------------------------------
(i) Mineral resources are not mineral reserves and do not have demonstrated
economic viability. All figures have been rounded to reflect the relative
accuracy of the estimates, values of zero indicate quantities below the
relative accuracy of the estimate. The cut-off grades are based on metal
price assumptions of US$0.79 per pound Zn, US$1.89 per pound copper, US$0.55
per pound lead, US$678 per troy ounce gold and US$10 per troy ounce silver.
Metallurgical recoveries were determined and used for each of eight
metallurgical domains for the deposit.
(ii) Cut off grades were determined for each of eight metallurgical domains
based on NSR values, cut-off grade for underground resources outside of an
optimized pit shell.
EXPLORATION POTENTIAL
The current resource has not closed off the Back Forty deposit. The Main zone massive sulfide remains open at depth and to the west. Deep drilling on the Main zone indicates that zinc mineralization continues. DDH LK-291 was one of the last step-out holes on the Main zone and intersected 7.7 meters of over 10% zinc at a depth of 400 meters. The 90 and PM gold zones also remain open and a new gold zone, the Near Surface, or "NS," zone remains to be delineated and modeled into the resource. In addition, airborne VTEM targets are currently being evaluated.
Mineral resources for the deposit were classified according to the CIM Definition Standards for Mineral Resources and Mineral Reserves (December 2005) by G. David Keller, P.Geo (APGO #1235), an appropriate independent qualified person for the purpose of National Instrument 43-101. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserve.
The effective date of this resource estimate is January 12, 2009. Images and details of the new resource are available on the Company's website at www.aquilaresources.com. Tom Quigley, P.Geo., and President of Aquila is the Qualified Person as described in National Instrument 43-101 for the Back Forty Project and is responsible for the content of this press release.
Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The securities being offered have not and will not be registered in the United States under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws, and may not be offered or sold within the United States or to or for the account of benefit of U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This news release does not constitute an offer to sell or a solicitation of an offer to purchase securities in the United States.
Shares Outstanding: 69,609,478
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the contents of this release.
CONTACT INFORMATION:
Aquila Resources Inc. (Toronto)
Robin Dunbar
CFO
(416) 203-1404
Email: info@aquilaresourcesinc.com
or
Aquila Resources Inc. (U.S.)
Thomas O. Quigley
President
(906) 753-9602
Email: tquigley@aquilaresources.com
Website: www.aquilaresources.com
or
First Canadian Capital Corp.
Leo Karabelas
(416) 742-5600
Email: request@firstcanadiancapital.com
INDUSTRY: Manufacturing and Production - Mining and Metals
Looks to Increase Gold Resource
Results include 34.1m of 4.48 g/t gold and 2.3m of 18.77 g/t gold
TORONTO, ONTARIO--(Marketwire - March 2, 2009) - AQUILA RESOURCES INC. (TSX:AQA)(FRANKFURT:JM4A) ("Aquila" or the "Company") today announced significant new drill results from drilling at its Back Forty Project located in Menominee County, Michigan. Drilling targeted primary gold and silver mineralization at the project. The drill results were not incorporated in the January 2009 NI 43-101 Back Forty Project open pit and underground mineral resource estimate which contained a total of 580,000 ounces of gold averaging 2.13 g/t in the measured and indicated category and 110,000 ounces of gold averaging 2.91 g/t in the inferred category (see press release dated January 15, 2009 for resource details).
The latest results show significant gold values occurring as extensions to existing zones of mineralization and in previously unknown areas both near surface and at depth, and illustrate the strong potential for expansion of the gold resource at the Back Forty Project. The widths reported below are drilled thickness and not true width.
NEW AREAS OF GOLD MINERALIZATION IDENTIFIED
Results from eight of the drill holes reported below are not attributable to known zones of mineralization, with some holes encountering multiple gold intercepts. These holes will be targets of follow up drilling to test continuity and potential. Highlights include:
- 34.1 meters (m) of 4.48 grams/tonne (g/t) gold in LK-344
- 18.8m of 2.54 g/t gold in LK-346
- 2.9m of 6.77 g/t gold and 116.23 g/t silver in LK-328
PORPHYRY MARGIN GOLD RESULTS (PM ZONE) - Open for expansion
Several promising new intercepts were encountered in the PM Zone, where gold mineralization occurs in late stage porphyry intrusions representing a distinct type of primary gold/silver mineralization. The PM Zone is open at depth and along strike. Highlights from the latest drilling results include:
- 13.8m of 2.83 g/t gold in LK-333
DEEP ZONE RESULTS - Good grades and width
Significant gold values were obtained in the Deep Zone. This copper-gold mineralization is found at depth and remains open for expansion.
- 2.3m of 18.77 g/t gold and 101.6 g/t silver in LK-192 extension
- 79.0m of 0.62 g/t gold, 19.5 g/t silver and 0.29% copper in LK-207 extension
- 1.5m of 8.67 g/t gold and 28.0 g/t silver in LK-348
- 12.9m of 1.01 g/t gold, 5.51 g/t silver and 0.63% copper in LK-353
NS ZONE RESULTS - New NS Gold Zone Intercept - number nine to date
The NS Zone occurs near surface and is only partially defined. It occurs within the resource pit shell and has potential to add to the open pit resource at the Back Forty Deposit. The intercept in LK-274 started at 17.7 meters down hole.
- 7.9m of 5.42 g/t gold in LK-274
INFILL DRILLING RESULTS
Of additional note were several drill holes which were drilled to further define the East Zone Gossan and massive sulfide which returned excellent open pit gold grades of up to 12 g/t gold.
- 5.3m of 6.71 g/t gold in LK-315
- 3.1m of 12.04 g/t gold in LK-320
- 4.9m of 1.55g/t gold, 20.3 g/t silver and 9.57% zinc in LK-351
Aquila's President and CEO, Tom Quigley, commented, "We are very encouraged by drilling results targeting gold and silver mineralization at the Back Forty Project. A significant near term goal of the Company will be to build on the current precious metal resource. Although these results were received too late to be included in the updated resource released in January, they will undoubtedly add to the precious metal inventory at the project, and confirm the gold rich nature of the Back Forty mineralization and upside potential for the project."
A complete table of drill results, as well as a map showing the location of drill holes in this press release, will be available on the Company's website at www.aquilaresources.com.
Sample preparation and analyses for this release were conducted by Accurassay Labs or ACT Labs in Thunder Bay, Ontario on split drill core supplied by Aquila. Standards were inserted in the sample sequences with check assays and re-run's routinely conducted. Tom Quigley, P.Geo. and President of Aquila is the Qualified Person as described in National Instrument 43-101 for the Back Forty Project and is responsible for the content of this press release.
About Aquila Resources Inc.
Aquila is an exploration and development stage Company focusing on the Back Forty Project in Menominee County, Michigan. In January, 2009 Aquila announced an updated NI 43-101 Mineral Resource at the Back Forty Project (see Press release dated January 15, 2009). The Company is completing baseline environmental studies and a preliminary economic assessment at the Back Forty Project. With a robust mineral resource and excellent project infrastructure, Aquila is positioned to capitalize on the current strong market for gold and silver, and the medium term potential for development of a quality poly-metallic project located in the continental United States.
Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The securities being offered have not and will not be registered in the United States under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws, and may not be offered or sold within the United States or to or for the account of benefit of U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This news release does not constitute an offer to sell or a solicitation of an offer to purchase securities in the United States.
Shares Outstanding: 69,609,478
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the contents of this release.
CONTACT INFORMATION:
Aquila Resources Inc. (Toronto)
Robin Dunbar
CFO
(416) 203-1404
Email: info@aquilaresourcesinc.com
or
Aquila Resources Inc. (U.S.)
Thomas O. Quigley
President
(906) 753-9602
Email: tquigley@aquilaresources.com
Website: www.aquilaresources.com
TORONTO, ONTARIO--(Marketwire - March 11, 2009) - AQUILA RESOURCES INC. (TSX:AQA)(FRANKFURT:JM4A) ("Aquila" or the "Company") today reported that it has filed the National Instrument 43-101 Technical Report announced on January 15, 2009. A copy of the report is available at www.sedar.com (see March 2, 2009 Technical Report) under company documents for Aquila. The newly released resource contains 8.5 million tonnes (measured + indicated) of 2.13 grams/tonne (g/t) gold, 5.61% zinc, 30.6 g/t silver, 0.51% copper, and 1.17 million tonnes (inferred) of 2.9 g/t gold, 4.4% zinc, 41.7 g/t silver, and 0.21% copper.
The Aquila Board of Directors has also approved the issuance of a total of 1,850,000 incentive stock options convertible at a price of $0.15 for a period of five years. The stock options are granted to management, employees and directors of the Company. Aquila has implemented significant cost curtailment at the project and management level, aimed at preserving its working capital. The cost reductions have included a fifty percent reduction in management and staff remuneration as well elimination of director's fees - all effective at the end of November, 2008. In addition, the Company has reserved a further 300,000 options convertible at a price of $0.30 to a third party consultant, to be issued contingent upon successfully sourcing funding for the Company.
Recognizing current economic conditions, and as previously announced on October 14, 2008, Aquila continues to explore means of securing stable sources of funding in order to continue ongoing engineering and economic studies at the Back Forty Project. Bolstering the potential for project advancement, the Company is encouraged by recent affirmation of the decision to grant the surface use lease of state owned land for the construction of mining infrastructure to third parties involved in mine permitting in Michigan (see State of Michigan General Trial Division Case No: 08-263-AA Order dated March 3, 2008).
Additionally, the Company has budgeted for the continuation of key project activities at the Back Forty Project including continuation of baseline environmental monitoring at the project. The environmental baseline work is required in order to assess the potential environmental impacts of a future proposed mining operation in compliance with Part 632 of the Natural Resources and Environmental Protection Act (Michigan law). Baseline work commenced in July, 2007 and is ongoing, utilizing nationally recognized environmental scientists. This work is scheduled for completion in July of 2009.
About Aquila Resources Inc.
Aquila is an exploration and development stage company focusing on the Back Forty Project in Menominee County, Michigan. In January, 2009 Aquila announced an updated NI 43-101 Mineral Resource at the Back Forty Project (see Press release dated January 15, 2009). In addition to completing baseline environmental studies, the Company is also proceeding with key elements of work required for the completion of a NI 43-101 compliant Preliminary Economic Assessment of the project. With a robust mineral resource and excellent project infrastructure, Aquila is positioned to capitalize on the current strong market for gold and silver, and the medium term potential for development of a quality poly-metallic project located in the continental United States. More information about Aquila and the Back Forty Project can be found on the Company's recently updated website at www.aquilaresources.com.
Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The securities being offered have not and will not be registered in the United States under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws, and may not be offered or sold within the United States or to or for the account of benefit of U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This news release does not constitute an offer to sell or a solicitation of an offer to purchase securities in the United States.
Shares Outstanding: 69,609,478
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the contents of this release.
CONTACT INFORMATION:
Aquila Resources Inc. (Toronto)
Robin Dunbar
CFO
(416) 203-1404
Email: info@aquilaresourcesinc.com
or
Aquila Resources Inc. (U.S.)
Thomas O. Quigley
President
(906) 753-9602
Email: tquigley@aquilaresources.com
Website: www.aquilaresources.com
INDUSTRY: Manufacturing and Production - Mining and Metals
HudBay President Joins Aquila Board of Directors
TORONTO, ONTARIO--(Marketwire - Sept. 29, 2009) - AQUILA RESOURCES INC. (TSX:AQA)(FRANKFURT:JM4A) ("Aquila" or the "Company"). The Board of Directors of Aquila is very pleased to announce that Michael D. Winship, P.Eng, has been nominated to join the Board of Directors of Aquila Resources Inc. effective immediately. Mr. Winship is the President and Chief Operating Officer of HudBay Minerals Inc. ("HudBay") (TSX:HBM), a leading integrated mining company which recently entered into a Subscription, Option, and Joint Venture Agreement with Aquila on the Back Forty Project located in Menominee County, Michigan. HudBay currently owns a 14.9% undiluted equity interest in Aquila.
Mr. Winship is a highly qualified mining executive with over 30 years of mining experience and is recognized as an inspiring leader of change and value creation. Prior to joining HudBay Minerals as President and Chief Operating Officer in October, 2008, he held various senior executive positions with Vale Inco Limited in Indonesia and Canada. Prior to that, Mr. Winship worked at Placer Dome Inc. in various senior operational roles.
"Mr. Winship is an important addition to the Board of Directors," stated Thomas O. Quigley, the President and CEO of Aquila. "Aquila is focused on working with HudBay Minerals towards the development, permitting and construction of the Back Forty Project as well as developing new strategic projects both through organic growth and acquisition. We are excited to have Mr. Winship's professional experience in operations and mine development as well as his skills for corporate growth."
"I look forward to joining the Aquila Resources Board," said Mr. Winship. "The Back Forty Project is an exciting development property. Aquila has a talented team and I expect to contribute with them to the continued growth of this company."
On August 6th, 2009 HudBay and Aquila announced the signing of a Subscription Option and Joint Venture Agreement on the Back Forty Project located in Menominee County, Michigan. The Back Forty Project is an advanced exploration stage volcanogenic massive sulfide ("VMS") deposit containing zinc, gold, copper and silver. The January 2009 NI 43-101 compliant resource statement released by Aquila, and available at www.sedar.com, is summarized in the table below.
Mineral Resource Statement(1) for the Back Forty Deposit, Michigan, U.S.A.,
SRK Consulting, January 12, 2009.
--------------------------------------------------
Grade
--------------------------------------------------
Resource
Category Tonnes Gold (g/t) Zinc (%) Silver (g/t) Copper (%) Lead (%)
--------------------------------------------------
Open Pit
Resources(2)
--------------------------------------------------
Measured 4,660,000 2.04 3.64 29.2 0.68 0.08
--------------------------------------------------
Indicated 1,260,000 4.03 5.63 47.3 0.37 0.30
--------------------------------------------------
Measured &
Indicated 5,920,000 2.46 4.06 33.1 0.61 0.13
--------------------------------------------------
Inferred 620,000 3.68 2.46 46.5 0.15 0.44
--------------------------------------------------
Underground
Resources(3)
--------------------------------------------------
Measured 1,060,000 1.21 9.23 26.5 0.39 0.86
--------------------------------------------------
Indicated 1,510,000 1.51 9.11 24.0 0.19 0.47
--------------------------------------------------
Measured &
Indicated 2,580,000 1.39 9.16 25.0 0.28 0.63
--------------------------------------------------
Inferred 550,000 2.03 6.62 36.4 0.28 0.67
--------------------------------------------------
Combined
Open Pit &
Underground
--------------------------------------------------
Measured &
Indicated 8,500,000 2.13 5.61 30.6 0.51 0.28
--------------------------------------------------
Inferred 1,170,000 2.90 4.42 41.7 0.21 0.55
--------------------------------------------------
(1) Mineral resources are not mineral reserves and do not have demonstrated
economic viability. All figures have been rounded to reflect the
relative accuracy of the estimates. The cut-off grades are based on
metal price assumptions of US$0.79 per pound zinc, US$1.89 per pound
copper, US$0.55 per pound lead, US$678 per troy ounce gold and US$10
per troy ounce silver. Metallurgical recoveries were determined and
used for each of eight metallurgical domains determined for the deposit.
(2) Cut off grades for each of eight metallurgical domains based on NSR
values, average cut-off grade for open pit resource contained within
an optimized pit shell US$20.
(3) Cut off grades were determined for each of eight metallurgical domains
based on NSR values, average cut-off grade for underground resources
outside of an optimized pit shell is US$62.
More information about Aquila and the Back Forty Project can be found on the Company's website at www.aquilaresources.com.
This press release contains certain forward-looking statements. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to international operations; risks related to joint venture operations; actual results of current exploration activities; changes in project parameters as plans continue to be refined, future prices of resources; possible variations in reserves, grade or recovery rates, accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Shares Outstanding: 81,770,529
CONTACT INFORMATION:
Aquila Resources Inc. (Toronto)
Robin Dunbar, CFO
416-203-1404
info@aquilaresourcesinc.com
or
Aquila Resources Inc. (U.S.)
Thomas O. Quigley, President
906-753-9602
tquigley@aquilaresources.com
www.aquilaresources.com
INDUSTRY: Manufacturing and Production - Mining and Metals
Aquila Resources and HudBay Minerals Resume Drilling at the Back Forty Project to Expand NI 43-101 Resource
TORONTO, ONTARIO--(Marketwire - Oct. 13, 2009) - AQUILA RESOURCES INC. (TSX:AQA)(Frankfurt:JM4A) ("Aquila" or the "Company"), is pleased to announce the resumption of drilling at its Back Forty Project in the Upper Peninsula of Michigan under a Subscription, Option and Joint Venture Agreement (the "Back Forty Agreement") with HudBay Minerals Inc. ("HudBay") signed in August 2009 (see Aquila press release dated August 6, 2009).
The Back Forty Project is an advanced stage VMS deposit which contains multiple lenses of massive sulfide mineralization with closely associated gold and silver zones. In January 2009, an updated NI 43-101 compliant resource was released, with a measured and indicated resource of 8.5 million tonnes of 2.13 grams/tonne (g/t) gold, 30.6 g/t silver, 5.61% zinc and 0.51% copper (see Aquila press release dated January 15, 2009). Approximately 6 million tonnes of the identified resource are potentially open pit ores, and many of the individual zones comprising the resource are open for expansion.
Under the Back Forty Agreement, HudBay has an option to acquire a 51% ownership interest in the Project through the expenditure of US$10 million within three years, amongst other conditions. The resumption of drilling will be funded by a US$1 million investment by HudBay, who are currently managing the development of the project. HudBay will provide exploration oversight and will work closely with Aquila's team of experienced geologists to implement this next round of drilling.
Thomas O. Quigley, President and CEO of Aquila, commented that "Exploration and development activities under our agreement with HudBay at the Back Forty Project are proceeding smoothly, and we are pleased to implement new drilling focusing on the excellent potential to expand the near surface resource of gold, silver and base metal mineralization at the project."
INITIAL DRILLING HAS GOLD/SILVER FOCUS
Drilling is scheduled to resume this week at the project, initially targeting near surface precious metal mineralization of the NS Gold Zone, extensions of the 90 Gold Zone and other zones of precious and base metal mineralization encountered in and around the potential open pit development at the project.
Near surface gold mineralization related to the NS Gold Zone was encountered late in 2008 drilling and as a result was not modeled or included in the updated 43-101 compliant resource for the Back Forty Project released in January 2009. Gold mineralization associated with the NS Gold Zone occurs in near surface oxidized rhyolite tuffs adjacent to, and extending into, the open pit modeled for the 2009 resource calculations. The table below shows past intercepts for the NS Gold Zone.
NS Gold Zone Intercepts
--------------------------------------------------
Hole From (m) To (m) Interval(i) Au g/t
--------------------------------------------------
LK-145P 18.0 26.4 8.4 6.9
--------------------------------------------------
LK-220 15.3 26.5 11.2 5.5
--------------------------------------------------
LK-248 38.0 41.0 3.0 3.5
--------------------------------------------------
LK-267 12.3 19.2 6.9 7.1
--------------------------------------------------
LK-271 21.0 27.6 6.6 12.2
--------------------------------------------------
LK-274 17.7 26.6 8.9 4.8
--------------------------------------------------
LK-294 12.0 19.5 7.5 4.5
--------------------------------------------------
(i)Drilled thickness, true thickness unknown
In addition to expansion and definition of the NS Gold Zone, drilling will target extensions of another near surface gold zone - the 90 Gold Zone (340,000 tonnes, measured and indicated, of 3.05 g/t gold and 53.8 g/t silver) contained within the resource pit shell and open along strike. Initial drilling at the 90 Gold Zone will step out from a previous intercept of 13.5 meters of 7.1 g/t gold and 9.3 g/t silver.
Other targets scheduled for drilling include a number of zinc intercepts within the resource pit shell not associated with known mineralized zones, down plunge expansion of the main zone massive sulfide, and geophysical targets developed from airborne and ground geophysical surveys. In addition to exploration and resource expansion drilling, geotechnical drilling for mine and facility planning will be done concurrently.
Thomas O. Quigley is the Qualified Person for Aquila as described in National Instrument 43-101 responsible for contents of this release.
More information about Aquila and the Back Forty Project including updated drilling information can be found on the Company's website at www.aquilaresources.com.
This press release contains certain forward-looking statements. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to international operations; risks related to joint venture operations; actual results of current exploration activities; changes in project parameters as plans continue to be refined, future prices of resources; possible variations in reserves, grade or recovery rates, accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Shares Outstanding: 81,770,529
CONTACT INFORMATION:
Aquila Resources Inc. (Toronto)
Robin Dunbar
CFO
416-203-1404
info@aquilaresources.com
or
Aquila Resources Inc. (U.S.)
Thomas O. Quigley
President
906-753-9602
tquigley@aquilaresources.com
INDUSTRY: Manufacturing and Production - Mining and Metals
Aquila Updates Back Forty Timeline
TORONTO, ONTARIO--(Marketwire - Nov. 11, 2009) - AQUILA RESOURCES INC. (TSX:AQA)(FRANKFURT:JM4A) ("Aquila" or the "Company"), is pleased to provide an update on the Back Forty Project in Michigan's Upper Peninsula.
Project Development - Q4 2010 Target for Feasibility Study Completion
As previously announced, Aquila and HudBay Minerals Inc. are parties to a Subscription, Option and Joint Venture Agreement dated August 6, 2009, pursuant to which Aquila granted HudBay an option to acquire a majority interest in the Back Forty Project. Aquila and HudBay are aggressively moving forward with the development of the Back Forty zinc, copper, gold and silver deposit. A technical advisory committee has been formed to establish a project schedule and development timeline, with a target date for the completion of a feasibility study and potential submission of a mining permit in the fourth quarter of 2010. To date, significant progress has been made in the areas of resource development, metallurgy and geotechnical work. The baseline environmental study, which under Michigan law requires a two year monitoring period, has now been completed and final environmental studies leading to an environmental impact assessment are underway.
A scoping study is in progress and scheduled for completion by early 2010, to be followed by prefeasibility, feasibility, and permitting activities.
Drilling Update
Aquila announced on October 13, 2009 that a drill program had commenced at the project. Drilling is proceeding with a total of 7,500 meters targeting extensions to the resource and in particular gold silver mineralization which could be mined in the early years and include exploration and geotechnical drilling.
In a related development, ground geophysical surveys have identified a new exploration target approximately 600 meters to the east of the known Back Forty resource. The drill target is located under shallow Paleozoic cover and will be tested under the current program. Thomas O. Quigley, President and CEO of Aquila stated, "The project is proceeding very well with HudBay. We're pleased with the progress to date, and are optimistic about maintaining established timelines with a focus on responsible mineral development with safety and environmental stewardship at the forefront of all activities."
The Back Forty Project is an advanced stage VMS deposit which contains multiple lenses of massive sulfide mineralization with closely associated gold and silver zones. The January, 2009 NI 43-101(see press release dated August 6, 2009) resource estimate, contains a measured and indicated resource of 8.5 million tonnes of 2.13 grams/tonne (g/t) gold, 30.6 g/t silver, 5.61% zinc and 0.51% copper. Approximately 6 million tonnes of the identified resource are potentially open pit ores, and many of the individual zones comprising the resource are open for expansion. Upon HudBay exercising its option, a joint venture will be formed between Aquila and HudBay with the purpose of further developing the Back Forty Project.
Incentive Stock Options
The Aquila Board of Directors has approved the issuance of a total of 1,250,000 incentive stock options exercisable at a price of $0.25 subject to TSX approval. The term of the options are five years vesting over the next two years. The stock options are granted to management, employees and directors of the Company.
Thomas O. Quigley is the Qualified Person for Aquila as described in National Instrument 43-101 responsible for contents of this release.
More information about Aquila and the Back Forty Project can be found on the Company's website at www.aquilaresources.com.
This press release contains certain forward-looking statements. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to international operations; risks related to joint venture operations; actual results of current exploration activities; changes in project parameters as plans continue to be refined, future prices of resources; possible variations in reserves, grade or recovery rates, accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Shares Outstanding: 81,770,529
For more information, please contact
Aquila Resources Inc. (Toronto)
Robin Dunbar
CFO
416-203-1404
info@aquilaresources.com
or
Aquila Resources Inc. (U.S.)
Thomas O. Quigley
President
906-753-9602
tquigley@aquilaresources.com
www.aquilaresources.com
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2009-11-30 08:41 ET - News Release
Also News Release (C-HBM) HudBay Minerals Inc
Mr. Thomas Quigley of Aquila reports
AQUILA RESOURCES AND HUDBAY MINERALS BACK FORTY DRILLING INTERSECTS 20.2 METERS OF 11.5 GRAMS PER TONNE GOLD AND 119.7 GRAMS PER TONNE SILVER
Aquila Resources Inc. and HudBay Minerals Inc. have released high-grade gold and silver assay results from the recently implemented drilling program at the Back Forty project in Michigan's Upper Peninsula. The current drill program is targeting near-surface gold mineralization as well as untested areas within the potential open-pit area of the Back Forty polymetallic resource, and is part of a larger program of engineering, environmental and permitting activity undertaken by HudBay Minerals and Aquila Resources as a part of an option and joint venture agreement for the Back Forty project.
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