Aquiline tests Calcatreu at depth

Drilling by Aquiline Resources (AQI-V) has intersected 5 metres grading 15.2 grams gold per tonne at depth on the Calcatreu gold-silver project in Argentina’s Rio Negro province.

Hole 259 tested the Vein 49 zone to a depth of 243 metres, and the results suggest high-grade mineralization continues at depth. Previous drilling (174,000 metres in more than 170 holes) had been focused on defining near-surface open-pit resources.

Assays for three other deep holes on the northern portion of the Vein 49 zone are pending, and four more holes will be drilled.

Encouraged by hole 259, Aquiline revised some results from previously drilled deep holes, using a higher cutoff grade of 3 grams gold per tonne. The six holes generally grade 5-11 grams gold and 20-183 grams silver over widths of 1-5 metres. The revised results would appear to define a continuous high-grade vein system at depth. The veins increase in grade at depth and are particularly rich in silver, Aquiline says.

A scoping study by Micon International is examining the potential for a combined open-pit/underground operation. Previously due in mid-May but now not due until September, the study will include a revised resource calculation.

Calcatreu has an indicated resource of 1.4 million tonnes grading 5 grams gold and 39 grams silver per tonne, plus an inferred resource of 4.5 million tonnes grading 2.8 grams gold and 26.9 grams silver. The resources are contained in the Vein 49 and nearby Nelson low-sulphidation gold systems, with the bulk found in quartz veins in the oxidized portion of Vein 49.

Hole 259 is one of 36 holes recently completed. Most were collared on the Nelson Vein system, south of the Vein 49 zone. Aquiline envisages Nelson as a satellite open-pit operation to complement Vein 49.

Selected results from the Nelson system include the following:

— hole 224 — 1.8 metres (from 46.5 metres below surface) grading 3.5 grams gold and 167 grams silver per tonne;

— hole 231 — 6 metres (from 29 metres) of 3.5 grams gold and 42 grams silver;

— hole 239 — 5 metres (from 27 metres) of 5 grams gold and 38 grams silver;

— hole 245 — 2 metres (from 54 metres) averaging 5.1 grams gold and 35 grams silver;

— hole 252 — 3 metres (from 16 metres) grading 3.3 grams gold and 30 grams silver; and

— hole 257 — 12.2 metres (from 56 metres) of 4.6 grams gold and 34 grams silver.

The remaining holes generally returned 1-5 grams gold and 4-36 grams silver per tonne over 1-18 metres. Three of the holes failed to cut significant mineralization.