Aquiline revs its drills

Ongoing drilling by Aquiline Resources (AQI-V) continues to return encouraging grades form the Calcatreu gold-silver project in Rio Negro Province, Argentina.

The latest batch of nine angled (minus 55) holes collared on the little-tested northeast section of the Vein 49 zone is highlighted by:

• Hole 122 — 15.3 metres (from 54 metres below surface) running 7 grams gold and 59 grams silver per tonne;
• Hole 123 — 10 metres (form 85 m) of 8.4 grams gold and 112 grams silver;
• Hole 125 — 9 metres (from 54 m) grading 13.2 grams gold and 156 grams silver;
• Hole 135 10 metres (from 33 m) of 7.3 grams gold and 90 grams silver.

The remaining holes generally returned between 1-6 grams gold and 6 and 28 grams silver over widths between 1-16 metres. Aquiline says the true widths are about 90 % of those reported.

At last count, Calcatreu was home to an indicated resource totalling 1.4 million tonnes grading 5 grams gold and 39 grams silver per tonne. Another 4.5 million tonnes of inferred material grades 2.8 grams gold and 26.9 grams silver. The resource is 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.

Aquiline plans to soon have a drill turning on the Nelson vein immediately on strike to the south of Vein 49.

Quantec Geophysics is now on site flying an induced polarization survey initially over a 3-km-long corridor stretching north from Vein 49 to the Amistad Vein, where grab sampling returned up to 38 grams gold. Drilling on priority geophysical targets is planned for March.

Meanwhile in Santa Cruz province, Aquiline says that Australian-based Oroplata has acquired Xstrata‘s Cerro Negro gold project. The Aussie junior did so by matching Aquiline’s US$1.5 million offer under its pre-emptive right on the project.

Cerro Negro is reportedly home to a preliminary in-house resource estimate of 620,000 oz. gold grading 3.2 grams gold per tonne.

Closer to home, Aquiline is preparing to launch a 700-metre diamond drill program on its Dome Claims project in Red Lake, Ontario.

Slated for mid-February, the plan is to drill test a large structure outlined by magnetic geophysical surveying. The structure passes through the claims and continues south to the past-producing Howey mine. Aquiline also notes that the structure trends into the Red Lake and Campbell mines to the north.

Under a deal inked in late 2002, Aquiline is working toward earning a 60% stake in the 2.6-sq.-km property. It can do so by paying $40,000 in cash and spending $160,000 on exploration over four years. Aquiline is also responsible for a $95,000 payment to the original vendor plus a 2% net smelter return royalty.