Drilling by
The latest, 13-hole program targeted the Vein 49 deposit and was highlighted by hole 143, which intersected 14 metres (from 11 metres below surface) grading 9.1 grams gold and 70 grams silver per tonne.
Hole 146, collared 55 metres to the southeast, cut 7 metres (from 41 metres) grading 10.8 grams gold and 160 grams silver, and this same hole also returned 11 metres (from 21 metres) of 1.1 grams gold and 12 grams silver. Hole 147, drilled 30 metres to the east, returned 7 metres (from 71 metres) of 9.8 grams gold and 125 grams silver. A 5-metre interval higher in the hole (from 46 metres) graded 2.1 grams gold and 27 grams silver.
The remaining holes generally returned between 1 and 5 grams gold and 10-60 grams silver over widths of 2-20 metres. Aquiline says true widths in the angled holes are about 90% of those reported.
Drilling at Calcatreu continues, with a second rig focusing on shallow drilling of the Nelson vein system immediately on strike to the south of Vein 49. Drilling will also test targets outlined by recent induced-polarization surveying along strike of Vein 49.
Since drilling began, in November 2003, Aquiline has drilled 5,896 metres, or nearly half the 12,000 metres planned for the 4-stage drilling program. The company now expects to expand the campaign.
Aquiline recently raised $6.9 million by privately placing 5.75 million units priced at $1.20 apiece. A unit consists of one share plus half a warrant. A whole is good for one share at $1.65 per share for 18 months from closing.
Agents Pacific International Securities, Dundee Securities and Toll Cross Securities were paid commissions totalling $375,335 in cash plus 89,722 units at $1.20 per unit. The agents also received brokers’ warrants to buy up to an additional 402,500 units at $1.25 apiece for 18 months. The brokers’ warrants include one share and half a warrant, with a full warrant exercisable into one share at $1.70 per share for 18 months. All the securities are subject to a 4-month hold period that expires June 7, 2004.
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