More gold for Aquila

Aquila Resources (AQA-T) got a slight lift from drills testing a porphyry deposit at its Back Forty project in Michigan.

Results come from five drill holes testing an area it calls the porphyry margin (PM) and highlights included:

• Hole LK-324 — 2.1 metres grading 14.6 grams gold per tonne and 285.8 grams silver
• Hole LK-326 — 10.3 metres grading 2.3 grams gold and 4.7 grams silver and 2.5 metres of 25.1% zinc and 2.1 grams gold.
• Hole 108-427 — 1.1 metres of 67.9 grams gold and 48.9 grams silver.
• Hole LK-145 — 8.4 metres grading 6.9 grams gold and 2.1 grams silver.

The PM zone runs along a late quartz-feldspar intrusive dike and is open to in all directions. The company also reports that a newly discovered zone known as the NS gold zone, is hosted in strongly altered and sheared rhyolites at the surface.

Neither the PM gold zone nor another zone, known as the 90 gold zone, are included in its resource calculation from last year. That study put 6.6 million tonnes of ore grading 2.28 grams gold, 28.76 grams silver, 5.32% zinc, 0.52% copper and 0.21% lead into the measured and indicated category.

Aquila says the zones should add significantly to the updated resource estimate due later this summer.

In morning trading in Toronto the company’s were up 2 to 29 on 94,000 shares traded. Over the last 52 weeks, its shares have moved between $1.34 and 26 and it has roughly 70 million shares outstanding.