Aquila - Back Forty UpdateCompany Overview
Aquila Resources Corp. was formed by a reverse-takeover completed May 6, 2006 by JML Resources Ltd. with Aquila Resources Corp. and 2079537 Ontario Ltd., both private Canadian corporations.
Aquila has 69,349,478 shares outstanding. It trades on the TSX Venture under the stock symbol AQA. Closing price on Feb 2, 2006 was CDN$1.88.
Property Overview
Aquila controls in excess of 9,000 acres of mineral and surface rights to the Back Forty Project located in Menominee County, Michigan in the Upper Peninsula. Ownership of mineral interests are 100% by way of state leases, private fee surface and mineral estates subject to underlying royalty interests and applicable minority interests. The project is in an advanced stage of exploration targeting gold rich volcanogenic massive sulphide (VMS) mineralization. An evaluation of the project, including a summary of previous work, is contained in a technical report dated August 17, 2005 by DeMatties and Munroe, Geological Consultants.
Historical Overview
Historical exploration at the project has identified massive sulfide and gold mineralization in a highly altered sequence of felsic volcanics, pyroclastic rocks and intrusive porphyries.
Early in 2002, drill testing of a geophysical anomaly resulted in the discovery of the LK Massive Sulfide. Subsequent drilling in 2003 has defined three lenses of stacked zinc and gold rich massive sulfide mineralization, stringer zone gold mineralization, and adjacent gold rich sections low in sulfides.
Aquila optioned the MRT property in August 2006. Below are the highlights of a 29-hole drilling program conducted in 2002 and 2003 by the Back Forty Joint Venture between the American Copper and Nickel Company and the Menominee River Exploration Co. LLC.
The most significant mineralized zones are summarized below.
Highlights of 2006 Drilling Program
Aquila began its 2006 drilling program of 21 holes on May 10, 2006. The most significant mineralized zones are summarized below.
2007 Projections
Drilling at the Back Forty project was scheduled to resume in late January 2007.
Drill results completed in 2006 are being incorporated into an database and geologic model to form the basis for an updated 43-101 compliant resource estimate expected to be completed in the first half of 2007.
Published originally on Dollardaze.org on Feb 3, 2007.