Aquila Resources intercepts gold mineralisation at US prospect

9 July 2012 (Last Updated July 9th, 2012 18:30)

Aquila Resources has announced positive gold assay results from the 2012 drill programme at its 100% owned Reef Gold project in Marathon County, Wisconsin, US.

Aquila Resources has announced positive gold assay results from the 2012 drill programme at its 100% owned Reef Gold project in Marathon County, Wisconsin, US.

The company reported that the drilling programme helped in outlining the initial framework for an open pit resource calculation in the future.

It also aided in identifying additional extensions of gold mineralisation in holes R12-38 and R12-40 at the Reef project.

Presence of the mineralised zone was confirmed at Hole R12-38 which was drilled in the vicinity of a high-grade historic Noranda drill hole.

Mineralisation is open down-dip and along strike at the Hole R12-40, which was drilled on the south-western most fence of the Reef core area, and represents a 140m down-dip step out of historic hole RF87-15.

The drilling results intercepted are 65.23m of 2.80g/t gold in R12-38, including 8.88m of 13.14g/t gold and 0.44% copper, 94.56m of 1.53g/t gold in R12-40, including 3.90m of 14.89g/t gold.

The company said it has completed 42 diamond drill holes totaling 4,400m, and its current drilling campaign confirmed the "continued presence" of extensive gold and copper mineralisation.

Aquila Resources plans to undertake a third exploration drilling programme later this year, which is expected to include additional infill drilling to the southwest and east of the profile.