Aquila Resources Inc. (fka AQARF)

[gap434]

News Release Issued: Nov 22, 2016 (7:00am EST)

To view this release online and get more information about Aquila Resources Inc. visit: http://aquilaresources.mediaroom.com/2016-11-22-Aquila-Resources-Releases-Final-Drill-Results-From-its-2016-Back-Forty-Exploration-Program-Including-6-Meters-of-5-01-g-t-Gold-and-27-34-g-t-Silver

Aquila Resources Releases Final Drill Results From its 2016 Back Forty Exploration Program Including 6 Meters* of 5.01 g/t Gold and 27.34 g/t Silver

Shares Outstanding: 234,521,913

TORONTO, Nov. 22, 2016 /CNW/ - Aquila Resources Inc. (TSX: AQA) ("Aquila"), a permitting-stage company advancing its gold- and zinc-rich Back Forty Project in Michigan's Upper Peninsula, today announced the final drill results of its recently completed 2016 exploration program consisting of 1,786 meters of drilling in 10 holes. The exploration program focused on targeting potential extensions of known mineralized zones as well as new targets proximal to the Back Forty deposit. The final drill results include assay results from two holes that the Company announced on September 27, 2016, indicating the discovery of a new mineralized zone at Back Forty.

"Our 2016 exploration program produced very encouraging results," said Barry Hildred, CEO of Aquila Resources. "Drilling resulted in the discovery of a new, zinc-rich mineral zone that is consistent with the poly-metallic mineralization of Back Forty's Main zone. This discovery provides the potential to add to Back Forty's mine life. We will explore this potential more fully with our exploration program slated for 2017."

Drill Results Highlights:
•Drill holes LK-16-510 through LK-16-513 tested possible extensions of the Pinwheel zone massive sulfide and associated precious metal mineralization to the northeast
•Drill holes LK-16-514 through LK-16-519 tested geophysical targets and possible extensions of the Pinwheel zone to the southwest of the deposit
•Drill hole LK-16-511 intercepted 3.2 meters of 1.78 g/t gold (Au) and 20.48 g/t silver (Ag)*
•LK-16-511 encountered 1.2 meters of 2.29 g/t Au*
•LK-16-514 intercepted 6 meters of 5.01 g/t Au and 27.34 g/t Ag*
•LK-16-517 returned 6.8 meters of 0.31 g/t Au and 3% Zn, and a separate zone of 0.5 meters of 4.7% lead (Pb) and 304 g/t Ag*
•LK-16-515 and LK-16-516 (reported on September 27, 2016) encountered 8.4 meters of 4.9% Zn, and 9.35 meters of 6.7% zinc (Zn) in massive and semi massive sulfide.*


Summary and Significance of Drilling Results
The 2016 drilling campaign identified new zinc rich massive and semi massive sulfide zones to the southwest of the Back Forty deposit. A discreet zone of massive sulfide in LK-16-515, 516 and 517 remains open along strike to the northeast and southwest as well as at depth. This new zone lies approximately 400 meters southwest of the proposed open pit, and may eventually prove to be continuous with underground resources extending southwest from the pit. Additionally, strong geophysical trends have identified targets for an additional 500 meters to the southwest.

Separate zinc and silver mineralized horizons were also encountered deeper in LK-16-515 as well as in LK-16-518. These horizons were hosted by siliceous, tuffaceous sediments similar to the Tuff zone and deeper mineralization under the Back Forty deposit. Future drilling will target extensions of these horizons and will test potential continuity with these zones.

Gold and silver mineralization was encountered in LK-16-514 at two separate horizons approximately 60 meters apart. The orientation of these intercepts is currently unknown, but the high grades, including visible gold in the lower interval, warrant follow up drilling. This area occupies an apparent gap between known Pinwheel massive sulfide mineralization and the newly discovered zone of mineralization in LK-16-515, 516 and 517.

Drill holes LK-16-511, 512, and 513 were step out holes testing the potential extension of the Pinwheel massive sulfide northeast of the of the proposed open pit. They encountered significant but narrow zones of precious metal mineralization, but no extensions of massive sulfide. LK-16-510 testing a geophysical target 325 meters northeast of the open pit, did not return significant values.

All of the ten holes from this drilling program as well as strategic historic drill holes were surveyed with downhole, pulse electromagnetic techniques.




This message has been truncated