Aquest drills in Guatemala

Junior Aquest Minerals (AQU-V) has begun a 5,000-metre program of reverse-circulation drilling at the Anabella gold project in western Guatemala.

The company is testing the extent and grade of gold mineralization found in association with fine-grained disseminated arsenopyrite in argillaceous siltstones and carbonaceous shales. High-grade antimony lenses have been mined from the Anabella area on an intermittent basis since 1969.

Aquest believes the geological setting at Anabella bears striking similarities to Carlin-style, sediment-hosted, bulk-tonnage gold deposits, and has set out to test the potential for a multi-million-ounce deposit. Preliminary mapping and sampling show a mineralized trend with gold, antimony and arsenic values extending over a strike length of 5 km.

To confirm initial drill targets, crews have spent the past four weeks conducting geological mapping and chip sampling in the Anabella mine area. The first eight drill pads have been laid out. The antimony mine workings in this area extend over a 350-by-150-metre area, with the mineralization extending from surface to depths of at least 150 metres and remaining open in all directions.

A second mine area, called LC, lies 1 km along strike of the Anabella mine. The LC underground workings extend over an area measuring 700 by 100 metres, and crews are currently identifying drill sites.

Aquest can acquire the Anabella project for US$10 million, payable in US$4 million cash and US$6 million in Aquest convertible debentures, plus prepaid royalties of 5% of the recoverable metal value contained in the first 1 million tonnes of ore and 3% on the remaining reserve. Total payments are capped at US$25 million.

The agreement is subject to a 9-month due diligence period.