Aquiline sums up Calcatreu

With the final drill results now in hand, Aquiline Resources (AQI-V) has begun an independent resource estimate of the Calcatreu gold project in Argentina.

The study, which will incorporate historic and recent results, is focusing on Vein 49, one of 11 epithermal vein systems discovered by Normandy Mining in the late 1990s and followed up earlier this year by Aquiline.

In the recent program, 10 holes were drilled to infill a 200-metre, high-grade section of the northeasterly striking and southwesterly dipping zone. Results from the final four holes are as follows:

— Hole 109 — 7.2 grams gold and 88 grams silver per tonne over 14 metres starting at a down-hole depth of 66 metres.

— Hole 108 — 7.6 grams gold and 64 grams silver over 14 metres at 88 metres, and 2.9 grams gold and 35 grams silver over 6 metres at 65 metres.

— Hole 107 — 4.5 grams gold and 32 grams silver over 18 metres at 65 metres.

— Hole 106 — 1.2 grams gold and 30 grams silver over 7 metres at 76 metres.

All were of the core-type, and the results are similar to those reported from the six reverse-circulation (RC) holes drilled earlier and those obtained historically (T.N.M., July 21/03).

Meanwhile, four scout holes that were part of the recent program may have uncovered a new vein system in the footwall of Vein 49. All were aimed at a resistivity anomaly, and each was drilled in the same direction and at the same angle from horizontal as the infill holes.

Hole 113, which was collared 800 metres southwest of infill group, returned the best result: 8.1 grams gold and 40 grams silver over 12 metres starting at 14 metres. Collared 50 metres to the northeast, hole 114 averaged 0.2 gram gold and 2 grams silver over 8 metres at 14 metres.

Narrower intervals were reported from holes 111 and 112, which were collared nearer the infill holes and about 150 metres in the footwall. The former averaged 0.5 gram gold and 7 grams silver over 4 metres at 4 metres, while the latter ran 8.3 grams gold and 2 grams silver over 2 metres at 14 metres.

The results will be excluded from the resource estimate but followed up later in the year, when a second phase of drilling will be carried out. More than 6,000 metres of infill and exploration drilling are planned.

The resource estimate is scheduled for completion in mid-September.

Aquiline was dealt an option on Calcatreu in late January 2003 by Newmont Mining (NEM-N). Newmont had acquired the project through its takeover of Normandy in early 2002. To earn a 100% interest, Aquiline must pay US$2.05 million and spend US$500,000 on exploration over three years.

Newmont retains a 2.5% net smelter return royalty and a back-in right for a 60% interest, though the right excludes the three claims in which the 49 vein system is found. Should it exercise its right, the company must spend three times what Aquiline had spent on exploration.