Aquest cuts gold-antimony at Anabella

Junior Aquest Minerals (AQU-V) has intersected variable thicknesses of gold-antimony mineralization in the first four holes of a scheduled 25-hole drill program at the Anabella project in Guatemala.

The company is attempting to outline a multi-million-ounce gold deposit found in association with fine-grained disseminated arsenopyrite in argillaceous siltstones and carbonaceous shales. The property holdings cover a 5-km-long trend of gold-antimony mineralization, plus a mine, mill and smelting facilities. High-grade antimony lenses have been mined from the Anabella area on an intermittent basis since 1969.

To date, eight holes have been drilled on the property. The first hole intercepted three significant intervals of mineralization, including:

• 6 metres grading 1.91 grams gold per tonne and 1.93% antimony at a down-hole depth of 44-50 metres;
• 10 metres averaging 3.56 grams gold and 0.36% antimony from 84 to 94 metres; and
• metres averaging 5.15 grams gold and 0.13% antimony (including 2 metres of 11.78 grams gold and 0.26% antimony) from 156 to 162 metres.

  Hole 2 was collared 150 metres east of hole 1 in the southeastern perimeter of the Anabella workings. The hole intersected only narrow intervals of mineralization. The first two metres of the hole averaged 2.05 grams gold and 0.07% antimony, followed by:

• 4 metres of 1.27 grams gold and 0.07% antimony at 8-12 metres of depth;
• 2 metres of 1.83 grams gold and 0.01% antimony at 92-94 metres; and
• 4 metres of 1.05 grams gold and 2.89% antimony at 134-138 metres.

The third hole tested the eastern portion of the mine area, intercepting 12 metres averaging 2.53 grams gold and 0.31% antimony (including 2 metres of 7.93 grams gold and 0.26% antimony) right from surface, followed by 4 metres of 5.2 grams gold and 0.09% antimony from 42 to 46 metres.

The fourth hole was drilled in the northeastern portion, hitting:

• 26 metres of 1.86 grams gold and 0.17% antimony at a down-hole depth of 48-74 metres;
• 44 metres averaging 1.63 grams gold and 0.55% antimony from 104 to 148 metres; and
• 10 metres averaging 3.28 grams gold and 0.6% antimony from 154 to 164 metres.

Assay results are pending for the remaining four holes on Anabella.

The next phase of drilling will focus on the LC mine area, which lies about 1 km along strike to the west-northwest of Anabella. The LC underground workings extend over an area measuring 700 by 100 metres, whereas the Anabella workings comprise 350 by 150 metres. In addition, exploration work is targeting the area between the two mines, as well as the eastern extension of Anabella, for potential drill targets.

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.