Aquila Resources (AQA-V) has reported its largest zinc intercept ever as it drills its way through a 20,000-metre program at the Back Forty project in Menominee County, Michigan.
While drilling the Main Zone Hinge, the company intersected 87 metres grading 9.8% zinc and 2.32 grams gold per tonne, including 17.5% zinc, in hole LK-165.
The market reaction in Toronto today gave Aquila shares a 20% boost, bringing the price up 28 to $1.68 on a trading volume of 475,000 shares.
Hole LK-165 was an infill hole drilled in a poorly defined portion of the zone. The thickness is nearly twice that of what the company used in its National Instrument 43-101 resource model for this area of the Hinge.
Significant gold mineralization was found in LK-161, 162 and 163, verifying another concentration of precious metals at Back Forty.
Hole LK-161 returned 54.3 metres grading 3.09 grams gold per tonne, 13.9 grams silver and 0.4% copper, including 27.8 metres grading 5.07 grams gold per tonne.
Results from LK-163 showed economic potential above the Main Zone Hinge massive sulfides within 50 metres of surface.
Aquila has shipped samples from six other drill holes for assays and five other holes are in core processing.
Three rigs are still operating on the property.
The Back Forty has a measured and indicated resource of 6.6 million tonnes grading 5.32% zinc, 2.28 grams gold per tonne, 28.76 grams silver, 0.52% copper and 0.21% lead, or 779 million lbs. zinc, 486,000 oz. gold, 6.1 million oz. silver and 76 million lbs. copper.
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