Aquiline explores Argentine project

Aquiline Resources () is receiving encouraging drill results from the Calcatreu gold-silver project in Argentina’s Rio Negro province.

The latest batch of nine angled (minus 55) holes collared on the little-tested northeastern section of the Vein 49 zone is highlighted by:

— Hole 122 — 15.3 metres (from 54 metres below surface) grading 7 grams gold and 59 grams silver per tonne;

— Hole 123 — 10 metres (from 85 metres) of 8.4 grams gold and 112 grams silver;

— Hole 125 — 9 metres (from 54 metres) of 13.2 grams gold and 156 grams silver;

— Hole 135 — 10 metres (from 33 metres) of 7.3 grams gold and 90 grams silver.

The remaining holes generally yielded 1-6 grams gold and 6-28 grams silver over widths of 1-16 metres. True widths are about 90% of those reported.

At last count, indicated resources at Calcatreu were estimated to be 1.4 million tonnes grading 5 grams gold and 39 grams silver per tonne. In addition, there is an inferred resource of 4.5 million tonnes grading 2.8 grams gold and 26.9 grams silver. The resource is contained in the Vein 49 and nearby Nelson low-sulphidation gold systems, with the bulk found in quartz veins in the oxidized portion of Vein 49.

Aquiline is preparing to drill the Nelson vein immediately on strike to the south of Vein 49. Meanwhile, Quantec Geophysics has begun flying an induced-polarization survey over a 3-km-long corridor stretching north from Vein 49 to the Amistad vein, where grab-sampling previously returned up to 38 grams gold.

Meanwhile, in Santa Cruz province, Australian-based Oroplata has exercised its pre-emptive right and acquired Xstrata‘s Cerro Negro gold project by matching Aquiline’s US$1.5-million offer. Cerro Negro has a preliminary in-house resource estimate of 620,000 oz. gold (grade: 3.2 grams gold per tonne).

Closer to home, Aquiline is preparing to launch a 700-metre diamond drill program on its Dome Claims project in Red Lake, Ont.

Beginning in mid-February, drilling will test a large structure outlined by magnetic surveying. The structure passes through the claims and continues south to the past-producing Howey mine, and trends into the Red Lake and Campbell mines to the north.

Aquiline is earning a 60% stake in the 2.6-sq.-km property from Consolidated Global Minerals (CTG-V). Under the deal, Aquiline must pay $40,000 in cash, spend $160,000 on exploration over four years, and make a $95,000 payment to the original vendor. The company must also assume a 2% net smelter return royalty on the property.