Aquila, HudBay Back Forty at 15.13Mt of 2.03 g/t Au M+I
Ticker Symbol: C:AQA C:HBM

 

Aquila, HudBay Back Forty at 15.13Mt of 2.03 g/t Au M+I

 

Aquila Resources Inc (C:AQA) 
Shares Issued 90,945,168
Last Close 1/31/2013 $0.15
Monday February 04 2013 - News Release

Also HudBay Minerals Inc (C:HBM) News Release

Mr. Thomas Quigley of Aquila reports

AQUILA ANNOUNCES UPDATED MINERAL RESOURCE ESTIMATE FOR BACK FORTY

Aquila Resources Inc. has provided an updated mineral resource estimate for the Back Forty project in the Upper Peninsula of Michigan, in which Aquila holds a 49-per-cent joint venture interest and HudBay Minerals Inc. holds a 51-per-cent interest (and is the current operator). The updated mineral resource estimate includes data from an additional 78 drill holes. The open pit measured and indicated resource is 9.65 million tonnes with improved metal grades over the previous mineral resource estimate, which was prepared in 2010. The estimate also defined 5.49 million measured and indicated tonnes and 2.18 million inferred tonnes of underground resource not evaluated in the preliminary economic assessment ("PEA") that was completed in April 2012 (see "Preliminary Economic Assessment Technical Report on the Back Forty Deposit, Menominee County, Michigan, U.S.A." dated April 26, 2012, available at www.sedar.com). The mine plan in the PEA contemplated that 7.54 million tonnes of the measured and indicated resource would be mined, after applying dilution and recovery allowances.

Aquila's president and CEO Tom Quigley stated, "We are very pleased with the new resource estimation. The combined open pit and underground resource provides significant tonnage with improved grades for evaluation in future economic studies. We now have an updated geologic model of the deposit that represents our increased understanding of the complexities and robustness of the resource, which will be increasingly useful to us as we evaluate future plans for Back Forty."

 

Updated Resource Estimate Highlights(i) - OPEN PIT RESOURCE:             9,647,498 tonnes (Measured + Indicated)                                                                                  Au (oz)                 Ag (oz)      Cu (lbs)      Pb (lbs)      Zn (lbs)   640,663               6,961,880    72,268,562    36,224,539   525,542,537                                                                             - UNDERGROUND RESOURCE:          5,486,549 tonnes (Measured + Indicated)                                                                                  Au (oz)                 Ag (oz)      Cu (lbs)      Pb (lbs)      Zn (lbs)   346,572               4,949,933    38,158,127    38,073,823   496,130,862                                                                                                              2,184,246 tonnes (Inferred)                                                                                              Au (oz)                 Ag (oz)      Cu (lbs)      Pb (lbs)      Zn (lbs)   142,351               1,823,307    18,026,223    15,903,291   103,702,673                                                                             - GLOBAL RESOURCE:               15,134,047 tonnes (Measured + Indicated)