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PRESS RELEASE
Aquila Resources Inc.
TSX VENTURE: AQA Stock Quote Stock Chart
FRANKFURT: J4MA
Other Recent News
November 15, 2006
Aquila Drills 20.7 Meters of 6.79% Copper and 287.6 g/t Silver Near Surface at the Pinwheel Zone and 31.2 Meters of 9.62% Zinc and 4.1 g/t Gold in the Main Zone Hinge
TORONTO, ONTARIO--(CCNMatthews - Nov. 15, 2006) - AQUILA RESOURCES INC. (TSX VENTURE:AQA)(FRANKFURT:JM4A) ("Aquila" or the "Company") today announced high grade copper and gold intercepts from the Pinwheel Zone, plus high grade zinc and gold intercepts from the East Zone and Main Zone Hinge areas, at the Back Forty Project in the Upper Peninsula of Michigan. The three zones are located along 450 meters of strike length where Aquila is currently targeting near surface mineralization.
Highlights include:
Pinwheel Zone:
- 20.7 meters of 6.79% copper, 287.6 grams/tonne (g/t) silver in massive sulfide in LK-127P
- 23.0 meters of 3.3 g/t gold, 56.2 g/t silver in gossan underlain by 12.4 meters of 3.26% copper, 51.1 g/t silver in massive sulfide in LK-116P
- 6.7 meters of 26.0 g/t gold in gossan in LK-117P
- 3.2 meters of 22.9 g/t gold in gossan underlain by 14.5 meters of 2.8 9% copper, 62.0 g/t silver in massive sulfide in LK-119P
- 25.5 meters of 1.05% copper, 1.34% zinc in massive sulfide in LK-123P
East Zone:
- 41.6 meters of 1.8 g/t gold, 3.45% zinc including 16.1 m of 2.7 g/t gold, 7.70% zinc in massive sulfide in LK-114E
Main Zone Hinge:
- 31.2 meters of 4.1 g/t gold, 9.62% zinc including 18.8m of 4.5 g/t gold, 14.53% zinc in massive sulfide in LK-115
Additional details of these drill results are presented in the tables below.
--------------------------------------------------
Pinwheel Drill Results
--------------------------------------------------
All
Intervals
in
Meters Estimated
--------- True g/t g/t % % %
Hole # From To Width Gold Silver Copper Lead Zinc Description
--------------------------------------------------
Pinwheel
LK-116P 4.8 27.8 23.0 3.3 56.2 0.57 0.02 0.01 gossan
Pinwheel
includes 4.8 9.0 4.2 10.5 113.2 0.06 0.04 0.01 gossan
Pinwheel
massive
27.8 40.2 12.4 1.2 51.1 3.26 0.02 0.02 sulfide
--------------------------------------------------
Pinwheel
LK-117P 2.3 9.0 6.7 26.0 18.0 0.03 0.09 0.01 gossan
Pinwheel
includes 2.3 6.8 4.5 36.8 20.0 0.02 0.12 0.01 gossan
--------------------------------------------------
Pinwheel
LK-119P 3.6 7.0 3.2 22.9 39.2 0.21 0.04 0.01 gossan
Pinwheel
massive
7.0 22.5 14.5 2.0 62.0 2.89 0.02 0.02 sulfide
--------------------------------------------------
Pinwheel
massive
LK-123P 23.9 52.9 25.5 1.9 27.2 1.05 0.11 1.34 sulfide
--------------------------------------------------
Pinwheel
LK-127P 5.3 7.3 2.0 13.2 30.5 0.07 0.02 0.00 gossan
Pinwheel
massive
7.3 28.0 20.7 1.9 287.6 6.79 0.02 0.04 sulfide
--------------------------------------------------
--------------------------------------------------
East Zone and Main Zone Hinge Drill Results
--------------------------------------------------
All
Intervals
in
Meters Estimated
--------- True g/t g/t % % %
Hole # From To Width Gold Silver Copper Lead Zinc Description
--------------------------------------------------
East Zone
massive
LK-113E 52.1 58.3 6.2 1.0 12.4 0.15 0.03 6.22 sulfide
--------------------------------------------------
East Zone
LK-114E 9.8 13.0 3.2 5.3 4.6 0.01 0.02 0.01 gossan
East Zone
massive
13.0 54.6 41.6 1.8 14.0 0.06 0.05 3.45 sulfide
East Zone
massive
includes 38.5 54.6 16.1 2.7 23.5 0.11 0.11 7.70 sulfide
--------------------------------------------------
Main Zone
Hinge
massive
LK-115 65.2 96.3 31.2 4.1 25.2 0.41 0.08 9.62 sulfide
Main Zone
Hinge
massive
includes 77.5 96.3 18.8 4.5 26.9 0.47 0.11 14.53 sulfide
--------------------------------------------------
"We are pleased to see very significant copper values in the massive sulfides at the Pinwheel Zone," stated Tom Quigley, Aquila\'s President. "These values, along with overlying gold rich gossans, have important economic implications for this near surface zone. We are also pleased to see good results from the Main Zone Hinge mineralization, as this thickened lens of massive sulfide represents an important connection between the near surface East and Pinwheel zones".
Four holes from the East Zone and 20 from the Pinwheel Zone remain to be reported, and assay results from these holes will be released in the order and sequence they are received. One drill rig continues to test the Main Zone Hinge area located between the East and Pinwheel zones, and details of the current drilling, including a plan view map of the drillhole locations and outline of the East, Pinwheel, and Main Zone Hinge areas are available on the company\'s website at www.aquilaresources.com/projects.php#map.
Sample preparation and analyses for this release were conducted by Accurassay Labs in Thunder Bay, Ontario on split drill core supplied by Aquila. Standards were inserted in the sample sequences with check assays and re-run\'s routinely conducted. Tom Quigley, P.Geo. and President of Aquila is the Qualified Person as described in National Instrument 43-101 for the Back Forty Project and is responsible for the content of this press release.
Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The securities being offered have not and will not be registered in the United States under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws, and may not be offered or sold within the United States or to or for the account of benefit of U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This news release does not constitute an offer to sell or a solicitation of an offer to purchase securities in the United States.
Shares Outstanding: 53,216,948
The TSX Venture Exchange has not reviewed and does not accept responsibility for the contents of this release.
CONTACT INFORMATION
Aquila Resources Inc. (Toronto)
Robin Dunbar
CFO
(416) 203-1404
Email: info@aquilaresourcesinc.com
or
Aquila Resources Inc. (U.S.)
Thomas O. Quigley
President
(218) 733-1452
Email: toquigley@qwest.net
Website: www.aquillaresources.com
or
Clark Avenue Co. Inc.
Investor Relations
(905) 882-4422
Email: clarkavenue@rogers.com
INDUSTRY: Manufacturing and Production - Mining and Metals
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