Aquila Resources has announced the fresh drilling results from the Back Forty project. HudBay Minerals and Aquila have formed a joint venture for the Back Forty project, wherein now Aquila holds 49% and HudBay holds a 51% of interest in the project. Recently, this project has entered into the pre-feasibility phase and a mine permit application stays on track for the second quarter of 2012.
The company has cut 1.21% copper and 6.24% zinc over 9.12 m in the hole LK-501, 1.02 g/t gold and 108.11 g/t silver over 24 m in the hole LK-502 and 1.45 g/t gold, 54.89 g/t silver over 51.05 m in the hole LK-504.
The plan of the drill holes LK-498, 500, 504 and 505 were to examine the Tuff Zone mineralization in LK-479. The design of the step-out hole LK-499 at the west has to additionally outline the South Limb immense sulfide zone. The hole LK-501 has targeted the Deep zone’s upper part, which is rich in zinc. The intention of the holes LK-502 and 503 was to examine the geophysical responses of the downhole that was identified early in LK-479 and 484.
Preliminary modeling and correlation of the enormous deep sulfide prospect in LK-479, LK-493, and LK-503, along with the further drilling results of the hole LK-503, has shown a sheet-like body that plunges 67° to the southeast direction.
Aquila has cut the gold zone in the hole LK-484 and the zone may be associated with the huge deep sulfide horizons that have been discovered in the holes K-479, LK-493 and LK-503. Current correlation and modeling of the deposit will additionally outline this fresh potentially mineralized horizon and the Tuff zone mineralization intercepted in the hole LK-479.
In addition, the company has continued the infill drill program at the project and fresh deeper targets have been discovered by the new downhole geophysical surveys.