Reef Gold Project
Overview
The Reef Gold project is located approximately 99 miles west of the Back Forty project. The project is 100% owned by Aquila and has the potential to host a gold deposit amenable to open pit operations. Aquila has completed over 4,500 meters of core drilling since acquiring the project in 2011 and is working towards a NI 43-101 resource estimate.
- Located in Marathon County Wisconsin, USA in the Penokean VMS Belt
- Project was focus of exploration by Noranda Exploration in 1970’s
- 4,500 meters of core drilling completed by Aquila to date; Phase III drill program planned
- Noranda calculated historic resource estimate (non 43-101 compliant) of 119,000 contained gold ounces (454,600 tonnes @ 10.6 g/t)
- Resource extends from surface to depth of 450 feet and is open in all directions
- Project is potentially amendable to low cost, open pit mining
Drill Highlights
- 3.0 meters of 8.12 g/t gold in GBP-3
- 12.47 meters of 1.07 g/t gold in R11-6
- 10.50 meters of 1.70 g/t gold in R11-9
- 14.76 meters of 14.41 g/t gold and .30% copper in R11-11,
Including 9.26 meters of 21.28 g/t gold and .33% copper - 9.90 meters of 2.53 g/t gold and 0.20% copper in R11-17,
Including 3.90 meters of 5.07 g/t gold and 0.27% copper - 14.54 meters of 3.23 g/t gold in R11-23,
Including 3.50 meters of 13.05 g/t gold - 7.75 meters of 3.21 g/t gold in R12-26
- 4.34 meters of 2.02 g/t gold in R12-29
- 42.15 meters of 0.99 g/t gold in R12-30
- 18.15 meters of 1.62 g/t gold in R12-30
- 65.23 meters of 2.80 g/t gold in R12-38,
Including 8.88 meters of 13.14 g/t gold - 94.96 meters of 1.53 g/t gold in R12-40,
Including 3.90 meters of 14.89 g/t gold
Including 6.78 meters of 6.15 g/t gold
History
The Reef project was the focus of historic exploration by Noranda Exploration and others in the 1970's and 1980's. Noranda identified several zones of gold mineralization in the Reef area and calculated a non NI 43-101 compliant historic resource estimate of 454,600 tons of 10.6 g/t gold and 0.28% copper. Aquila’s review of historic drilling information has determined that projections of the mineralized zones to surface, at depth, and along strike, leave significant room for resource expansion.
Geology
Mineralization at Reef consists mostly of pyrrhotite, pyrite and chalcopyrite with native gold, electrum and telluride minerals within quartz-sulfide veins and vein selvages. Using a cut off of 3.4 g/t, individual lenses have an average true thickness of 2.4 meters with reported grades ranging from 3.4 g/t to 47 g/t. Other minor sulfides include sphalerite, chalcocite, cubanite, and rare molybdenite.
