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Aquiline apparently is focused on PGM's exploration & development in Canada although it still lists interests in  Santa Lucia in Mexico

 

Aquiline Resources Inc.              [AQI:TSX-V]

Santa Lucia Property, Sonora. The company has signed an option to purchase the Santa Lucia gold prospect in Sonora, Mexico. The Santa Lucia prospect consists of claims located in Guadalupe de Toyopa in the Mexican Sierra Madre, and is located approximately 190 kms ESE of Hermosillo. Together the claims cover 415 hectares over a zone of strong alteration accompanied by gold mineralization in volcanic rocks near their contact with a granodiorite intrusive. Historic placer miners have exploited gold from old workings scattered over a 2 km long area. Preliminary sampling for Aquiline returned samples in the range of 0.5 to 1.5 grams/ton, mostly from fracture zones across one to four meter widths and the target at Santa Lucia is a bulk mineable gold deposit amenable to an open pit mining and heap leach extraction processes. A follow-up sampling and trenching program is planned to trace the mineralization outside the fractures and through a nearby favorable porous agglomerate formation. This will be followed by an initial phase of drilling.

wwwInfo 14Jan05
 

(OLDER INFORMATION)

Aquiline Resources Inc. owns 100% of two Mexican subsidiaries, Minera Aquilon, S.A. de C. V. and Minera San Isidro, S.A. de C. V. The corporate office for these subsidiaries is located in Hermosillo, Sonora, Mexico. These companies own mineral claims in the state of Sonora. The parent company, Aquiline Resources Inc., owns a 1% net smelter royalty on the Cieneguita mine which is run by Corporativo Minero S.A. de C.V. and located in the state of Chihuahua.

Aquiline Resources Inc. is a junior mineral exploration company formed under the laws of British Columbia, Canada, on May 3, 1988. Aquiline, through its subsidiary companies, has concentrated on exploration and development of gold properties in Mexico. In late 1996, Laramide Resources Ltd., another a junior exploration and development company based in Toronto, Canada, proposed to acquire the shares of Aquiline Resources Inc. under the terms of formal offer to the shareholders. The take-over offer was unsuccessful. In June of 1998, the current board of directors, which includes two members of the Laramide board, was elected by Aquiline shareholders to replace former management.

Larimide Resources purchased 28% of Aquiline by buying 1,590,908 shares directly from Glamis Gold. Laramide Resources made a hostile take-over attempt which was successfully thwarted by Aquiline. Throughout it's takeover attempt it continued to acquire shares and as of 10Jan97 beneficially held 1,713,608 shares. Laramide withdrew its offer to Aquiline shareholders on Jan. 14, 1997 (but still holds around 28% of Aquiline's shares and is therefore Aquilines largest shareholder). This withdrawal followed a Jan. 10 decision in the supreme court of BC which denied Laramide's attempt to block Aquiline from proceeding with it's transaction with Hecla. (This nonsense is over and Aquiline won - hands down.)

MBD February, 1997
CSW 20Jan97
CSW 10Jan97
GCN #229 27Nov96
GCN #104 29May96
MBD April, 96
LAMR, v3, #4 Apr. 96
NMN v82 #5 04/01/96

Jojoba Au Property, Sonora. A 1,124 ha. located near Madalena de Kino. Ownership re option agreement is presently under dispute from Aquiline's perspective (not the underlying vendor's). No work is planned until legal issues regarding ownership can be resolved.

Reports 21 holes totaling 2,043m define resource of 4.3 MM tons at 0.043 opt (185,000 oz Au) over average width of 48 ft.  IMMSA drill data from holes drilled 1988-1989 in a 200m by 600m NE-trending zone. This same area was re-tested by Glamis Gold and the number of holes drilled 1989-1996 total around 70. Hecla  agreed to purchase a 60% interest in the Jojoba Project for $2,100,000. This included a private placement of 670,000 shares at $1.00 which closed Jan. 10, 1997. The VSE approved the Hecla acquisition of a 60% interest in Jojoba on Jan. 16, 1997. Hecla conducted a $1.1 M Phase I drilling program upon completion of due diligence. Phase I will include 6 diamond core holes to minimum depths of 100m. Core drilling to be followed by 50 RC holes totaling around 5,000m. Plans were to drill to the NE and test at least 3 other areas to expand reserves. Hecla kicked the tires and bailed in September, 1997. Aquiline re-negotiated acquisition terms with vendors in 4Q97. Ultimate buy-out hinged on a major payment due in December, 1997; however, new contract theoretically gave them until the end of 1998 to come up with a total of about $600,000. (Option on property is presently in dispute according to Aquiline's own wwwinfo.)

All the holes poked in this deposit by IMMSA, Glamis, Hecla etc, now total around 290 holes and almost 20,000 m. Considering all this information, an independent estimate commissioned by Aquiline now puts the measured and indicated reserve at either 6,400,000 tonnes at 1.03 gpt Au (212,900 oz) or Hecla's resource calculation of 7,390,000 metric tonnes at 0.82 gpt for 196,000 ounces. (In so many word the Old Prospector says that the reserve estimates haven't changed much from IMMSA's original guestimates except the tonnage went up and the average grade went down. There is also significant Cu in the system which could be good or bad depending on the metallurgy!)

wwwinfo 23May00
GCN #8 13Jan98
GCN #233 4Dec97
LAMR May, 1997
GCN #77 22Apr97
CSW 24 Jan97
GCN #13 20Jan97

Santa Lucia, Chihuahua. Located approximately four hundred kilometers SSE of La Jojoba in the foothills of the Sierra Madre close the border with the neighboring state of Chihuahua in the vicinity of the village of Guadalupe de Toyopa. The property consists of a group of two groups of claims: a core group obtained under option from a local prospector, and a surrounding group purchased from Glamis Gold. At Santa Lucia, gold is found in a zone of heavily argillized volcanic rocks adjacent to a granitic intrusive. Preliminary mapping and sampling suggest that this geologic setting could host a low-grade open-pit gold mine.

La Cieneguita OP/HL Au Property, at Cieniguita, Chihuahua. La Cieneguita is presently owned and operated by Corporativo Minero S.A. de C.V. based out of Chihuahua City. Small scale operation was originally run by a Mexican subsidiary of Glamis Gold as a 60/40 JV with Minera Cuicuilco. The open-pit heap leach operation was planned for only 5,000 oz/yr, but fell below expectations. Produced a total of 2,563 ounces between June 1995 and Oct, 1996. Aquiline had first right of refusal and was looking into picking up Glamis Gold's 60% interest to hold 100%,  but CONSORCIO (a.k.a. Consorcio Minero Latinoamericano S.A. de C.V. and the parent company of Cooperativo Minera) evidently closed the deal. Where Aquiline's 1% nsr comes after Glamis' 3% nsr and Minera Cuicuilco's 3% nsr is a good question. Is it 1% of Glamis' 3%?

GCN #18 27Jan97
MBD January, 1997
GCN #245 19Dec96
GCN #229 27Nov96
CSW 10Nov95

San Isidro Cu property, Michoacan. Noranda Inc. dropped option taken in December, 1994 in February, 1996 after 5 BQ holes totaling 1,277m were drilled late in 1995. Coincident geophysical and geochemical anomalies on the four San Juan claim blocks (35 sq km) define two target areas. These include: Cerro Pelon target area which is 500m by 300m by 350m deep was tested by one hole 250m deep. The Cerro Verde stockwork area which is exposed over 500m by 200m and 300m deep.

GCN #35 216Feb96

La Colmilluda Cu Property, Michoacan. Located near Uruapan. Two properties cover 23 sq km comprise La Colmilluda and are known separately as La Vista and La Joya. Optioned to Noranda Exploration Co. optioned the area in early 1995 and had planned a second round of drilling as of August, 1995. Some sort of a stratabound (stratiform?) Cu mineralization in volcanics?

GCN #35 216Feb96
LAMR August, 1995
MBD January, 1995

Inguaran District, Michoacan. Aquiline retained interest at one time on several properties one of which is processing at 20 tpd to make a Cu-concentrate.

CSW 24Feb95