Aguila American Completes Work Program on Peru Gold Project
February 18 2011 - 7:30AM
Marketwired Canada
Aguila American Resources Ltd. ("Aguila") or (the "Company") (TSX VENTURE:AGL) -
Mr. John Huguet Reports:
The Company has completed a reconnaissance geological mapping and rock
geochemical sampling along a mineralized and brecciated zone of limestone near
the small-scale mining operations under the supervision of Mr. James A. McCrea,
P. Geo. Nineteen samples were collected from iron-manganese, oxidized,
brecciated and/or silicified host rocks along the mineralized structure that is
exposed by road cuts and various underground workings. Thirteen samples were
collected along a 150-metre section spanning the east-northeasterly trending
Zones 1 and 2. The analytical results from these thirteen samples have been
tabulated as follows:
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Sample Area Length Gold
---------------------------------------------------------------
No. Type (m2) (m) (gpt)
---------------------------------------------------------------
20503 Panel Chip 2.00 2.457
---------------------------------------------------------------
20506 Chip 1.75 7.450
---------------------------------------------------------------
20507 Panel Chip 2.00 16.000
---------------------------------------------------------------
20508 Chip 2.25 0.417
---------------------------------------------------------------
20509 Chip 1.50 1.249
---------------------------------------------------------------
20510 Chip 1.50 4.977
---------------------------------------------------------------
20511 Chip 0.70 0.957
---------------------------------------------------------------
20513 Chip 1.40 5.020
---------------------------------------------------------------
20515 Panel Chip 2.50 4.363
---------------------------------------------------------------
20516 Panel Chip 2.00 8.750
---------------------------------------------------------------
20517 Panel Chip 2.35 2.35 4.549
---------------------------------------------------------------
20518 Chip 2.20 2.923
---------------------------------------------------------------
20519 Grab 1.50 5.500
---------------------------------------------------------------
The Angostura Property is comprised of eight concessions which cover the main
portion of the Angostura Gold Prospect. The project is located in southern Peru
in the Department of Apurimac, approximately 430 kilometers southeast of Lima
and 180 kilometers southwest of the city of Cuzco, and can be reached along
paved highways and gravel roads. An electrical power grid line passes through
the property. There are significant advanced exploration projects and producing
mines in the general vicinity of the Angostura property such as the large Las
Bambas copper-gold-molybdenum project and Tintaya copper-gold mine belonging to
Xstrata Plc., situated 25 km to the east and 140 km to the southeast
respectively, and the Santa Rosa gold mine belonging to Andean American which is
situated approximately 20 km to the south.
The geological model for the mineralization on the Property is similar to that
of many gold deposits in Nevada, U.S.A. where the gold mineralization is hosted
by collapsed, brecciated and replaced limestone as a result of early
decarbonatization by acidic hydrothermal fluids focused along faults, followed
by the collapse and brecciation of limestone, gold precipitation, and late-stage
silicification and barite deposition.
According to a technical report prepared for the Company by Mr. Victor A.
Jaramillo, P. Geo., titled 'The Angostura Property Technical Report and dated
November 30, 2006, five mineralized zones have been identified on the Property.
Of them, Zone 1 is approximately 150 meters long and has an average width of 30
meters. Zone 2 is located to the east of Zone 1 and has a defined width of 75
metres with an average grade of 3.64 g/t Au.
Oxide structures have been identified approximately 2,100 meters to the west,
and 2,700 meters to the east of Zone 1 resulting in a strike length of close to
5 km. A potential tonnage for the mineralized gold -bearing structure has been
estimated to be in the range of 45 to 90 million tonnes with grades ranging
between 1.0 to 3.0 g/t Au (the potential quantity and grade is conceptual in
nature there has been insufficient evidence to support a mineral resource and it
is uncertain if further exploration will result in a discovery or mineral
resource). Forty-seven trenches and pits 1 meter deep and 10 meters long have
been dug and sampled with grades ranging from 1.29 g/t Au to 8.19 g/t over 3
metres, including 5.45 g/t Au over 17.50 metres (Jaramillo, 2006).
Selected gold sample result highlights from historic sampling (with true widths)
included:
West of Angostura Creek
---------------------------------------------------
Trench Width Metres g/t Gold
---------------------------------------------------
T-1W 6.0 1.21
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T-3W 3.50 3.19
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T-6AW 3.30 2.60
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T-11W 8.00 2.37
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T-12W 8.00 3.48
---------------------------------------------------
T-13W 5.00 1.86
---------------------------------------------------
East of Angostura Creek
---------------------------------------------------
Trench Width Metres g/t Gold
---------------------------------------------------
T-BE 2.40 2.69
---------------------------------------------------
T-4E 8.40 2.77
---------------------------------------------------
T-13E 5.00 1.63
---------------------------------------------------
T-15E 3.00 (zone 2) 5.45
---------------------------------------------------
T-16E 17.50 (zone 2) 5.24
---------------------------------------------------
T-17E 3.00 (zone 2) 8.19
---------------------------------------------------
Mr. James A. McCrea., P. Geo., a qualified person as defined by NI 43-101,
reviewed this news release and approves all scientific and technical disclosure.
On behalf of the Board of Directors,
John Huguet, President & CEO
Aguila American Resources Ltd.
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