Aguila American Completes Work Program on Peru Gold Project
February 18 2011 - 8:30AM
Marketwired
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:
---------------------------------------------------------------
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
---------------------------------------------------
T-3W 3.50 3.19
---------------------------------------------------
T-6AW 3.30 2.60
---------------------------------------------------
T-11W 8.00 2.37
---------------------------------------------------
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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Aguila American Resources Ltd. Damien Lowry (604) 685
9316 (604) 683 1585 (FAX)
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