COURT UPHOLDS ISSUANCE OF BACK FORTY MINE PERMIT
Shares Outstanding: 337,568,556
TORONTO, May 6, 2019 /CNW/ - Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) ("Aquila" or the "Company") is pleased to announce that on May 3, 2019, the Michigan Office of Administrative Hearings and Rules issued a Final Decision and Order upholding the Michigan Nonferrous Metallic Mineral Mining Permit ("Mining Permit") for its Back Forty Project in Michigan.
In February 2017, both the Menominee Indian Tribe of Wisconsin and an individual owning property near the project site filed an administrative contested case challenge to the issuance of the Mining Permit by the Michigan Department of Environmental Quality, now the Michigan Department of Environment, Great Lakes, and Energy. An Administrative Law Judge ("Judge") convened an evidentiary hearing in April of 2018, which ended in October 2018. On May 3, 2019, following 30 days of cumulative testimony, the Judge issued a final decision finding "that the proposed mining operation will not pollute, impair, or destroy the air, water and other natural resources, or the public trust in those resources," in compliance with Michigan's Non Ferrous Metallic Mining Statute.
Barry Hildred, President & CEO of Aquila, commented "Aquila will continue its efforts with the State of Michigan and local communities to demonstrate our commitment to environmental responsibility and sustainable resource development that benefits all stakeholders. The Back Forty Mine will be a safe, disciplined operation that promotes and supports local community socio-economic development and is protective of the environment."
ABOUT AQUILA RESOURCES
Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) is a development‐stage company with strategic assets in the Great Lakes Region. The Company's experienced management team is focused on advancing pre-construction activities for its 100%‐owned zinc‐ and gold‐rich Back Forty Project in Michigan.
Aquila's flagship Back Forty Project is an open pit volcanogenic massive sulfide deposit with underground potential located along the mineral‐rich Penokean Volcanic Belt in Michigan's Upper Peninsula. The Project contains approximately 1.1B pounds of zinc and 1M ounces of gold in the Measured & Indicated Mineral Resource categories, with additional upside potential. Aquila has received all State and Federal permissions required for the construction and commencement of operations at the Back Forty Project.
The Company has two other exploration projects: Reef Gold Project located in Marathon County, Wisconsin and the Bend Project located in Taylor County, Wisconsin. Reef is a gold-copper property and Bend is a volcanogenic massive sulfide occurrence containing copper and gold.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release may contain certain forward‐looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward‐looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" and similar expressions suggesting future outcomes or statements regarding an outlook.
These and other forward‐looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Aquila to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein. These risks include those described under the heading "Risk Factors" in Aquila's most recent annual information form and its other public filings, copies of which can be under Aquila's profile at www.sedar.com. Aquila expressly disclaims any obligation to update forward‐looking information except as required by applicable law. Such forward‐looking information represents Aquila's best judgment based on information currently available. No forward‐looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward‐looking statements or information. Furthermore, Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
SOURCE Aquila Resources Inc.
WHAT IS A NATIONAL POLLUTANT DISCHARGE ELIMINATION SYSTEM (NPDES) PERMIT?
The Clean Water Act prohibits the discharge of pollutants through a point source without a National Pollutant Discharge Elimination System (NPDES) permit. A point source is any source that is ‘discernible, confined and discrete conveyance, such as a pipe, ditch, channel, tunnel, conduit, discrete fissure, or container.’ The purpose of the permit is to ensure that a facility meets a state's mandatory standards and the federal minimums for clean water.
The Back Forty Mine requires this permit to discharge treated water to the Menominee River. Permit conditions place limits on what we can release, monitoring and reporting requirements, and other provisions to ensure that the discharged water does not harm water quality or people's health. The MDEQ, EPA, and the State of Wisconsin have reviewed and determined the water we release will meet all water quality standards applicable to the river.
Other facilities that require NPDES permits include power plants, municipal treatment plants, manufacturers, and recycling facilities. The permit is valid for five years and is available for renewal to allow the discharge to continue.
AQUILA RESOURCES FILES FEASIBILITY STUDY FOR THE BACK FORTY MINE
Shares Outstanding: 337,568,556
TORONTO, Sept. 7, 2018 /CNW/ - Aquila Resources Inc. (TSX: AQA) ("Aquila" or the "Company") announced today that it has filed a technical report for its Back Forty Project in Michigan. The technical report is entitled "Back Forty Project, Michigan, USA – Feasibility Study" and was compiled by Lycopodium Minerals Canada Ltd with support from globally recognized experts and specialist consulting engineering companies in environmentally critical areas such as waste water treatment, tailings and waste rock management and mine design (the "Technical Report").
The Technical Report was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects and supports the disclosure outlined in Aquila's news release dated August 1, 2018. The Technical Report is available under the Company's profile on SEDAR at www.sedar.com and on its website at www.aquilaresources.com.
ABOUT AQUILA RESOURCES
Aquila Resources Inc. (TSX: AQA) is a development‐stage company with strategic assets in the Great Lakes Region. The Company's experienced management team is focused on advancing pre-construction and exploration activities for its 100%‐owned zinc‐ and gold‐rich Back Forty Project in Michigan.
Aquila's flagship Back Forty Project is an open pit volcanogenic massive sulfide deposit with underground potential located along the mineral‐rich Penokean Volcanic Belt in Michigan's Upper Peninsula. The Project contains approximately 1.1B pounds of zinc and 1M ounces of gold in the Measured & Indicated Mineral Resource categories, with additional upside potential. Aquila has received all State and Federal permissions required for the construction and commencement of operations at the Back Forty Project.
The Company has three other exploration projects: Reef Gold Project located in Marathon County, Wisconsin, the Bend Project located in Taylor County, Wisconsin and Aquila Nickel located in the Upper Peninsula, Michigan. Reef is a gold-copper property and Bend is a volcanogenic massive sulfide occurrence containing copper and gold.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release may contain certain forward‐looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward‐looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" and similar expressions suggesting future outcomes or statements regarding an outlook.
These and other forward‐looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Aquila to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein. These risks include those described under the heading "Risk Factors" in Aquila's most recent annual information form and its other public filings, copies of which can be under Aquila's profile at www.sedar.com. Aquila expressly disclaims any obligation to update forward‐looking information except as required by applicable law. Such forward‐looking information represents Aquila's best judgment based on information currently available. No forward‐looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward‐looking statements or information. Furthermore, Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
SOURCE Aquila Resources Inc.
BACK FORTY MINE ANNOUNCES WETLANDS PERMIT APPROVAL
STEPHENSON, Mich. June 4, 2018 – Today, Back Forty Mine (“Company”) announced that following a rigorous review process, the Michigan Department of Environmental Quality (“MDEQ”) has issued the Company a wetlands, lakes, and streams permit (“Wetlands Permit”). The issued Wetlands Permit also includes conditions requested by the United States Environmental Protection Agency (EPA). The provisions strengthen protections for water quality and other natural resources.
“We commend the work of everyone involved with this process. Community members, local leaders, state and federal regulators have all left their mark on this Wetlands Permit. This is a very significant milestone and we believe this collective effort has resulted in a robust environmental permitting process that allows us to move forward and build a world class mining operation”, said Mike Welch, Chief Operating Officer of Aquila Resources.
The Wetlands Permit is the final permit required to build and operate the mine. The MDEQ previously issued the Company the Nonferrous Metallic Mineral Mining permit, the National Pollutant Discharge Elimination System (NPDES) permit, and the Air Use Permit to Install permit.
Back Forty Mine will commence pre-construction activities immediately. This phase includes; completion of the feasibility study, finalization of the Project Execution Plan that allows preparation for the construction and operational readiness of the Back Forty Mine, and continued discussions with prospective financial partners to secure necessary project capital to build the mine.
###
ABOUT BACK FORTY MINE
Back Forty Mine is Aquila Resources’ 100% owned permitting stage zinc- and gold-rich mine located in Menominee County in Michigan’s Upper Peninsula.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Dan Blondeau
Manager, Communications
Phone (434) 906-0594
dblondeau@aquilaresources.com
SPRING 2018 NEWSLETTER
As the Back Forty Mine continues to develop, transparency and effective communication become more important. We recently published a newsletter as just one part of our effort to improve communication with the community now and in the future. It is also a suggestion we received from community members. Here’s a snapshot of where the project is today:
• The project is nearing the final stages of permitting. We look forward to regulatory approval of the wetlands permit by mid-2018.
• We’ve invested more than $90 million into the project and plan to spend more than $260 million to construct the mine.
• Drilling program results provide opportunity for future expansion.
BEYOND MINING
We want to help improve the overall economic strength of the community and the economic quality of life for all residents resulting from our mining activities. Typically, the additional tax revenues generated by a mine provide significant benefits.
In a typical year, we’ll pay roughly $20 million in taxes to federal, state, and local governments. About $5 million of those tax dollars will be distributed to Lake Township as a result of Michigan’s Nonferrous Metallic Minerals Extraction Severance Tax. The Severance Tax will disperse just like general ad valorem property taxes. What does this mean for residents? It means that there will be more money for infrastructure such as broadband and road upgrades, or new technology in schools, a local fire hall, or recreational trails.
Below you’ll find an example of the allocation of Severance Taxes to the local community during an average year.
* Calculated using metal prices of $1.20/lb zinc and $1,300/oz gold. These prices are subject to change depending on market conditions.
PROJECT TIMELINE
For more than 15 years we’ve been developing the Back Forty Mine. Recently, we cleared a permit hurdle and we expect to have all permits required to construct and operate the mine by mid-2018. Now, our team is focusing on engineering and planning for construction with the ultimate destination in mind – closure.
As members of the community, we pledge to respect all people and not to harm the environment in Menominee County. We’ve used various communication techniques over the years to capture your feedback and improve the way we do business.
COMMUNITY RESPONSE TOOLS
Recently, we added a new set of Community Response tools to create even more opportunity for you to contact us. The tools will enhance and streamline the way community members notify us of feedback, concerns, and grievances about our operation. We are leveraging technology to ensure more timely responses to the community, and complement traditional communication and increase access to the Back Forty Team.
Below you’ll find two new ways to reach us. Both the phone number and online form allow you to contact us 24/7 at your convenience.
• Community Response Line (906) 451-4192
• Online Response Form backfortymine.com/contactus
Of course, you’re welcome to stop by our office during regular business hours.
If you have any questions or concerns about the information in this newsletter or any other topic, please let us know. We look forward to hearing from you.
WITH FEDERAL AGENCY LETTER, BACK FORTY MINE CLEARS PERMIT HURDLE
STEPHENSON, Mich. May 4, 2018 – Today, Back Forty Mine (“Company”) announced that the United States Environmental Protection Agency (“EPA”) removed a majority of its objections to the Company’s wetland/stream/floodplain permit (“Wetlands Permit”). The EPA had expressed its concerns in a March 8, 2018, letter to the Michigan Department of Environmental Quality (“MDEQ”).
In a letter to the MDEQ dated May 3, 2018, EPA said there is a pathway forward to resolve the remaining objections through MDEQ’s inclusion of specific conditions in a final Wetlands Permit. After reviewing the proposed permit conditions, we’re confident that we can meet the requirements.
The MDEQ has until June 6, 2018, to work with the Company to ensure that the proposed permit conditions fully address the EPA’s concerns. We’re confident that we can meet the EPA’s requirements within the prescribed timeframe.
We commend the EPA, MDEQ and our team for more than two years of hard work and careful attention they’ve dedicated to reviewing this permit. The agencies followed a rigorous process, leaving no stone unturned. The proposed conditions strengthen protections for water quality and other natural resources.
We look forward to final regulatory approval of the Wetlands Permit. This permit is the fourth and final permit required to construct and operate the Back Forty Mine.
###
ABOUT BACK FORTY MINE
Back Forty Mine is Aquila Resources’ 100% owned permitting stage zinc- and gold-rich mine located in Menominee County in Michigan’s Upper Peninsula.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Dan Blondeau
Manager, Communications
Phone (434) 906-0594
dblondeau@aquilaresources.com
AQUILA RESOURCES FILES TECHNICAL REPORT FOR BACK FORTY PROJECT
Shares Outstanding: 332,049,056
TORONTO, March 26, 2018 /CNW/ - Aquila Resources Inc. (TSX: AQA) ("Aquila" or the "Company") announced today that it has filed a technical report for its Back Forty Project in Michigan. The technical report is entitled "Updated Mineral Resource Estimate and Technical Report on the Back Forty Project, Michigan, USA" and was prepared by P&E Mining Consultants Inc. and is dated effective February 6, 2018 (the "Technical Report").
The Technical Report was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects and supports the disclosure outlined in Aquila's news release dated February 7, 2018. The Technical Report is available under the Company's profile on SEDAR at www.sedar.com and on its website at www.aquilaresources.com.
ABOUT AQUILA RESOURCES
Aquila Resources Inc. (TSX: AQA) is a development-stage company with strategic assets in the Great Lakes Region. The Company's experienced management team is currently focused on advancing permitting and engineering activities for its 100%-owned zinc- and gold-rich Back Forty Project in Michigan.
Aquila's flagship Back Forty Project is an open pit volcanogenic massive sulfide deposit with underground potential located along the mineral-rich Penokean Volcanic Belt in Michigan's Upper Peninsula. The Project contains approximately 1.1 billion pounds of zinc and 1 million ounces of gold in the Measured & Indicated categories, with additional upside potential. Currently Aquila is working to secure the final State permit required to build and operate Back Forty while completing a Feasibility Study.
The Company has three other exploration projects: Reef Gold Project located in Marathon County, Wisconsin, the Bend Project located in Taylor County, Wisconsin and Aquila Nickel located in the Upper Peninsula, Michigan. Reef is a gold-copper property and Bend is a volcanogenic massive sulfide occurrence containing copper and gold.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" and similar expressions suggesting future outcomes or statements regarding an outlook.
Forward-looking statements relate to any matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, without limitation, statements with respect to additional upside potential of the Back Forty Project, the status of a feasibility study in respect of Back Forty, the permitting status of the Back Forty Project and Aquila's future exploration and development plans.
These and other forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Aquila to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein. These risks include those described under the heading "Risk Factors" in Aquila's most recent annual information form and its other public filings, copies of which can be under Aquila's profile at www.sedar.com. Aquila expressly disclaims any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents Aquila's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. Furthermore, Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
SOURCE Aquila Resources Inc.
AQUILA RESOURCES PROVIDES PERMITTING UPDATE
TORONTO, March 9, 2018 /CNW/ - Aquila Resources Inc. (TSX: AQA) ("Aquila" or the "Company") announced today that the United States Environmental Protection Agency (the "EPA") has provided comments to the Michigan Department of Environmental Quality (the "MDEQ") regarding the Company's wetland/stream/floodplain permit (the "Wetlands Permit") application for its Back Forty Project in Michigan. The EPA has had 90 days since December 8, 2017, when the MDEQ deemed the Company's Wetlands Permit application administratively complete, to provide comments.
The EPA's opportunity to comment on the application is subject to strict statutory processes, regardless of the significance of the comments. The MDEQ now has 90 days from March 8, 2018, to work with Aquila to resolve the comments made by the EPA and to provide the requested information. This information request, which is required to be framed as an "objection" to the issuance of the Wetlands Permit by the MDEQ, raises issues that the Company believes have already been reviewed through other state-issued permits that have been granted for the Back Forty Project. Aquila believes the issues are readily addressable. The Company is confident that it can work with the MDEQ within the prescribed timeframe to provide the additional information requested by the EPA.
Aquila has taken great care to design a project that meets and exceeds applicable environmental standards and is committed to ensuring that the Back Forty Project is a safe, disciplined operation that promotes and supports local community socio-economic development and is protective of the environment.
SOURCE Aquila Resources Inc.
AQUILA RESOURCES FILES FOURTH QUARTER AND YEAR END 2017 FINANCIAL RESULTS
Shares Outstanding: 331,183,671
TORONTO, March 2, 2018 /CNW/ - Aquila Resources Inc. (TSX: AQA) ("Aquila" or the "Company") announced today the filing of its financial results for the fourth quarter and year ended December 31, 2017. All amounts, unless indicated, are reported in U.S. dollars.
FOURTH QUARTER HIGHLIGHTS
- In December 2017, the Michigan Department of Environmental Quality ("MDEQ") deemed Aquila's wetland/stream/floodplain permit application for the Back Forty Project administratively complete and the regulatory technical review process can now move to the next stage. This is final required permit to operate and build the Back Forty Project.
- The Company closed a financing transaction with Osisko Bermuda Limited ("OBL"), a wholly owned subsidiary of Osisko Gold Royalties Ltd (TSX & NYSE: OR) pursuant to which OBL has agreed to commit $65 million to Aquila through a $10 million private placement and $55 milliongold stream purchase agreement. OBL purchased 49,173,076 units of Aquila at a price of C$ 26 cents per unit for aggregate gross proceeds of $10 million (the "Strategic Investment"). Each unit consists of one common share and one-quarter of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share of the Company for C$ 34 cents until May 10, 2021. Concurrent with the Strategic Investment, the parties have entered into a Gold Purchase Agreement (the "Stream") whereby OBL will purchase 18.5% of the refined gold from the Project (the "Threshold Stream Percentage") until the Company has delivered 105,000 ounces of gold (the "Production Threshold"). Upon satisfaction of the Production Threshold, the Threshold Stream Percentage will be reduced to 9.25% of the refined gold. In exchange for the refined gold delivered under the Stream, OBL will pay the Company ongoing payments equal to 30% of the spot price of gold on the day of delivery, subject to a maximum payment of $600 per ounce. In consideration for the Stream, OBL will make four upfront deposit payments to Aquila totaling $55 million, including $7.5 million which was received on close.
- The Company released the final results from the Company's 2017 exploration drill program at the Back Forty Project. The drilling program was designed to test the along-strike extension of the 2016 Zone massive sulphide. The results included 1.27 g/t gold, 15.78 g/t silver, 12.17% zinc, over 7.09 meters (drilled thickness) in LK-17-537.
- The Company also completed its estimates of capital costs and operating expenditures for the Feasibility Study for the Back Forty Project. Key progress included frozen layout, optimized flow sheet and overall reduction to environmental footprint including water, wetlands and air impacts.
- In December of 2017, the State of Wisconsin passed AB 499, the Mining for America Act which, amongst other things, repealed a decades old moratorium on non-ferrous mining in the state. Aquila is currently evaluating its strategy in Wisconsin where it has two earlier stage exploration assets.
- As at December 31, 2017, Aquila had cash of $17.2 million and working capital of $15.5 million. This compared to cash of $1.4 million and working capital of $0.6 million at December 31, 2016. The working capital increase was due to the Strategic Investment and the first advance under the Stream in November 2017, the private placement in February 2017 and warrant exercises during Q3 2017 offset by the funding of the Company's permitting activities and development of the Feasibility Study.
POST QUARTER HIGHLIGHTS
- In February 2018, the Company announced an updated Mineral Resource Estimate for the Back Forty Project (the "2018 Mineral Resource Estimate"). Highlights of the 2018 Mineral Resource Estimate include a 10% increase in tonnage in the Measured and Indicated Mineral Resource categories versus the prior 2013 Mineral Resource Estimate, a 12% increase in contained zinc and a 4% increase in contained gold. Contained silver, copper and lead also increased versus the 2013 Mineral Resource Estimate.
- The Menominee Indian Tribe of Wisconsin recently filed a federal lawsuit in the Eastern District of Wisconsin against the Environmental Protection Agency and the US Army Corps of Engineers, claiming that the federal government should exercise jurisdiction over the wetlands permitting process currently being administered by the State of Michigan and require Aquila to obtain a federal wetlands permit. Both federal agencies rejected this argument when it was presented to them last year, and Aquila anticipates that their position that the State of Michiganis properly exercising its delegated authority to issue a Wetlands Permit will be vindicated by the federal court.
- Appointed Michael Welch as Chief Operating Officer ("COO") effective March 1, 2018. As COO, Mr. Welch will assume responsibility for the Company's activities at its Back Forty Project in Michigan where he will lead operational readiness and help drive the seamless integration from project to operations. He will also oversee stakeholder engagement, compliance, sustainability, and the Company's regional strategy. Mr. Welch has more than 25 years of experience in the mining and mineral exploration industry covering grassroots exploration, mine geology/exploration, project management and executive operations management. Prior to joining Aquila, Mr. Welch was the Managing Director and President of the Board of Directors for Lundin Mining Corporation's ("Lundin") Somincor Operations, which include the Neves-Corvo copper and zinc mine in Portugal. Prior to that, he was responsible for the construction completion and start-up of operations for Lundin's Eagle Mine in Northern Michigan, U.S.A. Before joining Lundin, Michael was the Vice President of Operations for Xstrata Nickel's Raglan Operation in Quebec, Canada.
"2017 was a year of considerable progress and achievement for Aquila as we continued to advance the Back Forty Project towards a construction decision," said Barry Hildred, President and Chief Executive Officer of Aquila. "The Company will continue to work with the MDEQ to address any questions concerning the wetlands permit and we anticipate a permit decision in the first half of 2018. In parallel, we are moving ahead on a number of key initiatives including finalizing the Back Forty Feasibility Study, developing an exploration strategy for Back Forty and our earlier stage assets in Wisconsin, continuing to enhance our leadership team, and considering the strategic and financial options available to the Company."
ABOUT AQUILA RESOURCES
Aquila Resources Inc. (TSX: AQA) is a development-stage company with strategic assets in the Great Lakes Region. The company's experienced management team is currently focused on advancing permitting and engineering activities for its 100%-owned zinc- and gold-rich Back Forty Project in Michigan.
Aquila's flagship Back Forty Project is an open pit volcanogenic massive sulfide deposit with underground potential located along the mineral‐rich Penokean Volcanic Belt in Michigan's Upper Peninsula. The Project contains approximately 1.1 billion pounds of zinc and 1 million ounces of gold in the M&I categories, with additional upside potential. Currently Aquila is working to secure the final State permit required to build and operate Back Forty while completing a Feasibility Study.
The Company has three other exploration projects: Reef Gold Project located in Marathon County, Wisconsin, the Bend Project located in Taylor County, Wisconsin and Aquila Nickel located in the Upper Peninsula, Michigan. Reef is a gold-copper property and Bend is a volcanogenic massive sulfide occurrence containing copper and gold.
Barry Hildred, CEO
Aquila Resources Inc.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release contains certain forward‐looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward‐looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" and similar expressions suggesting future outcomes or statements regarding an outlook.
Forward‐looking statements relate to any matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, without limitation, statements with respect to the 2018 Resource Estimate, the status of a feasibility study in respect of Back Forty, the permitting status of the Back Forty Project and Aquila's future exploration and development plans.
These and other forward‐looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Aquila to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein. These risks include those described under the heading "Risk Factors" in Aquila's annual information form dated March 15, 2017 and its other public filings, copies of which can be under Aquila's profile at www.sedar.com. Aquila expressly disclaims any obligation to update forward‐looking information except as required by applicable law. Such forward‐looking information represents Aquila's best judgment based on information currently available. No forward‐looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward‐looking statements or information. Furthermore, Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
SOURCE Aquila Resources Inc.
AQUILA RESOURCES UPDATES MINERAL RESOURCE ESTIMATE AT BACK FORTY DEPOSIT
TORONTO, Feb. 7, 2018 /CNW/ - Aquila Resources Inc. (TSX: AQA) ("Aquila" or the "Company") announced today an updated Mineral Resource Estimate for its wholly owned Back Forty Gold-Zinc deposit in Michigan, USA (the "2018 Mineral Resource Estimate"). The 2018 Mineral Resource Estimate was completed by P&E Mining Consultants Inc. of Brampton, Ontario ("P&E").
The 2018 Mineral Resource Estimate replaces the Mineral Resource Estimate that was first disclosed in an Aquila news release dated February 3, 2013 (the "2013 Mineral Resource Estimate") and subsequently included in a Technical Report completed by Tetra Tech Inc. with an effective date of July 23, 2014, which is available under Aquila's SEDAR profile at www.sedar.com.
Read the full release on Aquila Resources' website.