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 its 100%-owned gold- and zinc-rich Back Forty Project in Michigan. The Back Forty Project is a volcanogenic massive sulfide (VMS) deposit 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 the four key permits required to commence construction and operations at Back Forty. The Company is awaiting a decision by an administrative law judge regarding the contested case challenge to its Wetlands Permit, which is expected later in 2020. The Company is also working to secure additional permits prior to construction, including a Dam Safety Permit.
A 2018 Feasibility Study demonstrated:
• Pre-tax NPV at a 6% discount rate of $259M and IRR of 32.0% at base case metal prices (see August 1, 2018 press release)
• After-tax NPV at a 6% discount rate of $208M and IRR of 28.2% with a 2.2 year payback
The Feasibility Study lays the foundation for the next set of value-creating milestones including engineering activities, financing activities, and commercial production.
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.