Note that on June 1, 2021, Aquila announced that it has entered into a non-binding letter of intent to sell its interest in the Bend and Reef exploration properties located in Wisconsin, USA to a private company. Additional details can be viewed here.
The Reef Gold project is located approximately 99 miles west of the Back Forty project. The project is 100% owned by Aquila and has the potential to host a gold deposit amenable to open pit operations. Aquila has completed over 4,500 meters of core drilling since acquiring the project in 2011 and is working towards a NI 43-101 resource estimate.
- Located in Marathon County, Wisconsin, USA in the Penokean VMS Belt
- Project was focus of exploration by Noranda Exploration in 1970’s
- 4,500 meters of core drilling completed by Aquila to date; Phase III drill program planned
- Noranda calculated historic resource estimate (non 43-101 compliant) of 140,564 contained gold ounces (412,410 tonnes @ 10.6 g/t)
- The Company is not treating the historical estimates as current mineral resources or mineral reserves and the historical estimates should not be relied upon or understood to indicate the existence of reserves or resources.
- Resource extends from surface to 450-foot depth
- Project is potentially amendable to low-cost, open-pit mining and is open in all directions
- 3.0 meters of 8.12 g/t gold in GBP-3
- 12.47 meters of 1.07 g/t gold in R11-6
- 10.50 meters of 1.70 g/t gold in R11-9
- 14.76 meters of 14.41 g/t gold and .30% copper in R11-11, including 9.26 meters of 21.28 g/t gold and .33% copper
- 9.90 meters of 2.53 g/t gold and 0.20% copper in R11-17, including 3.90 meters of 5.07 g/t gold and 0.27% copper
- 14.54 meters of 3.23 g/t gold in R11-23, including 3.50 meters of 13.05 g/t gold
- 7.75 meters of 3.21 g/t gold in R12-26
- 4.34 meters of 2.02 g/t gold in R12-29
- 42.15 meters of 0.99 g/t gold in R12-30
- 18.15 meters of 1.62 g/t gold in R12-30
- 65.23 meters of 2.80 g/t gold in R12-38, including 8.88 meters of 13.14 g/t gold
- 94.96 meters of 1.53 g/t gold in R12-40, including 3.90 meters of 14.89 g/t gold. Including 6.78 meters of 6.15 g/t gold
The Reef project area was the focus of historic exploration by Noranda Exploration and others in the 1970s and 1980s. Noranda identified several zones of gold mineralization in the Reef area and calculated a non-NI-43-101-compliant historic resource estimate of 454,600 tons of 10.6 g/t gold and 0.28% copper. Aquila’s review of historic drilling information has determined that projections of the mineralized zones to surface, at depth, and along strike, leave significant room for resource expansion.
Mineralization at Reef consists mostly of pyrrhotite, pyrite and chalcopyrite with native gold, electrum and telluride minerals within quartz-sulfide veins and vein selvages. Other minor sulfides include sphalerite, chalcocite, cubanite and rare molybdenite. High-grade mineralized lenses targeted by early exploration are surrounded by lower-grade mineralized halos.