Aquila Resources Files Technical Report for Positive Back Forty Project Preliminary Economic Assessment; Provides Details for Annual and Special Meeting of Shareholders

TORONTO--(BUSINESS WIRE)--

Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) (“Aquila” or the “Company”) announced today that it has filed the technical report (“Technical Report”) supporting the positive Preliminary Economic Assessment (“PEA”) for the Company’s 100% owned Back Forty Project (“Back Forty”), located in Michigan, USA. The PEA was prepared in accordance with National Instrument 43-101 by P&E Mining Consultants Inc. in collaboration with Golder Associates Ltd. and Lycopodium Minerals Canada Ltd.

The positive PEA, announced August 5, 2020, demonstrates Back Forty’s potential as a near-term gold-zinc-copper producer in the United States, at a time when advanced and substantially de-risked projects are scarce. The Technical Report is available under the Company’s profile on SEDAR at www.sedar.com and on its website at www.aquilaresources.com.

2020 Annual and Special Meeting of Shareholders

As previously announced, Aquila will hold its 2020 Annual and Special Meeting of Shareholders (“AGM”) at 10:00 AM ET on September 23, 2020. Due to the ongoing public health concerns related to the COVID-19 pandemic, shareholders are encouraged to vote by proxy and to avoid attending the AGM in person. Shareholders who wish to observe the AGM may do so remotely via the live webcast which will be available at https://6ix.com/event/aquila-resources-annual-special-meeting-of-shareholders/.

About Aquila

Aquila Resources Inc. (TSX: AQA, OTCQB: AQARF) is a development‐stage company focused on high grade and gold-rich projects in the Upper Midwest, USA. Aquila’s experienced management team is focused on advancing pre-construction activities for its 100%‐owned gold and zinc‐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. Back Forty contains approximately 1.1 million ounces of gold and 1.2 billion pounds of zinc in the Measured & Indicated Mineral Resource classifications, with additional upside potential.

Aquila 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. Additional disclosure of Aquila’s financial statements, technical reports, material change reports, news releases and other information can be obtained at www.aquilaresources.com or on SEDAR at www.sedar.com.

Cautionary statement regarding forward-looking information

This press release may contain certain forward-looking statements. 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”. Forward-looking statements and information include, but are not limited to, statements with respect to future permitting and legal timelines and the advancement of the Company’s Back Forty Project, the additional upside potential of the Project, statements with respect to the expected project economics for the Project, such as estimates of life of mine, total production and average production, metal production and recoveries, C1 cash costs, AISC, capital and operating costs, pre- and post-tax IRR, pre- and post-tax NPV and cash flows, the potential conversion of Inferred Mineral Resources into Indicated Mineral Resources, and any projections outlined in the Preliminary Economic Assessment in respect of the Project. 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, including but not limited to: risks with respect to the COVID-19 pandemic; and other related risks and uncertainties, including, but not limited to, risks and uncertainties disclosed in Aquila’s filings on its website at www.aquilaresources.com and on SEDAR at www.sedar.com. Aquila undertakes no 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.

Barry Hildred, CEO
Aquila Resources Inc.
Tel: 647.943.5672
Email: [email protected]

David Carew, Director of Corporate Development & Investor Relations
Aquila Resources Inc.
Tel: 647.943.5677
Email: [email protected]

Source: Aquila Resources Inc.