Aguila (TSX-V:AGL)(OTCBB:AGAF)(FRANKFURT:AGP) finds 800-metre strike length extension in Peru

October 25, 2011 12:25 PM7 commentsViews: 2387

Aguila (TSX-V:AGL)(OTCBB:AGAF)(FRANKFURT:AGP) finds 800-metre strike length extension in Peru

AGUILA AMERICAN: STRIKE LENGTH AT ANGOSTURA EXTENDED 800 METERS FROM GEOLOGICAL SAMPLING AND TRENCHING EXPLORATION PROGRAM

A comprehensive mapping and trenching exploration program is continuing on Aguila American Gold Ltd.’s flagship Angostura gold project in the prolific department of Apurimac, southwestern Peru.

Angostura is highly prospective gold property containing eight titled concessions consisting of 4,869 hectares, with an additional 2,965 hectares of mineral claims in process. The target mineralization has been interpreted as gold-bearing oxide replacement bodies in brecciated limestone. Two contiguous zones of mineralization have been mapped in the fault contact between Ferrobamba limestone and younger sediments over a strike length of 425 metres. The low-temperature gold mineralization is associated with a halo of iron carbonate alteration and is up to 250 metres wide with an average width of 75 metres. Previously reported trenching results include 75 metres of sampling at an average grade of 3.67 grams per tonne gold. This fault has a 4.8-kilometre known strike length trending east-northeast along the limestone/sediment contact and with various known occurrences of oxide gold mineralization and iron carbonate alteration.

Vice-president of exploration, James McCrea, PGeo, led a team of field geologists to complete the 2011 winter sampling and trenching program, employing labourers from the local community. The program successfully extended the known zone of iron carbonate alteration that is associated with the mineralization for more than 800 metres east of the mapped mineralization which is the object of a budgeted 20-platform, 8,000-metre drill program planned for the fall of 2011.

Concurrently on site, all necessary background environmental impact assessment studies were completed for submission with the current drill permitting utilizing over 15 in-country consultants.

The trenching program was initiated by cleaning out existing trenches on the Mollepina (east) side of the Angostura river and preparing them to be channel sampled. Four new trenches were then excavated across the zone east of the oxide mineralization outcrops where the artisanal miners are currently working. These new trenches were excavated to establish the on-strike continuity of the alteration zone associated with the mineralization along the structural trend.

Small occurrences of oxide mineralization were identified and are generally associated with vertical structures inside a broad zone of carbonate alteration. Carbonate alteration encountered was from 20 to 60 metres wide in trenches up to 140 metres long and usually developed in breccias with clasts containing barite crystals. The eastern extension of the structure does not contain much outcrop of oxide gold mineralization in the area of new trenching and excavation activity that started approximately 400 metres east of mineralized zone 2 with individual trenches spaced approximately 200 metres apart.

Both the area and direction of trenching were strategically selected with the primary purpose of exploring the sediments below the limestone contact and trenching across the entire zone of alteration. In addition to demonstrating strong lateral continuity, the upper trenches are more than 300 metres vertically above the road, providing significant volume potential for the gold-bearing structure.

As a result of this most recent geological sampling and trenching program, more than 800 metres of new strike length has been confirmed. The work program to date has identified a third phase drill program which would be in addition to the two-phase, 8,000-metre drill program planned for the zone at Angostura and would require additional permitting to allow for more then the planned 20 drill platforms. This additional drill permitting will begin immediately after the current drill permit application has been submitted. Lastly, the process is under way, working with the Ministry of Energy and Mines, to convert the informal artisanal miners at Angostura into formal contract miners.

Mr. McCrea, PGeo, a qualified person as defined by National Instrument NI 43-101, is responsible for the technical information provided in this release.

We seek Safe Harbor.

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  • Vice-president of exploration, James McCrea, PGeo, led a team of field geologists to complete the 2011 winter sampling and trenching program, employing labourers from the local community. The program successfully extended the known zone of iron carbonate alteration that is associated with the mineralization for more than 800 metres east of the mapped mineralization which is the object of a budgeted 20-platform, 8,000-metre drill program planned for the fall of 2011.

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