Aquila Resources' gold exploration efforts in the U.P. are coming along nicely, at least according to the latest release from the mining company.
The Peninsula Gold Project is one such effort, in Marquette County, where drilling is underway. Aquila says it has consistent visible gold in the drill cores, which are coming from near the former Ropes Gold Mine near Ishpeming. The company now is basing more of its future plans on gold prospects, saying it plans to reorganize gold assets to increase their value to shareholders.
The other gold project Toronto-based Aquila is pursuing is the Reef Gold Project in central Wisconsin.
"We see a tremendous opportunity to be a first mover in areas that we have identified as being highly prospective for gold in the continental U.S. and these acquisitions will complement our interest in the Back Forty Project and the prospective portfolio of projects in our Exploration Alliance with HudBay," says Aquila's president and CEO, Tom Quigley.
The Back Forty project is mining for gold, zinc, silver and copper in the western U.P., under a joint venture agreement with
HudBay Minerals, Inc., which was the first Aquila project in the U.P. The Peninsula mine is part of a company initiative to add other precious metals to its assets, and is owned entirely by Aquila. They began drilling there in the fall of 2010.
Writer: Sam Eggleston
Source: Tom Quigley, Aquila Resource
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