Aquila Resources Inc.

Description

Aquila Resources Inc is a mineral exploration and development company that owns high-grade gold properties in the United States.

The Toronto-based mining firm owns a 100 per cent stake in the Back Forty Project located along the Penokean Volcanic Belt in the Upper Peninsula, Michigan. It is a development phase project that consists of Volcanogenic Massive Sulfide deposits with open pit and underground mining operations.

The gold exploration company is presently advancing its pre-construction operation on the property.

According to the preliminary economic assessment report, the measures and indicated mineral resources at the Back Forty Project site accounts for nearly 1.1 million ounces of gold and 1.2 billion ounces of zinc. The company has engaged in an optimized feasibility study at the Back Forty property with Osisko Technical Services.

Under the optimized feasibility study, the company focuses on:
• Evaluation of open-pit operations to reduce wetland impacts

• Planning underground mining operations, including ore delivery schedule, ventilation, and confirmation about other important location details

• Updating the mineral estimates with respect to current prices and NSR

• Sampling for the additional metallurgical test to simply the process flowchart and increase the gold recovery rate

Aquila Resources also owns two other projects located in Wisconsin. Reef Gold Project consists of a gold-copper mine in Marathon County, and Bend Project is a VMS deposit comprising copper and gold in Taylor County.

On June 1, 2021, Aquila Resources Inc signed a non-binding letter of intent in favor of Newco, a private company, to sell its stake in the Reef Gold Project and Bend Project.

The gold mining firm is listed on Canada’s premier stock exchange, TSX, where its common stocks trade under ‘AQA’ quote. In addition, its stocks are also trade in the US stock market through its listing on OTCQB Market. The trading symbol is ‘AQARF’.