Aquila Resources Inc. (TSX:AQA, OTCQX:AQARF) updated the mineral resource estimate for the Back Forty Project in Michigan.
As quoted in the press release:
The open pit measured and indicated resource is 9.65 million tonnes with improved metal grades over the previous mineral resource estimate, which was prepared in 2010. The estimate also defined 5.49 million measured and indicated tonnes and 2.18 million inferred tonnes of underground resource not evaluated in the preliminary economic assessment that was completed in April 2012.The mine plan in the PEA contemplated that 7.54 million tonnes of the measured and indicated resource would be mined, after applying dilution and recovery allowances.
Aquila’s President and CEO, Tom Quigley, said:
We are very pleased with the new resource estimation. The combined open pit and underground resource provides significant tonnage with improved grades for evaluation in future economic studies. We now have an updated geologic model of the deposit that represents our increased understanding of the complexities and robustness of the resource, which will be increasingly useful to us as we evaluate future plans for Back Forty.