Aquila Resources Inc. (TSX: AQA) announced today that it has received a payment of US$7.4 million from an affiliate of Osisko Gold Royalties Ltd under the gold streaming agreement entered into on November 8, 2017. This payment represents the second deposit of the total advance payment of US$55 million to be made by Osisko under the Streaming Agreement (see press release of November 9, 2017). The payment, which was made net of a US$100,000 capital commitment fee, follows the receipt by Aquila of all material permits required for the development and operation of its Back Forty Project in Michigan and the completion of the Back Forty Project Feasibility Study.
Aquila currently has approximately US$17.4 million in cash and is well-funded to advance its planned pre-construction activities.
ABOUT AQUILA RESOURCES
Aquila Resources Inc. is a development‐stage company with strategic assets in the Great Lakes Region. The Company’s experienced management team is focused on advancing pre-construction activities for its 100%‐owned zinc‐ and gold‐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. The Project contains approximately 1.1B pounds of zinc and 1M ounces of gold in the Measured & Indicated Mineral Resource categories, with additional upside potential. Aquila has received all State and Federal permissions required for the construction and commencement of operations at the Back Forty Project.
The Company has three other exploration projects: Reef Gold Project located in Marathon County, Wisconsin, the Bend Project located in Taylor County, Wisconsin and Aquila Nickel located in the Upper Peninsula, Michigan. Reef is a gold-copper property and Bend is a volcanogenic massive sulfide occurrence containing copper and gold.
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