This is some significant news out of Equitas Resources. Here is a brief rundown followed by the full release.
We will be having Kyler Hardy, CEO and President on the show early next week. Please leave your questions in the comment section or email us directly.
- Three additional target anomalies come from final processing of the VTEM data
- We acquired additional claims adjoining the west of the Garland Property. With the ground geophysic survey data being positive Equitas acquired 3,300+ hectares on September 11th, 2015
- Drilling has Commenced
September 23rd, 2015 – Equitas Resources Corp. (TSXv: EQT) (FSE: T6UN) (“Equitas” or the “Company”) is pleased to provide an update for its Phase 2 program on the Garland nickel-copper property in Labrador, Canada. Due to initial results from current ground geophysical work Equitas has acquired additional claims to the west adjoining the Garland property. Twelve anomalies have now been identified and the Company has commenced drilling.
The 2015 Phase 2 field program at the Garland project kicked off on August 23rd, with field crews arriving at the recently completed 25-person field camp near the west end of Tasiuluk lake, at the northern end of the property. Despite being hampered by poor weather conditions limiting helicopter operations, significant progress has been made in the evaluation of conductivity anomalies detected by the VTEM survey flown in March.
Further interpretation from final processing of the B-field Tau component of the VTEM data has resulted in three new conductive signatures being identified at O, P and Q (see attached map). Tau anomalies can reflect more conductive bodies with slowly decaying signal, typical of large massive sulphide bodies.
Geological mapping and prospecting have been completed over all of the conductivity target areas except anomaly M. No possible sources for the underlying conductivity have been identified in the outcrops examined to date. This is not unexpected, considering the interpreted depths of the VTEM anomalies, significant overburden cover, and the exploration model that considers favourable target rocks to be overlain by younger ferrodiorite and ferrogranite intrusions.
A total of 39 km of line-cutting has been completed over the anomalies. Large Loop PEM surveying by Crone Geophysics has been completed at anomalies A, B, C and Q. At anomalies A and B, the response signatures have been explained by highly magnetic lithologies coupled with low VTEM bird height, creating an apparent conductivity anomaly termed Super Para-Magnetic effect (SPM). These targets are of no further interest.
At anomaly C, surveying with Crone PEM resulted in the definition of a good quality E-W trending conductor, flat-lying with minimum core dimensions of 15m by 300m, occurring 70m below surface. Definition of this response helps to validate the interpreted Southern Response Trend (SRT, see attached map), an multi-km E-W trending area of conductivity, magnetic and structural features straddling a large E-W offset of the Archean-Proterozoic suture, analogous in scale, morphology and setting to the Voisey’s Bay Intrusive Complex and related mineralization. This sparked the recent staking of license 023365M, consisting of a 132 claim block comprising 3,311 hectares, designed to cover the western extension of the SRT. Interpretation of the PEM data over the large conductive signature at Q is ongoing.
Springdale Forest Products have commenced drilling with borehole GP15-001 (collar at 582975E, 622376N, NAD 27 – UTM Zone 20N, Az. 290, Dip -55). This NQ borehole is designed to test VTEM anomaly D, part of 2 km trend of variable conductivity, coincident with a Ni-Cu-Co lake sediment anomaly, and resident in an E-W structure of the Gardar-Voisey’s Bay Fault set. An update on drilling will be made available once all results have been compiled and interpreted.
Commenting on the results, VP Exploration Everett Makela stated, “I am pleased with the progress of the Phase 2 campaign to date. After initial slow start-up due to poor weather conditions, we are executing our plan to fully test the conductivity responses this year. The three additional anomalies at O, P and Q increase our odds for success, and we are adjusting the program to accommodate exploration of these targets. Recent interpretation of the multi-km Southern Response Trend has led to a shift of exploration focus to this area. We will continue to provide updates on results as they become available”.
NI 43-101 Disclosure
Everett Makela, P. Geo., VP Exploration for Equitas Resources Corp., a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
About Equitas Resources Corp.
Equitas Resources is a Canadian-based mineral exploration company with a focus on nickel, copper, platinum group metals (PGM) and cobalt. The Companies Garland Property is 23,386 hectares and located in the Voisey’s Bay district of Labrador, Canada.
On Behalf of the Board of Directors,
EQUITAS RESOURCES CORP.
“Kyler Hardy”
Kyler Hardy
President
Tel: 604.681.1568
info@equitasresources.com
Neither TSX Venture Exchange nor it Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that actual outcomes and the Company’s actual results could differ materially from those in such forward-looking statements. Forward looking statements in this news release include, but are not limited to the gross proceeds will be raised; that finders fees may be paid; that the proceeds will be used for exploration and corporate purposes. Risks and uncertainties include economic, competitive, governmental, environmental and technological factors that may affect the Company’s operations, markets, products and prices. Factors that could cause actual results to differ materially include that we are unable to raise sufficient interest in the financing; that we may not be able to raise sufficient funds to complete our intended exploration and development; and that despite encouraging data there may be no commercially exploitable mineralization on our properties. Except as required by law, we do not undertake to update these forward looking statements.