VANCOUVER, BC, April 28, 2022 /CNW/ - Equinox Gold Corp.
(TSX: EQX) (NYSE American: EQX) ("Equinox Gold" or the "Company")
is pleased to announce positive drill results from 2021 exploration
drilling in the 70-km-long greenstone belt in Bahia State, Brazil that hosts the Company's 100%-owned
Fazenda and Santa Luz gold mines ("Bahia Belt"). Exploration has
identified multiple near-mine and regional discoveries that
highlight growth potential in the Bahia Belt.
"The 2021 exploration program in the Bahia Belt has led to the
discovery of significant gold mineralization at multiple targets
within haulage distance to our existing mines," said Scott Heffernan, EVP Exploration for Equinox
Gold. "Drilling at the Canto 2 target adjacent to our Fazenda Mine
was particularly important, intersecting very high grades and
clearly highlighting the potential for both open pit and
underground resource growth and mine life extension at Fazenda.
Equinox Gold also secured exploration permits covering an
additional 323 square km, bringing the total land package in the
Bahia Belt to nearly 1,300 square km covering the majority of this
highly prospective but underexplored greenstone belt.
"The 2022 exploration program is well underway and includes over
70,000 metres of drilling across targets ranging from early to
advanced-stage exploration, a high-resolution airborne magnetic
survey covering the entire Bahia Belt, and geologic mapping and
geochemical sampling to further refine targets in advance of
drilling."
BAHIA BELT 2021 EXPLORATION PROGRAM HIGHLIGHTS
Exploration targets in the Bahia Belt were identified by
integrating multiple datasets including airborne geophysical
surveys, geologic mapping, outcrop and soil sampling, and
historical drilling. During 2021 Equinox Gold tested 17 targets
throughout the Bahia Belt, drilling 56,918 metres ("m") in 479
diamond and reverse circulation ("RC") drill holes (Figure 1).
Of the 479 holes, 372 intersected anomalous to ore-grade gold
mineralization and of these, 126 intersected significant gold
mineralization and identified several gold-mineralized systems
close to Equinox Gold's Fazenda and Santa Luz mines. Highlight
results are presented below, and a complete table of drill results
can be downloaded here.
Canto 2 Deposit
The Canto 2 deposit was previously operated as a shallow
open-pit mine and is directly adjacent to Equinox Gold's operating
Fazenda open-pit and underground mine complex. A total of
12,212 m in 46 holes (Figure 2) was
drilled to test mineralization continuity along strike and up to
400 m below surface with the
objective of increasing both open-pit and underground mineral
resources and upgrading the existing resource classification from
Inferred to Indicated. Every drill hole intersected economic-grade
gold mineralization and several intersected newly identified
bonanza grades including 69.0 g/t Au over 3.5 m and 7.53 g/t Au over 5.2 m in hole FBD010, 67.2 g/t Au over
4.0 m and 3.43 g/t Au over
17.4 m in hole FBD011, 50.8 g/t Au
over 2.0 m in hole FBD013, and
3.31 g/t Au over 29.0 m in hole
FBD040. Equinox Gold plans to undertake further exploration at
Canto 2 in 2022 to further test expansion potential at depth and
along strike.
An updated Fazenda Mineral Resource and Mineral Reserve
statement, which will incorporate Canto 2 drill results, is planned
for late 2022.
Canto 2 Drill Highlights (Figure 2)
- 6.88 g/t Au over 3.6 m from
128.0 m (FBD007)
- 69.0 g/t Au over 3.5 m from
131.0 m and 7.53 g/t Au over
5.2 m from 138.8 m (FBD010)
- 67.2 g/t Au over 4.0 m from
106.0 m and 3.43 g/t Au over
17.4 m from 141.8 m (FBD011)
- 50.8 g/t Au over 2.0 m from
69.6 m (FBD013)
- 2.96 g/t Au over 9.0 m from
233.0 m (FBD015)
- 4.68 g/t Au over 10.0 m from
78.0 m (FBD022)
- 2.53 g/t Au over 6.0 m from
191.0 m (FBD027)
- 2.38 g/t Au over 18.0 m from
142.0 m (FBD037)
- 3.31 g/t Au over 29.0 from 259.0
m (FBD040)
- 2.23 g/t Au over 8.4 m from
155.0 m (FBD053)
- 2.03 g/t Au over 8.2 m from
171.8 m (FBD055)
- 2.10 g/t Au over 13.0 m from
32.0 m (FBD056)
Rufino Target
The Rufino Target is a new discovery approximately 11 km from
the Fazenda Mine. It is hosted in a mafic rock package within a
shear zone at least 4 km in length. One quarter of the mapped 4-km
strike length was tested with 20 drill holes, 18 of which
intersected gold mineralization. Grade-thickness values generally
increase to the southeast, culminating with the intercept of 2.35
g/t Au over 55.0 m in hole FBP110.
Farther to the southeast, 2.5 km of the mapped shear zone remains
untested.
Rufino Drill Highlights (Figure 3)
- 8.96 g/t Au over 2.0 m from
134.0 m (FBD059)
- 0.78 g/t Au over 27.0 m from
17.0 m (FBP108)
- 2.35 g/t Au over 55.0 m from
35.0 m (FBP110)
Mansinha & Mansinha Sul Targets
The Mansinha and Mansinha Sul Targets lie on the same structural
corridor as the Santa Luz Mine, representing a potential
gold-mineralized zone more than 11 km in length. The target is
hosted in a shear zone within a felsic package of volcaniclastics
and subvolcanic intrusive rocks. Artisanal mining and limited
historical shallow drilling have occurred, but no thorough modern
exploration has taken place prior to Equinox Gold's 2021
exploration program. Approximately 5 km of the 11-km-long shear
zone was tested with 148 drill holes of which 134 encountered gold
mineralization. The target has been tested to depths greater than
100 m in only a few locations,
leaving significant exploration potential at depth.
Mansinha Drill Highlights (Figure 4)
- 2.28 g/t Au over 7.0 m from
37.0 m and 1.49 g/t Au over
14.0 m from 51.0 m and 1.38 g/t Au over 11.0 m from 77.0 m
(SLP036)
- 1.31 g/t Au over 17.0 m from
61.0 m (SLP045)
- 4.66 g/t Au over 12.0 m from
20.0 m and 3.90 g/t Au over
6.0 m from 42.0 m (SLP046)
- 2.20 g/t Au over 8.0 m from
26.0 m (SLP050)
- 1.20 g/t Au over 20.0 m from
84.0 m (SLP103)
- 9.43 g/t Au over 3.0 m from
16.0 m (SLP123)
- 0.91 g/t Au over 25.0 m from
62.0 m (SLP160)
- 0.76 g/t Au over 25.0 m from
10.0 m (SLP161)
- 1.90 g/t Au over 10.0 m from
32.0 m (SLP162)
- 1.35 g/t Au over 13.0 m from
45.0 m (SLP163)
- 0.69 g/t Au over 35.0 m from
28.0 m (SLP165)
- 0.67 g/t Au over 39.0 m from
73.0 m (SLP166)
- 2.45 g/t Au over 10.0 m from
71.0 m and 4.48 g/t Au over
3.0 m from 101.0 m (SLP169)
- 4.04 g/t Au over 6.0 m from
64.0 m (SLP183)
- 2.77 g/t Au over 24.0 m from
55.0 m (SLP218)
Mansinha Sul Drill Highlights (Figure 5)
- 7.61 g/t Au over 15.0 m from
53.0 m (SLP153)
- 1.07 g/t Au over 11.0 m from
16.0 m and 3.79 g/t Au over
9.0 m from 38.0 m (SLP172)
- 1.89 g/t Au over 13.0 m from
25.0 m (SLP174)
- 3.63 g/t Au over 9.0 m from
55.0 m (SLP175)
- 1.72 g/t Au over 20.0 m from
37.0 m (SLP178)
- 2.35 g/t Au over 15.0 m from
16.0 m (SLP179)
- 1.65 g/t Au over 13.0 m from
71.0 m (SLP181)
- 2.30 g/t Au over 16.0 m from
34.0 m (SLP187)
- 2.89 g/t Au over 6.0 m from
28.0 m (SLP191)
- 3.14 g/t Au over 5.0 m from
41.0 m (SLP194)
- 1.25 g/t Au over 16.0 m from
19.0 m (SLP196)
- 4.30 g/t Au over 6.0 m from
49.0 m (SLP201)
- 1.25 g/t Au over 27.0 m from
65.0 m (SLP205)
- 1.60 g/t Au over 13.0 m from
13.0 m (SLP212)
- 0.52 g/t Au over 35.0 m from
12.0 m (SLP216)
- 2.47 g/t Au over 14.0 m from
29.0 m (SLP227)
- 1.90 g/t Au over 9.0 m from
59.0 m (SLP251)
LAND PACKAGE INCREASE
Following a metallogenic review of the Bahia Belt and favourable
preliminary regional exploration results, Equinox Gold obtained new
exploration permits covering an additional 323 square km (Figure
1). These new permits filled gaps in the existing land package,
expanded the Company's exploration territory around highly
prospective targets, and opened new targets for exploration. The
total land package now covers approximately 1,292 square km.
Equinox Gold plans to fly an aeromagnetic survey over the entire
land package in Q2 2022, to be followed by geologic mapping and
geochemical sampling in high-priority areas identified by the
survey.
ABOUT EQUINOX GOLD
Equinox Gold is a growth-focused Canadian mining company
operating entirely in the Americas, with six operating gold mines,
a mine in commissioning, and a clear path to achieve more than one
million ounces of annual gold production from a pipeline of
development and expansion projects. Equinox Gold's common shares
are listed on the TSX and the NYSE American under the trading
symbol EQX. Further information about Equinox Gold's portfolio of
assets and long-term growth strategy is available at
www.equinoxgold.com or by email at ir@equinoxgold.com.
CAUTIONARY NOTES
Qualified Person and Disclosure Statement
Scott Heffernan, M.Sc.,
P.Geo., the Company's EVP Exploration and a Qualified Person under
National Instrument 43-101, has reviewed and approved that the
technical information contained in this news release is accurate.
Drill composites for underground targets were calculated using
cut-off values of 1.0 g/t, 3.0 g/t and 5.0 g/t gold as
specified in the drill table and contain no more than 3m, 1m, and
1m of internal waste, respectively,
and were located at down-hole depths of 100m or greater. Drill composites for open-pit
targets were calculated using cut-off values of 0.3 g/t, 1.0 g/t
and 3.0 g/t gold as specified in the drill table and
reported intercepts above 1.0 and 3.0 g/t contain no more than
3m and 1m of internal waste, respectively, and were
located at down-hole depths of less than 100m. Drill intersections are calculated using
uncut assays and are reported as drilled thicknesses. True widths
of the mineralized intervals are interpreted to be 60 to 90 percent
of the reported lengths depending on the angle of intersection of
the drill hole relative to the mineralized zone. Samples were
submitted to ALS Chemex in Belo
Horizonte, Brazil or SGS Geosol in Belo Horizonte, Brazil for sample preparation.
ALS Chemex prepared sample pulps were then sent to ALS Chemex in
Lima, Peru for geochemical
analysis for gold by fire assay of a 50-gram charge with an Atomic
Absorption finish (AA) and for a 33 multi-element geochemical suite
by 4-acid digestion and Inductively-Coupled Plasma Mass
Spectrometry (ICP-MS). SGS prepared sample pulps were analyzed for
gold by fire assay of a 50-gram charge with an Atomic Absorption
finish (AA) and for a 37 multi-element geochemical suite by 4-acid
digestion and Inductively-Coupled Plasma Atomic Emission
Spectroscopy (ICP-AES). Samples with AA gold values over 10.0 g/t
are re-assayed by Screen Metallics fire assay. Control samples
(accredited standards, blanks, and duplicate samples at the field
and preparation stages) were inserted on a regular basis. Results
were monitored upon receipt of assays.
Cautionary Note to U.S. Readers Concerning Estimates of
Mineral Reserves and Mineral Resources
Disclosure regarding the Company's mineral properties,
including with respect to mineral reserve and mineral resource
estimates included in this news release, was prepared in accordance
with NI 43-101. NI 43-101 is a rule developed by the
Canadian Securities Administrators that establishes
standards for all public disclosure an issuer makes of scientific
and technical information concerning mineral projects. NI 43-101
differs significantly from the disclosure requirements of the
Securities and Exchange Commission (SEC) generally applicable to
U.S. companies. Accordingly, information contained in this news
release is not comparable to similar information made public by
U.S. companies reporting pursuant to SEC disclosure
requirements.
Forward-Looking Statements
This news release contains certain forward-looking
information and forward-looking statements within the meaning of
applicable securities legislation. Forward-looking statements and
forward-looking information in this news release relate to, among
other things: the strategic vision for the Company and expectations
regarding exploration potential, production capabilities and future
development of Santa Luz, Fazenda and other exploration targets;
and the Company's ability to successfully advance its growth and
development projects, including ramping Santa Luz up to full
capacity. Forward-looking statements or information generally
identified by the use of the words "objective", "growth",
"preliminary", "potential", "clear path", "target", "strategy" and
similar expressions and phrases or statements that certain actions,
events or results "could", "would" or "should", or the negative
connotation of such terms, are intended to identify forward-looking
statements and information. Although the Company believes that the
expectations reflected in such forward-looking statements and
information are reasonable, undue reliance should not be placed on
forward-looking statements since the Company can give no assurance
that such expectations will prove to be correct. The Company has
based these forward-looking statements and information on the
Company's current expectations and projections about future events
and these assumptions include: Equinox Gold's ability to achieve
the exploration, production, cost and development expectations for
Santa Luz and Fazenda and its other operations and projects; prices
for gold remaining as estimated; currency exchange rates remaining
as estimated; ramp-up at Santa Luz being completed and performed in
accordance with current expectations; tonnage of ore to be mined
and processed; ore grades and recoveries; availability of funds for
the Company's projects and future cash requirements; capital,
decommissioning and reclamation estimates; Mineral Reserve and
Mineral Resource estimates and the assumptions on which they are
based, including the conversion of Mineral Resources to Mineral
Reserves; prices for energy inputs, labour, materials, supplies and
services; no labour-related disruptions and no unplanned delays or
interruptions in scheduled construction, development and
production, including by blockade; the Company's working history
with its workforce, unions and communities; that all necessary
permits, licenses and regulatory approvals are received in a timely
manner; and the Company's ability to comply with environmental,
health and safety laws While the Company considers these
assumptions to be reasonable based on information currently
available, they may prove to be incorrect. Accordingly, readers are
cautioned not to put undue reliance on the forward-looking
statements or information contained in this news release.
The Company cautions that forward-looking statements and
information involve known and unknown risks, uncertainties and
other factors that may cause actual results and developments to
differ materially from those expressed or implied by such
forward-looking statements and information contained in this news
release and the Company has made assumptions and estimates based on
or related to many of these factors. Such factors include, without
limitation: fluctuations in gold prices; fluctuations in prices for
energy inputs, labour, materials, supplies and services;
fluctuations in currency markets; operational risks and hazards
inherent with the business of mining (including environmental
accidents and hazards, industrial accidents, equipment breakdown,
unusual or unexpected geological or structural formations,
cave-ins, flooding and severe weather); inadequate insurance, or
inability to obtain insurance to cover these risks and hazards;
employee relations; relationships with, and claims by, local
communities and Indigenous populations; the Company's ability to
obtain all necessary permits, licenses and regulatory approvals in
a timely manner or at all; changes in laws, regulations and
government practices, including environmental, export and import
laws and regulations; legal restrictions relating to mining; risks
relating to expropriation; increased competition in the mining
industry; and those factors identified in the Company's MD&A
dated March 23, 2022 for the year
ended December 31, 2021, and its
Annual Information Form dated March 24,
2022 for the year-ended December 31,
2021, both of which are available on SEDAR at
www.sedar.com and on EDGAR at
www.sec.gov/edgar. Forward-looking statements and
information are designed to help readers understand management's
views as of that time with respect to future events and speak only
as of the date they are made. Except as required by applicable law,
the Company assumes no obligation to publicly announce the results
of any change to any forward-looking statement or information
contained or incorporated by reference to reflect actual results,
future events or developments, changes in assumptions or changes in
other factors affecting the forward-looking statements and
information. If the Company updates any one or more forward-looking
statements, no inference should be drawn that the Company will make
additional updates with respect to those or other forward-looking
statements. All forward-looking statements and information
contained in this news release are expressly qualified in their
entirety by this cautionary statement.
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SOURCE Equinox Gold Corp.