VANCOUVER, Dec. 16, 2015 /CNW/ - Equitas Resources Corp.
(TSXv: EQT; FSE: T6UN; US: EQTRF) ("Equitas" or the "Company") is
pleased to provide an update of the Phase One drill program at the
Garland Property in Labrador,
Canada.
- Borehole GP15-005 at the Cominco Showing intersected
disseminated pyrrhotite-chalcopyrite-pyrite over a 69m interval
from surface.
- Crone Pulse Electromagnetic (PEM) surveying of borehole
GP15-004 has produced a complex anomalous response that may
indicate a significant good quality conductor near the hole, in the
modelled depth range for buried Voisey's Bay type deposits.
- Regional and property scale data synthesis has interpreted the
major E-W lineament in the northern portion of the property to
represent the southern margin of the graben structure hosting the
Voisey's Bay mine.
The autumn program completed five diamond drill holes totaling
1678m. A total of 281 core samples were submitted to Activation
Laboratories. Crone PEM surveying has been completed at nine of the
thirteen target areas. The field camp and drill rig have been
stored onsite in anticipation of start-up of operations in early
2016 when safe lake ice conditions are present.
BH GP15-005 (collar at X_NAD27 585525, Y_NAD27 6218100N, elev.
240m, Az. 000, Dip -88) drilled in an area known as the Cominco
Showing, was completed to a depth of 163.0m to sample an historic
showing of Ni-Cu-Co in gabbro-norite. Values of up to 0.15% nickel
and 0.10% copper were reported by Cominco Ltd. in 1995 from surface
sampling of a NE trending area of gossan 125m in length and up to
20m wide. No sulphur or precious metal analyses were reported for
this work.
From collar to 69.0m a zone of weakly mineralized variably
textured medium to coarse grained norite was encountered. The
section contains trace to 1% interstitial to locally blebby
pyrrhotite-pyrite-chalcopyrite, with decimeter sections estimated
to contain up to 10% sulphide. A granitic unit was encountered
between 69.0 m and 118.0m. From 118.0m to 163.0m an un-mineralized
norite was encountered.
The two best length-weighted intervals are as follows:
From (m)
|
To (m)
|
Interval
(m)
|
Ni%
|
Cu%
|
Co (ppm)
|
S%
|
19.9
|
24.5
|
4.6
|
0.08
|
0.10
|
70
|
1.33
|
54.5
|
56.0
|
1.5
|
0.11
|
0.14
|
93
|
1.77
|
Analyses for palladium, platinum and gold returned background
values for the mineralized interval.
Commenting on the results of BH GP15-005, VP Exploration Everett
Makela stated "Although no semi-quantitative estimates for grade
potential can be made due to the relatively low sulphide
concentrations, results to date lend some encouragement for the
possibility of there being an economic deposit associated with this
mineralization. Observations of the core indicate a dynamic
component to emplacement, including recognizable inclusions,
textural and compositional variations. Isolated plagioclase
feldspar megacrysts display rounding, possibly indicative of
transport from an underlying chamber, an environment favourable for
massive sulphide deposition. The area warrants further examination,
and a detailed surface Crone PEM survey is planned as a top
priority for the 2016 exploration program."
Photographs of the core and also an updated map are available on
the Equitas website.
BH GP15-004 (collar at X_NAD27 579221, Y_NAD27 6217311, elev.
272m, Az. 000, Dip -88) was cored to a depth of 495m, designed to
intersect VTEM anomaly Q, at an interpreted depth to top of 425m.
This anomaly has been interpreted as a broad, slowly decaying
response in the B-Field Tau product of the VTEM data. Anomalies of
this type can represent signature of large massive sulphide
systems.
The hole encountered diorite from collar to 230.5m, hosting a
younger granitic sheet between 35.6m to 114.4m. Below 230.5 to end
of the hole drilling encountered a sequence of granite gradational
to diorite. Crone PEM survey of this hole detected a possibly very
significant off-hole response at around 230m depth.
Geophysical consultant Alan King
commented "A Crone PEM survey of BH GP15-004 at the end of the
field season produced a complex anomalous response that could
indicate a good quality conductor in or near the hole. Nothing
intersected in the hole is indicative of a strong conductive source
although a structurally disturbed zone is located at about the same
depth. The contractor indicated that there may have been some
problems with the BHEM data after the hole was logged in two passes
to overcome poor downhole conditions. Best fit quantitative
modeling suggested the possibility of two off-hole NW striking,
steeply NE dipping plates with a combined target dimension of 250m
along strike and 300m down-dip. Depth to the top of the modeled
bodies is estimated at 230m and conductance at about 1000S. However
this model was a poor fit in some components of the data suggesting
that there may some problem with the data. It is possible that this
apparent anomaly could also be entirely due to problems with the
data collected or some combination of data problems and real
conductors. A detailed PEM re-survey of the hole will be conducted
to validate the response in advance of drill testing when
the field program resumes in Q2 2016."
Commenting on the results of the Crone survey of GP15-004, VP
Exploration Everett Makela said "while by no means a sure thing,
the interpreted size, conductivity and depth accords well with our
model for buried Voisey's Bay analogues. This will be a first
priority for the next phase of exploration in Q2 of 2016. We plan
to re-position the drill rig on the hole and complete a detailed
Crone PEM downhole survey to confirm the response before drill
testing."
A third focus for further exploration was defined by synthesis
of regional and property scale magnetics, ground gravity and
geological data. The major E-W lineament in the northern portion of
the property has been interpreted by consulting geophysicist
Alan King as representing the
southern margin of the graben structure hosting the Voisey's Bay
mine, considered to have been emplaced along the northern wall of
the graben. This structure on the Garland property is coincident
with VTEM anomalies D, O and P, as well as a Ni-Cu-Co lake sediment
anomaly comparable to the anomalies adjacent the Voisey's Bay
mineralization.
Commenting on results to date, VP Exploration Everett Makela
said "The mineralization intersected at the Cominco Showing, the
interpretation of PEM data from borehole GP15-004 at anomaly Q, and
recent highlighting of the possible major significance of the E-W
lineament adjacent anomalies D, O and P have provided us with three
solid exploration focus areas for the next program, anticipated to
commence as soon as safe lake ice and optimal late winter
conditions are present. We are fully funded for the next phase and
have the economic and logistical advantages of a camp and drill rig
already at site."
During the 2015 program, exploration has eliminated several of
the targets as follows:
Crone surface PEM surveys at anomalies A, B and G did not locate
significant conductivity. These response signatures have been
explained by highly magnetic lithologies coupled with low receiver
bird height, creating an apparent VTEM conductivity anomaly termed
Super Para-Magnetic effect (SPM). These targets are of no further
exploration interest.
Crone surface PEM surveying at anomalies H, I, and K did not
detect any conductive anomalies, and these targets are also
considered of no further interest.
BH GP15-002 (collar at X_NAD27 576548, Y_NAD27 6217988, elev.
145m, Az. 000, Dip -90) completed to a depth of 150m, was designed
to test coincident VTEM and Crone PEM responses at anomaly C.
Drilling encountered diorite from collar to 76.1m, and norite to
end of hole. A zone of disseminated to locally stringer graphite
encountered between 62.2m to 71.6m is the likely cause of the
anomaly. No significant sulphides were encountered. A Crone PEM
survey of the borehole did not locate an off-hole response worthy
of further drill testing. No further work is planned for the
anomaly.
BH GP15-003 (collar at X_NAD27 583420, Y_NAD27 6217214, elev.
241m, Az. 000, Dip -75) was completed to a depth of 494m. Designed
to test VTEM anomaly J, the borehole encountered norite with
subordinate granitic dykes from collar to 155.3m. This upper
sequence of norite contains trace pyrrhotite +- chalcopyrite
throughout, locally reaching concentrations to 1% over 20 cm in
associated with coarse patches of magnetite. Analyses revealed only
low Ni-Cu-Co values associated with the sulphide. Below 155.3m to
end of hole geology encountered is norite with lesser granite.
Crone PEM survey of the borehole did not locate a probable source
of the VTEM anomaly. This target is of no further interest.
Quality Control
The drill core samples were cut in
half by diamond core saw under Company supervision at the Garland
field camp. Generally, 0.5 to 1.0 metre sample intervals were
selected. Individual halved core samples were labeled, placed in
plastic sample bags, and sealed. Groups of samples were then placed
into durable rice bags and shipped out on two occasions.
Chain of Custody was maintained throughout transportation of the
samples from the Garland field camp to Activation Laboratories
(Actlabs).
All core samples were prepared and analyzed at the Actlabs, ISO
17025 accredited facility in Ancaster,
Ontario. Base metals and major elements were tested with the
four-acid (near-total) digestion with ICP finish (1F Method).
The samples were also tested by fire assay with ICP/OES
finish for gold, platinum and palladium (IC-expl Method).
Analytical QC for the digestion is 14% for each batch, 5 method
reagent blanks, 10 in-house controls, 10 samples duplicates, and 8
certified reference materials. Additional field duplicates
were included.
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.
For further information on Equitas, please see the Company's
website www.equitasresources.com or contact:
Sean Kingsley, Manager, Corporate
Communications at 604-681-1568 or toll free 1-877-377-6222.
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 Company's
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
Neither the TSX Venture Exchange nor its 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
It is important to note
that actual outcomes and the Company's actual results could differ
materially from those in such forward-looking statements. Examples
of forward looking statements in this news release include, but are
not limited to all references to exploration plans for 2016;
indication that PEM surveying of bore hole BH GP15-004 could
indicate a significant good quality conductor near the hole; any
references to there being an economic deposit associated with
results of BH GP15-005; the statements that these areas are
favourable for massive sulphide systems; the PEM survey of BH
GP15-004 indicates a good quality conductor is near the hole and
suggestions that the apparent anomaly could be due to problems with
the data. 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 may include misinterpretation of data; that we may not
be able to get equipment or labour as we need it; that we may not
be able to raise sufficient funds to complete our intended
exploration and development; that our applications to drill may be
denied; that weather, logistical problems or hazards may prevent us
from exploration; that equipment may not work as well as expected;
that analysis of data may not be possible accurately and at depth;
that results which we or others have found in any particular
location are not necessarily indicative of larger areas of our
properties; that we may not complete environmental programs in a
timely manner or at all; that market prices for nickel may not
justify commercial production costs; and that despite
encouraging data there may be no commercially exploitable
mineralization on our properties.
Readers should refer to the risk disclosures outlined in the
Company's Management Discussion & Analysis of its audited
financial statements filed with the British Columbia Securities
Commission.
SOURCE Equitas Resources Corp.