Equitas Resources Corp. VTEM Survey Identifies Nine Nickel-Copper Sulphide Targets at the Garland Property

By May 13, 2015 May 1st, 2017 2015, News

May 13, 2015 – Equitas Resources Corp. (TSXv: EQT) (FSE: T6UN) (“Equitas” or the “Company”) is pleased to report final results from the VTEM Plus airborne survey completed on the Garland Property located 30km southeast of the Voisey’s Bay Mine in Labrador, Canada. A detailed interpretation of the final processed data has identified significant new areas of conductivity.

Highlights Include:

  • Nine areas of conductivity prospective for nickel-copper sulphides;
  • Most responses are at the very limit of, or significantly deeper than detection limits of historic surveys;
  • Targets include conductivity trends of up to 1km+ in length, with no previous drilling;
  • The overall nature of the anomalies highlights the potential for discovery of buried Voisey’s Bay analogues at the Garland Property.

The Company is encouraged with the final results from the VTEM survey and has begun preparing for a summer exploration program. Exploration on the target areas is expected to commence in late June. Evaluation of the anomalies will include mapping and prospecting, 30 line-km of large loop EM survey, and up to 4000m of diamond drilling. Work permits have been submitted to government and proposals from service providers are currently being evaluated.

The 2015 VTEM survey consisted of 645 line-kms of north-south oriented flight lines at 300m line spacing. Data was interpreted by Geophysicist Alan King of Geoscience North. Quantitative modelling was performed on the most conductive core of the anomalies present. The full extent of the conductive system detected may be approximated by the number of lines (at 300m spacing) the anomaly is observable on. A total of nine distinct areas of anomalous conductivity prospective for nickel-copper sulphide mineralization have been identified. The following are key elements of the interpretation for each anomaly:

Anomaly A (589205E | 6219700N) is modelled as a 200m long, east-west striking, -20o south dipping plate with a dip extent of 50m. Conductance is modelled at 800 Siemens, with a depth to top of 267m below surface. The anomaly possibly extends over 2-3 lines. There is a strong coincident magnetic response. The anomaly area occurs 250m south of a multi-km long East-West lineament interpreted to be part of the Gardar-Voisey’s Bay fault system, a major structural control on emplacement at Voisey’s Bay.

Anomaly B (586480E | 6219035N) is modelled as a 400m long, east-west striking, -10o south dipping plate with a dip extent of 20m. Conductance is modelled at 10,000 Siemens, with a depth to top 178m below surface. There is an adjacent moderate to strong magnetic feature. The anomaly is observable over 2-3 lines. The east-west strike is notable as being parallel to the Gardar-Voisey’s Bay fault trend.

Anomaly C (576570E | 6218255N) is interpreted as a 200m long, east-west striking, flat-lying plate with a dip extent of 60m. Conductance is modelled at 400 Siemens. Depth to top is interpreted at 162m. This is a well-defined single line response, in a magnetically quiet area at the interpreted suture between the Archean Nain and Proterozoic Churchill cratons, remarkably similar to the location of the Discovery Hill mineralization at Voisey’s Bay.

Anomaly D (582800E | 6223725N) is modelled as a 300m, east-west striking, flat-lying plate with a dip extent of 100m. Conductance is modelled at 30 Siemens. Depth to top is interpreted at 20m. Coincident with a magnetic low area, the response is observable over 6 lines. Conductance is too high for a clay response, and possibly consistent with weak sulphide mineralization, but may also be due to trapped brines at the base of the overlying lake. The anomaly is positioned along a pronounced member of the Gardar-Voisey’s Bay fault system. Lake sediment geochemical data from the Geological Survey of Canada (National Geochemical Reconnaissance open file for Labrador) indicate a combined nickel-copper-cobalt lake sediment anomaly in the overlying lake. The nearest anomalies of this type in the Nain Province occur in a chain of lakes 4-7 km east (an interpreted down-ice direction of glaciation) of the Voisey’s Bay mineralization. The coincident structural setting and geochemical anomaly flags this response for further evaluation.

Within the survey data, five additional anomalies of a more subtle nature were also detected. Commenting on anomalies G, H, I, J and M, Alan King stated “Most of these are single line or lower amplitude, but usually well-defined Late-Time anomalies. Given the wide 300m line spacing and the expected low responses in off-time AEM data for excellent conductors, any one of these could be an indication of economic mineralization. Other possible conductivity sources in the project area include graphitic and sulphidic gneisses, and lithologies containing appreciable concentrations of interconnected magnetite grains.”

Anomaly G (584390E | 6215680N) is interpreted as a 200m long, 130o striking, -80o southwest dipping plate, with a dip extent of 10m. Conductance is modelled at 25,000 Siemens. Depth to top of the plate is interpreted at 80m. There is an adjacent moderately magnetic response. The anomaly is observable over 1-2 lines.

Anomaly H (582285E | 6216705N) is interpreted as a 200m long, 105o striking, -70o southwest dipping plate, with a dip extent of 10m. Conductance is modelled at 100 Siemens. Depth to top of the plate is interpreted to be 76m. The response has a possible extension over 2-3 lines. There is a coincident magnetic high signature. The response occurs at the intersection of an east-west lineament with a northeast lineament.

Anomaly I (581671E | 6217430N) is interpreted as a 30m long, 270o striking, -77o north dipping plate, with a 20m dip extent. Conductance is modelled at 5000 Siemens. Depth to top of the plate is interpreted at 97m. The anomaly has a coincident strong magnetic high, and occurs as a single line response.

Anomaly J (583470E | 6217455N) is interpreted as 60m long plate, 090o striking, -75o north dipping plate, with a 5m dip extent. Conductance is modelled at 100 Siemens. Depth to top of the plate is interpreted at 34m. There is a coincident moderate magnetic signature. The anomaly is observed over 3-4 lines westward towards Anomaly I, giving the entire trend a possible length of 1.8 km.

Anomaly M (586485E | 6221675N) is interpreted as a 30m long plate, 270 striking, -75 north dipping plate, with a 5m dip extent. Conductance is modelled at 20,000 Siemens. Depth to top is interpreted at 73m. There is a coincident moderately magnetic response. The anomaly is observable over 2-3 lines.

Key features of the VTEM Plus system include:

– Transmitter loop diameter – 26 m

– Peak dipole moment – 425,000 NIA

– Transmitter pulse width – 7 ms

– VTEM Plus receiver – Z,X coils with dB/dt recording

– Full waveform recording

– Low base frequency (30 Hz) for penetration through conductive cover

– High spatial sampling, 2 to 3 meters

– Receiver located in the middle of circular transmitter coil provides overall systems symmetry

Specialized processing products relevant to nickel sulphide exploration include:

– Calculation of decay times (tau) – the best single parameter to quickly scan the data for conductors of interest anywhere in the depth range of the system

– Calculated B-Field – particularly useful for slow decaying anomalies from high conductance targets.

Commenting on the anomalies, VP Exploration Everett Makela said “Results from the VTEM survey are highly promising. Compilation of previous work indicates that almost all of the anomalies represent newly identified areas of conductivity, at the very limit or significantly below depth detection of earlier surveys. None are explained by the available observed surface geology, a mixture of anorthosite, diorite and granite. The east-west strike of the majority of anomalies is notable, in that the major structural controller on emplacement at Voisey’s Bay was the east-west trending Gardar-Voisey’s Bay fault system, a prominent structural feature on the Garland property. Many of the anomalies display good correlation with east-west and northeast lineaments as interpreted from the known geology, magnetics and topography. The observable trends of many of the anomalies, up to 1 km or greater, lend further encouragement for discovery of significant mineralized systems. The overall nature of the interpreted anomalies is in accord with our exploration model for Voisey’s Bay style mineralization on the property being overlain by flat-lying, sheet-like intrusive bodies.”

An updated map of the anomaly areas has been posted on the Company’s website shortly.

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 Corp. is a Canadian-based mineral exploration company with a focus on nickel, copper, platinum group metals (PGM) and cobalt. The Company is engaged in the acquisition, exploration and development of mineral properties. Its Garland Property is 25,050 hectares and located approximately 30kms south-east of the Voisey’s Bay mine in 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 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. Forward looking statements in this news release include, but are not limited to all references to interpretation and similarity’s to potential for discovery of buried Voisey’s Bay analogues, being part of the Gardar-Voisey’s Bay fault system and remarkably similar to the Discovery Hill mineralization at Voisey’s Bay; all discussion of summer exploration activities; any references to economic mineralization. Risks and uncertaintiesinclude 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.