Vancouver, British Columbia, May 2, 2016 – Equitas Resources Corp. (“Equitas” or the “Company”) (TSXV: EQT) (US: EQTRF) (Frankfurt: T6UN) is pleased to introduce the Company’s newly appointed advisory board. Equitas believes the combination of each advisor and their wealth of experience within their respected professions will provide significant guidance and contribution at this stage of developments. Equitas would also like to report that an updated NI 43-101 Technical Report has been filed with SEDAR and has been posted on the Company website.
Equitas would like to welcome Michael Bennett and Jon Coates to the advisory board. The following are brief biographies on Equitas new advisory board:
Michael Bennett has twenty nine years of experience as a geologist, twenty three of which he has worked in South America. Michael is responsible for three gold discoveries: two of them in Brazil – Coringa (1.1Moz), Cajueiro (0.47Moz) and one in Bolivia, Puquio North (0.5Moz). He is currently General Manager at Brazil Manganese Corporation in Rondonia, and also acts as a director and officer of Alta Floresta Gold Mineracao S.A., the Brazilian operating subsidiary of Equitas. Michael is a Brazilian resident and speaks Spanish and Portuguese.
Jon Coates has spent thirty-six years in exploration, mine geology and business development on five continents, with experience of a wide range of mineral resources, including gold. He spent much of his career at BHP Billiton with roles such as Regional Manager Latin America, VP Business Development China & Chief Geoscientist – Exploration. He was until recently Executive Geoscience Advisor for the Saudi Arabian Mining Company “Ma’aden”.
Updated Technical Report
The updated NI 43-101 Technical Report on Resources for the Cajueiro project (Gustavson and Associates, March 24, 2016) has been filed with SEDAR and has been made available on the Company’s website. The report documents Indicated and Inferred Resources in the sulphide domains totaling 417,600 ounces Au, and an Inferred Resources in the oxide domains totalling 78,400 ounces Au.
Table 1-1 Mineral Resource Estimate (Fresh Rock – Sulfide Zone)
| Crente | |||||||
| Indicated | Inferred | ||||||
|---|---|---|---|---|---|---|---|
| Cutoff | Tonnes | Au | Oz Au | Cutoff | Tonnes | Au | Oz Au |
| g/t | (000s) | g/t | (000s) | g/t | (000s) | g/t | (000s) |
| 0.3 | 7,400 | 0.854 | 203.2 | 0.3 | 4,904 | 0.695 | 109.5 |
| 0.25 | 8,636 | 0.771 | 214.1 | 0.25 | 5,826 | 0.628 | 117.7 |
| 0.2 | 10,131 | 0.690 | 224.8 | 0.2 | 7,161 | 0.553 | 127.2 |
| Baldo | |||||||
| Inferred | |||||||
| Cutoff | Tonnes | Au | Oz Au | ||||
| g/t | (000s) | g/t | (000s) | ||||
| 0.3 | 1,108 | 0.872 | 31.1 | ||||
| 0.25 | 1,319 | 0.777 | 33.0 | ||||
| 0.2 | 1,500 | 0.711 | 34.3 | ||||
| Matrincha | |||||||
| Inferred | |||||||
| Cutoff | Tonnes | Au | Oz Au | ||||
| g/t | (000s) | g/t | (000s) | ||||
| 0.3 | 1,410 | 0.867 | 39.3 | ||||
| 0.25 | 1,596 | 0.797 | 40.9 | ||||
| 0.2 | 1,884 | 0.710 | 43.0 | ||||
| Marines | |||||||
| Inferred | |||||||
| Cutoff | Tonnes | Au | Oz Au | ||||
| g/t | (000s) | g/t | (000s) | ||||
| 0.3 | 686 | 0.500 | 11.0 | ||||
| 0.25 | 785 | 0.472 | 11.9 | ||||
| 0.2 | 1,055 | 0.408 | 13.8 | ||||
| Total | |||||||
| Indicated | Inferred | ||||||
| Cutoff | Tonnes | Au | Oz Au | Cutoff | Tonnes | Au | Oz Au |
| g/t | (000s) | g/t | (000s) | g/t | (000s) | g/t | (000s) |
| 0.3 | 7,400 | 0.854 | 203.2 | 0.3 | 8,108 | 0.732 | 190.9 |
| 0.25 | 8,636 | 0.771 | 214.1 | 0.25 | 9,526 | 0.664 | 203.5 |
| 0.2 | 10,131 | 0.690 | 224.8 | 0.2 | 11,600 | 0.585 | 218.3 |
Effective date March 8, 2016
Table 1-2 Mineral Resource Estimate (Saprolite – Oxide Zone)
| Crente | |||||||
| Indicated | Inferred | ||||||
|---|---|---|---|---|---|---|---|
| Cutoff | Tonnes | Au | Oz Au | Cutoff | Tonnes | Au | Oz Au |
| g/t | (000s) | g/t | (000s) | g/t | (000s) | g/t | (000s) |
| 0.3 | 0.3 | 357 | 1.562 | 17.9 | |||
| 0.25 | 0.25 | 381 | 1.482 | 18.2 | |||
| 0.2 | 0.2 | 419 | 1.367 | 18.4 | |||
| Baldo | |||||||
| Inferred | |||||||
| Cutoff | Tonnes | Au | Oz Au | ||||
| g/t | (000s) | g/t | (000s) | ||||
| 0.3 | 309 | 3.029 | 30.1 | ||||
| 0.25 | 309 | 3.029 | 30.1 | ||||
| 0.2 | 309 | 3.021 | 30.0 | ||||
| Matrincha | |||||||
| Inferred | |||||||
| Cutoff | Tonnes | Au | Oz Au | ||||
| g/t | (000s) | g/t | (000s) | ||||
| 0.3 | 155 | 2.726 | 13.6 | ||||
| 0.25 | 155 | 2.717 | 13.5 | ||||
| 0.2 | 198 | 2.184 | 13.9 | ||||
| Marines | |||||||
| Inferred | |||||||
| Cutoff | Tonnes | Au | Oz Au | ||||
| g/t | (000s) | g/t | (000s) | ||||
| 0.3 | 481 | 1.046 | 16.2 | ||||
| 0.25 | 529 | 0.977 | 16.6 | ||||
| 0.2 | 607 | 0.880 | 17.2 | ||||
| Total | |||||||
| Indicated | Inferred | ||||||
| Cutoff | Tonnes | Au | Oz Au | Cutoff | Tonnes | Au | Oz Au |
| g/t | (000s) | g/t | (000s) | g/t | (000s) | g/t | (000s) |
| 0.3 | 0.3 | 1,302 | 1.858 | 77.8 | |||
| 0.25 | 0.25 | 1,374 | 1.775 | 78.4 | |||
| 0.2 | 0.2 | 1,533 | 1.613 | 79.5 | |||
NOTE Numbers in the table may not precisely add up due to rounding errors
Effective date March 8, 2016
The upcoming diamond drilling, bulk sampling and trenching program will focus on outlining additional oxide resources in the Baldo target area of the Cajueiro Project. A summary of the encouraging results achieved to date at the Baldo zone, and details regarding target characteristics and the exploration program for 2016, will be the focus of a separate release to be issued very 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.
For more information on Equitas Resources Corp., please contact Sean Kingsley, Corporate Communications at 604-681-1568 or skingsley@equitasresources.com.
On Behalf of the Board of Directors,
EQUITAS RESOURCES CORP.
“Chris Harris”
Chris Harris
President & CEO
Tel: 604-681-1568
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 press release.
Forward-Looking Statements
This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
The reader is cautioned that references to mineral resources that are not mineral reserves do not have demonstrated economic viability and assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.