VANCOUVER, March. 26, 2015 /CNW/ – Equitas Resources Corp. (TSXv: EQT FSE: T6UN) (the “Company or “Equitas”) is pleased to announce the completion of Phase 1 airborne EM exploration on the Garland Property in Labrador, Canada which is located less than 30kms south-east of the Voisey’s Bay Mine.
Phase 1 field work comprised of a 645 line-kilometer utilizing Geotech’s exclusive and industry-leading VTEM™(Versatile Time-Domain Electromagnetic) airborne survey. The EM and magnetic data was collected in order to define electromagnetic anomalies that may be associated with sulphide mineralization. Final results of the survey are expected in approximately four weeks. The final results will be integrated with historical airborne gravity data from previous operators, which will allow for a better distinction of targets from the EM survey.
Historic Exploration at the Garland Property
The Garland Property was explored by 10 separate companies, primarily between the years 1995 to 1999. At the time, individual claim blocks were relatively small with multiple owners, which was not conducive to a regional exploration strategy that would have allowed for the systematic exploration of the area. Exploration methods focused on out-dated frequency-domain airborne Electromagnetic (“EM”) surveys over isolated areas, and which have very shallow depth penetration capabilities (estimated at 75 metres). Further, reconnaissance rock sampling and mapping covered only a fraction of the Property.
Recently, in-between 2000 to 2007, parts of the property and areas to the west were explored by Vale Canada Limited (and its predecessors). Exploration methods included a regional Airborne Gravity Gradiometer (“AGG”) survey, with follow-up Induced Polarity (“IP”) ground-EM surveys, and ground reconnaissance sampling. This exploration resulted in the identification of several localized targets, but only one drill-hole was reported for the Property. Despite the absence of significant Ni-Cu-Co mineralization, the drill hole verified the suitability of the region to host a Voisey’s Bay-style deposit. The drill hole encountered “a sequence of variably textured gabbro-norites with trace very fine-grained disseminated sulphides locally”.
NI 43-101 Disclosure
Neil McCallum, P. Geo., Dahrouge Geological Consulting Ltd., a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
About Equitas Resources
Equitas Resources Corp. is a Canadian-based mineral exploration company. The Company is engaged in the acquisition, exploration and development of mineral properties with a main focus on nickel. It’s Garland Property is located less than 30 kms south-east of Vale’s Voisey’s Bay mine in Labrador, Canada. This property encompasses 25,050hectares and the region has the potential for new discoveries utilizing advanced exploration technologies.
On Behalf of the Board of Directors,
EQUITAS RESOURCES CORP.
President and Director
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.
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, that data collected will define electromagnetic anomalies; the anomalies, if defined will be associated with sulphide mineralization; final results will be available in four weeks and the current survey will allow for better distinction of targets. 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 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 MD&A (Management Discussion & Analysis) of its audited financial statements filed with the British Columbia Securities Commission.