Vancouver, British Columbia, October 26, 2016 – Equitas Resources Corp. (“Equitas” or the “Company”) (TSXV: EQT) (US: EQTRF) (Frankfurt: T6UN) is pleased to report that it has succeeded in acquiring two tenements in the prolific Juruena Gold Belt in Mato Grosso State, Brazil.
Major highlights include:
- Licences for two separate tenements, Santa Helena and Colidor Leste totaling over 18,000 hectares have been awarded by Departamento Nacional de Producao Mineral (DNPM), after a protracted bidding process, with the Company as beneficial owner;
- Previous exploration has returned values up to 45.00 g/t Au at the Santa Helena licence where exploration to date indicates potential for bulk minable saprolite oxide and high grade bedrock sulphide gold;
- Geology at the early stage Colider Leste licence is similar to the Company’s high grade Nova Canaa project, with gold mineralization associated with shearing hydrothermal alteration and quartz stockworks;
- The Company will prioritize exploration plans for the tenements as part of an ongoing strategic review of its portfolio and the overall potential of Juruena Belt.
“We are excited about finally obtaining these two key licences. They are promising material additions to our portfolio, with high grade test results and/or good exploration potential” said Chris Harris, President & CEO of Equitas Resources Corp.
Figure 1: Equitas Resources Corp. Portfolio within the Juruena Belt, Central Brazil
Figure 2: Santa Helena and Colider Leste Project Area Map
Santa Helena License
The Santa Helena licence is located in between our Colider and Rio do Pombo projects. Property geology consists of Nhandu granite in the southern and central portions, and Colider suite micro-granites in the northern parts. North to northeast trending diabase dykes are in part parallel to a broad NNE trending shear, hosting later brittle deformation, hydrothermal alteration, quartz veining and gold associated with sulphides. Sericite alteration, quartz stockworks and pyrite associated with gold mineralization are clearly evident at the old Garimpeiro Edu Mine and at the Gabriel pit. Observed thicknesses and Au grades in the saprolite indicate the potential for discovery of a significant open pit resource at Santa Helena.
Figure 3: Geology of the Santa Helena Project
Soil surveys conducted by ECI Mining and Exploration Inc. (ECI, 2008-2009) have identified three distinct km-scale Au anomaly target areas along a virtually untested 7 km NNE trend associated with the shear zone. ECI’s Induced Polarization (IP) surveys in the Gabriel Pit area identified chargeability anomalies indicative of underlying bedrock sulphides. Borehole collars in the Gabriel pit area are evidence of limited drilling by Rio Tinto in the late 1990’s; this information is unavailable at present. No exploration has been conducted at Santa Helena since 2009. The licenses have been the subject of a dispute that DNPM announced resolution of on September 28, 2016, ruling in favour of the Company.
Figure 4: ECI Soil survey results for Santa Helena project, showing the Flecha Dourado, Gabriel and Agostinino Targets
The NE trending Gabriel pit is 170m in length, and up to 70m wide. The pit was focus for historic garimpeiro mining, and the Rio Tinto drilling. The ECI soil survey defines an associated gold anomaly 1000m in length and up to 670m in width, indicating a very large untested target area. Notable gold values obtained by sampling in the Gabriel pit are listed in Table 1 below.
Figure 5: Photos of the Gabriel Pit, showing the exposed gold mineralized saprolite
Colider Leste license
The Colider Leste licence is an early-stage opportunity, identified by similarities in geology, structure and mineralization with the Company’s advanced high grade Nova Canaa Project. At Colider Leste monzogranites of the San Pedro Intrusive suite are in sheared contact with Nova Canaa Suite biotite granites and syenogranties. Gold is reported to be associated with hydrothermal alteration along the shears, with saussuritization, epidote alteration, and quartz veins and stockworks hosted by a later brittle deformation event, with an overall northwest orientation.
The Santa Helena Project is a clear candidate for mapping, trenching and IP survey to evaluate the three large soil anomalies. At Colider Leste, detailed mapping and sampling in order to evaluate for the potential of an economic-scale gold target is the logical next step. These two opportunities will be evaluated within the overall framework of the Company’s extensive portfolio within the Juruena Gold Belt.
NI 43-101 Disclosure
Everett Makela, P. Geo., VP Exploration and Director of 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 Investor Relations at 604-681-1568 or firstname.lastname@example.org.
On Behalf of the Board of Directors,
EQUITAS RESOURCES CORP.
President & CEO
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.
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 potential for bulk minable saprolite oxide and high grade bedrock sulphide gold; future exploration plans including mapping, trenching and IP surveys; the potential for an open pit discovery at the Santa Helena License; and references to an economic-scale gold target at Santa Helena; 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.