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EQT on the move this am!!
Equitas trenches two m of 24.26 g/t Au at Cajuiero
2016-07-06 06:37 ET – News Release
Mr. Chris Harris reports
EQUITAS RESOURCES CORP. INTERSECTS HIGH GRADE GOLD MINERALIZATION AT THE CAJUIERO PROJECT
Equitas Resources Corp. has discovered near-surface, high-grade gold mineralization at the Baldo zone of its 100-per-cent-owned Cajueiro gold project in central Brazil.
Major highlights include:
-Initial assay results identify eight intersections of 1.16 g/t Au or greater; -Two high-grade intervals of 24.26 g/t Au over 2m, and 18.86 g/t Au over 2m; -A broader separate near-surface interval of 12m @ 1.42 g/t Au; -The exploration program is being extended with diamond drilling, auger drilling and trenching to further delineate and expand on the intersections achieved to date; -To date 733 of 757 trench assays have been received, and all drill core results are still outstanding.
Chris Harris, President and CEO of Equitas, said “We are very encouraged by the strong trenching results from the Baldo area, with results ranging from 1.16 g/t Au up to 24.26 g/t Au. This provides good support for the Company’s focus on fast track gold production and potential for further upgrading of the resource. The team has completed the initial exploration programme on time, and on budget, and with these exciting results we have decided to extend our drilling programme. We are well positioned for further news with all of our drilling results yet to come in.”
Exploration Update
The exploration program announced on May 26th has been completed on time and within budget. Work completed includes 31 HQ diamond drill holes totaling 1585m, and 1680m of trenching in nine trenches, conducted over the current area of focus within the Baldo Zone of the Cajueiro Project. To date 733 gold assays have been received out of a total of 757 trench samples, standards, blanks and duplicates currently submitted. As well all assays from the diamond drilling are pending. The program has significantly changed the interpretation of prospective altered and mineralized structures in the target area, as shown in Figure 2 below:
The trenching program targeted gold mineralization in near-surface saprolite, the oxidized equivalent of hydrothermally altered bedrock structures hosting gold mineralization with associated pyrite and quartz veining. Assays received to date, for trenches TCBL_0001 to 0005 inclusive, a portion of TCBL_0006, and TCBL_0008, have identified eight discrete intervals of interest, as listed in the table below:
Trench From To Interval Au
(m) (m) (m) (g/t)
TCBL_0001 47.0 49.0 2.0 1.16
TCBL_0001 60.0 72.0 12.0 1.40
TCBL_0003 23.0 28.0 5.0 1.26
TCBL_0003 167.0 171.0 4.0 2.12
TCBL_0003 197.0 199.0 2.0 24.26
TCBL_0004 146.0 148.0 2.0 5.54
TCBL_0004 173.0 175.0 2.0 18.86
TCBL_0006 31.0 38.0 7.0 1.57
Table 1: > 1 g/t Au intervals achieved to
date in saprolite, Baldo Zone – Cajueiro
Observations of the high grade areas in trenches TCBL_0003 and TCBL_0004 indicate that this mineralization and associated alteration may have been focused by a combination of NE and EW deformation events. Further delineation of the high-grade intervals is in progress with diamond drilling, auger drilling and trench sampling. Final results and an updated structural interpretation will be announced when completed. It is anticipated that a follow-up program of resource definition and further exploration will commence once all results have been received and incorporated into the model.
Commenting on the program results to date, VP Exploration Everett Makela states “Results so far have confirmed our expectation that the oxidized saprolite component of the bedrock mineralization at Baldo is host to significant gold concentrations. All eight of the intersections achieved to date are worthy of follow-up, as the saprolite can be directly excavated on surface and trucked to a processing plant, without the need for drilling and blasting. The high grade intervals in trenches TCBL_0003 and TCBL_0004 appear to represent a corresponding increase in structural complexity that adds an exciting new element to the Baldo environment. I would also emphasize that a majority of the assay results have yet to be received, so there is considerable new information still to come from this exploration program.”
Additional Targets at Baldo
Previous mapping and surface sampling has revealed the Baldo area as host to widespread gold mineralization in the saprolite. To date three additional target signatures similar to the current focus area have been identified. Targets will be reviewed in detail and ranked in preparation for upcoming exploration programs.
Quality Assurance\Quality Control (QA\QC) and Analytical Method
All sample batches include 5% QA\QC samples consisting of blanks, standards and field duplicates or twins, submitted to SGS GEOSOL in Vespasiano, Minas Gerais State, Brazil. Analysis is performed by fire assay with 50g fusion and Atomic Absorption Spectroscopy.
Metallurgical Testing
A 100kg composite sample of gold-mineralized saprolite identified by the program to date has been sent to Testwork Desenvolvimento de Processo Ltda in Nova Lima, Minas Gerais State, Brazil for bench-scale metallurgical testing, including comminution, gravity separation and cyanide leach via bottle roll tests.
Cajueiro Project
The Cajueiro Project is located in Central Brazil within Mato Grosso and Para states. The project encompasses 39,053 hectares and is located 95 kilometers north of the city of Alta Floresta.
The NI 43-101 Technical Report on Resources (Gustavson, 2016) for Cajueiro documents an Indicated Mineral Resource of 8.636 million tonnes containing 214,100 ounces of gold at 0.771 g/t (sulphide bedrock domain); an Inferred Mineral Resource of 9.526 million tonnes containing 203,500 ounces of gold at 0.664 g/t (sulphide bedrock domain), and an Inferred Mineral Resource of 1.374 million tonnes containing 78,400 ounces of gold at 1.775 g/t (oxide saprolite domain).
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.
We seek Safe Harbor.
© 2016 Canjex Publishing Ltd. All rights reserved.
Comment by bob — July 6, 2016 @ 5:34 am
tkk on the move
Comment by brian — July 6, 2016 @ 6:03 am
It was just a matter of time before EQT would finally pop, and now it has…the Baldo Zone is definitely higher grade and more widespread than geologists initially thought…the drill results should prove that out…
Comment by Jon - BMR — July 6, 2016 @ 6:34 am
Why do I have this gut eary feeling that GGI news on assays are about to come any day. Judging what EQT is doing with their share structure and all those warrants being taken down now. Think of where GGI will be with just a decent hit. Here is hoping anyway. Just my two cents here.
Comment by dave — July 6, 2016 @ 8:07 am
Major technical breakout unfolding on GGI as well, Dave, above the downsloping channel in place since Nov. of last year. That sets up some interesting possibilities. This is “Wave 5” now as per John’s charts.
Comment by Jon - BMR — July 6, 2016 @ 8:10 am
Well bring on those assays.
Comment by dave — July 6, 2016 @ 9:01 am
Hi Jeremy, thanks for the heads up on SIE, I do know who is behind it and you are right. I have a friend in it and the bids are building at .215, so we shall see. I got him in at .20
TUO having a nice day also.
Comment by dave — July 6, 2016 @ 9:10 am
GGI – mexico assays would be nice. the other sample results from PSP are likely just into the lab. Would be nice to hear what the plans are for the drill permits for King. It is summer now. CXO has done a stellar job of doing those short holes quickly and letting us know. Another property acq without news on the 4 properties that have work results pending , isn’t my first choice of NR’s.
Comment by david — July 6, 2016 @ 10:29 am