Equitas Resources Corp. (TSX VENTURE:EQT) ("Equitas") is pleased to announce the
receipt and preliminary evaluation of geochemistry results and geological
mapping from the Three Jays Area 2013 Field Program completed in October of
2013.
Jay Roberge, President & CEO of Equitas Resources Corp. states, "We are very
pleased with the conclusions of this preliminary evaluation on the Three Jays
Area which has added four new, non-outcropping targets to three previously known
and exposed targets in the immediate area. The Three Jays Area is a priority
area for exploration drilling for the Nahmint Project in 2014. This preliminary
evaluation will now be integrated into a updated NI 43-101 report for the
Nahmint Project to be filed upon completion."
GPS-controlled 'B' horizon soil sampling was completed at 50 m intervals and
100m line spacing, concurrently with geological mapping, rock and stream moss
mat sampling over the 2 km x 1 km area of Three Jays North Grid.
Final geochemistry results were received on November 14-15, 2013 for the 6
stream moss mat, 303 soil and 35 rock samples taken during the October 2013
field program at the Three Jays North Grid on the Nahmint Property. All samples
were received, prepared and analyzed by AGAT Laboratories, using their industry
standard sample preparation methods for stream sediments, soils or rocks at
AGAT's Burnaby laboratory; and the 48 metal package by 4 acid digestion and
ICP/ICPMS finish, and the trace gold by Fire Assay/ICP finish at their
Mississauga laboratory. Geochemistry results from the 2013 program for target
and indicator elements are statistically summarized as follows:
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Media
(#) Moss (6) Soil (303) Rock (35)
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Element Mean Maximum Minimum Mean Maximum Minimum Mean Maximum Minimum
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Au ppb less less
21 42 7 14.2 497 than 1 6.7 58 than 1
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Cu ppm 78.2 98.3 46.6 47.8 397 3.7 198 840 2.1
----------------------------------------------------------------------------
Mo ppm 1.54 2.12 0.94 2.3 145 0.42 0.57 1.06 0.26
----------------------------------------------------------------------------
Co ppm 38.2 64 11.5 10.8 106 0.89 35.9 55.4 0.64
----------------------------------------------------------------------------
Ni ppm 53.2 90.5 28.4 19.9 498 1.1 81.6 151 0.8
----------------------------------------------------------------------------
Pb ppm 11.9 16.1 8.0 8.4 27.8 2.5 2.4 7 0.7
----------------------------------------------------------------------------
Cd ppm 4.6 13.8 0.35 0.19 8.37 0.02 0.12 0.71 0.04
----------------------------------------------------------------------------
Zn ppm 136 225 60.1 45.4 752 13.6 76.3 161 4.4
----------------------------------------------------------------------------
As ppm 36.1 127 4.9 21.6 754 0.5 2.4 7.5 0.6
----------------------------------------------------------------------------
Bi ppm less
0.09 0.13 0.08 0.18 0.67 0.04 0.4 0.29 than 0.01
----------------------------------------------------------------------------
Te ppm less less
0.04 0.07 0.03 0.10 3.65 than 0.01 0.4 0.17 than 0.01
----------------------------------------------------------------------------
At the Three Jays North Grid, geological mapping has identified an elongate,
1.75 km x 250 m. flat-lying basin of Quatsino limestone along the centre of the
grid, overlying Karmutsen mafic volcanics, intruded by steep, narrow felsic
intrusive dykes, and cut by block faulting.
Geochemistry data in the Three Jays Area from multiple soil grids completed
during different field programs since 2008 has been merged and displays
interesting areas and trends of elevated values for target and indicator
elements, with seven (7) potential target areas identified and summarized as
follows:
1. JJJ Mine Target - centered at 362300E 543900N 550 m el. - This 350
m.diameter circular polymetallic soil anomaly has co-incident elevated
values in Au, Cu, Mo, Ni, Pb, Cd and As. It is centered over the
workings of the former Three Jays Mine, and therefore may in part result
from contamination by dispersion of mineralized rock from the mine
workings. The target is situated along the northeast side of a steep
canyon, probably representing a major fault. The Three Jays Mine area
has not been mapped using modern geological and lithological
terminology. Rock samples (11) taken from this target area, mostly float
or subcrop fragments taken from the old mine dumps, have yielded highly
elevated values up to 450 ppb Au, 152500 ppm (15.25%) Cu, 143 ppm Mo,
435 ppm Co, 115 ppm Ni, 58 ppm Pb, 60 ppm Cd, 3360 ppm Zn, 615 ppm As,
37 ppm Bi, 36 ppm antimony (Sb) and 5.3 ppm Te. This target area may
extend northeast, northwest and/or southwest to the subsequent three
target areas, respectively.
2. JJJ NE Target - centered at 362500E 5434300 600 m el. - This 500 m by
200 m polymetallic soil anomaly is elongated in a NE-SW orientation, and
has co-incident elevated values in Au, Cu, Mo, Co, Ni, Cd and As. It is
centered 500 m northeast of the Three Jays Mine, and follows contours
along the east flank of a broad knoll. A soil sample from this target
yielded elevated highly elevated values of 118 ppb Au, 148 ppm Cu, 145
ppm Mo, 754 ppm As, 752 ppm Zn, 498 ppm Ni, 2.11 ppm Cd and 3.65 ppm Te.
This target area was mapped during the 2013 field program, and is
underlain by the block-faulted contact between Karmutsen mafic volcanics
and a small Quatsino limestone basin, both cut by a NE-trending felsic
intrusive dike. This target may be controlled by stratigraphic and/or
intrusive contacts. Rock samples (6) taken from this target area yielded
only slightly elevated values up to 304 ppm Cu, 6.3 ppm Pb, 88 ppm Ni,
44 ppm Co and 7.5 ppm Sb. Therefore, the source of this soil geochemical
anomaly is unexplained, unless it represents an extension to the NE of
the mineralization at the Three Jays Mine.
3. JJJ SW - centered at 362100E 5433650N 550 m el. - This 200 m diameter
circular polymetallic soil anomaly has co-incident elevated values in Au
and Cd only. It is centered only 250 m.SW of the Three Jays Mine, across
the steep (fault?) canyon, and along the old trail from the Alberni
Inlet to the upper mine workings. This target was documented by previous
workers, but has not been mapped using modern geological and
lithological terminology. Rock samples (2) taken from this target area
were only analyzed for Au, silver (Ag) and Cu, but yielded highly
elevated values up to 280 ppb Au, 58.9 ppm Ag and 150100 ppm (15.01%)
Cu. This soil geochemical anomaly may represent an extension to the SW
of the mineralization at the Three Jays Mine.
4. JJJ NW - centered at 361800E 5434300N 750 m el. - This 400 m by 200 m
polymetallic soil anomaly has co-incident elevated values in Ni and As,
flanked by elevated values in Co to the NW and SE, and in Cu to the SE.
The target is situated along the northeast side of the same steep canyon
as the Three Jays Mine, and 600 m. NW of the Three Jays Mine. This
target area was mapped during the 2013 field program, is underlain by a
small Quatsino limestone basin covered with karst topography, and may be
controlled by stratigraphy. Rock samples (3) taken from this target area
yielded only slightly elevated values up to 434 ppm Cu, 128 ppm Ni and
42 ppm Co. This soil geochemical anomaly may represent an extension to
the NW of the mineralization at the Three Jays Mine.
5. Beach - centered at 363400E 5433500N 100-300 m el. - This 750 m by 350 m
polymetallic soil anomaly has a core zone of elevated Mo values, flanked
by elevated values of Cu and Co to the north and by elevated values of
Cu, Ni and Cd to the south. The target is centred 1 km. SE of the Three
Jays Mine downslope from the JJJ NE Target, and was documented as an
exploration target by the workers at the Three Jays Mine over 75 years
ago. This area has not been mapped using modern geological and
lithological terminology. Rock samples (6) taken from this target area
yielded elevated highly elevated values up to 475 ppb Au, 61.8 ppm Ag,
210200 (20.02%) Cu, 186 ppm Co and 430 ppm As. This area may be open to
the NW towards the proposed Three Jays East Grid.
6. Danylon - centered at 361400E 5434800N 700 m el. - This E-W elongated 1
km x 300 m. polymetallic soil anomaly has a small core of elevated Cu
values, flanked by elevated Au values, and three small areas with
elevated values, two with Pb and one with Co. A soil sample from this
target yielded a highly elevated value of 497 ppb Au. The target follows
the northern (downslope) side of the upper portion of the Danylon Road,
and therefore may be in part result from contamination by dispersion of
mineralized rock from blasted outcrops. This target area was mapped
during the 2013 field program, and is underlain mainly by Karmutsen
mafic volcanics, a small area of Quatsino limestone in the west, and is
cut by a NE-trending felsic intrusive dike, and occasional, thin,
quartz-calcite-sulphide stockwork veins. The target is situated along
the northeast side of the same steep canyon as, and 1.5 km northwest of,
the Three Jays Mine. Rock samples (8) taken from this target area
yielded slightly elevated values up to 58 ppb Au, 840 ppm Cu and 132 ppm
Ni. The target may be open to the west, and to the north. Weakly
mineralized mafic volcanics sampled in outcrop and float within this
target area do not adequately explain this soil anomaly.
7. Ridge - centered at 361000E 5434300N 850 m el - This arc-shaped 600 m x
500 m polymetallic soil anomaly is dominated by a Pb-only elevated
geochemistry values over its northern portion, flanked by elevated
values of Mo, Zn and As to the south. The target is draped across the
top of the highest ridge on the grid, and may be open to the NW and to
the SW. Rock samples (7) taken from this target area yielded only
slightly elevated values up to 348 ppm Cu, 134 ppm Ni, 5.1 ppm Pb, 161
ppm Zn, 0.29 ppm Bi and 2.59 ppm Antimony (Sb). Weakly mineralized mafic
volcanics sampled in outcrop within this target area do not adequately
explain this soil anomaly.
To summarize, the 2013 field program at the Three Jays Area of the Nahmint
Property has established 4 new, non-outcropping target areas (JJJNE, JJJNW,
Danylon and Ridge) to complement the 3 previously known and exposed target areas
(JJJ Mine, JJJSW and Beach) in the immediate area. The combined GPS-controlled
grid-based soil geochemistry and geological mapping program was very useful in
establishing the 4 new target areas. The Three Jays Area of the Nahmint Property
represents one of seven geophysical target areas identified by the 2012
aeromagnetic survey completed over the property, and the first of the seven
targets with geological mapping and soil geochemistry completed.
Follow up work at the Three Jays area planned for 2014 includes construction of
exploration trails, mechanized trenching and diamond drilling, for which a
permit for 25,000m of diamond drilling, has been received from the BC Ministry
of Energy and Mines, pending posting of the required reclamation security.
Expansion of the soil geochemistry and geological mapping program are also
planned in the area. Follow up work for the rest of the Nahmint Property
includes additional grid-based soil geochemistry and geological mapping over
other geophysical targets, along with property scale geological mapping.
The 2013 field program was supervised by Jacques Houle, P.Eng., who is also the
qualified person as defined by NI43-101 for the Company and the Property and has
approved the contents of this news release.
About Equitas Resources Corp.
Equitas Resources Corp. is a mineral exploration company that specializes in
acquiring, exploring and advancing mineral properties. Equitas has a portfolio
of base metal and precious metal projects in British Columbia and the Northwest
Territories. For more information on the property portfolio and Equitas, please
visit www.equitasresources.com.
EQUITAS RESOURCES CORP.
On behalf of the Board
Jay Roberge, President/CEO/Director
Information set forth in this news release may involve forward-looking
statements under applicable securities laws. Forward-looking statements are
statements that relate to future, not past, events. In this context,
forward-looking statements often address expected future business and financial
performance, and often contain words such as "anticipate", "believe", "plan",
"estimate", "expect", and "intend", statements that an action or event "may",
"might", "could", "should", or "will" be taken or occur, or other similar
expressions. Forward-looking statements in this document include statements
about the Property, the terms of the Option Agreement, as amended, and Equitas'
ability to meet its obligations under the Option Agreement, as amended. By their
nature, forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause our actual results, performance
or achievements, or other future events, to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, the following
risks: the need for additional financing for drilling, trenching, and further
exploration in 2014 as prescribed above; operational risks associated with
mineral exploration; fluctuations in commodity prices; title matters;
environmental liability claims and insurance; reliance on key personnel; the
potential for conflicts of interest among certain officers, directors or
promoters with certain other projects; the absence of dividends; competition;
dilution; the volatility of our common share price and volume and the additional
risks identified in the management discussion and analysis section of our
interim and most recent annual financial statement or other reports and filings
with the TSX Venture Exchange and applicable Canadian securities regulations.
Forward-looking statements are made based on management's beliefs, estimates and
opinions on the date that statements are made and Equitas undertakes no
obligation to update forward-looking statements if these beliefs, estimates and
opinions or other circumstances should change, except as required by applicable
securities laws. Investors are cautioned against attributing undue certainty to
forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) has reviewed or accepts
responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Equitas Resources Corp.
Jay Roberge
President/CEO/Director
+1 (604) 681-1568
www.equitasresources.com
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