Equitas Resources Receives NI 43-101 Technical Report for Nahmint
Copper-Gold Property Near Port Alberni, BC
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 20, 2013) -
Equitas Resources Corp. (TSX-VENTURE:EQT) ("Equitas") is pleased to
announce the receipt of the updated NI 43-101 Technical Report for
the Nahmint Property. The report summarizes previous work and
documents new work completed in 2013, fulfills the requirements of
the BC Mineral Tenure Act and regulations, and makes
recommendations for further exploration.
Jay Roberge, President & CEO of Equitas Resources Corp.
states, "This encouraging report encompasses the extensive work
completed since 2006 with the recent work program completed by
Equitas Resources - the results of which are very positive and
provide support for continued exploration and advancement of the
Nahmint project."
As a result of the 2013 work program, the Nahmint Property has
an expanded and geo-referenced database of widespread stream moss
mat and rock samples, geographically focused rock and soil samples
and geological mapping, and ground and airborne magnetic data.
Of the 76 stream moss mat samples collected since 2007, 41 (54%)
contain elevated values in at least one target or indicator metal
for skarn or porphyry, and 14 (18%) contain elevated values in at
least two metals. An elevated element values is greater than five
times its background value. Eleven high priority target areas have
been identified which require follow up prospecting.
Of the 813 B horizon soil samples collected since 2008, 382
(47%) contain elevated valuesin a least one target or indicator
metals, 213 contain elevated values in at least two metals, and 142
(17%) in at least three metals. Sixteen high priority target areas
in three areas near known occurrences have been identified,
including seven targets in the Three Jays Area, six targets in the
Monitor & Happy John Area, and two targets in the Ocean Wave
and Orphan Boy Areas.
Of the 213 rock samples collected since 2006, 111 (52%) contain
copper values exceeding 500 ppm, including 73 (34%) which contain
copper values exceeding 1%, with copper occurring mainly in
chalcopyrite and bornite. Many of these high copper rock samples
also contain elevated values of iron occurring in magnetite, and
elevated values of calcium occurring in calcite. Elevated target
and indicator metals have different threshold values and vary by
sample medium, and generally include zinc, cadmium, cobalt and
occasionally gold, silver, molybdenum, lead, nickel, arsenic,
bismuth, tungsten, antimony, selenium and/or tellurium.
The airborne magnetic surveys completed in 2011 and 2012 provide
new insights into the geology, alteration, structures and
mineralization on the Property, and clear guidance for future
exploration methodology. The Three Jays Area of the Nahmint
Property represents one of seven geophysical target areas
identified by the 2012 aeromagnetic survey, and the first of the
seven targets with geological mapping and soil geochemistry to be
partially 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 which includes 25,000 m 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.
Continued systematic but strategically phased exploration
programs are warranted for the Nahmint Property. A 2-phase, $3.5
million work program is proposed over 3 years to define and
delineate known skarn occurrences and to discover new metallic
deposits, targeting high grade skarn, bulk mineable porphyry and
industrial mineral limestone/marble types, while establishing
environmental and socio-economic programs necessary for long term
success.
The Technical Report is co-authored by Jacques Houle, P.Eng. and
Michelle Ickringill, B.Sc. who both have extensive experience
working on the Nahmint Property. Mr. Houle is also the qualified
person as defined by NI 43-101 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 or call +1 (604)
681-1568.
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; 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.
Equitas Resources Corp.Jay RobergePresident/CEO/Director+1 (604)
681-1568www.equitasresources.com
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