VANCOUVER, Feb. 3, 2015 /CNW/ - Equitas Resources
Corp. (TSXv: EQT) (FSE: T6UN) ("Equitas" or the "Company") is
pleased to announce that it has commenced its nickel exploration
program on the Garland Property in Labrador, Canada which is located less than
30kms south-east of the Voisey's Bay Mine. The work will
encompass a VTEM survey with a follow-up field program.
Equitas has signed an agreement with Geotech Ltd. to provide a
VTEM Max survey over the entire 25,050 hectare property. The survey
results will be integrated with existing airborne gravity and
magnetic data, which will allow for the rapid identification of
geophysical targets similar to those for other magmatic
nickel-copper sulfide occurrences (ie. Voisey's Bay). Targets
will be ground tested with applicable ground geophysics and
geological mapping/sampling to identify high priority targets that
may warrant drilling.
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
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 is 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.Geol., 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.
Tim Fernback Added to the Board of Directors
Equitas would also like to welcome Tim
Fernback to the team as a Director. Tim brings to Equitas
over twenty years of experience in financing and managing public
and private junior companies. Previously he oversaw a prominent
British Columbia venture capital
firm specializing in financing and consulting, and later ran the
Investment Banking/Corporate Finance Division for the Western
Canadian based brokerage firm, Wolverton Securities Ltd.
Everett Makela Becomes Equitas' VP of Exploration
The Company is also pleased to announce Everett Makela joining the team as VP of
Exploration to help advance Equitas' pursuit of nickel discoveries.
Everett has over 30 years of multi-national experience in the
mineral exploration industry, with a commodities focus in magmatic
nickel-copper-PGE, porphyry copper, gold, uranium and base metals.
He was a key member of the Inco Limited exploration team for over
twenty years, where he held positions of increasing responsibility
in roles ranging from grassroots exploration to resource
definition. His contributions to advancements in exploration
methodologies and understanding of ore-forming processes were a
solid part of Inco's discovery and resource definition successes,
most notably in the Sudbury
Basin.
In 2006 Inco shareholders accepted a takeover deal in which the
Company was acquired by Brazilian mining company Vale SA.
Responding to a renewed corporate agenda, Everett played a critical
role in re-inventing the Vale North American portfolio, resulting
in substantial growth to Vale's exploration budget for discovery
across Canada, USA and Mexico. He has designed and managed programs
with multi-million dollar budgets, and specializes in target
generation and joint ventures/alliances. Everett retired from Vale
as Principal Geologist, North
America in 2012. He is Director of the private exploration
consulting firm EFMX Consulting Ltd.
On Behalf of the Board of Directors
EQUITAS RESOURCES CORP.
"Kyler Hardy"
Kyler
Hardy
President
Tel: 604.681.1568
The TSX Venture Exchange has neither approved
nor disapproved the information contained herein.
Forward-Looking Statements
This news release contains forward-looking information which is
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ from those
projected in the forward-looking statements. Forward looking
statements in this press release include but are not limited to
modern exploration techniques will lead to discovery of nickel,
copper, cobalt and platinum group element mineralization; advances
in geophysical exploration will provide greater magnetic and
structural interpretation; plans for a comprehensive exploration
program and that targets will be tested on the ground.
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. 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.
SOURCE Equitas Resources Corp.