November 24, 2011 Vancouver, British Columbia: Equitas Resources Corp. (TSXV: EQT) (FSE: T6U1) (the “Company”) is pleased to provide an update on the planned and ongoing exploration and development activities for the Company's DAY Copper-Gold Porphyry Project in the Toodoggone Region of north-central British Columbia. The DAY Copper-Gold Porphyry Project Property was originally discovered and historically drilled by Falconbridge in 1974, with additional historical drilling on the property by Skeena Resources in 1994.
The DAY Copper-Gold Project is approximately 7,100 hectares and has five historic showings named; Day, Roy, Porcupine, Raven and ‘A’ Chalcocite. The Company has completed the initial ground work of surveying, mapping, sampling and the drilling of an initial exploration hole at the Roy showing. A total of 211 rock and soil samples were collected during the ground work completed in August, 2011. A total of 397 drill core samples (including re-sampling of historic drill core) have been sent in for assaying and the results are expected back in the coming weeks.
Exploration highlights include;
- The completion of an aero magnetic survey of 992 line kilometres covering the entire property of approximately 7,100 hectares.
- Surveying, mapping and sampling of all five showings on the DAY property.
- Collection of 211 analytical samples from all five showings of both host rock and altered/mineralized zones, including:
§ 1.60 g/t Au and 0.27% Cu over 8.20 m from a chip sample in a historic trench at the Roy Showing,
§ 1.12 g/t Au and 0.62% Cu over approximately 25 m from a discontinuous chip sample of an outcrop at the Day Showing, and
§ 1.18 g/t Au and 1.37% Cu over 3.0 m from a chip sample in a historic trench at the Porcupine Showing.
- Several historic drill holes located and marked by GPS on the Roy showing, as well as logging historical drill core located on site.
- Completion of first hole on the Roy showing to a total depth of 280 meters before seasonal shut down.
- Collection of 397 drill core samples from the initial hole drilled by the Company at the Roy Showing and historic drill holes on the Day, Roy, and Porcupine showings.
Significant intervals of Cu-Au mineralization were identified during the 2011 ground exploration of the Roy, Day, and Porcupine showings. Although analytical results from the 2011 drill hole and resampling of historic holes are pending, economic grades of Cu-Au mineralization are expected from several of the holes, based on the mineralization observed in the drill core.
An 8-10 hole drill program is recommended at the start of the drilling season. The primary focus will be verifying high-grade mineralization and delineating the size of the Day, Roy and Porcupine deposits.
As per September 26, 2011 press release, the Company closed a private placement of approximately $2.26 million including a strategic investment from Yield Gold Group Limited, a wholly owned subsidiary of Zijin Mining Group Ltd. With the seasonal closure of the exploration season at the DAY Copper-Gold Porphyry Project, the Company will focus efforts on their stated business strategy to acquire additional copper-gold porphyry assets in and outside of British Columbia to provide a stable of complimentary assets and year round exploration activity.
Patrick Kluczny, P.Geol., a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
About Equitas Resources Corp.
On Behalf of the Board
President and Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
Statements in this press release which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release include that the analytical results from the drill core sampling are expected back in the coming weeks, that economic grades of copper-gold mineralization are expected from several of the holes based on mineralization observed in the drill core, that an 8-10 drill hole program will be commenced at the start of drilling season the primary focus of which will be verifying high-grade mineralization and delineating the size of the Day, Roy and Porcupine deposits, and that with the seasonal closure of exploration at the Day Project the Company will focus efforts on the stated business strategy to acquire additional copper-gold porphyry assets in and outside of British Columbia.
It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.