December 15, 2011 - Equitas Resources Corp. (TSXv: EQT, FSE: T6U1) (the “Company”) is pleased to provide the following update on the 2011 exploration at the company's Day copper-gold porphyry project in the Toodoggone region of north-central British Columbia. The property is situated approximately 190 kilometres north of Smithers, B.C., and 50 kilometres south of the historic Kemess South mine.
The Day copper-gold project encompasses approximately 7,100 hectares with five historic showings named Day, Roy, Porcupine, Raven and A Chalcocite.
The company has completed initial groundwork consisting of surveying, mapping, and sampling, and has completed an initial exploration hole at the Roy Showing (see press release dated November 11, 2011). Vertical drill hole EQ11-001 was completed to a depth of approximately 280.42 metres, within the central part of the historically trenched area. The drill hole is situated along the northeast flank of a large magnetic anomaly. Results are as follows:
- EQ11-001: 3.05 to 126.00 m (122.95 m): 0.64 g/t Au, 0.11% Cu
- (includes): 56.90 to 110 m (53.10 m): 0.81 g/t Au, 0.13% Cu
The entirety of EQ11-001 was anomalous in gold mineralization, with an average grade of 0.4 g/t Au and 0.07% Cu across 277.37 metres.
The company is encouraged by these results and intends to complete an 8 to 10-hole drill program during the summer of 2012 at the Day Property. The primary focus of that program will be to expand upon the mineralization at the Roy Showing and confirm the high-grade mineralization previously encountered at the Day and Porcupine showings.
For comparative purposes, Thompson Creek Metals’ Mount Milligan Copper – Gold mine (currently under construction), is reported to contain proven and probable reserves of 531.8 Mt at an average grade of 0.20% Cu and 0.34 g/t Au (October 13, 2009).
The company continues to evaluate various additional copper-gold porphyry targets both in and outside of British Columbia as part of an asset acquisition strategy.
Patrick Kluczny, P.Geol., a Qualified Person as defined by National Instrument 43-101, has read and approved the contents of this news release.
About Equitas Resources Corp.
On Behalf of the Board of Directors
Equitas Resources Corp.
President / 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 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.