Vancouver, British Columbia, November 15, 2016 - Equitas Resources Corp. (“Equitas” or the “Company”) (TSXV: EQT) (US: EQTRF) (Frankfurt: T6UN) is pleased to provide an update and outline exploration plans for the Crepori Project (“Crepori”) in Para State, Brazil.
- Situated in the prolific Tapajos Gold Belt which is host to two operating gold mines and four advanced gold projects, with total combined resources in excess of 7M oz Au defined to date;
- Crepori region was focus of extensive garimpeiro surface mining in the 1980’s;
- No previous drilling, spectacular grades in surface grab samples up to 1022.98 g/t Au;
- Exploration plans include detailed geological mapping and sampling, Induced Polarization and magnetics surveys in advance of diamond drilling.
The Crepori project is one of 12 gold projects that Equitas controls in northern Brazil. Efforts thus far have largely focused on the advanced Cajuiero project (“Cajueiro”) which has an Indicated resource of 214,000oz Au at a grade of 0.77g/t and an Inferred resource of 282,000oz Au at a grade of 0.80g/t. Whilst the Company continues to expand and advance the Cajueiro project, additional efforts will be directed towards advancing some of the higher-grade targets in the portfolio, of which Crepori is one of the most promising.
The property consists of two licenses encompassing 8323 ha, located in the Tapajos Gold Belt, approximately 105 km SSW of Eldorado Gold’s Tocantinzinho project which is expected to enter production in 2019 and will produce 170,000oz of gold per year. Access is good along a dirt road connecting to state highway BR-163 at the village of Moraes de Almeida.
Geology and Mineralization
The property lies within the prolific Proterozoic Tapajos Gold Belt. The region hosts Serabi Gold’s Palito and Sao Chico mines, as well as four advanced-stage projects: Eldorado Gold’s Tocantinzinho project, Anfield Gold’s Coringa project, Cabral Gold’s Cuiu-Cuiu project and Brazil Resources’ Sao Jorge project. To date these six projects in total account for over 7M oz of gold resources. The Crepori project area was the focus of extensive garimpeiro surface mining between 1983 and 1990.
Property geology consists of Parauari Suite Granites in intrusive and tectonic contact with the older Cuiu-Cuiu Granite-Gneiss Complex. Previous small-scale garimpeiro mining on the property has focused on two gold-bearing quartz vein systems, Picarreira and Boiadeiro. The Picarreira vein system has been traced over a minimum 400m strike length on surface and averages 6m in width. Soil sampling and rock chip sampling suggests that the strike length could increase significantly to the north-east.
Several high-grade assays were achieved from samples of sulphide mineralized quartz veining. Of ten initial samples five returned values in excess of 8g/t gold with values of up to 39.26 g/t Au at Picarreira, and a spectacular 1022.98 g/t Au at Boiadeiro. There has been no diamond drilling conducted previously on the property.
Crepori Exploration Program
Given the encouraging results achieved from the initial reconnaissance exploration, as well as the lack of drill testing, the Company considers Crepori to be a top priority target for discovery of a high grade vein-hosted gold deposit. A systematic exploration program consisting of mapping and sampling, Induced Polarization and magnetics surveys is planned to identify targets for diamond drilling.
Commenting on the project, VP Exploration Everett Makela stated “It is remarkable that Crepori has remained essentially untested particularly given the outstanding gold grades achieved, and significant extent of the known mineralized vein system defined to date. We are definitely in the right address in the Tapajos Belt, with six neighbouring mines and projects accounting for over 7M oz in Au resources. Crepori has the potential to be a game-changer for the Company.”
NI 43-101 Disclosure
Everett Makela, P. Geo., VP Exploration and Director of Equitas Resources Corp., a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
For more information on Equitas Resources Corp., please contact Investor Relations, at 604-681-1568 or email@example.com.
On Behalf of the Board of Directors,
EQUITAS RESOURCES CORP.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding detailed geological mapping and sampling; Induced Polarization and magnetic surveys; diamond drilling on the Crepori Property; references to continued work on Cajueiro; are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
The reader is cautioned that references to mineral resources that are not mineral reserves do not have demonstrated economic viability and assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward- looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.