June 8, 2011 - Equitas Resources Corp. (TSXv: EQT) (FSE: T6U1) (the “Company”) is pleased to announce the commencement of a two-phase Exploration Program on the Company’s 7,100 hectare DAY Copper-Gold Porphyry Project located in the Toodoggone region of the Quesnel Porphyry Belt in north-central British Columbia.
The Company has contracted Geo Data Solutions Inc. (“GDS”) to complete a heli-bourne magnetic survey at 100 meter spacing for a total of 916 line kilometers. GDS is preparing to mobilize and estimates the heli-bourne survey to begin within the next two weeks. This will be followed up by ground work that may include but not limited to IP / MT work, surface sampling, ground surveying and mapping.
It is anticipated that Phase 2 of the 2011 Exploration Program will include a drill program to test known copper-gold porphyry and VMS targets, confirmed and refined during the Phase 1 exploration work. The Company has engaged Dahrouge Geological of Edmonton, AB to manage the drill program based on the initial heli-bourne survey and ground work, with details of the follow-up work to be provided as Phase 1 exploration work progresses.
On March 3, 2011, the Company announced and released an initial NI 43-101 report for the DAY Copper-Gold Porphyry Project (available on SEDAR). The Company conducted extensive review and analysis of available historical exploration and historical drilling data completed on the property in 1974 by Falconbridge (now Xstrata plc) and subsequent work completed by Skeena Resources in the early 1990s. This initial work program is based on the recommendations included in the NI 43-101 report.
About the DAY Copper-Gold Project
The Day occurrence is located in north-central British Columbia and is host to significant porphyry copper-gold mineralization. The occurrence was discovered and previously drilled by Falconbridge. Drilling in the early 1970’s produced several significant intersections including drill hole D-74-1 with 0.67% copper and 0.93 g/t gold across 58.83 meters and drill hole DDH-74-4 of 0.61% copper and 1.920 g/t gold. Skeena Resources Ltd. reported results including 0.54% copper and 0.704 g/t gold in drill hole DDH-92-1 located 50 meters dues east of DDH-74-4.
The project is located in the Toodoggone region of the Quesnel Porphyry Belt in north central British Columbia, approximately 190 km north of Smithers, BC, and 50 km south of Northgate Mineral’s (TSX:NGX) Kemess South Mine. Before its closure in March 2011, the Kemess South Mine was the 5th largest mine in BC producing 40.7 million pounds of copper and 100,789 ounces of gold in 2010. Other notable porphyry projects in the belt include: Northgate Minerals Corp’s. Kemess Underground Project, Thompson Creek Metals Corp’s. (TSX:TCM) Mount Milligan Project (acquired from Terrane Metals for ~$650 million in November 2010), and Serengeti Resources Inc’s (TSXv:SIR) Kwanika Project.
DAY Copper-Gold Project Highlights:
- Copper-gold porphyry situated in the Toodoggone region of north-central British Columbia.
- Discovered in 1972 by Falconbridge; which drilled eight holes (totaling 1360 meters) including: DDH 74-1: 0.67% Cu, 0.93 g/t Au over 58.83 meters.
- Target displays porphyry exploration hallmarks:
- Anomalous copper/gold geochemistry in soil (>200 ppm Cu; >50 ppb Au)
- Higher magnetic susceptibility (800 nT above background in the area)
- Strong IP chargeability
- Hosted by an altered dacite porphyry that contains significant bornite and chalcopyrite associated with quartz flooding.
- Soil geochemistry, and grid-controlled geophysics, have outlined three extension targets to the Day Zone:
- Northern copper/gold soil anomaly, with coincident angular mineralized bodies
- Southern copper soil anomaly, parallel but weaker than the northern anomaly
- Northern magnetic anomaly, with associated IP chargeability anomaly north of and subparallel to the Day zone.
Other porphyry deposits in region:
|Deposit||Tonnes (mt) Cutoff||Cu (%)||Au (g/t)||Category|
|Kemess South*||22.7||0.14||0.28||Proven Reserves|
|Mount Milligan***||302.7||0.21||0.013||Proven Reserves|
* Closed March 2011; ** As of December 31, 2010; *** As of October 2009; Source on all data from respective company websites as of date of this press release.
Jody Dahrouge, P. Geo., a qualified person under National Instrument 43-101 reviewed and approved the technical disclosure in this news release.
About Equitas Resources Corp.
On Behalf of the Board of Directors
Equitas Resources Corp.
President & Director
Neither 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 release.
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that actual outcomes and the Company’s actual results could differ materially from those in such forwardlooking 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.