December 20th, 2013 - Equitas Resources Corp. (TSX-V: EQT) (“Equitas”) is pleased to announce the receipt of the updated NI 43-101 Technical Report for the Nahmint Property. The report summarizes previous work and documents new work completed in 2013, fulfills the requirements of the BC Mineral Tenure Act and regulations, and makes recommendations for further exploration.
Jay Roberge, President & CEO of Equitas Resources Corp. states, “This encouraging report encompasses the extensive work completed since 2006 with the recent work program completed by Equitas Resources - the results of which are very positive and provide support for continued exploration and advancement of the Nahmint project.”
As a result of the 2013 work program, the Nahmint Property has an expanded and georeferenced database of widespread stream moss mat and rock samples, geographically focused rock and soil samples and geological mapping, and ground and airborne magnetic data.
Of the 76 stream moss mat samples collected since 2007, 41 (54%) contain elevated values in at least one target or indicator metal for skarn or porphyry, and 14 (18%) contain elevated values in at least two metals. An elevated element values is greater than five times its background value. Eleven high priority target areas have been identified which require follow up prospecting.
Of the 813 B horizon soil samples collected since 2008, 382 (47%) contain elevated values in a least one target or indicator metals, 213 contain elevated values in at least two metals, and 142 (17%) in at least three metals. Sixteen high priority target areas in three areas near known occurrences have been identified, including seven targets in the Three Jays Area, six targets in the Monitor & Happy John Area, and two targets in the Ocean Wave and Orphan Boy Areas.
Of the 213 rock samples collected since 2006, 111 (52%) contain copper values exceeding 500 ppm, including 73 (34%) which contain copper values exceeding 1%, with copper occurring mainly in chalcopyrite and bornite. Many of these high copper rock samples also contain elevated values of iron occurring in magnetite, and elevated values of calcium occurring in calcite. Elevated target and indicator metals have different threshold values and vary by sample medium, and generally include zinc, cadmium, cobalt and occasionally gold, silver, molybdenum, lead, nickel, arsenic, bismuth, tungsten, antimony, selenium and/or tellurium.
The airborne magnetic surveys completed in 2011 and 2012 provide new insights into the geology, alteration, structures and mineralization on the Property, and clear guidance for future exploration methodology. The Three Jays Area of the Nahmint Property represents one of seven geophysical target areas identified by the 2012 aeromagnetic survey, and the first of the seven targets with geological mapping and soil geochemistry to be partially completed.
Follow up work at the Three Jays area planned for 2014 includes construction of exploration trails, mechanized trenching and diamond drilling, for which a permit which includes 25,000 m of diamond drilling has been received from the BC Ministry of Energy and Mines, pending posting of the required reclamation security. Expansion of the soil geochemistry and geological mapping program are also planned in the area. Follow up work for the rest of the Nahmint Property includes additional grid-based soil geochemistry and geological mapping over other geophysical targets, along with property scale geological mapping.
Continued systematic but strategically phased exploration programs are warranted for the Nahmint Property. A 2-phase, $3.5 million work program is proposed over 3 years to define and delineate known skarn occurrences and to discover new metallic deposits, targeting high grade skarn, bulk mineable porphyry and industrial mineral limestone/marble types, while establishing environmental and socio-economic programs necessary for long term success.
The Technical Report is co-authored by Jacques Houle, P.Eng. and Michelle Ickringill, B.Sc. who both have extensive experience working on the Nahmint Property. Mr. Houle is also the qualified person as defined by NI 43-101 for the Company and the Property and has approved the contents of this news release.
About Equitas Resources Corp.
Equitas Resources Corp. is a mineral exploration company that specializes in acquiring, exploring and advancing mineral properties. Equitas has a portfolio of base metal and precious metal projects in British Columbia and the Northwest Territories. For more information on the property portfolio and Equitas, please visit www.equitasresources.com or call +1(604)681-1568.
EQUITAS RESOURCES CORP.
On behalf of the Board
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. Forward-looking statements in this document include statements about the Property, the terms of the Option Agreement, as amended, and Equitas’ ability to meet its obligations under the Option Agreement, as amended. 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.