Equitas Resources Corp. Provides Exploration Update for the Day Copper-Gold Porphyry Project- British Columbia, Canada
November 24 2011 - 8:01AM
Marketwired
Equitas Resources Corp. (TSX VENTURE:EQT) (FRANKFURT: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.
Equitas is a junior exploration and development company focused
on creating shareholder value through discovery. The Company is at
the early stage of the value creation process focused primarily on
copper gold porphyry targets, including the Day Copper-Gold
Porphyry Project located in the Toodoggone region of north central
British Columbia. For more information please visit the Company's
website at www.equitasresources.com or email
info@equitasresources.com.
On Behalf of the Board
Jay Roberge, President and Director
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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this
News Release.
Contacts: Equitas Resources Corp. Jay Roberge President and
Director
604-681-1568info@equitasresources.comwww.equitasresources.com
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