VANCOUVER, May 13, 2015 /CNW/ - Equitas Resources
Corp. (TSXv: EQT) (FSE: T6UN) ("Equitas" or the "Company") is
pleased to report final results from the VTEM Plus airborne survey
completed on the Garland Property located 30km southeast of the
Voisey's Bay Mine in Labrador,
Canada. A detailed interpretation of the final processed
data has identified significant new areas of conductivity.
Highlights Include:
- Nine areas of conductivity prospective for nickel-copper
sulphides;
- Most responses are at the very limit of, or significantly
deeper than detection limits of historic surveys;
- Targets include conductivity trends of up to 1km+ in length,
with no previous drilling;
- The overall nature of the anomalies highlights the potential
for discovery of buried Voisey's Bay analogues at the Garland
Property.
The Company is encouraged with the final results from the VTEM
survey and has begun preparing for a summer exploration program.
Exploration on the target areas is expected to commence in late
June. Evaluation of the anomalies will include mapping and
prospecting, 30 line-km of large loop EM survey, and up to 4000m of
diamond drilling. Work permits have been submitted to government
and proposals from service providers are currently being
evaluated.
The 2015 VTEM survey consisted of 645 line-kms of north-south
oriented flight lines at 300m line spacing. Data was interpreted by
Geophysicist Alan King of Geoscience North. Quantitative modelling
was performed on the most conductive core of the anomalies present.
The full extent of the conductive system detected may be
approximated by the number of lines (at 300m spacing) the anomaly
is observable on. A total of nine distinct areas of anomalous
conductivity prospective for nickel-copper sulphide mineralization
have been identified. The following are key elements of the
interpretation for each anomaly:
Anomaly A (589205E | 6219700N) is modelled as a 200m
long, east-west striking, -20o south dipping plate with
a dip extent of 50m. Conductance is modelled at 800 Siemens, with a
depth to top of 267m below surface. The anomaly possibly extends
over 2-3 lines. There is a strong coincident magnetic response. The
anomaly area occurs 250m south of a multi-km long East-West
lineament interpreted to be part of the Gardar-Voisey's Bay fault
system, a major structural control on emplacement at Voisey's
Bay.
Anomaly B (586480E | 6219035N) is modelled as a 400m
long, east-west striking, -10o south dipping plate with
a dip extent of 20m. Conductance is modelled at 10,000 Siemens,
with a depth to top 178m below surface. There is an adjacent
moderate to strong magnetic feature. The anomaly is observable over
2-3 lines. The east-west strike is notable as being parallel to the
Gardar-Voisey's Bay fault trend.
Anomaly C (576570E | 6218255N) is interpreted as a 200m
long, east-west striking, flat-lying plate with a dip extent of
60m. Conductance is modelled at 400 Siemens. Depth to top is
interpreted at 162m. This is a well-defined single line response,
in a magnetically quiet area at the interpreted suture between the
Archean Nain and Proterozoic Churchill cratons, remarkably similar
to the location of the Discovery Hill mineralization at Voisey's
Bay.
Anomaly D (582800E | 6223725N) is modelled as a 300m,
east-west striking, flat-lying plate with a dip extent of 100m.
Conductance is modelled at 30 Siemens. Depth to top is interpreted
at 20m. Coincident with a magnetic low area, the response is
observable over 6 lines. Conductance is too high for a clay
response, and possibly consistent with weak sulphide
mineralization, but may also be due to trapped brines at the base
of the overlying lake. The anomaly is positioned along a pronounced
member of the Gardar-Voisey's Bay fault system. Lake sediment
geochemical data from the Geological Survey of Canada (National Geochemical Reconnaissance
open file for Labrador) indicate a
combined nickel-copper-cobalt lake sediment anomaly in the
overlying lake. The nearest anomalies of this type in the
Nain Province occur in a chain of
lakes 4-7 km east (an interpreted down-ice direction of glaciation)
of the Voisey's Bay mineralization. The coincident structural
setting and geochemical anomaly flags this response for further
evaluation.
Within the survey data, five additional anomalies of a more
subtle nature were also detected. Commenting on anomalies G, H, I,
J and M, Alan King stated "Most of
these are single line or lower amplitude, but usually well-defined
Late-Time anomalies. Given the wide 300m line spacing and the
expected low responses in off-time AEM data for excellent
conductors, any one of these could be an indication of economic
mineralization. Other possible conductivity sources in the project
area include graphitic and sulphidic gneisses, and lithologies
containing appreciable concentrations of interconnected magnetite
grains."
Anomaly G (584390E | 6215680N) is interpreted as a 200m
long, 130o striking, -80o southwest dipping
plate, with a dip extent of 10m. Conductance is modelled at 25,000
Siemens. Depth to top of the plate is interpreted at 80m. There is
an adjacent moderately magnetic response. The anomaly is observable
over 1-2 lines.
Anomaly H (582285E | 6216705N) is interpreted as a 200m
long, 105o striking, -70o southwest dipping
plate, with a dip extent of 10m. Conductance is modelled at 100
Siemens. Depth to top of the plate is interpreted to be 76m. The
response has a possible extension over 2-3 lines. There is a
coincident magnetic high signature. The response occurs at the
intersection of an east-west lineament with a northeast
lineament.
Anomaly I (581671E | 6217430N) is interpreted as a 30m
long, 270o striking, -77o north dipping
plate, with a 20m dip extent. Conductance is modelled at 5000
Siemens. Depth to top of the plate is interpreted at 97m. The
anomaly has a coincident strong magnetic high, and occurs as a
single line response.
Anomaly J (583470E | 6217455N) is interpreted as 60m long
plate, 090o striking, -75o north dipping
plate, with a 5m dip extent. Conductance is modelled at 100
Siemens. Depth to top of the plate is interpreted at 34m. There is
a coincident moderate magnetic signature. The anomaly is observed
over 3-4 lines westward towards Anomaly I, giving the entire trend
a possible length of 1.8 km.
Anomaly M (586485E | 6221675N) is interpreted as a 30m
long plate, 270 striking, -75 north dipping plate, with a 5m dip
extent. Conductance is modelled at 20,000 Siemens. Depth to top is
interpreted at 73m. There is a coincident moderately magnetic
response. The anomaly is observable over 2-3 lines.
Key features of the VTEM Plus system include:
- Transmitter loop diameter – 26 m
- Peak dipole moment – 425,000 NIA
- Transmitter pulse width – 7 ms
- VTEM Plus receiver – Z,X coils with dB/dt recording
- Full waveform recording
- Low base frequency (30 Hz) for penetration through conductive
cover
- High spatial sampling, 2 to 3 meters
- Receiver located in the middle of circular transmitter coil
provides overall systems symmetry
Specialized processing products relevant to nickel sulphide
exploration include:
- Calculation of decay times (tau) – the best single parameter to
quickly scan the data for conductors of interest anywhere in the
depth range of the system
- Calculated B-Field – particularly useful for slow decaying
anomalies from high conductance targets.
Commenting on the anomalies, VP Exploration Everett Makela said
"Results from the VTEM survey are highly promising. Compilation of
previous work indicates that almost all of the anomalies represent
newly identified areas of conductivity, at the very limit or
significantly below depth detection of earlier surveys. None are
explained by the available observed surface geology, a mixture of
anorthosite, diorite and granite. The east-west strike of the
majority of anomalies is notable, in that the major structural
controller on emplacement at Voisey's Bay was the east-west
trending Gardar-Voisey's Bay fault system, a prominent structural
feature on the Garland property. Many of the anomalies display good
correlation with east-west and northeast lineaments as interpreted
from the known geology, magnetics and topography. The observable
trends of many of the anomalies, up to 1 km or greater, lend
further encouragement for discovery of significant mineralized
systems. The overall nature of the interpreted anomalies is in
accord with our exploration model for Voisey's Bay style
mineralization on the property being overlain by flat-lying,
sheet-like intrusive bodies."
An updated map of the anomaly areas has been posted on the
Company's website.
NI 43-101 Disclosure
Everett
Makela, P. Geo., VP Exploration for Equitas Resources Corp.,
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 Resources Corp.
is a Canadian-based mineral exploration company with a focus on
nickel, copper, platinum group metals (PGM) and cobalt. The Company
is engaged in the acquisition, exploration and development of
mineral properties. Its Garland Property is 25,050 hectares and
located approximately 30kms south-east of the Voisey's Bay mine in
Labrador, Canada.
On Behalf of the Board of Directors,
EQUITAS RESOURCES CORP.
"Kyler Hardy"
Kyler Hardy
President
Tel: 604.681.1568
info@equitasresources.com
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.
Forward-Looking Statements
It is important to note
that actual outcomes and the Company's actual results could differ
materially from those in such forward-looking statements. Forward
looking statements in this news release include, but are not
limited to all references to interpretation and similarity's to
potential for discovery of buried Voisey's Bay analogues, being
part of the Gardar-Voisey's Bay fault system and remarkably similar
to the Discovery Hill mineralization at Voisey's Bay; all
discussion of summer exploration activities; any references to
economic mineralization. Risks and uncertainties include
economic, competitive, governmental, environmental and
technological factors that may affect the Company's operations,
markets, products and prices. Factors that could cause
actual results to differ materially may include misinterpretation
of data; that we may not be able to get equipment or labour as we
need it; that we may not be able to raise sufficient funds to
complete our intended exploration and development; that our
applications to drill may be denied; that weather, logistical
problems or hazards may prevent us from exploration; that equipment
may not work as well as expected; that analysis of data may not be
possible accurately and at depth; that results which we or others
have found in any particular location are not necessarily
indicative of larger areas of our properties; that we may not
complete environmental programs in a timely manner or at all; that
market prices for nickel may not justify commercial production
costs; and that despite encouraging data there may be no
commercially exploitable mineralization on our properties.
Readers should refer to the risk disclosures outlined in the
Company's Management Discussion & Analysis of its audited
financial statements filed with the British Columbia Securities
Commission.
SOURCE Equitas Resources Corp.