Equitas Resources Intercepts Disseminated Sulphides over 69 Meters at the Garland Property

Equitas Resources (TSXV:EQT; FSE:T6UN) announced an update of the Phase One drill program at the Garland Property in Labrador, Canada.
As quoted in the press release:

• Borehole GP15-005 at the Cominco Showing intersected disseminated pyrrhotite-chalcopyrite-pyrite over a 69m interval from surface.
• Crone Pulse Electromagnetic (PEM) surveying of borehole GP15-004 has produced a complex anomalous response that may indicate a significant good quality conductor near the hole, in the modelled depth range for buried Voisey’s Bay type deposits.
• Regional and property scale data synthesis has interpreted the major E-W lineament in the northern portion of the property to represent the southern margin of the graben structure hosting the Voisey’s Bay mine.

The autumn program completed five diamond drill holes totaling 1678m. A total of 281 core samples were submitted to Activation Laboratories. Crone PEM surveying has been completed at nine of the thirteen target areas. The field camp and drill rig have been stored onsite in anticipation of start-up of operations in early 2016 when safe lake ice conditions are present.
BH GP15-005 (collar at X_NAD27 585525, Y_NAD27 6218100N, elev. 240m, Az. 000, Dip -88) drilled in an area known as the Cominco Showing, was completed to a depth of 163.0m to sample an historic showing of Ni-Cu-Co in gabbro-norite. Values of up to 0.15% nickel and 0.10% copper were reported by Cominco Ltd. in 1995 from surface sampling of a NE trending area of gossan 125m in length and up to 20m wide. No sulphur or precious metal analyses were reported for this work.
From collar to 69.0m a zone of weakly mineralized variably textured medium to coarse grained norite was encountered. The section contains trace to 1% interstitial to locally blebby pyrrhotite-pyrite-chalcopyrite, with decimeter sections estimated to contain up to 10% sulphide. A granitic unit was encountered between 69.0 m and 118.0m. From 118.0m to 163.0m an un-mineralized norite was encountered.
The two best length-weighted intervals are as follows:

Analyses for palladium, platinum and gold returned background values for the mineralized interval.
BH GP15-004 (collar at X_NAD27 579221, Y_NAD27 6217311, elev. 272m, Az. 000, Dip -88) was cored to a depth of 495m, designed to intersect VTEM anomaly Q, at an interpreted depth to top of 425m. This anomaly has been interpreted as a broad, slowly decaying response in the B-Field Tau product of the VTEM data. Anomalies of this type can represent signature of large massive sulphide systems.
The hole encountered diorite from collar to 230.5m, hosting a younger granitic sheet between 35.6m to 114.4m. Below 230.5 to end of the hole drilling encountered a sequence of granite gradational to diorite. Crone PEM survey of this hole detected a possibly very significant off-hole response at around 230m depth.
A third focus for further exploration was defined by synthesis of regional and property scale magnetics, ground gravity and geological data. The major E-W lineament in the northern portion of the property has been interpreted by consulting geophysicist Alan King as representing the southern margin of the graben structure hosting the Voisey’s Bay mine, considered to have been emplaced along the northern wall of the graben. This structure on the Garland property is coincident with VTEM anomalies D, O and P, as well as a Ni-Cu-Co lake sediment anomaly comparable to the anomalies adjacent the Voisey’s Bay mineralization.

Equitas Resources VP Exploration, Everett Makela, stated:

Although no semi-quantitative estimates for grade potential can be made due to the relatively low sulphide concentrations, results to date lend some encouragement for the possibility of there being an economic deposit associated with this mineralization. Observations of the core indicate a dynamic component to emplacement, including recognizable inclusions, textural and compositional variations. Isolated plagioclase feldspar megacrysts display rounding, possibly indicative of transport from an underlying chamber, an environment favourable for massive sulphide deposition. The area warrants further examination, and a detailed surface Crone PEM survey is planned as a top priority for the 2016 exploration program.
The mineralization intersected at the Cominco Showing, the interpretation of PEM data from borehole GP15-004 at anomaly Q, and recent highlighting of the possible major significance of the E-W lineament adjacent anomalies D, O and P have provided us with three solid exploration focus areas for the next program, anticipated to commence as soon as safe lake ice and optimal late winter conditions are present. We are fully funded for the next phase and have the economic and logistical advantages of a camp and drill rig already at site.

Equitas Resources Geophysical consultant, Alan King, stated:

A Crone PEM survey of BH GP15-004 at the end of the field season produced a complex anomalous response that could indicate a good quality conductor in or near the hole. Nothing intersected in the hole is indicative of a strong conductive source although a structurally disturbed zone is located at about the same depth. The contractor indicated that there may have been some problems with the BHEM data after the hole was logged in two passes to overcome poor downhole conditions. Best fit quantitative modeling suggested the possibility of two off-hole NW striking, steeply NE dipping plates with a combined target dimension of 250m along strike and 300m down-dip. Depth to the top of the modeled bodies is estimated at 230m and conductance at about 1000S. However this model was a poor fit in some components of the data suggesting that there may some problem with the data. It is possible that this apparent anomaly could also be entirely due to problems with the data collected or some combination of data problems and real conductors. A detailed PEM re-survey of the hole will be conducted to validate the response in advance of drill testing when the field program resumes in Q2 2016.

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