by Greg Klein | July 16, 2015
With $521,468 from an oversubscribed private placement that closed July 16, Equitas Resources TSXV:EQT moves closer to this summer’s Phase II exploration on its Garland nickel project in Labrador.
Located 30 kilometres south of Voisey’s Bay, the recently compiled Garland property underwent modern geophysics for the first time last spring, when a VTEM survey found nine distinct areas of anomalous conductivity, at depths matching the company’s exploration model and suggesting nickel-copper targets.
Most of the anomalies follow an east-west strike, as does Voisey’s Gardar-Voisey’s Bay fault system, a prominent structural feature on Garland. With Garland’s anomalies trending up to a kilometre or more, Equitas sees further encouragement for discovery of significant mineralized systems.
Phase II calls for mapping, prospecting and a large loop TDEM survey followed by up to 4,000 metres of drilling. Work takes place under the leadership of Equitas VP of exploration Everett Makela, a nickel veteran who took part in Inco’s due diligence on Voisey’s prior to the company’s $4.3-billion acquisition of the project.