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Equitas Resources appoints advisers for its new Brazil gold producer

by Greg Klein | May 2, 2016

Days after acquiring a Brazilian gold operation, Equitas Resources TSXV:EQT announced a new advisory board to help develop the project further. Last week the company announced its takeover of Alta Floresta Gold and a large portfolio including a modest gold operation. The Cajueiro project’s Baldo zone produces approximately one kilogram of gold a month, an amount Equitas hopes to improve through greater recovery.

Equitas Resources appoints advisers for its new Brazil gold producer

A sample from the Cajueiro operation offers
evidence of additional near-surface gold potential.

Michael Bennett and Jon Coates comprise the new advisory board.

Bennett has spent 23 of his 30-year geologist career in South America, where he’s credited with three gold discoveries, Cajueiro and Coringa in Brazil, as well as Puquio North in Bolivia. A Brazilian resident who speaks Portuguese and Spanish, Bennett also serves as general manager for Brazil Manganese and a director and officer of Equitas subsidiary Alta Floresta Gold Mineracao.

Coates’ 36-year career encompasses mining geology and business development on five continents. He spent much of that time with BHP Billiton NYSE:BHP, where he held positions including regional manager Latin America, VP of business development China and chief geoscientist, exploration. Until recently he acted as executive geoscience adviser for the Saudi Arabian mining company Ma’aden.

In addition, Equitas announced filing an updated 43-101 technical report that recalculates data from a 2013 resource estimate, providing new numbers for four zones of sulphides and oxides. Sulphides now total 214,100 gold ounces indicated and 203,500 ounces inferred. Oxides total 78,400 ounces inferred.

An upcoming program of drilling, bulk sampling and trenching will seek additional oxide resources at Baldo.

Sulphides for Cajueiro’s four zones show:

Crente zone

  • indicated: 8.64 million tonnes averaging 0.771 g/t for 214,100 gold ounces

  • inferred: 5.83 million tonnes averaging 0.628 g/t for 117,700 ounces

Baldo zone

  • inferred: 1.32 million tonnes averaging 0.777 g/t for 33,000 ounces

Matrincha zone

  • inferred: 1.6 million tonnes averaging 0.797 g/t for 40,900 ounces

Marines zone

  • inferred: 785,000 tonnes averaging 0.472 g/t for 11,900 ounces

Total sulphides

  • indicated: 8.64 million tonnes averaging 0.771 g/t for 214,100 gold ounces

  • inferred: 9.53 million tonnes averaging 0.664 g/t for 203,500 ounces

Oxides for the four zones show:

Crente zone

  • inferred: 381,000 tonnes averaging 1.482 g/t for 18,200 ounces

Baldo zone

  • inferred: 309,000 tonnes averaging 3.029 g/t for 30,100 ounces

Matrincha zone

  • inferred: 155,000 tonnes averaging 2.717 g/t for 13,500 ounces

Marines zone

  • inferred: 529,000 tonnes averaging 0.977 g/t for 16,600 ounces

Total oxides

  • inferred: 1.37 million tonnes averaging 1.775 g/t for 78,400 ounces

Equitas sees near-surface oxide expansion potential in all four zones, as well as exploration potential in five other anomalies.

Read more about Equitas Resources.

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