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Equitas Resources releases assays, plans development of Brazil gold project

by Greg Klein | October 13, 2016

Good gold grades over wide, near-surface intercepts instil further confidence in Equitas Resources’ (TSXV:EQT) Cajueiro project in central Brazil. Reported October 13, two infill holes on the Crente zone “lend further support for the potential of Crente to represent a significant portion” of the property’s open pit component, stated VP of exploration Everett Makela.

The drilling targetted a former garimpeiro pit to follow up on an historic hole that found 2.37 g/t gold over 31 metres, including 4.15 g/t over 9.4 metres. The new assays show:

Hole CJO 094

  • 1.12 g/t gold over 31 metres, starting at 90 metres in downhole depth
  • (including 2.2 g/t over 4 metres)
Equitas Resources releases assays, plans development of Brazil gold project

A close-up shows 8.2 g/t gold over one metre.

Hole CJO 095

  • 1.03 g/t over 29 metres, starting at 20 metres
  • (including 3.14 g/t over 4 metres)
  • (which includes 8.2 g/t over 1 metre)

True widths weren’t available.

The results follow a summer program of 37 holes totalling 1,756 metres at the Baldo zone that produced 33 near-surface mineralized intervals. Equitas plans to incorporate this year’s drilling into an updated resource estimate. The project’s current resource uses a 0.25 g/t cutoff, with four zones of sulphides totalling:

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

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

Four zones of oxides total:

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

While focusing on the more metallurgically amenable oxides, Equitas plans to transform the former alluvial operation by installing a carbon-in-leach plant. Under the direction of newly appointed Brazil general manager Sergio Aquino, the company has design and costing underway for a 600-tpd plant that would process material from an upcoming bulk sampling program.

During his 35-year career Aquino headed diamond exploration for Rio Tinto do Brasil, led exploration and field operations of alluvial gold deposits, co-founded Serabi Mining PLC and served on a municipal environmental council.

Last summer a 1,324-hectare area of Cajueiro underwent a high-resolution topographic survey via an unmanned aerial vehicle. Results will help guide further surveys.

Equitas also announced termination of a private equity financing that would have included US$5 million in revolving loans and a US$1-million warrant exercise.

Cajueiro forms part of a 184,410-hectare Brazilian portfolio that came with Equitas’ acquisition of Alta Floresta Gold last spring.

Read more about Equitas Resources’ Cajueiro project.

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