Sunday 11th December 2016

Resource Clips


Posts tagged ‘Equitas Resources Corp. (EQT)’

Equitas Resources highlights third Brazilian project with 92.19 g/t gold over 2 metres

November 29th, 2016

by Greg Klein | November 29, 2016

Another high-grade assay brings another project to prominence among Equitas Resources’ (TSXV:EQT) 12-property Brazilian holdings. Announced November 29, a channel sample on the Nova Canaa property revealed 92.19 grams per tonne gold over two metres. The news comes two weeks after the company released grab samples as high as 1,022.98 g/t gold at the Crepori project.

Equitas Resources highlights third Brazilian project

Garimpeiro production at the 9,694-hectare Nova Canaa property in the Juruena gold belt extracted an estimated 225,000 ounces from 1975 to 1992. The channel sample comes from approximately 20 metres’ depth in an adit at the Galopeira zone, where the Bodao vein has so far been traced for about 200 metres, averaging one to two metres in width. Previous drilling at Galopeira sunk 18 holes for 2,993 metres, with three intervals showing gold results of 7.2 g/t over 2 metres, 14.2 g/t over 2.9 metres and 17.2 g/t over 1.5 metres.

At the property’s Medeiro zone, 20 out of 95 grab samples previously collected within a one-kilometre radius assayed between 1.38 g/t and 69.5 g/t gold.

Plans for Nova Canaa include mapping and sampling, induced polarization and magnetics prior to drilling.

The announcement brings to light a third priority in Equitas’ 202,000-hectare Brazilian portfolio. Along with Crepori, the company holds the Cajueiro project, where an April resource update recalculated 2013 data for four zones of sulphides and saprolite oxides. Using a 0.25 g/t cutoff, the project’s sulphides total:

  • 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

Using the same cutoff, four zones of oxides come to:

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

Equitas intends to return the 39,053-hectare Cajueiro flagship to production, beginning with a 600-tonne-per-day carbon-in-leach plant, then building the operation incrementally. A resource update and PEA are planned by mid-2017, following last summer’s 37-hole, 1,756-metre program at the project’s Baldo zone, which showed 33 near-surface mineralized intercepts. Additionally, two infill holes at the Crente zone brought near-surface gold results of 1.12 g/t over 31 metres and 1.03 g/t over 29 metres.

The company foresees a 12- to 24-month timeline to production. A trial mining licence has been granted, while environmental permits are pending.

Earlier this month Equitas offered a private placement of up to $500,000.

Equitas Resources samples 1,022 g/t gold at undrilled Brazilian project

November 15th, 2016

by Greg Klein | November 15, 2016

A “spectacular” gold assay among other high-grade grab samples gives the Crepori project greater prominence in Equitas Resources’ (TSXV:EQT) 202,000-hectare Brazilian portfolio. Five out of 10 initial surface samples surpassed eight grams per tonne, reaching as high as 39.26 g/t and 1,022.98 g/t gold. The 8,323-hectare property in the prolific Tapajos Gold Belt remains to be drilled.

Equitas Resources samples 1,022 g/t gold at undrilled Brazilian project

Previous garimpeiro mining focused on two gold-bearing quartz vein systems, Picarreira and Boiadeiro, Equitas reported. Picarreira has been traced over 400 metres of strike on surface, averaging six metres in width. Soil and chip samples suggest the strike could increase significantly to the northeast, the company added. The 39.26 g/t sample came from Picarreira, while Boiadeiro revealed the 1,022.98 g/t sample.

“It is remarkable that Crepori has remained essentially untested particularly given the outstanding gold grades achieved and significant extent of the known mineralized vein system defined to date,” said VP of exploration Everett Makela.

The company now plans mapping and sampling, followed by induced polarization and magnetics prior to drilling.

Last month Equitas announced near-surface results for two infill holes on its Cajueiro project in central Brazil, with assays of 1.12 g/t gold over 31 metres and 1.03 g/t over 29 metres (not true widths). The results followed a successful 37-hole, 1,756-metre summer program that found 33 mineralized near-surface intervals.

An April resource update recalculated 2013 data for Cajueiro’s four zones of sulphides and saprolite oxides. Using a 0.25 g/t cutoff, the project’s sulphides total:

  • 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

Using the same cutoff, four zones of oxides total:

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

Also last month the company acquired two properties totalling 18,000 hectares in the Juruena Gold Belt, roughly 180 kilometres southeast of Cajueiro.

Equitas Resources expands its presence in Brazil’s Juruena Gold Belt

October 26th, 2016

by Greg Klein | October 26, 2016

Two new properties add over 18,000 hectares to Equitas Resources’ (TSXV:EQT) Brazilian gold portfolio. Both in the Juruena Gold Belt roughly 180 kilometres southeast of the flagship Cajueiro project, the Santa Helena and Colider Leste acquisitions result from a protracted bidding process, the company stated October 26.

Equitas Resources expands its presence in Brazil’s Juruena Gold Belt

Photos of Santa Helena’s Gabriel pit
show mineralized saprolite at surface.

Santa Helena sits between Equitas’ Colider and Rio do Pombo projects. Highlights from previous sampling on the property’s Gabriel pit assayed 2.7 g/t, 4.81 g/t, 11.43 g/t, 11.73 g/t, 15.1 g/t and 45 g/t gold. About 170 metres long and up to 70 metres wide, the pit was subject to garimpeiro mining and limited 1990s drilling by Rio Tinto NYSE:RIO. Those drill results aren’t currently available. Previous soil surveys at Santa Helena revealed three kilometre-scale gold anomalies along a seven-kilometre trend associated with a shear zone.

Future work would call for mapping, trenching and an induced polarization survey to evaluate the soil anomalies.

The early-stage Colider Leste property shows similarities with the geology, structure and mineralization of the company’s more advanced, high-grade Nova Canaa project, Equitas added. Mapping and sampling would be necessary to further assess the project.

Earlier this month the company announced results from two infill holes at Cajueiro’s Crente zone, with near-surface intervals of 1.12 g/t gold over 31 metres and 1.03 g/t over 29 metres (not true widths).

The news followed 33 near-surface intercepts released in August and high-grade trenching results announced the previous month, all from Cajueiro’s Baldo zone. Equitas intends to put the former alluvial operation into production incrementally, beginning with the installation of a carbon-in-leach plant to process near-surface saprolite oxides from Baldo and Crente.

The Santa Helena and Colider Leste acquisitions bring the company’s Brazilian portfolio to more than 202,000 hectares.

Equitas Resources releases assays, plans development of Brazil gold project

October 13th, 2016

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.

Equitas Resources communications manager Sean Kingsley discusses drilling, metallurgy and near-term production potential at the Cajueiro gold project in Brazil

September 16th, 2016

…Read more

Equitas Resources drills more near-surface gold while advancing Brazilian project

August 29th, 2016

by Greg Klein | August 29, 2016

New gold assays bolster Equitas Resources’ (TSXV:EQT) plan to incrementally expand its Cajueiro project in central Brazil. On August 29 the company reported 33 near-surface intervals from saprolite and bedrock on the project’s Baldo zone, ranging from 0.95 grams per tonne to 4.07 g/t gold.

Equitas Resources drills more near-surface gold while advancing Brazilian project

Drilling helped identify three new target areas at Cajueiro.

The results will also help the company gain a full mining licence, part of a plan to expand recovery from what had been a small alluvial operation by installing a carbon-in-leach plant. Additionally, three other near-surface areas have been identified for further trenching and drilling, including Zona Dois with 300 metres of strike.

Highlights from 37 holes totalling 1,756 metres show:

Hole CJO-0077

  • 1.46 g/t gold over 13.5 metres, starting at 14.2 metres in downhole depth

CJO-0064

  • 1.21 g/t over 10 metres, starting at 10 metres

CJO-0063

  • 1.19 g/t over 8.2 metres, starting at 1 metre

CJO-0090

  • 3.67 g/t over 2.5 metres, starting at 9 metres

CJO-0089

  • 1.95 g/t over 4.5 metres, starting at 10.5 metres

CJO-0080

  • 1.13 g/t over 7 metres, starting at 48 metres

CJO-0057

  • 1.19 g/t over 5.8 metres, starting at 6.2 metres

CJO-0058

  • 2 g/t over 3 metres, starting at 27 metres

True widths weren’t available. The mineralized intervals have also been sent for screen fire assay to test for coarse gold, Equitas stated.

Two additional holes were drilled at Cajueiro’s highly prospective Crente zone. Sunk below a former garimpeiro pit, they tested a new interpretation suggesting a steeply dipping mineralized trend intersected by an historic result of 2.37 g/t over 31 metres. Equitas expects those results by mid-September.

The latest assays follow trenching results announced in July that featured 24.26 g/t over two metres, 18.86 g/t over two metres and 1.4 g/t over 12 metres. Further trenching and drilling will feed a resource update for the 39,053-hectare project. Using a 0.25 g/t cutoff, four zones of sulphides currently total:

  • 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

Near-surface oxides remain the company’s focus.

Plans to expand Cajueiro incrementally originally called for installation of a gravity plant, to be followed by a CIL plant. But metallurgical results announced earlier this month convinced the company to skip the first stage and go straight to CIL processing.

In late July the company closed an over-subscribed private placement of $861,000. Equitas has also been working towards completion of a US$6-million private equity financing that would include US$5 million in revolving loans and a US$1-million warrant exercise.

Read more about Equitas Resources’ Cajueiro gold project.

Straight to Phase II

August 18th, 2016

Metallurgy moves Equitas Resources closer than expected to Brazilian gold expansion

by Greg Klein

It’s a case of disappointing results being trumped by findings much more positive. Equitas Resources TSXV:EQT planned to add a gravity plant to its Cajueiro gold project in central Brazil, hoping to increase the modest operation’s recovery. Another stage in the project’s incremental development was to follow—a carbon-in-leach plant for further improvement. But, the company announced August 18, metallurgical tests gave gravity a failing grade. Those studies did, however, find conventional CIL results even better than anticipated. That now puts Cajueiro on the fast track as Equitas skips Phase I, advancing straight to CIL.

Equitas gained the 39,053-hectare property with last spring’s acquisition of Alta Floresta Gold and its 184,410-hectare Brazilian portfolio. Impressed by both the assets and Alta Floresta’s Brazil-based team, Equitas planned a step-by-step process of improving and expanding the flagship operation.

Metallurgy moves Equitas Resources closer than expected to Brazilian gold expansion

Metallurgical progress follows last spring’s drilling,
which focused on two zones of near-surface mineralization.

Currently limited to potential alluvial production of about a kilogram of gold per month, Cajueiro had languished at about 30% to 35% recovery through a sluice box. The company hoped to increase that to about 50% by adding a gravity plant, prior to a Phase II CIL plant and its hoped-for 85%. Metallurgical studies disappointed gravity expectations with a maximum of 22.1%. But surpassing expectations was conventional CIL, with a range of 93.7% to 96.2%.

Work was conducted by Testwork Desenvolvimento de Processo, whose technical director Walter de Moura boasts 30 years’ experience with AngloGold Ashanti NYSE:AU. Bench-scale tests on a 118-kilogram composite saprolite sample point to high recovery with limited grinding, rapid leach times and low reagent consumption, “a direct cyanidation approach to gold recovery,” Equitas stated.

That pushes Cajueiro directly to Phase II. Earlier this week Equitas pronounced itself “very close” to closing an amended $6-million financing. With all figures in U.S. currency, the deal with private equity firm Cartesian Royalty Holdings would bring $5 million in revolving loans and a $1-million warrant exercise.

Equitas would borrow instalments of the $5 million, repaying each $1-million drawdown with 2,100 gold ounces within a year or 2,300 ounces up to three years. Repayments made within one year could be re-drawn, giving the company a revolving loan capacity of $5 million.

Late last month Equitas closed an over-subscribed private placement totalling C$861,000.

Testwork now has analysis and design underway for a CIL test plant with a capacity of 250 to 400 tonnes per day. Permit applications have been filed to mine 50,000 tonnes per year from each of Cajueiro’s Baldo and Crente zones. The CIL plant would be located about halfway between the two zones, which sit less than two kilometres apart.

With construction expected to begin in Q4, the plant should take six months to build, communications manager Sean Kingsley tells ResourceClips.com. “During that time we expect further exploration and drilling.”

Baldo was the focus of last spring’s campaign of 20 holes for 1,600 metres, along with 700 metres of trenching. Most of the drilling consisted of infill holes targeting mineralized saprolite oxide, highly weathered near-surface material potentially amenable to open pit extraction.

“We expect to have those results very soon,” says Kingsley. “We also drilled the Crente zone, which shows a lot of upside. We drilled below a very shallow former garimpeiro pit and we’re looking forward to those results too.”

Highlights from initial assays reported last month included 24.26 grams per tonne gold over two metres, 18.86 g/t over another two metres and 1.4 g/t over 12 metres (not true widths).

There are other zones on Cajueiro that we haven’t talked about, that have even more prospectivity.—Sean Kingsley, communications manager for Equitas Resources

“There are other zones on Cajueiro that we haven’t talked about, that have even more prospectivity,” maintains Kingsley. “To get our full mining licence we had to do a lot of work on one-fifth of the Baldo zone, a pre-worked area which isn’t the most prospective area.”

A 43-101 report filed in April recalculated 2013 data for four zones of sulphides and of saprolite oxides. Using a 0.25 g/t cutoff, the project’s sulphides now total:

  • 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

Using the same cutoff, four zones of oxides total:

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

Baldo’s share of the saprolite oxides comes to:

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

It’s Cajueiro’s near-surface, higher-grade, more metallurgically attractive oxides that remain the focus of exploration and potential extraction.

Kingsley points to a highly experienced team that includes director Kyler Hardy, president/CEO Chris Harris, director David Hodge and VP of exploration Everett Makela, along with long-time Brazil veterans director Alan Carter, director/adviser Michael Bennett, adviser Jon Coates, mining manager Richard Crew and project manager Elvis Alves. “Individually, they’re all people with impressive accomplishments,” says Kingsley. “Collectively, they’re one hell of a team.”

He emphasizes that the project will make Equitas “a growth story. Now’s the time to boost Cajueiro’s production, get cash flow and grow from there.”

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