Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News

News : $PAGE_TITLE
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
The feature you requested does not exist. However, we suggest the following feature:

Equus Mining : Shallow High-Grade Gold-Silver Results - Droughtmaster

share with twitter share with LinkedIn share with facebook
10/25/2020 | 06:59pm EDT

26 OCTOBER 2020

FURTHER SHALLOW HIGH-GRADEGOLD-SILVER RESULTS FROM

DROUGHTMASTER AND PROJECT UPDATE

Equus Mining Limited ('Equus' or 'Company') (ASX: EQE) is pleased to report encouraging results from a drill program in progress at the Droughtmaster Prospect and Project update at its Cerro Bayo Project, Chile.

HIGHLIGHTS

  • Further encouraging high grade results supportive of a strong gold-silver mineralised epithermal vein system at the Droughtmaster Prospect, including:
    • Hole CBD037:
      • 2.05m @ 2.36 g/t gold, 151.4 g/t silver from 56.40m, including 0.42m @ 9.86 g/t gold, 469.0 g/t silver from 58.03m
      • 0.20m @ 3.83 g/t gold, 93.50 g/t silver from 65.13m
      • 0.24m @ 7.84 g/t gold, 73.0 g/t silver from 66.70m
      • 0.21m @ 13.10 g/t gold, 566.0 g/t silver from 81.6m
  • The shallow, high grade, nature of these intercepts is considered to be characteristic of the upper and peripheral portions of many of the significant productive veins throughout the Cerro Bayo District.
  • Further drilling will seek to vector in on potentially wider high-grade mineralised portions of the vein system with a further 4 holes at Droughtmaster still pending assay to test down dip and along strike from previously drilled hole CDB020.
  • Previous drilling at Droughtmaster reported high-grade drill results from hole CDB020 including:
    • Hole CB020: 3.81m @ 20.4 g/t gold, 55.5 g/t Ag silver from 109m, including 1.06m @ 62.58 g/t gold, 129.3 g/t Ag silver from 112m1.
  • Taitao Pit Resource Estimation & Mine Restart Study is progressing well with significant potential for additional resources beneath and along strike of the existing mined areas (~45Moz of silver & ~0.65Moz of gold of historical production between 1995-20172)
  • Additionally, Mandalay Resources plans to commission the 500ktpa plant at Taitao through processing low-grade stockpiles by early 2021 at an initial rate of 40,000 tonnes per month providing Equus with the potential to fast track full scale production

DROUGHTMASTER STAGE 2 DIAMOND DRILLING

  • Further encouraging shallow, high-grade results have been received from the initial stage 2 follow-up diamond drilling (programmed total of approximately 2,000m), targeting multiple gold-silver mineralised vein structures at the Droughtmaster Prospect.
  • Results have been received from three of seven holes drilled to date at the Percheron Vein target (drill hole collar information provided in Table 1 and drill results provided in Appendix 1), with better results including:
  1. ASX Announcement - 25th May 2020 Standout Intersection Bolsters Droughtmaster Potential https://wcsecure.weblink.com.au/pdf/EQE/02238028.pdf
  2. Based on Mandalay Resources Corporation, Cerro Bayo Mine NI 43-101 Technical Reports dated May 14, 2010 & March 21, 2017 Report #2699

26 OCTOBER 2020

    • Hole CBD037:
      • 2.05m @ 2.36 g/t gold, 151.4 g/t silver from 56.40m, including 0.42m @ 9.86 g/t gold, 469.0 g/t silver from 58.03m
      • 0.20m @ 3.83 g/t gold, 93.50 g/t silver from 65.13m
      • 0.24m @ 7.84 g/t gold, 73.0 g/t silver from 66.70m
      • 0.21m @ 13.10 g/t gold, 566.0 g/t silver from 81.6m
  • The shallow, high grade, nature of these intercepts is considered to be characteristic of the upper and peripheral portions of many of the significant productive veins throughout the Cerro Bayo District. Further drilling will seek to vector in on potentially wider high-grade mineralized portions of the vein system.
  • The high grade intervals in Hole CBD037 occur approximately 30- 40m to the south east of mineralised intervals in hole CBD020 and are interpreted to relate to a series of steeply southwest dipping, sheeted and stockwork quartz veining and hydrothermally brecciated zones (Figure 1).
  • The precious metal bearing zones of veining and brecciation intersected in drilling to date correspond predominantly to a series of hangingwall splays to the large scale, north-west trending Percheron Fault, which has been mapped over a strike length of approximately 3km. Large scale (+150m) normal displacement along this fault is interpreted to have generated favorable conditions for the widespread emplacement of veining and brecciation.

Figure 1 - Droughtmaster Prospect - Plan showing vein outcrop and summary trench and drillhole geochemical results

2

26 OCTOBER 2020

  • Previous drill testing by the Company at the Droughtmaster Prospect reported high-grade drill results from hole CDB020 including 3.81m @ 20.4 g/t gold, 55.5 g/t silver from 109m, incl. 1.06m @ 62.58 g/t gold, 129.3 g/t silver from 112m3.
  • Assays remain outstanding for a further 4 holes at Droughtmaster from holes drilled to target mineralization both down dip and along strike from hole CDB020 from which modeled geometries of mineralization will be finalised (Figure 2).
  • The Droughtmaster Prospect was identified by Equus as a high priority greenfields drill target hosting widespread epithermal veining located 12km from the Cerro Bayo processing facility.

TAITAO PIT RESOURCE ESTIMATION & MINE RESTART STUDY

  • The Company continues to progress its dual-track Greenfields/Brownfields strategy with the Taitao resource estimation in progress with Cube Consulting in Perth, Australia. Finalisation of the resource is scheduled for completion end November 2020.
  • Based on historical Taitao mine development and expansion studies and progress with the current resource estimation, it is considered by Equus that significant potential remains for additional resources beneath and along strike of the existing mined areas. The resources confirmed throughout the Taitao Pit area will be the initial main focus of the mine restart study which may also incorporate processing of low grade stockpiles, and the subsequent inclusion of resources defined from the company´s current brownfields/greenfields exploration.
  • Mine restart studies are underway by an in-country third party consultant involving initial comprehensive review of historic production data and which will include potential beneficiation solutions, mine scheduling and permitting. In conjunction with the assessment of resources by Cube Consulting, various concepts for re-starting the treatment plant are being considered by our technical staff and consultants. The company is working to a schedule for re-start studies to be completed by the end Q1/2021, however, Equus management continues to actively monitor COVID related developments and will provide further updates should the situation change.
  • Mandalay Resources plans to commence processing of low-grade stockpiles by early 2021 at an initial rate of 40,000 tonnes per month.

Commented Damien Koerber, Chief Operating Officer, Equus Mining

"Initial high-grade results relating to relatively shallow intercepts at Droughtmaster provide continued encouragement for the potential of the prospect to host significant high-grade,gold-silver mineralization. Upon completion of the stage 2 follow-up program and compilation of final results, further drilling will be designed accordingly. We are further encouraged by the good progress on our brownfields resource estimation at the Taitao Pit area and look forward to releasing a maiden resource later in Q4 2020. While a degree of uncertainty surrounds the effect of the COVID-19 virus, the Company highly appreciates the efforts of its local staff and subcontractors to date in the strict implementation of protocols to reduce the possibility of infection and maintain the wellbeing of our local stakeholders.

3 ASX Announcement - 25th May 2020 Standout Intersection Bolsters Droughtmaster Potential https://wcsecure.weblink.com.au/pdf/EQE/02238028.pdf

3

26 OCTOBER 2020

CERRO BAYO PROJECT

The Company's Flagship Cerro Bayo Project is held under a 3-year option to acquire 100% of all the Project´s mining properties, resources and mine infrastructure from Mandalay Resources Corporation4. The project contains an existing 1,500 tpd processing plant through which historical production of 645Koz Gold and 45Moz Silver5 was achieved up until the mine´s temporary closure in mid-2017. The Cerro Bayo Project is located central to the approximate 350km2 of prospective gold-silver claim holdings held by the company (Figure 3).

Figure 2 - Location plan of Equus Mining's Cerro Bayo mining district and other projects.

- END -

This announcement has been approved by the Managing Director, John Braham.

For further information please contact:

John Braham

Managing Director

T: +61 400 852 245

  1. jbraham@equusmining.com
  1. ASX Announcement - 8 October 2019 Equus Executes Option to Acquire Mandalay Resources Corporation's Cerro Bayo Mining Project https://wcsecure.weblink.com.au/pdf/EQE/02156517.pdf
  2. Based on Mandalay Resources Corporation, Cerro Bayo Mine NI 43-101 Technical Reports dated May 14, 2010. & March 21, 2017 Report #2699

4

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Equus Mining Limited published this content on 26 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 October 2020 22:59:03 UTC


share with twitter share with LinkedIn share with facebook
Latest news
06:59pEQUUS MINING : Shallow High-Grade Gold-Silver Results - Droughtmaster
PU
06:59pCENTRAL PETROLEUM : Resignation of Director
PU
06:52pPACIFIC GAS & ELECTRIC : Power cut to thousands as California braces for fire risk
AQ
06:50pBANK OF QUEENSLAND : Proposed issue of Securities - BOQ
PU
06:48pLINK ADMINISTRATION : Australia's Link gets $2 bln raised takeover bid from Carlyle, Pacific Equity
RE
06:46pTAP OIL : Correction of email address on Share Retention Form
PU
06:46pASSET ACQUISITIONS AND DISPOSALS : : Effective Date Of Agreement For The Proposed Transaction Relating To Ranken Railway
PU
06:46pROSEN, TRUSTED NATIONAL TRIAL COUNSEL, Reminds Aurora Cannabis Inc. Investors of Important Deadline in Securities Class Action – ACB
GL
06:40pBANK OF QUEENSLAND : Capital Notes 2 Offer - Investor Presentation
PU
06:35pBANK OF QUEENSLAND : Capital Notes 2 Prospectus
PU
Latest news