Join our daily newsletter At The Bell to receive exclusive market insights
- Equus Mining (EQE) has intersected strong gold and silver mineralisation at the Droughtmaster Prospect in Chile
- The company intersected up to 62.58g/t gold and 129.3g/t silver
- Equus believes these results form the upper portion of a wide, large-scale system and potential exists for deeper high-grade mineralisation
- Once the company has received results from a neighbouring hole, they will be used to design a further drilling program to target possible extensions
- Equus has also announced that a 1500 metre resource definition drilling program at the Taitao Pit will be completed this week
- The company is targeting a JORC compliant resource for Taitao by Q3 2020
- Equus has ended the day a steady 25 per cent in the green with shares trading for 1 cent each
Equus Mining (EQE) has intersected strong gold and silver mineralisation at the Droughtmaster Prospect.
The Droughtmaster Prospect is situated within Equus’ Cerro Bayo Project in southern Chile.
These strong results come from a recently completed nine hole, for 2044 metres, maiden drilling program at Droughtmaster.
The aim of this drilling was to test beneath previously announced mapping, channel, and rock-chip sampling results.
Hole CBD020 intersected high-grade gold-silver mineralisation and returned a result of 3.81 metres at 20.4g/t gold and 55.5g/t silver from 109 metres including 1.06 metres at 62.58g/t gold and 129.3g/t silver from 112 metres.
This mineralisation remains open both at depth and along strike.
It is believed that these results form the upper portion of a wide, large-scale system and potential exists for the discovery of deeper high-grade mineralisation.
Results from hole CBD019, which lies 250 metres from hole CBD020, are pending and once they haven been received, Equus will design further drilling to target possible extension of the results.
“These results from Droughtmaster highlight the potential of this exciting new greenfields prospect,” Managing Director John Braham commented.
“Success from our maiden drill testing on the discovery of largely conceal high grade mineralisation has increased both our understanding of the Percheron Vein in the context of the larger Cerro Bayo district system and enhanced confidence in unveiling further Greenfield discovers as we look forward to reporting the balance of assay results from Droughtmaster,” he added.
Equus has also announced that a 1500 metre resource definition drilling program at the Taitao Pit will be completed this week. Results will then be announced before the end of May.
The company is targeting a JORC compliant resource for Taitao by Q3 2020.
“Following completion of the Taitao drilling this week and the subsequent JORC resource update, the company will evaluate multiple re-start options for both open pitiable and high grade underground resources,” John said.
Equus has ended the day a steady 25 per cent in the green with shares trading for 1 cent each in an $11.29 million market cap.
