Equitas Resources (EQT.V) has received 733 of its 757 trench assays back, and the initial results look quite encouraging as the company’s geologists discovered 2 meters of in excess of 24 g/t gold and another 2 meters at almost 19 g/t gold. That’s positive as the company has been trying to establish how widespread the mineralization at the Baldo zone is, and encountering decent grade close to surface bodes well for a drill program to drill-test the gold occurrences.
Even though the majority of the trench assays have already been received from the lab, Equitas hasn’t had access to the assay results of its small drill program on the Baldo zone just yet, but we expect to hear more from this within the next few weeks. These drill results will be very important for Equitas’ growth plans as it expects to increase the existing resource estimate at Baldo.
Equitas seems to be very pleased with the first assay results, as the company has expanded its drill program, with additional diamond drilling and auger drilling to be conducted. The market reacted excited on these trench results, and Equitas’ share price increased by approximately 50% on a massive volume of 14 million shares.
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The author has no position in Equitas Resources. Equitas is not a sponsor of the website, but Zimtu Capital is. Please read the disclaimer
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