Voisey’s Bay nickel, copper and cobalt deposit in quite the discovery
Mining analyst Stephan Bogner published a research update on Equitas Resources Corp. as the company provided a remarkable drilling update yesterday after market close.
The discovery of the Voisey’s Bay nickel, copper and cobalt deposit in Labrador has been heralded as one of the most significant discoveries made in Canada in the last 30 years. Last month, Equitas Resources Corp. announced the start of a phase 1 drilling program on its Garland Property, some 30km southeast of the Voisey’s Bay Mine. As per yesterday’s news, 4 of 10 prospective anomalies have already been drill tested and assays are expected shortly.
In the meantime, it may be worthwhile to look back at the initial discovery of Voisey’s Bay some 20 years ago. As Mark Twain said: “History never repeats itself but it often rhymes.”
Yesterday after market close, Equitas provided a drilling update. Approximately 1,515m have been drilled so far with 4 holes completed (379 million per hole on average) at VTEM anomalies D, C, J and Q. A total of 173 core samples have been sent to an independent lab for analysis, with assays to be received shortly. The remaining 6 anomalies will be drill tested in the next weeks.
In addition to ongoing geophysical evaluations with Crone large loop PEM surveys over all VTEM anomalies, Equitas mentioned to conduct petrographic analysis on several samples from anomalies D and J, which gives the impression that the drills may have found something comparable to Voisey’s Bay. Follow-up drilling at both anomalies may be conducted once favorable assays have been received.
According to Equitas’ VP of Exploration, Everett Makela: “We are satisfied with the progress of work completed to date, and await full results from the current program. Despite a very tough financing climate, Equitas is well-funded to execute on our plans to evaluate all anomalies identified on the Garland property.”
The following historic map from Diamond Fields Resources Inc. shows the location of Voisey’s Bay’s first 5 holes, drilled in October 1994 along an EM anomaly (highlighted in yellow). The shape of Voisey’s Bay’s EM anomaly appears similar to the line-up of VTEM anomalies C, Q, I, J, G, and H (“Southern Response Trend”, yellow in map below) on Equitas’ Garland Property.