High Grade Titanium Results Strengthen Mata da Corda's Position Ahead of Mineral Resource Estimate
Substantial Titanium Intercept of 52m at 9.8% TiO2 from Surface
Sydney, Nov 25, 2024 AEST (ABN Newswire) - Equinox Resources Limited (
ASX:EQN) (EQNXF:OTCMKTS) is pleased to report exceptional results from its ongoing drilling campaign at the Mata da Corda Titanium and Rare Earths Project ("Project"), located in Minas Gerais, Brazil. This Project continues to demonstrate significant potential for multi-commodity mineralisation.
Highlights
- Additional drilling results from 35 drill holes, with an average depth of 15 meters has returned exceptional titanium dioxide (TiO2) results. Standout intercepts include 10.2m at 15.0% TiO2 (MC_DD24_002) and 15m at 13.6% TiO2 (MC_AD24_019), showcasing significant high-grade TiO2 potential. Notably, 43 intercepts exceed 12.0% TiO2 across 85.6 meters. Significant titanium dioxide intercepts include:
- 4m at 15.6% TiO2 from 5m (MC_AD24_033)
- 10.2m at 15.0% TiO2 from 9m (MC_DD24_002)
- 15m at 13.6% TiO2 from surface (MC_AD24_019)
- 12m at 13.2% TiO2 from surface (MC_AD24_008)
- 7m at 12.7% TiO2 from surface (MC_AD24_025)
- 5m at 13.2% TiO2 from surface (MC_AD24_006)
- 52m at 9.8% TiO2 from surface (MC_DD24_001)
Drilling results have also achieved remarkable Total Rare Earth Oxide (TREO) results, with high-value Magnetic Rare Earth Oxide (MREO) content. Highlighted by 3m at 6,847 ppm TREO (27% MREO) (MC_AD24_033). 31 intercepts exceed 3,000 ppm TREO totaling 53.4 meters, with MREO percentages averaging 23%. Significant TREO intercepts include:
- 3m at 6,847 ppm TREO (27% MREO) from 6m (MC_AD24_033)
- 3m at 5,288 ppm TREO (23% MREO) from 6m (MC_DD24_001)
- 5m at 3,634 ppm TREO (22% MREO) from surface (MC_AD24_006)
- 9m at 3,575 ppm TREO (23% MREO) from 33m (MC_DD24_004)
- 3m at 3,147 ppm TREO (22% MREO) from 5m (MC_AD24_025)
- 4m at 3,321 ppm TREO (23% MREO) from 11m (MC_AD24_019)
- 10m at 4,347 ppm TREO (25% MREO) from 9m (MC_DD24_002)
- High-grade Titanium intercepts occur within the top 15 meters, with significant grades located within 10 meters from the surface.
- Drilling at Patos and Pindaibas prospects, covering only 1.4% of the 972km2 Mata da Corda project area, aims to deliver a maiden Mineral Resource Estimate by H1 CY2025.
- RC and auger drilling are still underway at Equinox Resources' Campo Grande Rare Earths Project, with assay results pending.
Equinox Resources Managing Director, Zac Komur, commented:
"At Equinox Resources, we are systematically advancing our portfolio of projects to deliver long-term value to our shareholders.
These outstanding results from the Mata da Corda Project highlight the immense potential of this exceptional asset, which we pegged late last year. High-grade, thick titanium intercepts at surface lay a solid foundation for delivering a maiden Mineral Resource Estimate by the first half of CY2025.
As we progress drilling at the Patos and Pindaibas prospects, our focus remains on unlocking the project's full potential, creating additional value, and solidifying Mata da Corda as one of the standout projects in our portfolio. Concurrently, we are conducting comprehensive test work on heavy mineral characterisation and continuing exploration across the broader project area to further enhance its profile.
Drilling is also underway at the Campo Grande Rare Earths Project, with assay results pending, further contributing to the growing momentum across our Brazilian projects portfolio.
Meanwhile, at the Alturas Antimony Project, we are advancing geological work to assess its scale, while activities continue on progressing the Hamersley Iron Ore Project.
We remain committed to delivering results across all our projects, achieving key milestones, and creating significant value for our shareholders as we move forward."
Exploration Program Overview and Next Steps
The Mata da Corda exploration programme is advancing steadily, with significant progress in defining the project's high-grade potential. Currently, 1,370 metres of diamond drilling remains to be completed, alongside approximately 30 planned auger drill holes at the Patos and Pindaibas prospects. These efforts are essential to finalising the geological model and advancing towards a maiden Mineral Resource Estimate, targeted for completion by H1 CY2025 Drilling, strategically planned on a grid pattern of 200 to 400 metres, will further refine the understanding of near-surface mineralisation. This phase of the programme focuses on just 1.4% of the Mata da Corda project area, highlighting its potential. The ongoing work is designed to ensure comprehensive coverage of the highest-priority targets, delivering the data required for resource definition and supporting future expansion opportunities.
Metallurgical Test Work Underway
Equinox Resources is advancing metallurgical test work on drill core samples from the Mata da Corda project. This program focuses on optimising extraction processes for titanium minerals while developing a conceptual flowsheet for a potential processing plant. The comprehensive analysis includes size distribution studies, gravity and magnetic separation, flotation, and advanced mineralogical assessments. These results will play a critical role in refining processing strategies, supporting resource modelling, and shaping future development plans for the Mata da Corda project.
Campo Grande Brazilian Rare Earths Project Update
At the Company's Campo Grande Rare Earth Project in Bahia, Brazil, RC and auger drilling are ongoing, with assay results currently pending. To optimise costs, the Company transitioned assay processing from ALS Laboratories to SGS Laboratories. The ongoing 4,000 metres RC and auger drilling program, conducted using the Company's own auger rigs and team, is part of a broader exploration initiative targeting high-priority areas.
About Equinox Resources Limited
Equinox Resources Limited (ASX:EQN) focuses on the exploration and development of iron ore and future-facing high margin commodities essential for a sustainable tomorrow. Our projects in Australia and Brazil are strategically positioned to make a significant industry impact.
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