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The maiden drilling run at Mata da Corda in Brazil has ended in major success for Equinox Resources (ASX:EQN), with the company today telling shareholders it found “remarkable” geological consistency at the Minas Gerais dig.
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The Australian explorer has spotted “a mineralised district with thick surface mineralisation that ends in premium titanium grades” after the Brazilian project’s first run.
“The geological consistency we’re seeing is remarkable,” Equinox boss Zac Komur declared, pointing to identical high-grade profiles across the prospect as a specific win — and adding the explorer’s now eagerly awaiting final assay results.
Those, HotCopper understands, should be available within the next few weeks.
Numbers-wise, things look quite good: The 39 new drill holes averaged 11.6% TiO2 across 725.15 metres. Multiple holes, as noted, encountered mineralisation beginning at surface, which was maintained through their lengths.
The standout hit that boosted Equinox’s confidence was an intercept showing 11 metres at 16.17% TiO2 with 3,783ppm TREO and 934ppm Nb2O5 from surface.
Last week, Mr Komur told HotCopper in a video interview on the Minas Gerais project: “Mata da Corda is now well-positioned as an emerging source for critical titanium minerals and a very low-cost jurisdiction like Brazil.”
Equinox’s maiden Mata da Corda drilling totalled 6,359 metres across all prospects.
Also in the pipe is further testwork to optimise titanium dioxide recovery.
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Equinox’s news seems to have somewhat energised Australian investors this Friday, with the Western Australian-based explorer jumping as much as 13.3% at open. Just under 300,000 units have already been scooped up.
On HotCopper forums, users declared the results “look pretty bloody good.”
At 10.20am today, EQN shares have been selling at 8.5 cents each.
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