Equinox Exploration Corp.

Equinox Exploration Corp.

July 24, 2012 10:41 ET

Equinox Exploration Corp. Reports Grab Samples from 0.32% to 18.35% Copper From Its Binghampton Copper Queen Project in West Central Arizona

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 24, 2012) - Equinox Exploration Corp. (TSX VENTURE:EQX) (Equinox) has received assay results from preliminary grab sampling underground at Copper Queen and surface trench sampling at its Binghampton Copper Queen volcanogenic massive sulfide (VMS) Project near Prescott, Arizona within the Arizona Copper Belt. Key points are:

  • Grab rocks samples from surface ranged from 0.32% Cu to 18.35% Cu
  • Grab underground samples from the Copper Queen ranged from 0.36% Cu to 8.30% Cu
  • Complete sampling details can be found in the following table
  • Underground channel sampling will begin the week of July 23, 2012 at Copper Queen.
  • The results from the HELITEM EM survey remain outstanding

The underground sampling consisted of chip grab samples of copper mineralization from the walls and backs of the adits and drifts at various locations along the accessible levels, sub-levels and stopes. Mineralization generally consisted of 1 mm to 5 cm chalcopyrite seams within a 2 to 4 metre wide, steeply dipping silica rich zone. Bornite is also common within the chalcopyrite and pyrite is rare.

The surface samples are grab samples of visible oxide copper mineralization from the trenches excavated on a parallel mineralized trend 375 metres to the south of the Copper Queen Mine. The oxide copper mineralization consisted of malachite and azurite with sulfide leach zones ranging from 2 m to 40 m wide. Minor silica replacement was noted in the zones. The samples were composite grabs across the leached zones.

Underground Grab Samples
Sample Location Mineralization ppm Cu % Cu ppb Au
300-1 300 level chalcopyrite, bornite 7.71 218.5
300-2 300 level chalcopyrite, bornite 2.56 5814.8
350-1 350 level chalcopyrite, bornite 8,630 0.86 317.5
400-1 400 level chalcopyrite, bornite 7.02 700.6
400-2 400 level chalcopyrite, bornite 5,865 0.59 326.7
400-3 400 level chalcopyrite, bornite 3.66 325.7
400-4 400 level chalcopyrite, bornite 2,205 0.22 221.9
400-5 400 level chalcopyrite, bornite 4.89 539.1
400-6 400 level chalcopyrite, bornite 2.84 61.4
400-7 400 level chalcopyrite, bornite 8,283 0.83 41.4
400-8 400 level chalcopyrite, bornite 2.90 107.9
400-9 400 level chalcopyrite, bornite 1.72 221.6
400-10 400 level chalcopyrite, bornite 3.48 174.0
400-11 400 level chalcopyrite, bornite 6,166 0.62 517.2
400-12 400 level chalcopyrite, bornite 5,705 0.57 65.6
400-13 400 level chalcopyrite, bornite 4.62 1344.5
400-14 400 level chalcopyrite, bornite 5,360 0.54 1553.5
200-1-151 200 level chalcopyrite, pyrite 3,595 0.36 131.0
200-2-172 200 level chalcopyrite, pyrite 4.42 2741.9
CUQ-1 dump azurite, malachite 8.30 314.3
CUQ-2 outcrop malachite 2.15 150.9
Surface Trench Grab Samples
Sample Location Mineralization ppm Cu % Cu ppb Au
G-6-1 trench malachite, azurite 1.72 10.6
G-9 trench malachite, azurite 12.57 646.3
G-10 trench malachite, azurite 4.48 73.1
G-1 trench malachite, azurite 18.35 343.0
G-2 trench malachite, azurite 3,198 0.32 2.5
G-4-1 trench malachite, azurite 1.04 11.2
G-5A-1 trench malachite, azurite 10.94 64.0
G-6B-1 trench malachite, azurite 1.25 36.8

Equinox is continuing exploration at Binghampton Copper Queen, sampling the surface trenches in greater detail and channel sampling the accessible underground workings at the Copper Queen Mine. This sampling program in combination with the awaited results from the airborne EM survey will assist in directing the upcoming diamond drill program later in the year.

"We are excited about the initial results of our sampling and look forward to our drill program," stated Vic Nielsen, President of Equinox Exploration Corp.

All samples have been sent to Acme Analytical Labs in Vancouver, B.C., an ISO9001 certified lab. All results for copper reported in this news release were from ICP MS, with samples yielding greater than 1 per cent copper re-analyzed by ICP ES. At this preliminary stage of the exploration program, the Company is relying on laboratory's internal QA/QC procedures.

Equinox is earning a 100-per-cent interest in the Binghampton property by making cash payments of $1.25-million and issuing five million shares over the next four years, subject to a 3-per-cent net smelter return royalty. Equinox has the right to purchase the royalty at a price of $1-million (U.S.) per 1 per cent. In addition, Equinox is obligated to pay $250,000 and issue a further one million shares on the filing of a National Instrument 43-101 resource estimate for the property.

About Equinox Exploration Corp.

Equinox Exploration Corp. is a publicly traded corporation listed on the TSX-Venture Exchange (TSX VENTURE:EQX) and is engaged in mineral exploration and development in the United States and Chile. The major focus is on copper exploration properties in the Southwest United States where management has extensive experience and a proven track record of discovery. To find out more about Equinox visit its website at www.EquinoxExploration.com.

R. Tim Henneberry, P Geo., on the Advisory Board of Equinox, is the Qualified Person as defined in National Instrument 43-101 who has reviewed and approved the technical content of this news release.

On behalf of the Board of Directors of Equinox Exploration Corp.

Roy Fuller-Director

Forward-Looking Statement

This news release includes certain statements that may be deemed "forward-looking statements". Forward-looking information includes, but is not limited to: statements with respect to the effect and estimated timeline of the drilling and assay results on the Company; the estimation of mineral reserves and mineral resources; the timing and amount of estimated future exploration; costs of exploration; capital expenditures; success of exploration activities; permitting time lines and permitting; government regulation of mining operations; potential future expansion of the PFNP; environmental risks; unanticipated reclamation expenses; and title disputes or claims. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All statements in this release, other than statements of historical facts, including the likelihood of commercial mining and possible future financings are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: unsuccessful exploration results; changes in metals prices; changes in the availability of funding for mineral exploration; unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on the Company and the risks and challenges of its business, investors should review the Company's annual filings that are available at www.sedar.com.


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