Equitorial Exploration Reports Assay Results up to 3.57% Li2O at Cat Lake

2018-08-23 / @thenewswire

(TheNewswire)

Vancouver, BC, Canada / TheNewswire / August 23rd, 2018 – Equitorial Exploration Corp. (TSX-V: EXX, Frankfurt: EE1, OTCQB: EQTXF) (“Equitorial” or “Company”) is pleased to announce assay results from drill hole CT-18-06 of the Cat Tail Pegmatite from its Phase One drill program carried out in late spring 2018 at its 100%-owned Cat Lake Lithium Property in southeast Manitoba.

The company has applied for a drill permit to carry out Phase Two, a 5,000 meter, drill hole program to further explore the lithium and tantalum potential at depth and along strike and intends to commence drilling in September 2018.

Drill Hole CT-18-06

Drill hole CT-18-06 was collared at the same location as the discovery drill hole, CT-18-02. The discovery drill hole, was positioned to intersect a proposed southerly projection of the Irgon Pegmatite system, a pegmatite that is presently being explored by QMC Quantum Minerals to the west of the company's claims. The discovery drill hole CT-18-02 encountered 36.19 meters of a spodumene-bearing pegmatite (true width not determined at this time) at a depth of 126.41 meters downhole or 90 meters below the surface. Spodumene is one of the major lithium bearing minerals explored for in pegmatites. The hole was collared approximately 222 meters southeast of the last surface exposure of the Irgon Pegmatite. The Cat Tail Pegmatite has no known surface expression.

CT-18-06 was collared to intersect the lithium-bearing Cat Tail Pegmatite beneath the discovery hole. It encountered the pegmatite at a depth of 137.47 meters downhole or approximately 120 meters below the surface. The pegmatite encountered in the drill hole was 33.21 meters in core length (true width not determined at this time). Numerous sections of spodumene enrichment in the pegmatite were encountered in the drill core with individual assays up to 3.57% Li2O. The overall mineralized section of the pegmatite (see Table 1) graded 1.67 Li2O over a drill core length of 30.53 meters (true width not determined at this time) with three zones grading 3.21%, 1.81% and 1.99% (see Table1). The assay results of drill hole CT-18-06 extended the lithium mineralization in the Cat Tail Pegmatite to depth. The pegmatite remains open at depth and along strike.

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Table 1: Weighted Averages for drill hole CT-18-06 at the Cat Tail Pegmatite

Summary of the Phase One Cat Tail Pegmatite 2018 Drill Program

A total of 1,256 meters was completed in the Phase One diamond drill hole program. A total of seven drill holes were drilled with six drill holes testing the lithium and pegmatite potential of the property and the seventh hole testing a sulphide rich skarn. Numerous pegmatites were encountered in all the holes with a main spodumene (lithium mineral) bearing pegmatite (Cat Tail Pegmatite) encountered in four of the six holes. Drill hole CT-18-03 encountered several high grade tantalum zones. Prior to being drilled, this pegmatite was buried with no surface expression. Assay results are still pending for sulphide rich skarn.

Table 2 is an overview of the drill holes that encountered the Cat Tail Pegmatite.

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Table 2: Cat Tail Pegmatite Intersections.

Phase Two Drill Program

The company plans to carry out a Phase Two drill hole program on the Cat Tail Pegmatite to further explore the lithium and tantalum potential at depth and along strike. A drill work permit has been applied for with the Province of Manitoba and the company is awaiting approval. The drill program has been designed to further drill test the Cat Tail Pegmatite along strike and at depth. An exploration program of mapping and sampling is scheduled for the fall of 2018. The field work will aid in a better understanding of the Cat Tail Pegmatite system. The company also plans to initiate a PEA (Preliminary Economic Assessment) Study after the completion of the Phase Two drilling.

QA/QC Protocol

All core samples were sent to the Activation Laboratories facility, in Ancaster, Ontario for analysis. Samples were prepared, using the lab’s Code RX1 procedure. Samples are crushed, up to 95% passing through a 10 mesh, riffle split, and then pulverized, with mild steel, to 95%, passing 105 μm. Analyses were completed, using the lab’s Ultratrace 7 Package; a Sodium Peroxide Fusion which allows for total metal recovery and is effective for analysis of Sulphides and refractory minerals. Assay analyses are carried out, using ICP‐OES and ICP‐MS instrumentation. Equitorial Exploration implemented a QA/QC program for the drill program with the injection of blanks, duplicates and commercial standards at intervals throughout the sample sequence. Activation Laboratories has their own internal QA/QC procedures that it carries out for all sample batches.

Qualified Person

The drill program was supervised Carey Galeschuk. P. Geo, a consulting geologist with extensive experience in rare metal and lithium-bearing pegmatites. He also serves as Qualified Person for the purpose of National Instrument 43-101.

Cat Lake Lithium Property Highlights

- Property situated directly east and along strike of Quantum Minerals' Cat Lake Mineral Project (previously Irgon Lithium Mine). During 1956-1957, the Irgon Mine was an underground mining operation for spodumene (one of the hard rock sources for Li). The pegmatite had an historic estimate of 1.25 million tons of ore grading 1.51% Li20 (Mineral Inventory File No. 221).

- The Equitorial Exploration claim block is located 150 m from south end of Irgon Lithium Mine shaft and approximately 93 meter east of the last exposed outcrop of the Irgon Pegmatite

- 48 feet (14.63 m) of spodumene bearing pegmatite were reported drilled in 1948 on the company’s present claims but not followed up at the time (Manitoba Assessment File 98073 - not 43-101 compliant)

- Property approximately 180 km northeast of Winnipeg, Manitoba

- Excellent infrastructure - Provincial Highway 314 in southeast Manitoba cuts through the property

Please click for maps of the claims: http://equitorialexploration.com/wp-content/uploads/2018/01/Cat-Lake-Claims-Maps-3.pdf

Geologically, the property lies within the east-trending Mayville-Cat-Euclid Greenstone Belt (“MCEGB”) located along the northern contact of the Maskwa Lake Batholith. This northern greenstone belt has a similar structural geological setting as the Bird River Greenstone Belt (“BRGB”) which is located along the southern contact of the same batholith, and is parallel to and approximately 18km to the south of the MCEGB. The property is located 20 kilometers north of the Tanco Mine Property. The BRGB hosts the world-class Tanco rare metal-bearing pegmatite as well as numerous other lithium-bearing pegmatites. The Tanco Mine went into production in 1969 and produced tantalum, cesium and spodumene (lithium). It was previously North America’s largest and sole producer of spodumene (Li), tantalum (Ta) and pollucite (Cs).

About Equitorial Exploration Corp

Equitorial is aggressively developing four 100%-owned, high-potential, lithium projects in North America. The Little Nahanni Pegmatite Group (LNPG) is a 43-101 compliant, hard rock, lithium property in the NWT. The Cat Lake Lithium Property in Manitoba, Canada is directly adjacent to the Cat Lake Mineral Project, a highly prospective Lithium property. The Tule and Gerlach Lithium Brine Projects are located in lithium-rich Utah and Nevada within easy reach of the Tesla Gigafactory #1. All four projects have demonstrated highly encouraging grades.

For more information please visit: http://equitorialexploration.com/

On behalf of the Board of Directors

EQUITORIAL EXPLORATION CORP.

_____________________

Jack Bal, CEO and Director

For further information, please contact Jack Bal at 604-306-5285

FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws, including statements regarding the Cat Lake, Tule, Gerlach and Little Nahanni Pegmatite Projects: statements pertaining to the ability of Equitorial Exploration Corp.(“EXX”); the potential to develop resources and then further develop reserves; the anticipated economic potential of the property; the availability of capital and finance for EXX to execute its strategy going forward. Forward-looking statements are based on estimates and assumptions made by EXX in light of its experience and perception of current and expected future developments, as well as other factors that EXX believes are appropriate in the circumstances. Many factors could cause EXX’s results, performance or achievements to differ materially from those expressed or implied by the forward looking statements, including: discrepancies between actual and estimated results from exploration and development and operating risks, dependence on early exploration stage concessions; uninsurable risks; competition; regulatory restrictions, including environmental regulatory restrictions and liability; currency fluctuations; defective title to mineral claims or property and dependence on key employees. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.