Equity Drilling Intersects Bonanza Silver and Gold on the Camp Deposit and George Lake Target at the Silver Queen Project, BC
Equity Drilling Intersects Bonanza Silver and
Gold on the Camp Deposit and George Lake
Target at the Silver Queen Project, BC
Vancouver, British Columbia--(Newsfile Corp. - August 27, 2024) -
Equity Metals Corporation (TSXV:
EQTY) ("Equity")
reports today that drilling has intersected bonanza-grade silver at the Camp Deposit
and bonanza-grade gold at the George Lake zone on its 100% owned Silver Queen Au-Ag project,
British Columbia.
Drill highlights from the
Camp Deposit
include:
A
0.7 metre
(est. TT) interval grading
7,099g/t Ag, 0.4g/t Au, 0.3% Cu, 2.0% Pb and 5.4% Zn
(101.3g/t AuEq or 7,532g/t AgEq)
within
a
3.5 metre
(est. TT) interval averaging
1,501g/t Ag,
0.5g/t Au, 0.1% Cu, 0.8% Pb and 5.9% Zn (25.6g/t AuEq or 1,901g/t AgEq)
in drillhole
SQ24-
124
; and
A
0.7 metre
(est. TT) interval grading
1,156g/t Ag, 0.3g/t Au, 0.8% Pb and 0.8% Zn (16.9g/t
AuEq or 1,257g/t AgEq)
within
a
2.3 metre
(est TT) interval grading
484g/t Ag, 0.2g/t Au, 0.5%
Pb and 0.6% Zn (7.5g/t AuEq or 557g/t AgEq)
in drillhole
SQ24-123.
The highlight mineralized intercept from drill hole SQ24-124 is relatively shallow, starting at only 148.7
metres down hole, and helps build lateral continuity in one of the earlier modeled high-grade, silver-
enriched veins within the Camp Deposit. The intercept from drill hole SQ24-123 tested a previously
unmodelled deeper structure, starting at 441.0 metres downhole and demonstrates lateral continuity
along a 140 metre strike-length with previously reported intercepts from drillholes SQ22-079 and SQ22-
080. Mineralization in this structure remains open both vertically and laterally for further drill testing and
has not previously been included in resource calculations. New veins identified in the Camp structure will
be accretive to the existing mineral resources in the deposit.
These two highlight intervals report rushed assays based on visuals from two of four drillholes that tested
high-grade veins along the western margin of the Camp Deposit. Additional mineralized intercepts were
noted in each of the holes and were sampled; the balance of assays is anticipated in the coming weeks.
George Lake Target
The Company also reports on additional assay from its 2024 drilling on the George Lake target which
include:
A
0.4 metre
(est. TT) interval grading
58.2g/t Au, 66g/t Ag, 1.2% Pb and 1.3% Zn (60.7g/t
AuEq or 4512g/t AgEq)
in drillhole
SQ24-113
; and
A
0.5 metre
(est. TT) interval grading
0.8g/t Au, 67g/t Ag, 0.2% Cu, 3.7% Pb and 17.9% Zn
(17.1g/t AuEq or 1269g/t AgEq)
in drillhole
SQ24-111.
The current drill results help confirm the lateral continuity of both the main George Lake structure and
several hangingwall veins in the target area. Of note, the high-grade gold intercept in SQ24-113 is a
deeper intercept starting at 399 metres downhole. Initial 3D modeling indicates that the intercept
projects further to the southwest than the targeted vein and may represent a separate footwall vein to the
main George Lake structure which is open for further drill testing.
Figure 1: Plan of Silver Queen project area
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5566/221175_63ed2742548b581d_002full.jpg
VP Exploration Rob Macdonald commented, "The newly released assay results continue to highlight
the extraordinary grade potential of the Silver Queen project as we continue to delineate veins in the
Camp deposit as well as confirm the lateral projection of mineralization in the George Lake structural
zone. Additional assay results are pending over the coming weeks and are expected to further extend
mineralization at the George Lake structure and to provide definition of new veins both at, and to the
north of, the Camp deposit."
Twenty-four core holes totalling 10,543 metres were completed as part of Equity's Summer '24
exploration program, which includes 18 drill holes totalling 7,541 metres at the George Lake target, four
drillholes totalling 2,687 metres at the Camp target and two holes totalling 975 metres at the Camp North
target. Complete assay results have been reported for only nine holes and partial results returned for two
additional holes with the balance of assays yet to come.
The company has paused drilling during August to allow additional assay returns to help direct drilling in
the next phase of work. Compilation and modelling of the current results continues in preparation for new
drilling due to start in mid-September.
About Silver Queen Project
The Silver Queen Project is a premier gold-silver property with over 100 years of historic exploration and
development and is located adjacent to power, roads and rail with significant mining infrastructure that
was developed under previous operators Bradina JV (Bralorne Mines) and Houston Metals Corp. (a
Hunt Brothers company). The property contains an historic decline into the No. 3 Vein and the George
Lake Vein, camp infrastructure, and a maintained Tailings Facility.
The Silver Queen Property consists of 46 mineral claims, 17 crown grants, and two surface crown grants
totalling 18,871ha with no underlying royalties. Mineralization is hosted by a series of epithermal veins
distributed over a 6 sq km area. An updated NI43-101 Mineral Resource Estimate with effective date
December 1st, 2022 was detailed in a News Release issued on Jan 16, 2023, which can be found by
clicking
here
and the full Technical Report can be found on SEDAR+ (
www.sedarplus.ca
) and the
Company's website.
More than 20 different veins have been identified on the property, forming an extensive network of zoned
Cretaceous- to Tertiary-age epithermal veins. The property remains largely under-explored.
Table 1: Select Currently Reported Composites from 2024 Drilling on the George Lake Target
Hole #
From
(m)
To
(m)
Interval
(m)
ETT
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
AuEq
(g/t)
AgEq
(g/t)
Comments
(m)
SQ24-123
441.0
443.9
2.9
2.3
0.2
484
0.0
0.5
0.6
7.5
557
inc.
441.0
441.9
0.9
0.7
0.3
1156
0.0
0.8
0.8
16.9
1257
ASSAYS
PENDING
SQ24-124
148.7
153.0
4.3
3.5
0.5
1501
0.1
0.8
5.9
25.6
1901
inc.
148.7
149.5
0.9
0.7
0.4
7099
0.3
2.0
5.4
101.3
7532
and inc.
150.6
151.1
0.5
0.4
1.1
108
0.1
1.6
32.9
28.2
2096
ASSAYS
PENDING
George Lake Target
SQ24-110
18.4
18.7
0.3
0.2
4.0
127
0.6
3.9
3.9
11.3
841
SQ24-110
156.0
156.7
0.7
0.5
1.6
9
0.0
0.1
3.4
4.3
320
SQ24-110
309.4
311.0
1.6
1.2
0.6
22
0.1
0.3
0.8
1.7
128
SQ24-111
22.8
23.1
0.3
0.2
0.8
27
0.1
0.5
2.3
3.3
247
SQ24-111
242.9
243.8
0.9
0.5
0.8
67
0.2
3.7
17.9
17.1
1269
SQ24-111
264.1
264.4
0.3
0.2
1.3
23
0.0
0.3
10.6
9.7
718
SQ24-111
355.6
355.9
0.3
0.2
1.4
38
0.1
2.8
8.7
9.8
728
SQ24-111
361.0
362.1
1.1
0.6
0.8
31
0.0
1.1
9.1
8.6
637
31.8%
Dilution
SQ24-112
104.0
104.7
0.7
0.4
1.1
53
0.1
0.8
8.5
8.6
641
SQ24-112
188.3
189.3
0.9
0.6
1.0
52
0.0
0.6
0.9
2.7
201
SQ24-112
201.0
202.1
1.1
0.6
0.8
52
0.0
1.9
1.4
3.5
258
SQ24-113
121.0
121.5
0.5
0.3
0.8
20
0.0
0.5
2.1
2.9
213
SQ24-113
211.3
212.4
1.1
0.6
0.3
48
0.0
1.5
2.7
3.7
273
inc.
211.3
211.6
0.3
0.2
0.4
65
0.0
3.5
5.7
7.2
534
SQ24-113
250.7
254.2
3.5
2.0
0.6
35
0.0
0.8
2.1
3.0
224
inc.
252.2
252.5
0.3
0.2
0.9
213
0.2
6.0
6.7
11.7
869
SQ24-113
293.0
293.9
0.9
0.5
0.5
54
0.0
0.5
2.8
3.6
267
SQ24-113
399.7
400.4
0.7
0.4
58.2
66
0.0
1.2
1.3
60.7
4512
Notes: drill core samples were analyzed by FA/AAS for gold and 48 element ICP-MS by MS Analytical, Langley, BC. Silver (>100ppm), copper, lead
and zinc (>1%) overlimits assayed by ore grade ICP-ES analysis, High silver overlimits (>1000g/t Ag) and gold overlimits (>10g/t Au) re-assayed with
FA-Grav. Silver >10,000g/t re-assayed by concentrate analysis, where a FA-Grav analysis is performed in triplicate and a weighed average
reported. Downhole composites calculated using a 80g/t AgEq (1g/t AuEq) cut-off and <20% internal dilution, except where noted. Accuracy of
results is tested through the systematic inclusion of QA/QC standards, blanks and duplicates into the sample stream. AuEq and AgEq were
calculated using prices of $1,800/oz Au, $22/oz Ag, $3.50/lb Cu, $0.95/lb Pb and $1.30/lb Zn. AuEq and AgEq calculations utilized relative
metallurgical recoveries of
Au 70%, Ag 80%, Cu 80%, Pb 81% and Zn 90%.
About Equity Metals Corporation
Equity Metals Corporation is a member of the Malaspina-Manex Group. The Company owns 100%
interest, with no underlying royalty, in the
Silver Queen project,
located along the Skeena Arch in the
Omineca Mining Division, British Columbia. The property hosts high-grade, precious- and base-metal
veins related to a buried porphyry system, which has been only partially delineated. The Company also
has a controlling JV interest (57.49%) in the
Monument Diamond project
,
NWT
, strategically located
in the Lac De Gras district within 40 km of both the Ekati and Diavik diamond mines. The Company also
has royalty and working interests in other Canadian properties, which are being evaluated further to
determine their value to the Company.
Robert Macdonald, MSc. P.Geo, is VP Exploration of Equity Metals Corporation and a Qualified Person
as defined by National Instrument 43-101. He is responsible for the supervision of the exploration on the
Silver Queen project and for the preparation of the technical information in this disclosure.
On behalf of the Board of Directors
"Joseph Anthony Kizis, Jr."
Joseph Anthony Kizis, Jr., P.Geo
President, Director, Equity Metals Corporation
For further information, visit the website at
https://www.equitymetalscorporation.com
; or contact us at
604.641.2759 or by email at
.
Neither 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. This news release may contain forward-looking statements. Forward-looking statements
address future events and conditions and therefore involve inherent risks and uncertainties. Actual
results may differ materially from those currently anticipated in such statements. Factors that could
cause actual results to differ materially from those in forward-looking statements include the timing
and receipt of government and regulatory approvals, and continued availability of capital and
financing and general economic, market or business conditions.
Equity Metals Corporation does not
assume any obligation to update or revise its forward-looking statements, whether as a result of new
information, future events or otherwise, except to the extent required by applicable law.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/221175