Equity Drills 0.3 Metres Grading 10,117g/t AgEq within a 3.7 Metre Interval Averaging 1,148g/t AgEq on the Camp Vein Target, Silver Queen Project, BC; Further Assays Pending and Drilling Continues
Equity Drills 0.3 Metres Grading 10,117g/t
AgEq within a 3.7 Metre Interval Averaging
1,148g/t AgEq on the Camp Vein Target, Silver
Queen Project, BC; Further Assays Pending
and Drilling Continues
Vancouver, British Columbia--(Newsfile Corp. - November 23, 2021) -
Equity Metals Corporation
(TSXV: EQTY) ("Equity")
reports today additional assays from the first three holes of Equity's
September 2021 drill program that continue to return
Bonanza-grade silver
intercepts from the
Camp
Vein target
,
Silver Queen Project, BC.
New highlight intercepts include:
a
0.3 metre
interval grading
10,085g/t Ag,
0.17g/t Cu, 0.1% Pb and 0.3% Zn
(10,117g /t AgEq)
within
a
3.7 metre
interval averaging
1,143g/t Ag,
and 0.1% Zn
(1,148g/t AgEq)
from drill hole
SQ21-034
;
a 0.5 metre
interval grading
2,247/t Ag,
0.1g/t Au, 0.1% Cu, 0.2% Pb and 0.6% Zn
(2,295g/t
AgEq)
within
a
3.5 metre
interval averaging
739g/t Ag,
0.1% Pb, and 0.6% Zn
(752g/t AgEq)
from drill hole
SQ21-032
;
and
a
1.0 metre
interval grading
296/t Ag, 0.8g/t Au, 1.7% Pb and 2.9% Zn
(521g/t AgEq)
from drill
hole
SQ21-033
.
These assay intervals significantly add to the rushed assay results from these three holes first reported in
NR-10-21, dated October 7, 2021. The previously reported values include:
a
1.4 metre
interval grading
1,218g/t AgEq
from drill hole
SQ21-032;
a
2.1 metre
interval averaging
537g/t AgEq
from drill hole
SQ21-033;
and
a
0.4 metre
interval grading
1,307g/t AgEq
from drill hole
SQ21-034.
Full summary assay results are included below in Table 1. Assays from nine samples from drill hole
SQ21-034 are pending, as is a concentrate analysis of the highlight
10,085g/t silver
interval for
verification purposes.
Drilling in this area has now successfully confirmed up-dip continuity in three of the four modelled veins
identified on the northwestern margin of the Camp Vein target as well as potentially additional
hangingwall and footwall veins. Mineralization is open and untested to the west and projects both
eastward and down-dip into previously identified vein intercepts.
Eighteen new core holes and an extension of an earlier hole, totalling 4,636 metres, were completed on
the
Camp Vein Target
as part of the September 2021 program. Full assays from 16 of these holes are
pending with further assay results expected over the coming weeks and extending into the New Year.
The Company also reports that drilling resumed on the property in late October and is now testing a
1,000 metre-long, east-southeast trending segment of a target structure which forms the eastern
projection of the
Camp Vein Target
and transitions into the
No. 5
,
Switchback
and
No. 3
vein systems
(See Figure 1). Seven core holes, totalling 2,718 metres, have been completed to date with step-outs of
up to 850 metres laterally from previously completed drilling from the September program. Numerous
vein intercepts have been identified in these holes. Logging and sampling of the core is proceeding with
initial assay results anticipated in early 2022. Drilling on the property will continue into December.
VP Exploration Rob Macdonald commented,
"Equity's management is very encouraged by both these
early assay returns from recent drilling on the Camp Vein target and with the visual core results from
current drilling on the No. 5 - Switchback segment. The Bonanza-grade intercepts continue to confirm
the high-grade potential of the vein system, and new drilling has confirmed the lateral projection of the
mineralized structures for up to 1,000 metres along strike, resulting in the identification of multiple new
targets for continued exploration and potentially rapid resource expansion of the Silver Queen vein
system. Assay results are now pending for 24 holes with new drilling on the No. 5 - Switchback targets
continuing into December."
A total of 56 drill holes for 17,339 metres has now been completed by Equity Metals on the Silver Queen
property in five successive phases of exploration drilling starting in late 2020. Five separate target areas
have been tested and thick intervals of high-grade gold, silver and base-metal mineralization have been
identified in each of the Camp Vein, No. 5, No. 3, and NG-3 Vein systems.
Figure 1: Plan Map of targets on the Silver Queen vein system, BC
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/5566/104848_c819b05fb4eeca67_002full.jpg
Numerous veins occur throughout the property forming an extensive conjugate set of northwest and east-
southeast-trending mineralized structures. The No. 3 vein is the largest known vein set and has been
extensively drilled, accounting for the majority of the current 2019 NI43-101 mineral resources identified
on the property. Other veins have received more limited, and typically shallow, historic drilling but have
encountered encouraging intercepts of precious and base metals. Several will be tested in the ongoing
2021/2022 exploration program. Up to 15,000 metres of drilling are planned and permitted for the
current program that began in September in order to test 2.5 kilometres through the Camp Vein, the No.
5 Vein, the Switchback Vein and NG-3 Vein systems, as well as several less defined veins. Drilling is
planned to continue through the Fall and into early 2022.
Table 1: Summary Composites from September-21 Drilling on the Camp Vein Target.
Hole #
From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
AuEq
(g/t)
AgEq
(g/t)
Comments
SQ21-032
30.6
32.0
1.4
0.1
1097
0.2
0.5
2.2
16.2
1218
Previously
Released
SQ21-032
48.6
52.1
3.5
0.0
739
0.0
0.1
0.2
10.0
752
New Assays
- 34%
Dilution
inc.
48.6
49.1
0.5
0.1
2247
0.1
0.2
0.6
30.6
2295
and inc.
51.7
52.1
0.5
0.0
2234
0.0
0.1
0.2
29.9
2246
SQ21-032
180.6
183.4
2.8
0.3
42
0.0
0.4
1.3
1.7
129
New Assays
inc.
183.0
183.4
0.4
0.8
60
0.0
1.1
4.8
4.6
345
SQ21-033
35.4
37.2
1.8
0.0
200
0.0
0.0
1.6
3.5
261
New Assays
SQ21-033
114.5
116.6
2.1
0.6
138
0.0
2.3
7.3
7.2
537
Previously
Released
inc.
115.8
116.6
0.8
1.1
342
0.0
5.4
18.2
17.4
1302
SQ21-033
175.8
176.8
1.0
0.8
296
0.0
1.7
2.9
6.9
521
New Assays
SQ21-033
192.8
194.4
1.7
0.5
30
0.0
0.7
3.2
2.8
212
New Assays
SQ21-034
29.0
30.8
1.8
0.1
403
0.1
0.0
1.4
6.2
468
Previously
Released
inc.
30.4
30.8
0.4
0.3
1087
0.3
0.1
4.6
17.4
1307
SQ21-034
47.0
50.7
3.7
0.0
1143
0.0
0.0
0.1
15.3
1148
New Assays
- 37%
Dilution
inc.
48.6
48.9
0.3
0.0
10085
0.2
0.1
0.3
134.9
10117
CON
ANALYSIS
PENDING
ASSAYS PENDING
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.
Composites calculated using a 80g/t AgEq (1g/t AuEq) cut-off and <20% internal dilution, except where noted. Reported intervals are core lengths,
true widths undetermined or estimated. 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 $1,500/oz Au, $20/oz Ag, $2.75/lb Cu, $1.00/lb Pb and $1.10/lb Zn. AuEq
and AgEq calculations did not account for relative metallurgical recoveries of the metals.
About Silver Queen Project
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. Composites calculated using a 80g/t AgEq (1g/t AuEq) cut-off and <20%
internal dilution, except where noted. Reported intervals are core lengths, true widths undetermined or
estimated. 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 $1,500/oz Au,
$20/oz Ag, $2.75/lb Cu, $1.00/lb Pb and $1.10/lb Zn. AuEq and AgEq calculations did not account for
relative metallurgical recoveries of the metals.
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, camp
infrastructure, and a maintained Tailings Facility.
The Silver Queen Property consists of 45 mineral claims, 17 crown grants, and two surface crown grants
totalling 18,852ha with no underlying royalties. Mineralization is hosted by a series of epithermal veins
distributed over a 6 sq km area. Most of the existing resource is hosted by the No. 3 Vein, which is
traced by drilling for approximately 1.2km and to the southeast transitions into the NG-3 Vein close to the
buried Itsit copper-molybdenum porphyry.
An initial NI43-101 Mineral Resource Estimate (
see Note 1 below
) was detailed in a News Release
issued on July 16th, 2019, and using a CDN$100 NSR cut-off, reported a resource of:
Indicated - 244,000ozs AuEq:
85,000ozs Au, 5.2Mozs Ag, 5Mlbs Cu, 17Mlbs Pb and 114Mlbs
Zn; and
Inferred - 193,000ozs AuEq:
64,000ozs Au, 4.7Mozs Ag, 5Mlbs Cu, 16Mlbs Pb and 92Mlbs Zn.
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.
About Equity Metals Corporation
Equity Metals Corporation is a Manex Resource Group Company. Manex provides exploration,
administration, and corporate development services for Equity Metals' two major mineral properties, the
Silver Queen Au-Ag-Zn-Cu project,
located in central B.C., and the
Monument Diamond project
,
located in Lac De Gras, NWT.
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 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 project owners are Equity Metals Corporation (57.49%), Chris and Jeanne Jennings
(22.11%); and Archon Minerals Ltd. (20.4%). Equity Metals is the operator of the project.
The Company also has royalty and working interests in other Canadian properties, which are being
evaluated further to determine their value to the Company.
1
.
The 2019 Silver Queen Resource Estimate was prepared following CIM definitions for classification of Mineral Resources and identified at a
CDN$100/NSR cut-off, an indicated resource of 815Kt averaging 3.2g/t Au, 201g/t Ag, 1.0% Pb, 6.4% Zn and 0.26% Cu and an inferred
resource of 801Kt averaging 2.5g/t Au, 184g/t Ag, 0.9% Pb, 5.2% Zn and 0.31% Cu. Grade capping on Ag and Zn was performed on 0.75m
to 1.24m length composites. Au, Cu and Pb required no capping. ID
3
was utilized for grade interpolation for Au and Ag while ID
2
was utilized
for Cu, Pb and Zn. Grade blocks were interpreted within constraining mineralized domains using and array of 3m x 1m x 3m blocks in the
model. A bulk density of 3.56 t/m³ was used for all tonnage calculations. Approximate US$ two-year trailing average metal prices as follows
were used: Au $1,300/oz, Ag $17/oz, Cu $3/lb, Pb $1.05/lb and Zn $1.35/lb with an exchange rate of US$0.77=C$1.00.
The C$100/tonne NSR cut-off grade value for the underground Mineral Resource was derived from
mining costs of C$70/t, with process costs of C$20/t and G&A of C$10/t. Process recoveries used were
Au 79%, Ag 80%, Cu 81%, Pb 75% and Zn 94%. AuEq and AgEq are based on the formula: NSR
(CDN) = (Cu% * $57.58) + (Pb% * $19.16) + (Zn% * $30.88) +(Au g/t * $39.40) + (Ag g/t * $0.44) -
$78.76.
Mineral Resources are not Mineral Reserves, do not have demonstrated economic viability and may be
materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other
relevant issues. Inferred Mineral Resources have a lower level of confidence than Indicated Mineral
Resources and may not be converted to a Mineral Reserve but may be upgraded to an Indicated Mineral
Resource with continued exploration. The Mineral Resources were estimated using the Canadian
Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves,
Definitions and Guidelines.
The Mineral Resource Estimate was prepared by Eugene Puritch, P.Eng., FEC, CET and Yungang Wu,
P.Geo., of P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario, Independent Qualified Persons
("QP"), as defined by National Instrument 43-101. P&E Mining suggests that an underground mining
scenario is appropriate for the project at this stage and has recommended a CDN$100/tonne NSR cut-
off value for the base-case resource estimate.
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/104848