Equity Drills Shallow, High-Grade Gold-Silver, Including 0.4 Metres of 9.0g/t Au, 3,574g/t Ag, 12.7% Cu, 1.2% Pb and 5.5% Zn (5,692g/t AgEq), on the Eastern Portion of the Camp Vein Target, Silver Queen Project, BC; Crews
Equity Drills Shallow, High-Grade Gold-Silver,
Including 0.4 Metres of 9.0g/t Au, 3,574g/t Ag,
12.7% Cu, 1.2% Pb and 5.5% Zn (5,692g/t
AgEq), on the Eastern Portion of the Camp
Vein Target, Silver Queen Project, BC; Crews
Mobilized for Winter Drill Program
Vancouver, British Columbia--(Newsfile Corp. - January 18, 2022) -
Equity Metals Corporation
(TSXV: EQTY) ("Equity")
reports
High-grade Gold-Silver
drill intercepts from a previously
unmodelled hangingwall zone on the eastern end of the Camp Vein Target at the Silver Queen project,
B.C.
Highlight intervals Include:
In drill hole
SQ21-047:
a
0.4 metre
interval grading
9.0g/t Au
,
3,574g/t Ag, 12.7% Cu,
1.2% Pb
and 5.5% Zn
(5,692g/t AgEq)
within
a
3.2 metre
interval averaging
1.8g/t Au, 679g/t Ag, 2.4%
Cu,
0.2% Pb and 2.2% Zn
(1,131g/t AgEq)
;
In drill hole
SQ21-048:
a
1.6 metre
interval grading
2.9g/t Au
,
4,032g/t Ag, 11.4% Cu,
0.5% Pb
and 6.8% Zn
(5,597g/t AgEq)
within
a
3.0 metre
interval averaging
1.8g/t Au, 2091g/t Ag, 5.9%
Cu,
0.4% Pb and 3.9% Zn
(2,941g/t AgEq)
; and
In drill hole
SQ21-048
: a
0.8 metre
interval grading
3.3g/t Au, 632g/t Ag, 3.3% Cu
, 0.4% Pb and
2.6% Zn
(1,299g/t AgEq)
within a 2.8 metre interval averaging 1.0g/t Au, 192g/t Ag, 1.0% Cu,
0.4% Pb and 1.1% Zn (416g/t AgEq).
The intercepts correlate with the No. 5 Vein, which historically was identified in surface sampling and
limited shallow drilling to the east of the holes reported here. The target remains open to the east where
it transitions into the larger Sveinson Vein Target, which includes the historic No 5 and other veins. The
current intercepts are relatively shallow (<100 metres depth) and undrilled to depth.
Additional assay results from drill holes SQ21-042 to -046 and the extension of drill hole SQ21-018
returned multiple mineralized intercepts which continue to establish continuity of the four modelled veins
on the eastern extension of the main Camp Vein target. Highlights include:
In drill hole
SQ21-046:
a
1.3 metre
interval
averaging 0.6g/t Au,
416g/t Ag
, 1.9% Cu, 0.6% Pb
and
14.1% Zn
(1,196g/t AgEq)
, and
In drill hole
SQ21-045:
a
0.3 metre
interval
grading
1.2g/t Au,
1,434g/t Ag
, 2.6% Cu, 0.3% Pb
and 0.2% Zn
(1,789g/t AgEq)
.
All assay results have now been received from the Phase IV drilling on the Camp Vein Target, which was
completed in early Autumn 2021. A further 13 drill holes were drilled in November/December 2021 as
part of Phase V drilling on the Sveinson Vein target which includes the historic No. 5 and other veins that
have been only partially tested (see Figure 1). Assays are pending and anticipated over the next several
weeks.
Crews have now mobilized to recommence drilling on the property, focusing initially on the NG-3 target.
Detailed drilling, including the intercepts reported here, will be utilized in developing the Company's
maiden resource for the Camp Vein target, expected in Q2 of 2022.
VP Exploration Rob Macdonald commented,
"The identification of strongly enriched gold and copper,
in addition to bonanza-grade silver, in multiple drill holes in these most recent assay results adds a
significant new element to the exploration and development story evolving at the Silver Queen project.
Recent drilling has continued to test extensions of the Camp Vein target farther to the east and into
the Sveinson Vein Target, a cumulative strike length of over 1,250 metres. Assays from the Sveinson
Vein target are pending and anticipated in the coming weeks. New drilling, starting this week, will test
farther east into the NG-3 Vein target, which has seen only modest historical drilling."
Figure 1: Plan Map of targets on the Silver Queen vein system, BC
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5566/110556_19b230a1f40ce8d9_002full.jpg
Figure 2: Plan Map of the Camp Vein Target showing recent drill results
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5566/110556_19b230a1f40ce8d9_003full.jpg
President Joe Kizis commented,
"Equity Metals has now completed a total of 63 drill holes for 19,645
metres in five successive phases of exploration drilling starting in late 2020 on the Silver Queen
property, testing five separate target areas. Thick intervals of high-grade gold, silver and base-metal
mineralization have been returned from drilling at the Camp, Sveinson Extension, No. 3, and NG-3
Vein systems, demonstrating the target-rich nature of the Silver Queen property."
Table 1: Summary Composites from September2021 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
SQ21-042
29.7
30.5
0.9
0.4
99
0.1
1.2
5.0
4.9
364
inc.
30.0
30.5
0.5
0.6
147
0.1
2.1
7.5
7.4
553
SQ21-042
54.9
56.3
1.4
0.2
320
0.1
0.1
2.8
6.1
456
SQ21-042
122.4
123.2
0.8
0.1
582
0.2
0.2
0.4
8.4
632
SQ21-043
34.6
35.0
0.4
0.1
155
0.1
0.5
6.1
5.6
421
SQ21-044
62.4
63.1
0.8
0.4
96
0.2
0.3
2.8
3.5
259
SQ21-044
92.3
92.9
0.6
0.4
187
0.7
0.1
1.6
4.6
344
SQ21-045
78.5
79.2
0.8
0.2
163
0.1
0.1
2.2
3.7
278
SQ21-045
182.9
183.1
0.3
1.2
1434
2.6
0.3
0.2
23.8
1789
SQ21-046
208.9
210.2
1.3
0.6
416
1.9
0.6
14.1
15.9
1196
inc.
208.9
209.5
0.6
0.8
596
3.6
1.1
13.0
20.3
1521
SQ21-046
220.0
220.4
0.4
0.0
37
0.1
1.7
3.2
3.0
223
SQ21-046
224.2
226.8
2.7
0.1
231
0.2
0.1
2.2
4.5
339
inc.
226.4
226.8
0.5
0.3
1192
0.9
0.2
3.7
19.3
1451
SQ20-018
(EXT)
197.6
199.2
1.5
0.3
30
0.0
0.6
1.1
1.5
111
SQ20-018
(EXT)
274.4
274.7
0.3
1.5
261
1.4
0.8
4.1
9.1
680
SQ21-047
43.7
46.8
3.2
1.8
679
2.4
0.2
2.2
15.1
1131
inc.
44.5
46.8
2.3
2.4
918
3.3
0.3
2.7
20.3
1520
inc.
44.7
45.2
0.4
9.0
3574
12.7
1.2
5.5
75.9
5692
SQ21-047
69.2
70.5
1.3
0.4
88
0.3
0.7
3.1
3.8
287
inc.
70.1
70.5
0.4
1.0
97
0.1
1.9
9.8
8.3
624
SQ21-047
190.8
191.1
0.3
1.3
90
0.5
2.6
4.4
6.5
489
SQ21-048
48.8
51.8
3.0
1.8
2091
5.9
0.4
3.9
39.2
2941
36.7% dilution
inc.
50.3
51.8
1.6
2.9
4032
11.4
0.5
6.8
74.6
5597
SQ21-048
127.2
130.0
2.8
1.0
192
1.0
0.4
1.1
5.5
416
inc.
128.0
128.8
0.8
3.3
632
3.2
0.4
2.6
17.3
1299
SQ21-048
184.7
190.6
5.9
0.1
61
0.1
0.2
1.3
1.8
135
40% dilution
inc.
184.7
186.0
1.3
0.1
178
0.1
0.6
1.9
3.8
286
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
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.
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