Equity Expands George Lake with Thicker Intercepts, Including 3.6 metres (est TT) of 333 g/t AuEq in Hole SQ23-094 and 3.0 metres (est TT) of 394g/t AgEq in Hole SQ23-093, Silver Queen Project, BC; Provides Corporate Update
Equity Expands George Lake with Thicker
Intercepts, Including 3.6 metres (est TT) of 333
g/t AuEq in Hole SQ23-094 and 3.0 metres (est
TT) of 394g/t AgEq in Hole SQ23-093, Silver
Queen Project, BC; Provides Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - November 28, 2023) -
Equity Metals Corporation
(TSXV: EQTY) (FSE: EGSD) (OTCQB: EQMEF) ("Equity")
reports encouraging assays in the final
four holes from the George Lake target, tested during its Summer 2023 core drilling program on the
Company's 100% owned Silver Queen Ag-Au project, located in central British Columbia. These new
assays expand mineralization, adding to the first three holes from George Lake reported in NR-16-23,
dated October 4
th
, 2023.
Mineralization remains open laterally and at depth, and no mineralization from
the George Lake target was included in Equity's most recently announced Mineral Resource update on
the Silver Queen project.
These latest drill results at the George Lake target returned multiple intercepts of precious and base
metals, including:
A
0.9 metre
(est. TT) interval averaging
7.1g/t Au, 56g/t Ag, 0.2% Cu, 1.5% Pb and 6.0% Zn
(11.6g/t AuEq or 946g/t AgEq)
within
a
3.0 metre
(est. TT) interval averaging
2.5g/t Au, 31g/t
Ag,
0.4% Cu, 0.5% Pb and 2.5% Zn (4.8g/t AuEq or 394g/t AgEq)
starting at 320.2 metres
downhole from drillhole
SQ23-093
;
A
0.9 metre
(est. TT) interval averaging
1.2g/t Au, 98g/t Ag, 0.1% Cu, 2.6% Pb and 17.7% Zn
(12.3g/t AuEq or 1002g/t AgEq)
within
a
3.6 metre
(est. TT) interval averaging
0.4g/t Au, 32g/t
Ag, 1.1% Pb and 5.6% Zn (4.1g/t AuEq or 333g/t AgEq)
starting at 322.2 metres downhole
from drillhole
SQ23-094
; and
A
0.5 metre
(est TT) interval averaging
10.4g/t Au, 115g/t Ag, 0.6% Cu, 0.9% Pb and 1.4% Zn
(13.7 AuEq or 1118g/t AgEq)
starting at only 12.3 metres down hole in drillhole
SQ23-094.
These new results include both the thickest intercept of mineralization identified by Equity Metals to date
at the George Lake Target and some of the highest gold grades, including relatively shallow gold-
enriched mineralization identified at the top of drillholes SQ23-094 and SQ23-093 (see Table 1) in a
previously undetected vein that requires further drilling and delineation.
Historically, the George Lake vein system was last tested by previous management with both surface
and underground drilling from the Bulkley cross cut in the late 1980's. Drilling by Equity has confirmed the
lateral projection of the mineralized vein approximately 300 metres to the southeast of the Bulkley cross-
cut and to depths of up to 250 metres. Mineralization remains open laterally to the southeast and to
depth for further testing and will be a primary target in 2024 exploration of the Silver Queen property. All
assays have now been received from the George Lake drilling.
The Company also reports that its has completed its 2023 Drilling Program on the property. Seven core
holes totalling 2,467 metres were completed on the George Lake Target and a further nine core holes
totalling 2,961 metres were completed on the Cole Lake Target. Drilling was completed in late October
2023, and samples from Cole Lake have been submitted for assay, with results anticipated in the
coming weeks.
In total during 2023, 26 core holes were completed for 9,989 metres drilled and 1,437 soil sediment
samples were collected.
VP Exploration Rob Macdonald commented,
"Exploration on the George Lake and Cole Lake Targets
demonstrate our belief that several of the +20 identified veins on the Silver Queen property have
significant potential to expand our resource base.
"These latest drill results clearly confirm the George Lake target as a new, under-explored mineralized
zone that is open for resource expansion. The target remains open laterally and to depth and is a
primary target for further drill testing in 2024. Also, the identification of such robust gold grades in a
previously unknown vein at shallow depths presents a new and compelling target for further drill
testing, confirming our belief that unexposed veins beneath extensive areas of cover provide
significant exploration potential. Additionally, we look forward to assay results from visually interesting
holes drilled at the Cole Lake target, potentially providing further news flow from Silver Queen."
Figure 1: Plan Map of targets on the Silver Queen Property, BC
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5566/188833_f892983784e71956_002full.jpg
Figure 2: Plan of the George Lake Target area showing Summer '23 drilling
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5566/188833_f892983784e71956_003full.jpg
Figure 3: Longitudinal Section of the George Lake Target, looking northeast, showing both
historical results (shaded) and 2023 drill results
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5566/188833_f892983784e71956_004full.jpg
Table 1: Select Currently Reported Composites from 2023 Drilling on the George Lake Target
Hole #
From
(m)
To
(m)
Interval
(m)
ETT(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
AuEq
(g/t)
AuEq
(g/t)
George Lake Target - New Assays
SQ23-091
75.9
77.0
1.1
0.8
0.3
16
0.0
0.2
1.5
1.3
106
SQ23-091
223.2
223.5
0.3
0.2
1.3
30
0.1
0.7
6.3
5.2
426
SQ23-091
267.2
268.9
1.7
1.2
1.4
78
0.2
1.7
4.8
5.6
460
SQ23-092
77.7
78.1
0.3
0.2
0.6
33
0.1
0.4
3.4
3.0
242
SQ23-092
139.5
140.1
0.7
0.5
2.6
370
1.1
0.3
1.0
9.2
752
SQ23-092
171.4
172.2
0.8
0.6
0.6
44
0.1
0.4
1.9
2.3
188
SQ23-093
9.2
9.5
0.4
0.3
5.5
119
0.1
0.8
1.6
8.2
671
SQ23-093
320.2
323.8
3.5
3.0
2.5
31
0.4
0.5
2.5
4.8
394
inc.
322.8
323.8
1.0
0.9
7.1
56
0.2
1.5
6.0
11.6
946
SQ23-093
330.6
336.5
5.9
5.0
0.6
71
0.1
0.6
2.7
3.1
256
inc.
330.6
333.8
3.1
2.7
1.1
96
0.1
1.0
4.5
5.0
405
SQ23-094
12.3
12.8
0.6
0.5
10.4
115
0.6
0.9
1.4
13.7
1118
SQ23-094
322.2
326.5
4.3
3.6
0.4
32
0.0
1.1
5.6
4.1
333
inc.
324.8
326.5
1.7
1.4
0.7
64
0.1
1.8
11.5
8.0
655
inc.
325.5
326.5
1.0
0.9
1.2
98
0.1
2.6
17.7
12.3
1002
Table 1 (continued): Summary of Previously Reported Composites from 2023 Drilling on the
George Lake Target
Hole #
From
(m)
To
(m)
Interval
(m)
ETT(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
AuEq
(g/t)
AuEq
(g/t)
George Lake Target - Previously Reported
SQ23-088
123.5
123.9
0.4
0.3
0.7
39
0.1
0.5
1.4
2.2
177
SQ23-088
125.2
125.7
0.5
0.4
0.3
35
0.1
0.5
1.7
1.9
158
SQ23-088
127.2
127.5
0.3
0.3
0.4
14
0.0
0.6
1.7
1.7
136
SQ23-089
148.4
150.9
2.5
1.9
0.7
53
0.1
0.96
2.2
2.9
234
inc.
148.4
149.0
0.6
0.5
0.9
117
0.1
3.3
7.2
7.1
585
SQ23-089
156.7
158.5
1.8
1.4
1.2
284
0.3
0.3
1.8
6.1
502
inc.
157.8
158.1
0.3
0.2
0.5
1570
1.9
0.7
5.6
25.3
2071
SQ23-089
199.6
200.1
0.4
0.3
0.3
74
0.1
0.7
0.8
1.9
159
SQ23-089
206.0
207.2
1.2
1.0
4.2
8
0.0
0.1
0.3
4.5
368
SQ23-090
56.3
58.1
1.8
1.0
1.6
69
0.0
0.5
1.9
3.6
293
SQ23-090
92.6
93.0
0.3
0.2
0.7
204
0.3
0.6
8.0
7.8
634
SQ23-090
239.6
240.3
0.7
0.4
0.5
121
1.9
0.1
0.2
4.6
375
SQ23-090
246.4
249.2
2.7
1.5
1.3
226
1.0
1.7
6.6
9.2
755
inc.
248.3
248.8
0.5
0.3
4.1
824
0.7
3.4
18.4
25.4
2076
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. 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 $1,800/oz Au, $22/oz Ag, $3.50/lb Cu,
$0.95/lb Pb and $1.30/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. An updated NI43-101 Mineral Resource Estimate with effective date
December 1
st
, 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.
Corporate Update
The Company also reports that it is pleased to announce the appointment of Jay Oness as Vice
President, Corporate Development. Mr. Oness has over 25 years of corporate communications,
strategic marketing and corporate development experience and has been a director and officer of
numerous publicly traded North American resource companies. Mr. Oness will be responsible for
general corporate development, and supporting management to evaluate and execute new investment
opportunities.
He is currently serving as the VP of Corporate Development at Southern Silver Exploration and
Malaspina-Manex Group where he is responsible for overseeing, implementing, and managing various
corporate functions and shareholder programs for public and private companies.
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/188833