Equity Extends High-Grade Silver in the Central Camp Vein Target, Silver Queen Project, BC; Drilling Begins at the NG-3 Target Mid-January
Equity Extends High-Grade Silver in the
Central Camp Vein Target, Silver Queen
Project, BC; Drilling Begins at the NG-3 Target
Mid-January
Vancouver, British Columbia--(Newsfile Corp. - January 6, 2022) -
Equity Metals Corporation (TSXV:
EQTY) ("Equity")
reports
High-grade Silver
drill intercepts from a 125-metre-long central segment of
the Camp Vein target on the Silver Queen project, B.C.
The intercepts are located to the east of previously reported high-grade silver results in drill holes SQ21-
032 to -036, confirming continuity of mineralization down dip and along strike in four of the modeled vein
zones. Mineralization is also open and untested to the west and projects eastward into previously
identified vein intercepts and farther east into the Sveinson Vein target.
New highlight intercepts include:
In drill hole
SQ21-049:
a
0.3 metre
interval grading
3,235g/t Ag,
0.6% Pb and 2.3% Zn
(3,349g/t
AgEq)
within
a
1.3 metre
interval averaging
853g/t Ag,
0.2% Pb and 0.8% Zn
(900g/t AgEq)
;
In drill hole
SQ21-040:
a
0.9 metre
interval grading
1,391g/t Ag,
0.15g/t Cu, 0.1% Pb and 0.6%
Zn
(1,440g/t AgEq)
within
a
4.5 metre
interval averaging
581g/t Ag,
0.5% Pb and 1.5% Zn
(663g/t AgEq)
; and
In drill hole
SQ21-041:
a
2.7 metre
interval
averaging
118g/t Ag,
0.4% Pb and 2.9% Zn
(268g/t
AgEq)
.
Intercepts in drill hole SQ21-049 have established continuity in three of the modelled veins down-dip and
adjacent to drill holes SQ21-033 (previously reported 2.1m averaging 537g/t AgEq) and SQ21-034
(previously reported 3.7m averaging 1148g/t AgEq), while drill hole SQ21-040 is a deeper step-out,
approximately 50 metres to the east of SQ21-049, and helps define continuity of several veins to up to
165 metres below surface.
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/5566/109198_e5f85830848bf935_002full.jpg
A total of 63 drill holes for 19,645 metres in five successive phases of exploration drilling starting in late
2020 has now been completed by Equity Metals on the Silver Queen property. 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, Sveinson Extension, No. 3, and NG-3 Vein systems. Drilling is
scheduled to begin again in mid-January, focusing initially on the NG-3 target. Detailed drilling, including
the intercepts reported here, will be utilized in developing the Company's maiden resource on the Camp
Vein target, expected in Q2 of 2022.
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
SQ21-037
95.9
96.1
0.3
0.2
668
1.28
0.2
0.5
11.1
835
SQ21-038
128.3
130.0
1.7
0.1
155
0.22
0.1
1.4
3.3
245
inc.
128.3
129.0
0.7
0.2
235
0.39
0.2
1.9
4.9
368
SQ21-039
118.5
119.8
1.3
0.2
38
0.03
0.5
2.1
2.0
151
inc.
118.5
118.8
0.3
0.3
106
0.06
1.5
3.9
4.5
337
SQ21-040
201.8
206.3
4.5
0.1
581
0.05
0.5
1.5
8.8
663
inc.
201.8
202.4
0.6
0.0
1023
0.06
2.1
4.6
17.0
1273
and inc.
204.7
205.5
0.9
0.1
1391
0.15
0.1
0.6
19.2
1440
SQ21-041
44.0
46.7
2.7
0.2
118
0.06
0.4
2.9
3.6
268
50% Dilution
inc.
44.0
44.9
0.9
0.3
340
0.14
0.3
5.7
8.1
605
SQ21-049
107.0
108.5
1.5
0.0
768
0.02
0.1
1.9
11.3
846
SQ21-049
130.0
131.3
1.3
0.1
853
0.01
0.2
0.8
12.0
900
inc.
131.0
131.3
0.3
0.0
3235
0.05
0.6
2.3
44.7
3349
SQ21-049
143.7
144.0
0.3
1.1
3134
0.07
0.2
1.7
43.9
3293
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/109198