EQTY.V · 2022-12-01 12:00:00

Equity Metals Announces a Significant Increase to the Mineral Resource Estimate at the Silver Queen Project, BC

Resource Estimates

Equity Metals Announces a Significant

Increase to the Mineral Resource Estimate at

the Silver Queen Project, BC

Highlights

Increase in

Indicated Category

by 187% to 62.8Mozs AgEq or by 214% to 765Kozs AuEq:

21.0Mozs Ag (+297%), 237Kozs Au (+179%), 18Mlbs Cu (+288%), 48Mlbs Pb (+178%) and

267Mlbs Zn (+134%)

Increase in

Inferred Category

by 30% to 22.5Mozs AgEq or by 41% to 273Kozs AuEq:

10.3Mozs Ag (+117%), 50Kozs Au (-21%), 10Mlbs Cu (+79%), 23Mlbs Pb (+45%) and

84Mlbs Zn (-9%)

Vancouver, British Columbia--(Newsfile Corp. - December 1, 2022) -

Equity Metals Corporation

(TSXV: EQTY) ("Equity" or "Company")

reports that Kirkham Geosystems Ltd ("KGL") and P&E

Mining Consultants Inc. ("P&E") have completed an updated Independent Mineral Resource Estimate

("MRE") for the Silver Queen Project, British Columbia, Canada. The MRE features lateral and down-dip

extensions of the previously modelled No. 3 and NG-3 Veins, originally included in the 2019 MRE, and

new, previously unmodelled mineralization from the Camp and Sveinson Targets. The MRE utilizes a Net

Smelter Return ("NSR") cut-off at C$100/t with updated metal pricing.

President Joe Kizis comments,

"At the time we assumed management of the Company in Q3 of 2019,

we felt there were clear opportunities to quickly add significantly to the 2019 MRE at Silver Queen, and

we are proud to report our success at a very low cost of $0.15/oz of added AgEq or $11/oz of added

AuEq. The MRE remains open for additional delineation west of the Camp Target and within the

Sveinson Target. In addition, there are several targets that have only been tested by a few drill holes

and remain very attractive areas for new discoveries and MRE increase."

Silver Queen Resource Model highlights:

Compared to the 2019 Mineral Resource Estimate, the 2022 update, at a C$100/t NSR cut-off, features:

2.6Mt

increase in

Indicated Mineral Resources

3.46Mt averaging 189g/t Silver, 2.13g/t

Gold, 0.24% Copper, 0.6% Lead and 3.5% Zinc (565g/t AgEq or 6.9g/t AuEq)

containing:

21.0 million ounces of silver; 237 thousand ounces of gold; 18 million pounds of copper; 48 million

pounds of lead; and 267 million pounds of zinc.

This equates to

62.8 million ounces silver equivalent or 767 thousand ounces of gold

equivalent;

and

1.1Mt

increase in

Inferred Mineral Resources

1.92Mt averaging 162g/t Silver, 0.80g/t

Gold, 0.23% Copper, 0.5% Lead and 2.0% Zinc (356g/t AgEq or 4.3g/t AuEq)

containing:

10.3 million ounces of silver; 50 thousand ounces of gold; 10 million pounds of copper; 23 million

pounds of lead; and 84 million pounds of zinc.

This equates to

22.5 million ounces silver equivalent or 273 thousand ounces of gold

equivalent.

The updated MRE incorporates an additional 25,659 metres of core drilling completed in 2020-22 and

updated metal recoveries and pricing.

Silver Queen Project Highlights

A total of

78 drill holes

for

25,659 metres

was completed by the Company on the Silver Queen

Project in six successive phases of exploration starting in late 2020. Five separate target areas

have been tested in part and thick intervals of high-grade gold, silver and base-metal

mineralization have been identified in each of the Camp Vein, the Sveinson Target, No. 3 Vein,

and NG-3 Vein systems.

Figure 1: Plan map of targets and deposits on the Silver Queen vein system, BC

To view an enhanced version of Figure 1, please visit:

https://images.newsfilecorp.com/files/5566/146367_9a17d757e49a3999_002full.jpg

The updated NI 43-101 Mineral Resource Estimate increases the tonnage by approximately

240%

with the increase being from the result of revised metal pricing, the extension to the NG-3 Deposit

and the addition of mineralization from the Camp and Sveinson Veins.

Approximately

64%

of the Mineral Resources are classified as

Indicated Resources

on a per

tonnage basis

and

74%

of the total

on a

AgEq basis

reflecting the overall higher average grade

(565g/t AgEq)

of the MRE in the

Indicated

category

The Mineral Resource has a strong precious-metal bias with gold and silver accounting for

approximately

64%

of the total value.

The Mineral Resource update features a significant increase in contained silver ounces in both the

Indicated

(+297%)

and Inferred

(+117%)

categories, which is supported in large part by the

addition of strongly silver enriched mineralization from the Camp Veins.

The company has expended

C$6.75 million

on exploration of the Silver Queen project since

2019

resulting in a

cash-discovery-cost

of only

C$0.15/oz per AgEq

added or

C$11/oz AuEq

added.

Tabulation of grades and tonnages sensitivities (Table 2) demonstrate an excellent retention of

higher-grade mineralization at increasing C$NSR cut-offs with

84%

of the

Base-case Mineral

Resource

when expressed on a

AgEq basis

remaining at a

C$200 NSR

cut-off.

Vein Target Specifics

Drilling on the Camp Target identified a conjugate vein set comprising steep southwest-dipping,

strongly silver-enriched veins and steep north-dipping, gold-enriched polymetallic veins. Individual

veins demonstrate good lateral continuity over +150 metre strike-lengths within an overall

cumulative strike-length of the target of approximately 300 metres. Drilling confirmed continuity of

the vein sets to depths of up to 195 metres, with several veins extending laterally to the east and

projecting into the Sveinson Target.

The Sveinson Target includes the previously identified No. 5 and Switchback Veins and forms a

broad, 150 metre wide, veined structural corridor that projects laterally eastward for over 1000

metres where it transitions into the No. 3 Vein system. Drilling successfully intersected multiple

shallow veins at less than 100 metres below surface as well as several deeper vein intercepts at

over 350 metres below surface. Numerous veins have been encountered across the full 150 metre

width of the Sveinson Structural Zone, with several individual vein segments demonstrating good

lateral continuity along 200 to 400 metre strike lengths.

The No. 3 Vein system, strikes northwest to southeast and dips to the northeast at approximately

60 degrees. The average width of the veins is 0.9 to 1.2 metres with local increases up to about

4.6 metres. The No. 3 Vein can be traced on surface and in drilling for over a 1.2 kilometre strike

length where it transitions across an oblique structure and into the NG-3 Vein system.

The NG-3 Target forms the southeast extension of the No. 3 Vein and was tested with eight core

holes which returned several intersections of high-grade gold and silver. Equity's drilling has now

confirmed the extension of the NG-3 Vein to over 300 metres of strike and to depths of up to 240

metres below surface. The drill holes have established internal continuity between widely spaced

historical intercepts drilled by previous management and earlier drilling by Equity. Mineralization

remains open along strike and down dip.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Inferred Resources are considered too speculative geologically to have economic considerations

applied to them that would enable them to be classified as Mineral Reserves. An Inferred Mineral

Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and

must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred

Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

A NI 43-101 Technical Report will be posted on SEDAR within 45 days.

Table 1: Base Case Mineral Resource Estimate for the Silver Queen Project Utilizing a C$100/t

NSR cut-off value

Indicated Resources

Average Grade

Zone

Tonnes

AgEq

AuEq

(kt)

(g/t)

(%)

(g/t)

No. 3 and NG3 Veins

2,942

150

2.45

0.25

0.7

3.8

569

6.9

Camp Vein

514

412

0.31

0.19

0.4

1.5

541

6.5

Total

3,455

189

2.13

0.24

0.6

3.5

565

6.9

Inferred Resources

Average Grade

Zone

Tonnes

AgEq

AuEq

(kt)

(g/t)

(%)

(g/t)

No. 3 and NG3 Veins

257

110

1.94

0.32

0.2

1.1

361

4.4

Camp Vein

1,664

176

0.64

0.22

0.6

2.1

366

4.4

Total

1,920

167

0.82

0.23

0.5

2.0

365

4.4

Indicated Resources

Contained Metal

Zone

Tonnes

Ag TrOz

Au TrOz

AgEq TrOz

AuEq TrOz

(kt)

(kozs)

(Mlbs)

(kozs)

No. 3 and NG3 Veins

2,942

14,168

232

249

53,852

657

Camp Vein

514

6,808

8,940

108

Total

3,455

20,976

237

267

62,792

765

Inferred Resources

Contained Metal

Zone

Tonnes

Ag TrOz

Au TrOz

AgEq TrOz

AuEq TrOz

(kt)

(kozs)

(Mlbs)

(kozs)

No. 3 and NG3 Veins

257

911

2,975

Camp Vein

1,664

9,387

19,562

237

Total

1,920

10,298

22,536

273

The current Mineral Resource Estimate was prepared by Garth Kirkham, P.Geo., of Kirkham Geosystems Ltd and Eugene Puritch, P. Eng.,

FEC, CET and Fred Brown, P, Geo. of P&E Mining Consultants Inc. ("P&E"), Independent Qualified Persons ("QP"), as defined by National

instrument 43-101.

All Mineral Resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum ("CIM") definitions,

as required under National Instrument 43-101 ("NI43-101").

Mineral Resources were constrained using continuous mining units demonstrating reasonable prospects of eventual economic extraction.

Silver and Gold Equivalents were calculated from the interpolated block values using relative process recoveries and

prices between the

component metals and silver to determine a final AgEq and AuEq values.

Silver and Gold Equivalents and NSR$/t values were calculated using average long-term prices of $20/oz silver, $1,700/oz gold, $3.50/lb

copper, $0.95/lb lead and $1.45/lb zinc.

All metal prices are stated in $USD.

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 70%, Ag

80%, Cu 80%, Pb 81% and Zn 90%.

Grade capping was performed on 1m composites for the No. 3 and NG-3 veins and whole vein composites for the Camp and Sveinson veins.

For the No. 3 and NG-3 veins Inverse distance cubed (I/d3) was utilized for grade interpolation for Au and Ag and inverse distance squared (I/d2)

was utilized for Cu, Pb and Zn. Inverse distance squared (I/d2) was used for all metals in the Camp and Sveinson veins.

A bulk density of 3.56t/m

was used for all tonnage calculations in the No. 3 and NG-3 veins. A variable density with a 3.15 average was used

for the Camp and Sveinson veins.

Mineral Resources are not Mineral Reserves until they have demonstrated economic viability. Mineral Resource Estimates do not account for a

Mineral Resource's mineability, selectivity, mining loss, or dilution.

An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to

a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources

with continued exploration.

10)

All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to add precisely.

Table 2: Resource Model Sensitivities at Various C$NSR/t cut-offs

C$NSR Cut-offs

Tonnes

(kt)

(g/t)

(%)

AgEq

(g/t)

AuEq

(g/t)

Ag TrOz

(kozs)

Au TrOz

(kozs)

(Mlbs)

AgEq

TrOz

(kozs)

AuEq

TrOz

(kozs)

CAD$50NSR

Indicated

4,031

167

1.89

0.22

0.6

3.1

503

6.1

21,642

244

279

65,233

795

Inferred

2,307

146

0.74

0.21

0.5

1.8

327

4.0

10,825

24,219

294

CAD$100NSR

Indicated

3,455

189

2.13

0.24

0.6

3.5

565

6.9

20,976

237

267

62,792

765

Inferred

1,920

167

0.82

0.23

0.5

2.0

365

4.4

10,298

22,536

273

CAD$150NSR

Indicated

2,833

215

2.46

0.25

0.7

3.9

642

7.8

19,569

224

246

58,440

712

Inferred

1,230

8372

39.09

0.29

0.6

2.3

449

5.4

9,203

17,749

215

CAD$200NSR

Indicated

2,346

239

2.78

0.27

0.8

4.3

712

8.7

17,989

210

224

53,709

654

Inferred

851

250

1.15

0.34

0.6

2.5

515

6.2

6,837

14,080

171

Sensitivities were calculated at progressive C$NSR/t cut-off utilizing the same parameters and metal pricing as the Base Case scenario

described in Table 1.

Silver, Gold Equivalencies and C$NSR Calculations

Silver and Gold Equivalents and NSR$/t values were calculated using approximate average long-term

prices of $20/oz silver, $1,700/oz gold, $3.50/lb copper, $0.95/lb lead and $1.45/lb zinc.

All metal prices

are stated in $USD with a conversion to $CAD of 0.77. See below the equivalency and C$NSR

calculations:

AgEq = (Ag g/t x 1) + (Au g/t x 81.41) + (Cu% x 116.35) + (Pb% x 28.77) + (Zn% x 44.80)

AuEq = (Ag g/t x 0.012) + (Au g/t x 1) + (Cu% x 1.43) + (Pb% x 0.35) + (Zn% x 0.55)

C$NSR = (Ag g/t x 0.57) + (Au g/t x 46.79) + (Cu% x 66.87) + (Pb% x 16.54) + (Zn% x 25.74)

Qualified Persons

The independent Qualified Persons for the Mineral Resource Estimate disclosure for the Project are

Garth Kirkham, P.Geo., Principal, Kirkham Geosystems Ltd. and Eugene Puritch, P. Eng., FEC, CET

and Fred Brown, P.Geo, of P&E Mining Consultants Inc. ("P&E"), Independent Qualified Persons ("QP"),

as defined by National instrument 43-101 who have reviewed and approved the technical contents of this

news release. In accordance with National Instrument 43-101 Standards of Disclosure for Mineral

Projects, Robert Macdonald, P.Geo, Vice President Exploration, is the Qualified Person for the

Company and has validated and approved the technical content of this news release.

Risk Factors

Equity Metals Corporation is aware that this Project is subject to the same types of risks that large

precious metal projects experience at an early stage of development in British Columbia. The Company

has engaged experienced management and specialized consultants to identify, manage and mitigate

those risks. However, the types of risks will change as the project evolves and more information

becomes available.

Further details regarding the foregoing Mineral Resource Estimate, including the estimation methods

and procedures, will be detailed in the pending NI 43-101 Technical Report, which will be filed on

SEDAR (

www.sedar.com

) under the Company's profile within 45 days from the date of this news

release.

About Silver Queen Project

The Silver Queen Project is a premier gold-silver property with over 100 years of historical 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 two historical declines 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. The initial NI43-101 Mineral Resource Estimate was detailed in a News

Release issued on July 16th, 2019 and is hosted by the No. 3 Vein, which is traced by drilling for

approximately 1.2km and then to the southeast where it transitions into the NG-3 Vein close to the buried

Itsit copper-molybdenum porphyry.

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 also has a 1% royalty (Greenwood Royalty) and a 100%

working interest in the La Ronge Silica Project.

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 100% controlled La Ronge Silica Project is an historical sand quarry located in central

Saskatchewan, approximately 60 kilometers south-southeast of La Ronge, Saskatchewan and 210

kilometers west of Flin Flon, Manitoba. Preliminary studies indicate the silica deposit may be developed

into a simple and profitable, low-cost mining and washing operation to produce high-purity silica (>98%

SiO2), a specialty product for the EV battery industry.

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

[email protected]

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/146367

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