Equity Metals Continues to Identify High-Grade Silver at the Camp Vein, Reports 8.6 Metres Averaging 361g/t Ag, 0.3g/t Au, 0.8% Cu, 0.6% Pb and 1.2% Zn (522g/t AgEq) at the No. 5 Vein, Silver Queen Project, BC
Equity Metals Continues to Identify High-Grade
Silver at the Camp Vein, Reports 8.6 Metres
Averaging 361g/t Ag, 0.3g/t Au, 0.8% Cu, 0.6%
Pb and 1.2% Zn (522g/t AgEq) at the No. 5 Vein,
Silver Queen Project, BC
Vancouver, British Columbia--(Newsfile Corp. - March 31, 2021) -
Equity Metals Corporation (TSXV:
EQTY) ("Equity")
reports today high-grade assays from its Phase II drilling program on the Camp and
No. 5 vein systems on the Silver Queen Property, BC. The Company continues to identify bonanza-grade
silver mineralization at the
Camp Vein
and announces new high-grade intercepts
from the
No. 5 Vein
.
New highlights from the
Camp Vein system
include:
a
0.5 metre
interval averaging
5,002g/t Ag, 0.1g/t Au, 1.6% Cu
and
1.1% Zn (5,225g/t AgEq or
69.7g/t AuEq)
within a
1.4 metre
interval averaging
2,562g/t Ag, 0.5g/t Au,
and
1.9% Zn
(2,712g/t AgEq or 36.2g/t AuEq)
from drill hole
SQ20-015;
a deeper
1.8 metre
interval averaging
731g/t Ag, 0.3g/t Au, 2.3% Pb and 2.1% Zn (916g/t
AgEq or 12.2g/t AuEq)
from drill hole
SQ20-015;
and
a shallow
0.4 metre
hangingwall interval averaging
1,309g/t Ag, 0.3% Pb and 1.7% Zn (1,420g/t
AgEq or 18.9g/t AuEq)
from drill hole
SQ20-012.
Mineralization in hole SQ20-015 is a 50m lateral step-out from a previously reported bonanza-grade
intercept in drill hole
SQ20-010 (4.4m averaging 4,632g/t Ag and 0.2g/t Au, 0.4% Pb and 1.2% Zn;
see NR-12-20)
and verifies the projection of silver-enriched mineralization plunging shallowly to the
southeast.
Drilling on the
No. 5 Vein system
intersected three veins with high- to bonanza-grade silver
mineralization:
an
8.6 metre
interval averaging
361g/t Ag, 0.3g/t Au, 0.8% Cu, 0.6% Pb
and
1.2% Zn
(522g/t AgEq or 7.0g/t AuEq),
including
a
0.3 metre
interval averaging
1,357g/t Ag, 0.5g/t
Au, 0.5% Cu, 7.5% Pb and 16.3% Zn (2,318g/t AgEq or 30.9g/t AuEq)
from drill hole
SQ20-
017;
a
1.3 metre
interval averaging
687g/t Ag, 0.7g/t Au, 0.3% Cu, 0.6% Pb
and
9.3% Zn
(1,137g/t AgEq or 15.2g/t AuEq)
from drill hole
SQ20-017;
and
a
3.3 metre
interval averaging
229g/t Ag, 0.7g/t Au, 0.8% Cu, 0.1% Pb
and
1.9% Zn
(427g/t
AgEq or 5.7g/t AuEq)
from drill hole
SQ20-017;
The intersected veins can be traced laterally on surface and in historic drilling, and have also been
mapped in the Earl Adit workings, which was actively mined in the 1970's. Four individual veins have
been identified to date, forming a set of WNW-ESE-trending veins that transect the Silver Queen mine
site and the Mine Hill area. This easterly trending vein set intersects the northwesterly trending Camp
and No. 3/NG-3 structures, and clusters of high-grade mineralization are localized at these intersections.
VP Exploration Rob Macdonald commented,
"Evaluation of this potentially important ESE structural
control on projections of historic drill intercepts is ongoing at the Camp Vein system and is being
expanded property wide to include several prospective mineral showings for testing in a 2021 Phase
IV exploration drilling program, which is currently being planned."
Figure 1: Plan Map of Phase I+II Drilling on the Camp and No. 5 Veins
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Figure 2: Phase I+II Longitudinal Section of the Camp Vein drilling
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Phase III Drilling Near Completion
The Company also reports that the Phase III drilling program on the property is nearing completion. Ten
core holes totalling 4,075 metre of drilling have been completed in Phase III drilling to date with all ten
holes targeting extensions to the No 3 and NG-3 vein systems (see sites SQ21-019 to -028 in Figure 3).
Drilling has shifted to the Camp Vein/No. 5 area for a final 2 or 3 holes.
Drilling successfully identified mineralized extensions of the No. 3 Vein and the NG-3 Vein, both along
strike and down dip. Samples have been submitted for analyses and assays are pending.
Figure 3: Phase I, II and III Drilling at the Silver Queen Project near Houston, British Columbia
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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 vein structures have been identified on the property, forming an extensive network
of zoned Cretaceous- to Tertiary-age epithermal veins. The property remains largely under explored.
Table 1: Select Drill Intercepts from 2020 Phase II Drilling on the Silver Queen Property.
Hole #
From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
AuEq
(g/t)
AgEq
(g/t)
Comments
SQ20-011
NSV
NSV
NSV
NSV
NSV
NSV
NSV
NSV
NSV
NSV
SQ20-012
18.1
18.5
0.4
0.4
1309
0.1
0.3
1.7
18.9
1420
and
22.7
24.0
1.3
0.5
432
0.0
0.2
0.9
6.8
507
SQ20-013
217.5
218.0
0.5
0.0
147
0.0
0.1
0.2
2.1
159
SQ20-013
232.0
233.0
1.0
0.0
181
0.0
0.0
0.2
2.5
191
SQ20-014
117.0
122.4
5.4
0.4
53
0.0
0.2
0.8
1.6
118
46.7%
Dilution
inc.
122.0
122.4
0.3
0.3
545
0.0
0.5
1.5
8.6
644
and
155.9
156.3
0.4
0.3
80
0.0
0.4
7.5
5.4
403
SQ20-015
103.6
105.0
1.4
0.5
2562
0.7
0.0
1.1
36.2
2712
inc.
104.5
105.0
0.5
0.1
5002
1.7
0.1
1.5
69.7
5225
SQ20-015
110.0
122.0
12.0
0.1
53
0.0
0.3
1.5
1.8
131
0.5g/t AuEq
Cutoff
inc.
116.3
118.3
2.0
0.2
235
0.0
0.8
2.8
5.1
385
SQ20-015
162.1
163.8
1.8
0.3
731
0.0
2.3
2.1
12.2
916
inc.
163.0
163.8
0.8
0.2
1544
0.1
0.2
1.2
21.6
1619
SQ20-016
50.3
50.6
0.3
0.1
20
0.0
0.1
2.0
1.5
109
SQ20-016
122.1
122.4
0.3
0.3
18
0.0
1.4
0.6
1.5
112
SQ20-017
71.9
75.1
3.3
0.7
229
0.8
0.1
1.9
5.7
427
inc.
71.9
73.6
1.8
0.9
342
1.0
0.1
1.7
7.5
565
SQ20-017
110.0
111.3
1.3
0.7
687
0.3
0.6
9.3
15.2
1137
inc.
110.5
110.9
0.3
2.1
1887
0.7
1.3
26.2
41.8
3138
SQ20-017
121.6
130.2
8.6
0.3
361
0.8
0.6
1.2
7.0
522
0.5g/t AuEq
Cutoff
inc.
121.6
123.9
2.3
0.5
807
1.9
0.9
1.5
14.9
1116
and inc.
126.9
128.0
1.1
0.7
654
1.7
0.4
0.4
11.9
892
and inc.
129.5
129.8
0.3
0.5
1357
0.5
7.5
16.3
30.9
2318
SQ20-017
145.0
145.5
0.5
0.0
214
0.1
0.0
0.3
3.1
233
SQ20-017
174.3
175.5
1.3
0.0
100
0.1
0.0
0.1
1.5
114
SQ20-017
254.2
255.2
1.0
0.1
15
0.0
0.2
2.5
1.7
128
SQ20-018
62.9
64.0
1.1
0.0
23
0.2
0.1
1.6
1.4
101
SQ20-018
71.2
72.9
1.6
0.1
45
0.1
0.2
1.4
1.6
123
inc.
72.4
72.9
0.5
0.1
113
0.2
0.0
1.6
2.7
202
SQ20-018
119.1
120.0
0.9
0.1
154
0.1
0.2
9.6
7.2
539
inc.
119.1
119.4
0.3
0.2
354
0.3
0.4
9.7
10.3
774
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. 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 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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