Equity Metals Intersects 0.3m Grading 56,115g/t Silver (1,637opt Silver) from "Ruby Silver"- Bearing, Quartz-Barite Vein in Step- out Hole SQ20-010 at the Silver Queen Property, B.C.
Equity Metals Intersects 0.3m Grading
56,115g/t Silver (1,637opt Silver) from "Ruby
Silver"- Bearing, Quartz-Barite Vein in Step-
out Hole SQ20-010 at the Silver Queen
Property, B.C.
Vancouver, British Columbia--(Newsfile Corp. - October 19, 2020) -
Equity Metals Corporation
(TSXV: EQTY) ("Equity")
reports today that step-out drilling on the
Silver Queen project
, British
Columbia, intersected
Bonanza-grade Silver Mineralization
from the Camp Vein target including:
a 0.3 metre
downhole
interval grading
56,115g/t Ag, 0.2g/t Au, 1.1% Cu, 0.6% Pb
and
1.2% Zn
(56,291g/t AgEq or 750.5g/t AuEq)
within a broader
1.65 metre
downhole
interval averaging
12,448g/t Ag, 0.3g/t Au, 0.3% Cu, 0.5% Pb and 0.8% Zn (12,538g/t AgEq or 167.2g/t AuEq)
from 112.4m to 114.1m down hole in SQ20-010.
The mineralized intercept is a 50m step-out from previously reported mineralization in hole SQ20-003
(7m downhole grading 656g/t AgEq - see NR-11-20) and an approximate 15m step out from
mineralization in historic hole 87-S11, which reportedly included a 0.46m downhole interval grading
14,400g/t Ag, within a 3.1m interval averaging 2,422g/t AgEq. All three mineralized intercepts are
relatively shallow, occurring within 85m of the surface (see Figure 3 - Camp Vein longitudinal section).
Vice President Exploration Rob Macdonald stated,
"The spectacular silver grades identified in step-out
drilling in hole SQ20-010 help to confirm both the tenor and quality of historical assay results from the
1980's drilling, establish continuity within potentially traceable structures identified in both the modern
and historic drilling and support the Company's goal of developing new mineral resources on the
Camp Vein target. Mineralization identified in hole SQ20-010 is relatively shallow and is open for
offset drilling both down dip and to the northwest and will be the subject of further drilling in the coming
months."
High-grade silver mineralization in SQ20-010 is hosted by a series of quartz-barite-sulphide veins and
breccia zones distributed from 112.4m to 116.9m depth downhole. The Bonanza-grade mineralization is
localized within a 1.65 metre interval at the top of the mineralized zone and is flanked, downhole, by a 2.8
metre lower grade halo averaging 110.8g/t AgEq. Specific silver-bearing minerals in the highlighted
intervals have not yet been positively identified, but likely include silver-enriched sulphosalts, often
referred to as Ruby Silver. A photo of the 30cm bonanza-grade mineralized interval is shown in Figure 1.
Drill hole SQ20-010 is one of five core holes totaling 864.8 metres which tested the Camp Vein system
as part of the current exploration program. Assays are reported as downhole thickness until further
modelling can confirm the orientation of the veining.
Figure 1: Quartz-barite vein with "Ruby Silver" mineralization, from ~112.8m to 113.1m in hole
SQ20-010, Camp Vein target, Silver Queen property
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5566/66269_b098b864342d1823_002full.jpg
Figure 2: Drilling at the Silver Queen Vein System near Houston, British Columbia
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5566/66269_b098b864342d1823_003full.jpg
Former owners in the 1990s identified a
"drill-inferred reserve"
in the
Camp Vein
of
204,092 tonnes
of 1g/t Au, 829g/t Ag and 4% Zn
1
which although not yet fully verified and confirmed by the Company,
forms the basis for targeting in both the current and future exploration programs. Current 3D modelling of
the Camp Vein has identified multiple veins, traced laterally for over 300 metres. The majority of the
historical drilling is shallow, testing to less than 85 metres below surface (see Figure 2). Mineralization
remains open for testing both on strike and at depth.
The reader is cautioned that the historical "drill-inferred reserve" estimate is being treated as
historical in nature. A Qualified Person has not completed sufficient work to classify the
historical estimate as a current mineral resource or reserve, and the Company is not treating
the historical estimate as a current mineral resource or reserve.
Figure 3: Longitudinal Section of the Camp Vein showing pierce-points of the current and
historical drilling
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/5566/66269_b098b864342d1823_004full.jpg
No mineral resources from the Camp Vein were included in the current NI43-101 Mineral Resource
Estimate on the property (dated July 16, 2019), but the Camp Vein remains a primary target area for
resource expansion, along with the No. 3 vein.
Ten core holes totalling 3,045 metres of drilling were completed as part of this initial test of the Camp
and No. 3 vein systems. Partial assays have been received for four drill holes (see table below). All of the
remaining 2020 drill holes have now been logged and sampled and assays results are pending.
Table 1: Select Drill Intercepts from the 2020 Drilling on the Silver Queen Property.
Hole #
Collar Data
From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
AuEq
(g/t)
AgEq
(g/t)
Comments
AZ
DIP
Depth
Deg
Deg
(m)
New
Assays
SQ20-
010
246
-60
200.3
26.4
26.7
0.3
0.2
248
0.0
0.2
0.5
3.8
288
SQ20-
010
246
-60
200.3
112.4
116.9
4.5
0.2
4,632
0.1
0.4
1.2
62.9
4718
22.5%
Dilution
inc.
112.4
114.1
1.7
0.2
12,448
0.3
0.5
0.8
167.2
12538
inc.
112.8
113.1
0.3
0.1
56,115
1.1
0.6
1.2
750.5
56291
ASSAYS
PENDING
SQ20-
001
229
-47
115.8
56.0
57.7
1.7
0.9
37
0.0
0.6
2.4
2.9
221
Previously
Released
inc.
56.5
57.2
0.6
1.2
65
0.0
1.2
4.4
4.8
362
SQ20-
001
229
-47
115.8
81.4
83.7
2.4
0.3
23
0.0
0.2
1.0
1.2
88
Previously
Released
ASSAYS
PENDING
SQ20-
002
229
-52
152.4
112.2
113.3
1.1
0.0
374
0.0
0.2
0.5
5.4
402
Previously
Released
ASSAYS
PENDING
SQ20-
003
226
-52
227.1
46.0
50.0
4.0
0.3
521
0.1
0.4
2.0
8.5
639
Previously
Released
inc.
48.0
48.6
0.6
0.1
2,489
0.1
0.2
4.9
35.9
2695
SQ20-
003
226
-52
227.1
75.7
82.7
7.0
0.7
400
0.2
1.6
3.6
8.8
656
Previously
Released
inc.
81.0
82.0
1.0
0.9
1,220
0.3
0.9
2.5
19.2
1441
ASSAYS
PENDING
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 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.
Corporate Update
The Company today has given notice to the holders ("Holders") of common share purchase warrants of
the Company dated September 25, 2017 (the "Warrants") of the acceleration of the expiry date of the
Warrants to November 15, 2020 from September 25, 2022. 862,500 warrants are outstanding and are
exercisable into Common Shares of the Company at $0.12 per share.
Silver Queen Project Background
The Silver Queen Project is a premier gold-silver property with over 100 years of historic exploration and
development 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 to the southeast where it transitions into the NG-3 Vein close
to the Itsit porphyry area.
An initial NI43-101 Mineral Resource Estimate (
see Note 2 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.
Over 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.
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.
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
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.
1
George Cross News letter No.61 (1996). Resource is historic in nature and is provided by the
company for information purposes only. It has not been verified by the company and should not be
treated as a Mineral Resource Estimate.
2
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/66269