Equity Metals Intersects 4.9 metres of 625g/t Ag, 0.4g/t Au and 1.9% Zn (754g/t AgEq) Including 0.8m of 2,522g/t Ag, 0.2g/t Au and 2.1% Zn (2,667g/t AgEq) at the Camp Vein, Silver Queen Property, B.C.
Equity Metals Intersects 4.9 metres of 625g/t
Ag, 0.4g/t Au and 1.9% Zn (754g/t AgEq)
Including 0.8m of 2,522g/t Ag, 0.2g/t Au and
2.1% Zn (2,667g/t AgEq) at the Camp Vein,
Silver Queen Property, B.C.
Vancouver, British Columbia--(Newsfile Corp. - February 2, 2021) -
Equity Metals Corporation
(TSXV: EQTY) ("Equity")
reports today final assays from its 2020
Phase I drill program
on the Silver
Queen Property, BC, which identified
bonanza-grade silver mineralization
at the
Camp Vein
and
high-grade gold
mineralization
at the
No. 3 Vein
. Assay results from
Phase II drilling
, completed in
December 2020 as a follow up to a successful Phase I exploration program at the Camp Vein as well as
an initial drill test of the nearby No 5 Vein, are still pending with receipt anticipated over the coming four
to six weeks.
Crews have started mobilization to the property in preparation for a Phase III, 4,000 metre drill program,
which will step out from high-grade, gold-enriched mineralization in the No. 3 and NG-3 veins. Drilling will
commence in the coming days.
Camp Vein
Drilling continues to verify and extend bonanza-grade silver mineralization at the Camp Vein. Assay
results from drill hole SQ20-009 include:
a
0.8 metre
down-hole
interval averaging
2,522g/t Ag, 0.2g/t Au and 2.1% Zn (2,667g/t AgEq or
35.6g/t AuEq)
within a
4.9 metre
interval averaging
625g/t Ag, 0.4g/t Au and 1.9% Zn (754g/t
AgEq or 10g/t AuEq);
and
a
0.8 metre
down-hole
interval averaging
864g/t Ag, 0.3g/t Au and 1.6% Zn (977g/t AgEq or
13g/t AuEq)
within a
2.1 metre
interval averaging
348g/t Ag, 0.3g/t Au and 1.2% Zn (434g/t
AgEq or 5.8g/t AuEq).
Drill hole SQ20-009 tested the Camp Vein approximately 16m to the southeast of the earlier reported
drill hole
SQ20-003 (11.1m of 356g/t Ag, 0.4g/t Au, 1%Pb and 2.3% Zn or 522g/t AgEq)
and
approximately 60 metres up-dip from bonanza-grade silver mineralization in drill hole
SQ20-010 (4.4m
averaging 4,632g/t Ag and 0.2g/t Au, 0.4% Pb and 1.2% Zn)
. All three holes returned shallow
mineralization, within 80 metres of surface, and help to confirm historical drill results from the Camp Vein
target.
Assay results from eight core holes drilled during Phase II work on the Camp Vein and No. 5 Vein are
pending. These holes tested the immediate area down-dip of the bonanza-grade mineralization
identified in drill hole
SQ20-010
on the northwestern end of the vein system, deeper testing in the central
part of the vein system, and shallow testing of the No. 5 Vein close to where it bends northward into the
Camp Vein system. Drilling tested up to 175 metres below surface on the Camp Vein, which has seen,
to date, minimal drilling to those depths.
Figure 1: Phase I and II Drilling at the Silver Queen Project near Houston, British Columbia
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5566/73378_770df458443fd989_002full.jpg
Figure 2: Longitudinal Section of the Camp Vein drilling
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5566/73378_770df458443fd989_003full.jpg
No. 3 Vein
Equity also reports additional assay results from the No. 3 Vein, including:
a
1.0 metre
down-hole
interval
(0.9m est. True Thickness)
averaging
11.4g/t Au, 219g/t Ag and
6.3% Zn (18g/t AuEq or 1,353g/t AgEq)
within a broader
3.8 metre
interval
(3.3m est. TT)
averaging
3.4g/t Au, 90g/t Ag and 2.7% Zn (6.2g/t AuEq or 464g/t AgEq)
from drill hole SQ20-
007; and
a
1.2m
down-hole interval
(0.8m est TT)
grading
2.8g/t Au, 322g/t Ag, 0.8% Pb and 5.0% Zn
(10.2g/t AuEq or 767g/t AgEq)
from drill hole SQ20-008.
The holes tested down-dip of previously reported drill hole
SQ20-006 (3.6m est. TT averaging 6.8g/t
AuEq)
in the lower part of the modelled wire frame. The results confirm the down-dip projection of the
high-grade gold mineralization in the No. 3 Vein, which remains open to depth. Phase III drilling on the
property will start in early February and will test further extensions of this mineralization in an area
approximately 400m x 350m down dip and laterally to the southeast of the currently delineated resource
blocks.
Figure 3: Longitudinal Section of the No. 3 Vein showing NSR distribution, pierce-points of the
2020 current and 2021 planned drill holes
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/5566/73378_770df458443fd989_004full.jpg
About Silver Queen Project
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 and to the southeast transitions into the NG-3 Vein close to the
buried Itsit 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 the 2020 Drilling on the Silver Queen Property.
Hole #
From
(m)
To
(m)
Interval
(m)
ETT(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
AuEq
(g/t)
AgEq
(g/t)
Comments
Camp Vein
SQ20-009
39.9
42.0
2.1
0.3
348
0.09
0.3
1.2
5.8
434
New Assays
inc.
39.9
40.7
0.8
0.3
864
0.18
0.3
1.6
13.0
977
and
78.2
83.1
4.9
0.4
625
0.12
0.5
1.9
10.0
754
New Assays
inc.
78.2
79.1
0.8
0.2
2522
0.32
0.5
2.1
35.6
2667
Previously Reported Assays from the Camp Vein
SQ20-010
26.4
26.7
0.3
0.2
248
0.03
0.2
0.5
3.8
288
and
48.9
49.2
0.3
0.4
115
0.05
1.8
1.6
3.6
271
and
112.4
116.9
4.4
0.2
4632
0.12
0.4
1.2
62.9
4718
22.5% Dilution
inc.
112.4
114.1
1.6
0.2
12448
0.29
0.5
0.8
167.2
12538
inc.
112.8
113.1
0.3
0.1
56115
1.08
0.6
1.2
750.5
56291
SQ20-001
56.0
57.7
1.7
0.9
37
0.02
0.6
2.4
2.9
221
inc.
56.5
57.2
0.6
1.2
65
0.03
1.2
4.4
4.8
362
and
81.4
83.7
2.4
0.3
23
0.00
0.2
1.0
1.2
88
SQ20-002
30.0
32.8
2.8
0.1
13
0.01
0.4
1.7
1.3
100
28.6% Dilution
and
50.0
50.6
0.6
0.9
177
0.05
1.5
5.1
6.5
490
and
112.2
113.3
1.1
0.0
374
0.03
0.2
0.5
5.4
402
SQ20-003
46.0
50.0
4.0
0.3
521
0.07
0.4
2.0
8.5
639
inc.
48.0
48.6
0.6
0.1
2489
0.12
0.2
4.9
35.9
2695
and
75.7
86.8
11.1
0.4
356
0.11
1.0
2.3
7.0
522
26.6% dilution
75.7
82.7
7.0
0.7
400
0.15
1.6
3.6
8.8
656
inc.
85.6
86.8
1.2
0.1
972
0.09
0.4
0.6
13.6
1021
and
124.1
125.7
1.7
0.1
439
0.01
0.4
1.5
6.9
518
inc.
124.1
124.7
0.7
0.0
1083
0.03
0.4
1.3
15.3
1151
Hole #
From
(m)
To
(m)
Interval
(m)
ETT(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
AuEq
(g/t)
AgEq
(g/t)
Comments
No. 3 Vein
SQ20-007
296.8
300.7
3.8
3.3
3.4
90
0.10
0.3
2.7
6.2
464
New Assays - 52%
Dilution
inc.
297.3
298.3
1.0
0.9
11.4
219
0.19
0.7
6.3
18.0
1353
and inc.
300.3
300.7
0.4
0.3
2.5
239
0.32
0.4
9.0
10.8
811
SQ20-008
355.9
357.1
1.2
0.8
2.8
322
0.19
0.8
5.0
10.2
767
New Assays
Previously Reported Assays from the No. 3 Vein
SQ20-004
491.5
492.3
0.8
0.7
0.5
15
0.02
0.1
0.9
1.2
92
and
514.8
515.3
0.5
0.5
2.3
46
0.09
0.1
1.1
3.6
267
SQ20-005
16.3
17.2
0.9
0.9
0.7
73
0.10
1.5
2.5
3.7
276
and
95.5
96.4
0.8
0.8
0.5
18
0.01
0.6
1.5
1.7
131
and inc.
291.8
307.8
16.0
14.8
1.6
19
0.02
0.1
1.0
2.5
184
31% dilution @ 0.5g/t
AuEq Cutoff
inc.
292.7
297.8
5.1
4.7
4.4
54
0.05
0.2
2.5
6.5
485
inc.
292.7
293.4
0.7
0.6
23.8
8
0.01
0.0
0.5
24.2
1814
and inc.
294.1
295.0
0.8
0.8
2.3
266
0.22
0.8
11.9
12.4
933
SQ20-006
160.00
160.40
0.40
0.4
2.7
198
0.05
1.6
6.8
9.6
719
and
214.7
217.5
2.8
2.6
3.3
177
0.04
0.9
2.7
7.4
556
0.5g/t AuEq Cutoff, New
Assays
inc.
216.4
217.0
0.6
0.6
13.3
800
0.15
4.0
11.4
31.7
2378
and
233.9
237.8
3.9
3.6
2.8
121
0.48
0.4
3.4
6.8
514
inc.
235.0
236.9
0.6
0.5
12.9
352
0.14
0.5
2.4
19.2
1439
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
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/73378