Equity Metals Intersects High-Grade Silver in Initial Drilling at the Camp Vein Target on the Silver Queen Property, B.C.
Equity Metals Intersects High-Grade Silver in
Initial Drilling at the Camp Vein Target on the
Silver Queen Property, B.C.
Vancouver, British Columbia--(Newsfile Corp. - October 8, 2020) -
Equity Metals Corporation (TSXV:
EQTY) ("Equity")
reported today high-grade, silver-rich assays from initial returns on its 3,045 metre
core drilling program on the
Silver Queen project
, British Columbia. Mineralized intervals from hole
SQ20-003 include:
a 0.6 metre
downhole
interval grading
2,489g/t Ag, 0.12g/t Au, 0.15% Pb
and
4.9% Zn (2,685g/t
AgEq or 35.9g/t AuEq)
within a broader
4.0 metre
downhole
interval averaging
521g/t Ag, 0.3g/t
Au, 0.39% Pb and 2.0% Zn (639g/t AgEq or 8.5g/t AuEq);
and
a 1.0 metre
downhole interval grading
1,220g/t Ag, 0.9g/t Au, 0.9%Pb
and
2.5% Zn (1,441g/t
AgEq or 19.2g/t AuEq)
within a broader
7 metre
downhole
interval averaging
400g/t Ag, 0.7g/t
Au, 1.6% Pb and 3.6% Zn (656g/t AgEq or 8.8g/t AuEq).
Hole SQ20-003 is one of five core holes totaling 864.8 metres that tested the Camp Vein system as part
of the current exploration program. The holes were designed to verify results of historic drilling from the
1980's and to test prior 3D modelling of the historic drilling completed during
Equity's earlier compilation
work on the project. Assays are reported as downhole thickness until further modelling can confirm the
orientation of the veining.
Drilling successfully identified shallow (<80m depth), high-grade mineralization over significant
thicknesses (4 metres and 7 metres respectively) in SQ20-003, comparable to previous historic results
and form the basis for further drilling on the Camp Vein target. Drilling in holes SQ20-001 and SQ20-002
also returned positive results including:
a 1.7 metre
downhole
interval averaging
37/t Ag, 0.9g/t Au, 0.6% Pb
and
2.4% Zn (221g/t AgEq
or 2.9g/t AuEq)
from hole SQ20-001
;
and
a 1.1 metre
downhole
interval averaging
374/t Ag, 0.2% Pb
and
0.5% Zn (402g/t AgEq or 5.4g/t
AuEq)
from hole SQ20-002.
Two additional holes (SQ20-009, -010) were completed on the Camp Vein target as step-outs from hole
SQ20-003. Assays from these step-out holes, as well as additional assay results from SQ20-001 to -
003, are
pending.
Vice President Exploration, Rob Macdonald states,
"We are extremely encouraged by both the
thickness and the high-grade nature of these early results from the Silver Queen property. These
initial drill holes were designed to verify
both the quality and distribution of silver mineralization within
the Camp Vein system and to set the stage for further step-out drilling designed to outline potential
new mineral resources."
Figure 1: Drilling at the Silver Queen Vein System near Houston, British Columbia
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/5566/65534_7b80908334c169f2_002full.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 verified 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 80 metres below surface (see Figure 2). Mineralization remains open to
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 2: Longitudinal Section of the Camp Vein showing pierce-points of the current and
historical drilling
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/5566/65534_7b80908334c169f2_003full.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 it remains a primary target area for resource
expansion.
Five core holes (SQ20-004 to -008) totaling 2,178.9 metres tested the No. 3 vein in the current drilling
program. Drilling successfully intersected the full thickness of alteration and mineralization associated
with the No. 3 vein in each hole, including the vein itself and several hangingwall and footwall zones that
were not assayed in historic drill holes. The 2020 holes have been logged and sampled and assays
results are pending.
Table 1: Select Drill Intercepts from the 2020 Drilling on the Silver Queen Property.
H
ole #
Collar Data
From (m)
To (m)
Interval
(m)
Au (g/t)
Ag (g/t)
Cu (%)
Pb (%)
Zn (%)
AuEq (g/t)
AgEq (g/t)
AZ
DIP
Depth
Deg
Deg
(m)
SQ20-001
229
-47
115.8
56.0
57.7
1.7
0.9
37
0.0
0.6
2.4
2.9
221
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
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
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
inc.
48.0
48.6
0.6
0.1
2489
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
inc.
81.0
82.0
1.0
0.9
1220
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. 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.
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 819Mlbs 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.
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.
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/65534