Equity Metals Provides Corporate Update
Equity Metals Provides Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - January 29, 2021) -
Equity Metals Corporation
(TSXV: EQTY) (OTCQB: EQMEF) (the "Company" or "Equity Metals") announces that the following
directors were re-elected at the Company's annual general meeting held on January 27, 2021: Joseph
A. Kizis, Jr., Lawrence Page, Q.C., Killian Ruby, Courtney Shearer and John Kerr. In addition, the
shareholders re-appointed Davidson & Company LLP, Chartered Accountants, as Company auditors
and approved the Company's rolling incentive stock option plan pursuant to which a maximum of 10% of
the issued shares will be reserved for issuance under the plan. The plan is subject to TSX Venture
Exchange acceptance.
The following officers were re-appointed subsequent to the annual general meeting: Lawrence Page,
Q.C. as Chairman, Joseph A. Kizis, Jr. as President, Robert Macdonald as Vice President Exploration,
Killian Ruby as Chief Financial Officer, and Arie Page as Corporate Secretary.
The Company also
granted incentive stock options under its stock option plan to certain directors, officers and consultants
of the Company to purchase a total of four million common shares at $0.26 per share exercisable for a
period of five years.
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 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.
1
.
George Cross Newsletter 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
"Lawrence Page"
Lawrence Page, Q.C.
Chairman & 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/73196