Equity Metals Reports Final Assay Results from Summer Drilling on the Silver Queen Property, BC; Provides Drilling Update
Equity Metals Reports Final Assay Results
from Summer Drilling on the Silver Queen
Property, BC; Provides Drilling Update
Vancouver, British Columbia--(Newsfile Corp. - October 28, 2024) -
Equity Metals Corporation
(TSXV: EQTY) ("Equity")
reports final assay results from the Summer '24 drill program on its 100%
owned Silver Queen Au-Ag project, British Columbia including new assay results from the George Lake,
Camp and Camp North targets.
These latest assays represent the final results from Equity's Summer '24 drill program on its Silver
Queen property. Drilling has successfully extended the George Lake target up to 550 metres to the
southeast of the original discovery, returned further Bonanza-grade silver intercepts from several veins
along the western margin of the Camp Deposit and made a new, thick sulphide-rich drill discovery at the
Camp North target, which remains open to extension. Exploration continues on the property with new
drilling on the No. 3 Vein North target that started in late September and continues through the Fall.
New highlight assays from the
George Lake Target
include intercepts from hole SQ24-120:
A
0.5 metre
(Est. TT) interval grading
2.6g/t Au
,
81g/t Ag
,
2.2% Pb
and
11.5% Zn
(13.6g/t AuEq
or 1,008g/t AgEq)
within a broader
1.5 metre
(est. TT) interval averaging
1.2g/t Au, 38g/t Ag,
0.8% Pb and 3.8% Zn (5.0g/t AuEq or 375g/t AgEq)
starting 247.4m downhole; and
A
0.6 metre
(Est. TT) interval grading
2.0g/t Au, 51g/t Ag
,
0.6% Pb
and
11.9% Zn
(12.0g/t AuEq
or 895g/t AgEq)
within a broader
3.5 metre
(est. TT) interval averaging
0.5g/t Au, 17g/t Ag,
0.6% Pb and 2.8% Zn (3.1g/t AuEq or 234g/t AgEq)
starting 272.7m downhole
.
Drilling on the George Lake target continues to provide definition to multiple veins found in the target
area which form clusters of gold and silver-enriched, northwest-trending polymetallic veins. Two
prominent vein sets and several clusters of thicker intercepts have been identified in 3D modelling.
Further analysis continues in order to define prospective targets down-dip of the thicker and higher-
grade "mineralized-shoots" for follow-up drill testing.
Camp Deposit
New assay results were received from the
Camp Deposit
that identified both hangingwall and footwall
veins adjacent to earlier reported intercepts of the main target veins and include:
A
1.0 metre
(est. TT) interval averaging
2.5/t Au
,
57g/t Ag
,
1.1% Pb
and
11.6% Zn
(12.9g/t
AuEq or 958g/t AgEq)
from a shallow hangingwall vein in drillhole
SQ24-123;
and.
A
2.4 metre
(est. TT) interval averaging
0.1g/t Au
,
173g/t Ag
,
0.1% Pb
and
0.3% Zn
(2.7g/t
AuEq or 202g/t AgEq)
from a deeper footwall vein in drillhole
SQ24-123
.
These new assay results compliment previously reported results from drill hole SQ24-123 (
2.3m
(est. TT)
of
557g/t
AgEq; see NR-09-24 dated Aug 27, 2024) and continue to confirm the presence of both the
high-grade hangingwall vein identified in earlier drilling and also deeper mineralized intervals that remain
open for further delineation and potential extension. For reference, earlier reported intercepts from the
Summer '24 drill program in the Camp Deposit include:
A
3.5 metre
(est. TT) interval of
1901g/t AgEq
in drillhole SQ24-124 (see NR-09-24; Aug 27,
2024); and
A
7.5 metre
(est. TT) interval of
255g/t AgEq
in drill hole SQ24-125 (see NR-10-24; Oct 1, 2024);
Figure 1: Plan of Silver Queen project area
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5566/228037_7849bd01e4f3f8ca_002full.jpg
Drilling also identified several narrow veins up-hole from the previously reported discovery intercept in
the
Camp North target
(
8.6m
(down hole depth) of
352g/t AgEq
from
SQ24-128
; see NR-10-24, Oct 1,
2024) which remains open both vertically and laterally to the east.
The Summer '24 drill program extended multiple veins on the western margin of the Camp Deposit with
well mineralized intercepts returned from both shallow hangingwall structures and deeper vein sets. New
targeting has been identified at both the Camp and the Camp North targets for follow-up drilling as part
of the Company's current Fall '24 drill program.
Drill Summary
Twenty-four core holes totalling 10,543 metres were completed as part of Equity's Summer '24
exploration program, which includes 18 drillholes totalling 7,541 metres at the George Lake target, four
drillholes totalling 2,687 metres at the Camp target, and two drillholes totalling 975 metres at the Camp
North target. All assays from the drill program have been received.
Figure 2: George Lake Longitudinal Section showing historical and 2023-24 drill intercepts,
and the distribution of potential mineralized shoots. Historical Intercepts are semi-transparent.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5566/228037_7849bd01e4f3f8ca_003full.jpg
Drilling Update
The Company also reports that drilling continues on the
No. 3 Vein North target
. Seven core holes
totalling 2,449 metres have been completed to date of the 14 holes planned for this target. This is a new
target area for the Company, which could potentially extend the No. 3 Vein deposit a further 300 metres
to the northwest. The No. 3 Vein North area has been previously tested by limited historical drilling,
limited underground development, and minor historical mining. Initial drilling on the target is intended to
confirm the encouraging historical drill results and then test lateral and downdip extensions of the higher-
grade zones. Logging and sampling of the holes is in progress and new assay results are anticipated
over the coming weeks.
Planning is underway for additional follow up holes for the Camp Deposit, Camp North and George Lake
targets and will be added to the current drill program.
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 and the George
Lake Vein, camp infrastructure, and a maintained Tailings Facility.
The Silver Queen Property consists of 46 mineral claims, 17 crown grants, and two surface crown grants
totalling 18,871ha with no underlying royalties. Mineralization is hosted by a series of epithermal veins
distributed over a 6 sq km area. An updated NI43-101 Mineral Resource Estimate with effective date
December 1st, 2022 was detailed in a News Release issued on Jan 16, 2023, which can be found by
clicking
here
and the full Technical Report can be found on SEDAR+ (
www.sedarplus.ca/
) and the
Company's website.
More than 20 different veins 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 Currently Reported Composites from 2024 Drilling on the George Lake Target
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
George Lake
SQ24-120
111.8
112.1
0.3
0.2
1.5
147
0.2
1.1
14.1
14.8
1104
SQ24-120
142.2
144.0
1.8
1.6
0.5
33
0.0
0.1
2.0
2.5
187
SQ24-120
224.4
226.5
2.1
1.8
0.6
20
0.0
0.7
1.6
2.4
180
SQ24-120
247.4
249.1
1.8
1.5
1.2
38
0.1
0.8
3.8
5.0
375
inc.
247.4
247.9
0.6
0.5
2.6
81
0.1
2.2
11.5
13.6
1008
SQ24-120
272.7
276.8
4.1
3.5
0.5
17
0.0
0.6
2.8
3.1
234
inc.
276.0
276.8
0.8
0.6
2.0
51
0.1
0.6
11.9
12.0
895
SQ24-120
291.9
295.7
3.8
3.2
0.4
12
0.0
0.3
1.8
2.1
155
inc.
292.9
293.3
0.4
0.3
1.8
37
0.0
1.8
8.9
9.9
735
SQ24-121
314.0
315.1
1.2
0.8
0.5
26
0.1
0.2
0.6
1.6
122
SQ24-122
224.3
225.5
1.3
0.6
0.5
49
0.1
0.7
1.8
3.0
222
Camp Deposit
SQ24-123
27.0
28.3
1.3
1.0
2.5
57
0.3
1.1
11.6
12.9
958
SQ24-123
256.6
258.0
1.4
1.2
0.1
72
0.1
0.9
0.8
2.3
174
SQ24-123
441.0
443.9
2.9
2.3
0.2
484
0.0
0.5
0.6
7.5
557
Previously
Released
inc.
441.0
441.9
0.9
0.7
0.3
1156
0.0
0.8
0.8
16.9
1257
Previously
Released
SQ24-123
492.1
492.9
0.8
0.6
0.3
54
0.0
0.7
2.9
3.6
266
SQ24-123
498.2
501.2
3.0
2.4
0.1
173
0.0
0.1
0.3
2.7
202
inc.
500.1
501.2
1.0
0.8
0.1
320
0.0
0.1
0.5
4.8
359
SQ24-124
138.0
139.3
1.3
1.0
0.2
170
0.0
0.2
0.8
3.1
234
inc.
138.9
139.3
0.4
0.3
0.3
428
0.0
0.0
0.3
6.3
470
SQ24-124
148.7
153.0
4.3
3.5
0.5
1501
0.1
0.8
5.9
25.6
1901
Previously
Released
inc.
148.7
149.5
0.9
0.7
0.4
7099
0.3
2.0
5.4
101.3
7532
Previously
Released
and inc.
150.6
151.1
0.5
0.4
1.1
108
0.1
1.6
32.9
28.2
2096
Previously
Released
SQ24-124
226.9
228.0
1.1
0.9
0.0
232
0.0
0.2
0.8
3.9
287
SQ24-125
58.0
66.5
8.5
7.5
0.5
63
0.1
0.5
2.3
3.4
255
Previously
Released
inc.
61.7
63.6
1.9
1.7
1.5
217
0.4
1.4
7.5
11.2
835
Previously
Released
inc.
61.7
62.5
0.8
0.7
2.7
388
0.6
2.5
11.3
18.4
1372
Previously
Released
SQ24-125
497.8
498.3
0.5
0.4
0.1
97
0.0
2.0
0.5
2.7
202
SQ24-126
47.5
49.0
1.5
1.2
0.8
18
0.1
0.3
3.3
3.8
282
Camp North
SQ24-127
381.5
381.8
0.3
UNK
0.3
130
0.1
0.7
2.2
4.1
305
SQ24-127
520.8
521.7
0.9
UNK
0.0
102
0.0
0.5
0.2
1.8
133
SQ24-128
38.8
39.8
1.1
UNK
0.3
8
0.0
0.3
1.3
1.5
112
SQ24-128
65.6
66.7
1.1
UNK
0.4
25
0.0
0.7
3.2
3.5
263
SQ24-128
282.0
290.6
8.6
UNK
0.2
67
0.0
1.0
4.2
4.7
352
Previously
Released
inc.
282.0
283.7
1.6
UNK
0.4
68
0.0
0.9
8.3
7.9
591
Previously
Released
and inc.
287.6
289.4
1.8
UNK
0.4
210
0.0
3.2
7.4
10.2
761
Previously
Released
Notes: drill core 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. Downhole composites calculated using a 80g/t AgEq (1g/t AuEq) cut-off and <20% internal dilution, except where noted. 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 $1,800/oz Au, $22/oz Ag, $3.50/lb Cu, $0.95/lb Pb and $1.30/lb Zn. AuEq and AgEq calculations utilized relative
metallurgical recoveries of
Au 70%, Ag 80%, Cu 80%, Pb 81% and Zn 90%.
About Equity Metals Corporation
Equity Metals Corporation is a member of the Malaspina-Manex Group. 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 (57.49%) 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.
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.
To view the source version of this press release, please visit
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