Equity Metals Returns 55.2g/t Gold and 5,049g/t Silver from Outcrop Sampling on the Cole Lake Target, Silver Queen Project, BC; Crews Mobilizing to Resume Drill program; Corporate Update
Equity Metals Returns 55.2g/t Gold and
5,049g/t Silver from Outcrop Sampling on the
Cole Lake Target, Silver Queen Project, BC;
Crews Mobilizing to Resume Drill program;
Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - August 28, 2023) -
Equity Metals Corporation (TSXV:
EQTY) ("Equity")
reports results from its June 2023 surface rock and soil sampling program on the
Silver Queen property, British Columbia. Select surface chip samples from the Cole Lake and Barite
veins assay up to:
55.2g/t Au, 5,049g/t Ag, 3.2% Pb and 0.12% Zn from the Cole Lake Vein
;
1,736g/t Ag, 22.7% Pb and 1.2% Zn from the Cole Lake Vein; and
6.0g/t Au and 69g/t Ag and 1.9% Zn from the Barite Vein.
The samples were collected from clusters of narrow quartz-barite veins in strongly weathered
(gossanous) outcrops at the Cole Lake target. Three samples were collected from outcrop along the
previously mapped projection of the Cole Lake Vein and five samples were collected from a small
cluster of outcrops along the subparallel Barite Vein, located 150 metres to the southwest. Individual
veins within the clusters are up to 10cm thick and consist of white chalcedonic quartz, bladed barite and
aggregates of fine to medium-grained galena and brown sphalerite.
The assays confirm the high-grade potential of both veins, which were extensively trenched, mapped and
sampled in the 1970's and 1980's. Although the data survives, the trenches have been largely
remediated.
Shallow historic drilling on the Cole Lake vein returned multiple intervals of strongly enriched precious
metals, including:
a 2.5m interval grading 2.4g/t Au, 638g/t Ag, 1.3% Cu, 2.2% Pb and 5.5% Zn within a
broader 11.9m interval averaging 1.3g/t Au, 141g/t Ag, 1.3% Cu, 0.5% Pb and 1.2% Zn
(4.3g/t AuEq or 390g/t AgEq) from historic drill hole NGVF-1; and
a 0.7m interval averaging 3.8g/t Au, 209g/t Ag 0.11% Cu, 5.9% Pb, 13.9% Zn (18.0g/t AuEg
or 1,622g/t AgEq) from historic drill hole F-8.
The Cole Lake vein will be the primary target of the next phase of drilling, which is scheduled to begin in
early September. Up to 3,000 metres of drilling is planned to test two segments of the vein that were
traced by mapping for over 700 metres of strike length. The drilling is a continuation of the company's
Spring 2023 program, which completed 2,324 metres in seven core holes on the George Lake target.
Drilling was suspended in mid-July due to fire risk in the area, but crews will mobilize to the property in
earliest September to completed logging and sampling of core before mobilizing the drill onto the Cole
Lake target. Samples from the first five holes have been submitted for assay and results are anticipated
in the coming weeks.
2023 Soil Sampling Program
The outcrop sampling was part of a larger surface soil sampling program carried out on the property in
June 2023. The program consisted of collecting 1,427 soil samples from an area of approximate 2.5
kilometre x 1.5 kilometre on the western side of the property (Figure 1). Samples were collected at 25
metres stations on 100 metre spaced lines, oriented NE-SW. B-horizon soils were collected where
available; however, A-horizon material was collected in swampy areas and C-horizon or talus fines were
collected in areas of poor soil development.
The soil results successfully highlight the surface trace of the No. 3 Vein, the southern extension of the
George Lake and Cole Lake veins, and the broad east-west trending structural corridor that hosts the
Camp and Sveinson Deposits (see Figure 1).
Furthermore, new targets for drill follow-up were identified by the soil results in several poorly or untested
areas, including: anomalies both to the north and south of the Camp Deposit; a northwestern extension
of the No. 3 Vein; a footwall of the No. 3 Vein near the intersection with the veins of the Sveinson
Deposit; and a possible extension of the historical Chisolm Vein.
VP Exploration Rob Macdonald commented,
"The soil sampling program on Silver Queen
successfully identified several high-potential exploration targets throughout the property. These new
targets will be reviewed in the context of this new data, prioritized and tested in upcoming drill
programs. Work on the property is set to re-start in the coming days with new targeting on the Cole
Lake vein while assays are still pending from our earlier drilling."
Figure 1: Plan Map of targets on the Silver Queen vein system, BC
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5566/178717_5ac7f111241e1915_002full.jpg
Figure 2: Plan of the Cole Lake Target area showing the locations of Spring '23 surface rock
sampling
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5566/178717_5ac7f111241e1915_003full.jpg
Table 1: Surface rock assay results from the Spring '23 sampling in the Cole Lake target area
Sample Id
Northing
Easting
type
Au
Ag
Cu
Pb
Zn
g/t
g/t
ppm
ppm
ppm
AE23R-001
5,996,183
650,109
outcrop
0.1
1736
5398
227,000
11,500
AE23R-002
5,996,176
650,117
outcrop
55.2
5049
91
32,500
1,205
AE23R-003
5,996,173
650,111
subcrop
2.8
418
2442
46,300
56,400
AE23R-004
5,996,112
650,007
outcrop
0.1
14
16
420
1,105
AE23R-005
5,996,112
650,007
outcrop
0.1
6
17
290
651
AE23R-006
5,996,104
649,984
outcrop
6.0
69
133
8,798
19,200
AE23R-007
5,996,113
649,977
outcrop
0.1
11
50
2,866
5,892
AE23R-008
5,996,062
649,988
outcrop
0.0
0
30
31
413
Corporate Update
The Company has been requested by the Exchange, to provide further disclosure of Finder's Fees paid
in connection with the recently closed flow-through financing.
The Company paid finder's fees totaling $44,952.28, along with 99,279 non-transferable finder warrants
at a price of $0.13, and 246,508 non-transferable finder warrants at a price of $0.20, as part of the
recently closed flow-through financing. Each finder's warrant is exercisable to purchase one common
share for a period of 3 years. The financing and payment of finder's fees are subject to TSX Venture
Exchange approval.
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, 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. An updated NI43-101 Mineral Resource Estimate with effective date
December 1
st
, 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 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.
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.
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
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
https://www.newsfilecorp.com/release/178717