Equity Metals to Acquire 100% of the Arlington Gold Property, British Columbia; Provides Silver Queen Drilling Update
Equity Metals to Acquire 100% of the Arlington
Gold Property, British Columbia; Provides
Silver Queen Drilling Update
Vancouver, British Columbia--(Newsfile Corp. - November 12, 2024) -
Equity Metals Corporation
(TSXV: EQTY) ("Equity" or the "Company")
reports it has signed a letter agreement with Origen
Resources Inc. ("Origen") on November 5, 2024 (the "Arlington Agreement") to earn a 100% interest in
nine claims, totaling 3,583.89 ha, located within the Boundary District of south-central British Columbia
(the "Arlington Property").
The Arlington Agreement, which is subject to TSX Venture Exchange ("Exchange") acceptance
("Regulatory Approval"), provides that Equity may earn a 100% interest in the Arlington Property by
meeting the following obligations to Origen, all by the first anniversary of Regulatory Approval:
making cash payments totaling $130,000 ($30,000 of which is reimbursement of costs associated
with the Bond posted in regards to the current drill permit to be assigned to Equity);
incurring exploration expenditures of $250,000 on the Arlington Property; and
issuing shares valued at $200,000 within 7 days of Regulatory Approval; and issuing additional
shares valued at $200,000, or 2 million shares, whichever is greater, by the first anniversary of
Regulatory Approval.
Origen will retain a royalty of 2% of net smelter returns, provided that the Company may purchase 1% of
such royalty at any time for the price of $1,000,000.
About the Arlington Property
The Arlington Au-Cu-Ag Property is located in the West Kettle River Valley in southern British Columbia;
it is 17 km north of the community of Beaverdell and 65 km south of Kelowna B.C., within the Greenwood
Mining Division (see Figure 1).
Historic work in the area was driven by the early success and discoveries made in the Beaverdell and
Carmi Mining Camps during the late 1890s. Most of the production in the district was from the
Beaverdell Camp, which was mined from 1913 to 1991 and produced approximately 35Mozs silver and
16.5Kozs gold. The Buckhorn Mine, located 60km to the south of the property in northern Washington
state, is also considered a possible exploration analogue. The Buckhorn mine was operated by Kinross
from 2007 to 2017, producing 1.3Moz gold from 5Mt ore.
The Arlington Au-Cu-Ag property was explored as early as 1888, with modern exploration on the
property occurring in several stages from the early 1970's to 1996, and most recently from 2015 to 2022.
Thirteen historic mineral occurrences are identified on the claims, although more recent prospecting and
reconnaissance work has identified several additional undocumented historical shafts, adits and
trenches in the northern part of the claims that reflect significant historical exploration and some mining
activity on the property over time. The claim position has been steadily expanded since initial staking by
the vendors in 2015 and now totals nine claims.
Figure 1: Location of the Arlington Property
To view an enhanced version of this graphic, please visit:
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Work on the Arlington property by the vendors includes surface reconnaissance rock chip and grab
sampling, several phases of soil sampling and targeted VLF and surface magnetic geophysical surveys
over the resulting geochemical anomalies. Sampling successfully confirmed the high-grade nature of the
known mineral occurrences in the northern claims, returning strongly anomalous gold, silver and copper
results including:
11.7g/t Au, 211g/t Ag and 3.22% Cu (grab)
6.8g/t Au and 2.0g/t Ag (grab)
1.3g/t Au, 31g/t Ag and 1.2% Cu (grab)
Work in the more recently staked southern claims has identified a broad Au-Ag-Cu anomaly, extending
approximately 2,000m in a N-S direction and 1,000m in an E-W direction. Gold values range from 15 –
2,300 ppb, with associated anomalous values of As, Bi, Te and As. Targets in this area include gold-
enriched epithermal-styled veins and Au/Cu-enriched disseminated to massive magnetite replacement
bodies. Historic Au-placer deposits were mined in the main drainage transecting the soil anomaly.
An additional Cu-Mo-Ag soil anomaly was identified just 750m to the northeast of the Au-Ag-Cu anomaly
and extends over 500m of strike-length and is open laterally to the northeast. The anomaly is spatially
associated with strong argillic alteration in the host lithologies, possibly representing an additional
porphyry-related target at depth for further follow-up and exploration.
The Arlington property represents an exploration opportunity within an historic mining district with a
geological setting and observed styles of mineralization which are geologically analogous to known
productive mineral deposits within the region. Recent exploration on the property has greatly expanded
its prospectivity with the identification of two new polymetallic surface soil anomalies extending over a
3.0km in cumulative strike length.
Three separate targets have been identified on the property for immediate follow-up:
1
.
High-grade Au-enriched poly-metallic quartz veins (potentially analogous to veins at the Beaverdell
Mine);
2
.
Au-Cu magnetite skarn deposits (potentially analogous to the Buckhorn Mine); and
3
.
a Cu-Ag-Mo porphyry system
Initial work on the project by Equity will include detailed soil sampling, geological mapping, prospecting
and potentially trenching toward further refinement of the known targets to be followed by initial drilling in
2025.
Silver Queen Project - Drilling Update
The Company also reports that drilling continues on the
No. 3 Vein North target
as part of the its Fall
'24 exploration program on the property. Twelve core holes totalling 4152 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.
Four additional follow up holes are planned for the Camp Deposit and Camp North targets and will be
added to the current drill program.
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 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.
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. As well, the
Company has an option to acquire a 100% interest in the
Arlington Property
, located within the
Boundary District of south-central British Columbia.
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
Arlington and Silver Queen projects 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 contains forward-looking statements including statements regarding the
exercise of the option to acquire a 100% interest in the Arlington Property, Exchange acceptance of
the Arlington Agreement, and future exploration plans and expenditures on the Arlington Project.
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/229395