EQTY.V · 2023-10-04 12:00:00

Equity Receives Encouraging Drill Results from the George Lake Target, Intersects 1.5 metres (est. TT) of 1.3g/t Au, 226g/t Ag, 1.0% Cu, 1.7% Pb and 6.6% Zn (9.2g/t AuEq or 755g/t AgEq) at the Silver Queen Project, BC

Drill Results

Equity Receives Encouraging Drill Results

from the George Lake Target, Intersects 1.5

metres (est. TT) of 1.3g/t Au, 226g/t Ag, 1.0%

Cu, 1.7% Pb and 6.6% Zn (9.2g/t AuEq or 755g/t

AgEq) at the Silver Queen Project, BC

Vancouver, British Columbia--(Newsfile Corp. - October 4, 2023) -

Equity Metals Corporation (TSXV:

EQTY) (FSE: EGSD) (OTCQB: EQMEF) ("Equity")

reports encouraging assays from the first three

holes of its Summer 2023 core drilling program on the Company's 100% owned Silver Queen Ag-Au

project, located in central British Columbia. The new assays are Equity's first test of the George Lake

target, which was last tested by both surface and underground drilling in the late 1980's.

Drilling at the George Lake target returned multiple intercepts of precious and base metals, including:

0.3 metre

(est. TT) interval averaging

4.1g/t Au

824g/t Ag, 0.7% Cu,

3.4% Pb

and

18.4% Zn

(

25.4g/t AuEq

2,076g/t AgEq

)

within a

1.5 metre

(est. TT) interval grading

1.3g/t Au

226/t Ag,

1.0% Cu,

1.7% Pb

and

6.6% Zn

(

9.2g/t AuEq

755g/t AgEq

) from drillhole

SQ23-090

; and

0.2 metre

(est. TT) interval grading

0.5g/t Au, 1570g/t Ag, 1.9% Cu, 0.7% Pb

and

5.6% Zn

(

25.3g/t AuEq or 2071g/t AgEq

)

within a

1.4 metre

(est. TT) interval grading

1.2g/t Au

284/t Ag,

0.3% Cu,

0.3% Pb

and

1.8% Zn

(

6.1g/t AuEq

502g/t AgEq

) from drillhole

SQ23-089

These highlight results from the first three of seven holes testing the George Lake target confirmed the

overall tenor of mineralization in the area around the historic Bulkley Crosscut (see Figure 1) to depths of

up to 200 metres below surface. The Bulkley Crosscut intersected high grades of precious and base

metals in underground sampling and drill core. Additional narrower veins were intersected in each of the

three holes suggesting the potential, with further drilling, for the development of hangingwall/footwall

zones to the main vein identified in the current drill program. The remaining four holes completed on the

George Lake target have confirmed the lateral projection of visually mineralized veins approximately 300

metres to the southeast of the Bulkley cross-cut and to depths of up to 250 metres. Mineralization

remains open laterally to the southeast and to depth. Assay results from the remaining four holes are

anticipated in the coming weeks.

The Company completed 2,467 metres of core drilling in 7 holes on the George Lake target as part of its

2023 Summer drill program. Logging and sampling of the final two drill holes, which was suspended in

mid-July due to wildfire risk, has been completed and the samples have been submitted for assay.

Drilling has now resumed on the property on the Cole Lake target, where 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 Cole Lake Vein is a highly prospective mineralized zone as evidenced by previously

reported select surface chip samples,

(1)

which assayed 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.

(2)

(1)

Select rock chip samples are selective by nature and may not represent the average grade of the mineralization over broader mineralized zones.

VP Exploration Rob Macdonald commented,

"Work on the Silver Queen project through 2023

continues the systematic delineation of new mineralization throughout the property. These preliminary

drill results clearly confirm the George Lake target as a new, under-explored, mineralized zone which

is open for expansion both laterally and to depth. Additional assay results from this zone are pending

and are anticipated in the coming weeks while new drilling has once again started on the property at

the similarly under-explored Cole Lake target, representing continued news flow from the property

through the Fall."

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/5566/182807_1b42503854ffaad1_002full.jpg

Figure 2: Plan of the George Lake Target area showing Summer '23 drilling

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/5566/182807_1b42503854ffaad1_003full.jpg

Table 1: Summary Composites from Summer '23 Drilling on the George Lake Target

Hole #

From

(m)

Interval

(m)

(g/t)

(%)

AuEq

(g/t)

AgEq

(g/t)

ETT

(m)

George Lake Target

SQ23-088

123.5

123.9

0.4

0.3

0.7

0.1

0.5

1.4

2.2

177

SQ23-088

125.2

125.7

0.5

0.4

0.3

0.1

0.5

1.7

1.9

158

SQ23-088

127.2

127.5

0.3

0.4

0.0

0.6

1.7

136

SQ23-089

148.4

150.9

2.5

1.9

0.7

0.1

0.96

2.2

2.9

234

inc.

148.4

149.0

0.6

0.5

0.9

117

0.1

3.3

7.2

7.1

585

SQ23-089

156.7

158.5

1.8

1.4

1.2

284

0.3

1.8

6.1

502

inc.

157.8

158.1

0.3

0.2

0.5

1570

1.9

0.7

5.6

25.3

2071

SQ23-089

199.6

200.1

0.4

0.3

0.1

0.7

0.8

1.9

159

SQ23-089

206.0

207.2

1.2

1.0

4.2

0.0

0.1

0.3

4.5

368

SQ23-090

56.3

58.1

1.8

1.0

1.6

0.0

0.5

1.9

3.6

293

SQ23-090

92.6

93.0

0.3

0.2

0.7

204

0.3

0.6

8.0

7.8

634

SQ23-090

239.6

240.3

0.7

0.4

0.5

121

1.9

0.1

0.2

4.6

375

SQ23-090

246.4

249.2

2.7

1.5

1.3

226

1.0

1.7

6.6

9.2

755

inc.

248.3

248.8

0.5

0.3

4.1

824

0.7

3.4

18.4

25.4

2076

(2)

Rock and 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. Reported

intervals are core lengths, true widths undetermined or estimated. 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 did not account for relative metallurgical recoveries of the metals.

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

, 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.

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

[email protected]

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/182807

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