Equity Reports 2.3 Metres Averaging 604g/t AgEq in the Western Step-out Drilling at the Camp Vein Target, Silver Queen Project, BC
Equity Reports 2.3 Metres Averaging 604g/t
AgEq in the Western Step-out Drilling at the
Camp Vein Target, Silver Queen Project, BC
Vancouver, British Columbia--(Newsfile Corp. - December 7, 2021) -
Equity Metals Corporation
(TSXV: EQTY) ("Equity")
reports today further
High-grade Silver
drill intercepts in western and down
dip step-outs of the Camp Vein target, Silver Queen Project, BC.
New highlight intercepts include:
a
0.5 metre
interval grading
1,659g/t Ag,
0.1g/t Cu, 1.6% Pb and 0.36% Zn
(1,761g /t AgEq)
within
a
2.3 metre
interval averaging
554g/t Ag,
0.7% Pb and 0.6% Zn
(604g/t AgEq)
from drill
hole
SQ21-035
; and
a
2.0 metre
interval
averaging
226g/t Ag,
0.1% Pb and 0.4% Zn
(248g/t AgEq)
from drill hole
SQ21-036
.
Drilling has now extended the western margin of the Camp Vein system along strike and down dip of
previously released assays from holes SQ20-010 and SQ21-030 to -034, which include:
a
0.3 metre
interval grading
56,291g/t AgEq
within
a
4.4 metre
interval averaging
4,718g/t AgEq
from drill hole
SQ20-010
(NR-12-20; October 19, 2020);
a
0.3 metre
interval grading
10,117g/t AgEq
within
a
3.7 metre
interval averaging
1,148g/t AgEq
from drill hole
SQ21-034
(NR-13-21; November 23, 2021);
a
2.0 metre
interval averaging
2,358g/t AgEq
from drill hole
SQ21-030
(NR-08-21; May 25,
2020)
;
a
3.5 metre
interval averaging
752g/t AgEq
from drill hole
SQ21-032
(NR-13-21; November 23,
2021);
and
a
2.1 metre
interval averaging
537g/t AgEq
from drill hole
SQ21-033
(NR-13-21; November 23,
2021)
;
Multiple veins have been identified in each hole with mineralization in drill hole SQ21-035 extending the
vein system a further 50 metres to the west of Equity's previous drilling at the Camp Vein target. Drilling
has also extended the veins to depths of up to 195 metres below surface, which is significantly deeper
than historic drilling and will provide continuity with mineralized intercepts in drill holes SQ21-010, SQ21-
030 and SQ21-032 to -034.
Drilling as now confirmed broad continuity in all four of the modelled veins identified on the northwestern
margin of the Camp Vein target. Mineralization is open and untested to the west and projects eastward
into previously identified vein intercepts. Assays from a single hole on this portion of the Camp Vein,
SQ21-049, are pending.
Eighteen new core holes and an extension of an earlier hole, totalling 4,636 metres, were completed on
a 280 metre strike-length of the
Camp Vein Target
as part of the September 2021 program.
In October through December 2021, 14 holes totaling 5,024 metres tested the 1,000 metre-long region
between the Camp veins and the No. 3 Vein with wide-spaced drilling, as an initial test of the area now
referred to as the Sveinson Extension (includes the No. 5 and Switchback veins; see Figure 1). A final
hole, SQ21-049, has tested the footwall of the Camp Vein target. Full assays from 26 of these holes are
pending with further assay results expected over the coming weeks and extending into the New Year.
A total of 63 drill holes for 19,645 metres has now been completed by Equity Metals on the Silver Queen
property in five successive phases of exploration drilling starting in late 2020. Five separate target areas
have been tested and thick intervals of high-grade gold, silver and base-metal mineralization have been
identified in each of the Camp Vein, No. 5/switchback, No. 3, and NG-3 Vein systems.
Figure 1: Plan Map of targets on the Silver Queen vein system, BC
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5566/106891_f311b730d448c833_002full.jpg
.
Table 1: Summary Composites from September2021 Drilling on the Camp Vein Target.
Hole #
From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
AuEq
(g/t)
AgEq
(g/t)
Comments
SQ21-035
53.0
53.3
0.3
0.2
191
0.1
0.1
0.3
3.0
225
SQ21-035
221.0
223.0
2.0
0.3
48
0.0
0.7
1.4
1.9
143
SQ21-035
248.8
251.1
2.3
0.1
544
0.0
0.7
0.6
8.1
604
23%
dilution
inc.
249.6
250.1
0.5
0.2
1659
0.1
1.6
0.6
23.5
1761
SQ21-036
32.8
34.6
1.8
0.1
126
0.1
0.1
0.5
2.2
166
inc.
32.8
33.7
0.9
0.1
212
0.0
0.1
0.3
3.1
236
SQ21-036
59.2
61.2
2.0
0.0
226
0.0
0.1
0.4
3.3
248
inc.
60.2
61.2
1.0
0.0
356
0.0
0.1
0.6
5.1
384
SQ21-036
135.9
136.2
0.3
0.6
284
0.0
0.2
0.7
4.8
364
SQ21-036
254.2
255.3
1.1
0.0
250
0.0
0.1
0.2
3.5
261
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.
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 $1,500/oz Au, $20/oz Ag, $2.75/lb Cu, $1.00/lb Pb and $1.10/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. Most of the existing resource is hosted by the No. 3 Vein, which is
traced by drilling for approximately 1.2km and to the southeast transitions into the NG-3 Vein close to the
buried Itsit copper-molybdenum porphyry.
An initial NI43-101 Mineral Resource Estimate (
see Note 1 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.
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 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
.
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
"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.
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