Equity Reports Final Drill Results from the Cole Lake Target, Including 2.5 metres (est TT) of 220g/t AgEq in Hole SQ23-099 and 2.6 metres (est TT) of 223g/t AgEq in Hole SQ23- 103, Silver Queen Project, BC
Equity Reports Final Drill Results from the
Cole Lake Target, Including 2.5 metres (est TT)
of 220g/t AgEq in Hole SQ23-099 and 2.6
metres (est TT) of 223g/t AgEq in Hole SQ23-
103, Silver Queen Project, BC
Vancouver, British Columbia--(Newsfile Corp. - January 15, 2024) -
Equity Metals Corporation
(TSXV: EQTY) ("Equity")
reports assays from the final six holes on the Cole Lake target and a single
hole from the Camp Target, which were completed as part of the Company's Autumn 2023 core drilling
program on its 100% owned Silver Queen Au-Ag project, British Columbia.
Assay results from the Cole Lake drilling returned multiple intercepts of strongly enriched precious and
base metals, including:
A
0.3 metre
(est. TT) interval grading
0.9/t Au, 102g/t Ag, 0.2% Cu, 0.7% Pb and 17.5% Zn
(11.3g/t AuEq or 921g/t AgEq)
within
a
2.5 metre
(est. TT) interval averaging
0.3g/t Au, 50g/t
Ag, 0.1% Cu, 0.5% Pb and 3.2% Zn (2.7g/t AuEq or 220/t AgEq)
from the Cole Vein in drillhole
SQ23-099
;
A
0.6 metre
(est TT) interval grading
0.9g/t Au, 51g/t Ag, 0.3% Cu, 0.5% Pb and 8.5% Zn (6.3
AuEq or 514g/t AgEq)
from the Cole Vein in drillhole
SQ23-100;
and
A
1.0 metre
(est. TT) interval averaging
1.1g/t Au, 177g/t Ag, 1.1% Cu, 0.5% Pb and 1.2% Zn
(5.6g/t AuEq or 454g/t AgEq)
within
a
2.6 metre
(est. TT) interval averaging
0.5g/t Au, 80g/t Ag,
0.7% Cu, 0.2% Pb and 0.5% Zn (2.7g/t AuEq or 223g/t AgEq)
from a footwall vein of the Cole
Vein in drillhole
SQ23-103
.
These highlights are from the final six of nine core holes that tested the Cole Lake Vein system (Figure
1). Drilling included a second vertical fan of three holes that tested the NW-SE-trending Cole Vein
approximately 200 metres to the southeast of Equity's earlier reported drilling on the target (see NR-18-
23; dated December 13, 2023) and two holes that tested the NNW-SSE-trending Cole Shear. A sixth
hole tested a 50m step-out to the northwest of Equity's earlier drilling on the Cole Vein (Figure 2).
Drilling successfully intersected the Cole Vein in all of the four holes that targeted the Vein, as well as
intersecting multiple shallow hangingwall veins that are up to 5 metres wide (est. TT) and clusters of
footwall veins distributed over 40-metre intervals in drillholes SQ23-100 and -103. The Cole Vein is now
traced in both current and historical drilling for over 400 metres laterally, and historically has been tested
to depths of up to 400 metres below surface. Vein thickness and grade increase to the northwest along
the Cole Vein, and locally at depth, providing vectors for further exploration.
Camp Deposit
A single hole totalling 458 metres was completed on the Camp Deposit as part of the Autumn program.
Drilling identified depth extensions for three of the veins with known resources and two hanging wall
veins, including one high-grade silver vein which returned:
A
0.4 metre
(est. TT) interval averaging
807g/t Ag, 0.3% Pb and 0.5% Zn (10.3g/t AuEq or
840g/t AgEq)
in drillhole
SQ23-104
.
The high-grade intercept continues to demonstrate continuity of the hangingwall vein, which remains
open both at depth and along strike. The vein occurs at the southern edge of a broad multi-element soil
anomaly identified in earlier 2023 surface sampling, suggesting potential for additional mineralization.
These are the final assay results from nine core holes totalling 2,961 metres completed on the Cole Lake
target and a single hole totalling 458 metres in the Camp Deposit during September and October 2023.
Overall in 2023, twenty-six core holes were completed for a total of 9,989 metres and 1,437 soil
sediment samples were collected. Drilling successfully demonstrated lateral and down-dip extensions of
the known Camp and Sveinson deposits and confirmed the significant exploration potential to add
resources at the new George Lake and Cole Lake targets, which were not included in the 2022 Mineral
Resource update. Soil sampling results have confirmed and extended the surface expression of several
known zones of mineralization as well as highlighted an exciting new 1 km
2
polymetallic soil target
located just north of the Camp Deposit.
VP Exploration Rob Macdonald commented,
"The initial drill results from the Cole Lake target confirm
both the historical grade and tenor of the Cole Vein and its prospectivity as a viable follow-up target for
resource delineation. The Cole Vein remains only partially tested along its 400 metre strike-length,
with mineralization open both laterally and at depth, and now includes several new veins that have
been identified in both the hangingwall and footwall of the main vein.
Drilling in 2024 will focus on the systematic resource expansion of the Camp and Sveinson deposits
and the further delineation of mineralization at both the Cole Lake and George Lake targets. Several
additional new targets will be tested in 2024, including the newly identified soil anomaly north of the
Camp Deposit. An initial 6,000 metres of drilling is planned, and is currently funded, to begin testing
these targets."
Figure 1: Plan of the Cole Lake and George Lake Target areas showing Spring - Autumn '23
drilling
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5566/194191_9366fb84544678f8_002full.jpg
Figure 2: Long-section of the Cole Vein, looking northeast, showing the distribution of 2023
pierce points in relation to historic drilling on the target (shaded)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5566/194191_9366fb84544678f8_003full.jpg
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 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 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 2023 Drilling on the Cole Lake and Camp
Targets
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
Cole Lake Target - New Assays
SQ23-098
131.6
132.1
0.5
0.4
0.5
32
0.1
0.8
2.4
2.5
208
SQ23-098
242.5
244.1
1.6
1.3
0.3
132
0.1
1.4
0.5
2.8
225
Cole Vein
SQ23-099
62.7
73.0
10.3
5.0
0.9
10
0.0
0.4
1.0
1.6
130
37.4% dilution; HW Vein
SQ23-099
273.0
276.0
3.0
2.5
0.3
50
0.1
0.5
3.2
2.7
220
61% dilution; Cole Vein
inc.
275.6
276.0
0.4
0.3
0.9
102
0.2
0.7
17.5
11.3
921
SQ23-100
31.5
34.1
2.6
1.2
0.6
32
0.0
0.6
1.4
1.9
157
43.5% Dilution
inc.
32.0
32.6
0.6
0.3
1.5
64
0.0
1.2
2.8
4.2
341
SQ23-100
89.9
97.4
7.5
3.0
0.3
23
0.1
0.4
0.9
1.3
106
10g/t AgEq Cutoff; HW Vein
inc.
89.9
91.4
1.6
0.6
0.6
33
0.1
0.6
2.3
2.5
206
and inc.
95.0
95.6
0.6
0.2
1.2
33
0.1
3.3
3.4
4.6
379
SQ23-100
298.5
299.2
0.8
0.6
0.9
51
0.3
0.5
8.5
6.3
514
Cole Vein
inc.
298.5
298.8
0.3
0.2
1.0
73
0.6
0.6
14.4
10.0
817
SQ23-100
306.5
307.0
0.5
0.4
1.5
91
0.1
2.0
2.2
4.5
371
FW Vein
SQ23-100
317.4
317.8
0.4
0.3
1.2
36
0.1
0.9
3.1
3.7
300
FW Vein
SQ23-100
339.7
340.3
0.6
0.4
1.0
105
0.5
1.1
2.4
4.5
371
FW Vein
SQ23-101
66.2
66.6
0.4
0.2
0.4
6
0.0
0.2
4.8
2.9
237
HW Vein
SQ23-101
163.9
164.4
0.5
0.3
0.0
10
0.0
0.6
1.9
1.3
106
SQ23-101
235.4
235.9
0.4
0.3
0.6
42
0.0
0.4
0.4
1.5
123
Cole Shear
SQ23-102
130.9
131.2
0.4
0.3
1.6
29
0.0
0.9
1.9
3.2
261
HW Vein
SQ23-102
219.8
220.1
0.3
0.2
0.1
14
0.0
0.4
4.0
2.4
199
Cole Shear
SQ23-103
27.6
29.5
1.9
1.2
2.2
53
0.1
2.5
1.5
4.6
378
HW Vein
inc.
27.9
28.5
0.6
0.4
5.8
135
0.1
7.2
3.0
11.7
956
SQ23-103
101.5
101.8
0.3
0.2
8.3
61
0.1
0.3
0.7
9.6
784
SQ23-103
191.9
199.0
7.0
4.4
0.2
29
0.2
0.4
0.7
1.3
108
10g/t AgEq Cutoff; Cole Vein
inc.
193.4
195.7
2.4
1.5
0.5
73
0.6
0.9
1.3
3.0
248
44% dilution
inc.
193.4
194.0
0.7
0.4
0.6
149
1.9
0.7
1.8
6.1
498
SQ23-103
242.8
243.9
1.1
0.7
0.4
86
0.1
0.8
3.1
3.5
286
FW Vein
inc.
243.1
243.5
0.4
0.3
0.7
171
0.3
1.8
6.4
7.0
571
SQ23-103
275.9
277.7
1.8
1.1
0.1
102
1.4
0.1
0.1
3.3
271
37% Dilution; FW Vein
inc.
276.9
277.7
0.7
0.5
0.3
218
2.7
0.1
0.2
6.7
548
SQ23-103
282.5
286.6
4.1
2.6
0.5
80
0.7
0.2
0.5
2.7
223
FW Vein
inc.
285.0
286.6
1.6
1.0
1.1
177
1.1
0.5
1.2
5.6
454
inc.
286.0
286.6
0.6
0.4
2.4
274
2.2
0.7
2.3
10.1
827
Camp Deposit - New Assays
SQ23-104
54.3
58.7
4.5
2.9
0.3
21
0.1
0.3
1.2
1.3
108
43% Dilution
SQ23-104
109.4
109.9
0.6
0.4
0.0
807
0.0
0.3
0.5
10.3
840
HW Vein
inc.
109.6
109.9
0.3
0.2
0.1
1467
0.0
0.5
0.7
18.5
1517
SQ23-104
270.5
271.2
0.6
0.4
0.0
185
0.0
0.3
1.2
3.0
246
SQ23-104
383.0
384.4
1.4
0.9
0.0
79
0.0
0.2
1.6
1.9
154
SQ23-104
442.7
443.4
0.7
0.5
0.0
128
0.0
0.0
0.3
1.8
143
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 did not account for
relative metallurgical recoveries of the metals.
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.
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