Equity Reports Initial 2024 Drill Results from the George Lake Target at the Silver Queen Project, BC and includes 8.8 metres (est TT) of 324g/t AgEq with 1.2 metres (est TT) of 1189g/t AgEq in Hole SQ23-105
Equity Reports Initial 2024 Drill Results from
the George Lake Target at the Silver Queen
Project, BC and includes 8.8 metres (est TT) of
324g/t AgEq with 1.2 metres (est TT) of 1189g/t
AgEq in Hole SQ23-105
Vancouver, British Columbia--(Newsfile Corp. - July 16, 2024) -
Equity Metals Corporation (TSXV:
EQTY) ("Equity")
reports assays from the first five holes on the George Lake target, which were
completed as part of the Company's 2024 exploration program on its 100% owned Silver Queen Au-Ag
project, British Columbia. Drilling commenced in early May and is on-going. Twenty core holes totalling
7553 metres have now been completed, and drilling has tested a 550-metre strike length of the George
Lake structure to depths of up to 400 metres below surface.
The initial assay results from the 2024 drill program returned multiple intercepts of strongly enriched
precious and base metals, including:
A
1.2 metre
(est. TT) interval grading
2.0g/t Au, 173g/t Ag, 0.1% Cu, 4.2% Pb and 12.9% Zn
(16.0g/t AuEq or 1189g/t AgEq)
within
an
8.8 metre
(est. TT) interval averaging
0.9g/t Au, 87g/t
Ag, 0.1% Cu, 1.5% Pb and 2.0% Zn (4.4g/t AuEq or 324g/t AgEq)
in drillhole
SQ23-105
;
beneath
A
1.6 metre
(est. TT) interval grading
3.7g/t Au, 272g/t Ag, 0.2% Cu, 3.4% Pb and 2.2% Zn
(10.8g/t AuEq or 802g/t AgEq)
within
a
9.1 metre
(est TT) interval grading
1.9g/t Au, 81g/t Ag,
0.1% Cu, 1.3% Pb and 0.9% Zn (4.3 AuEq or 321g/t AgEq)
also in drillhole
SQ23-105,
and
A
2.7 metre
(est. TT) interval averaging
1.6g/t Au, 48g/t Ag, 0.6% Pb and 1.3% Zn (3.6g/t AuEq
or 265g/t AgEq)
in drillhole
SQ23-107
.
The highlights confirm the lateral projection of mineralization in the George Lake structure and further
builds continuity both up-dip and down-dip of Equity's 2023 drill holes. Previously announced
mineralization encountered in 2023 includes 3.0m (est. TT) averaging 394g/t AgEq from drill hole SQ24-
093 and 3.3m (est. TT) averaging 333g/t AgEq from drill hole SQ24-094 (see NR-17-23, dated
November 28, 2023).
Drill hole SQ24-105 returned the thickest intervals of mineralization identified from the George Lake
structure to date, which remains open to depth. Drill hole SQ24-106 (see long section attached as
Figure 2) successfully tested the target vein up-dip of the SQ23-93 intercept and remains open to
surface (approximately 150 metres). Additional narrower veins were intersected in each of the five holes
suggesting the potential, with further drilling, for the development of hangingwall/footwall zones to, or
splays from, the main vein; these include: 0.2m (est. TT) grading 1282g/t AgEq from drill hole SQ24-108
and 0.7m (est. TT) averaging 418g/t AgEq from SQ24-109.
Note: Silver and gold equivalencies were calculated using estimated relative process recoveries and
prices between the component metals as identified in Table 1.
These results help confirm the lateral projection of mineralization in the George Lake structure and the
persistence of the target vein to depth. Additional assay results are pending and are expected to further
extend the projection of mineralization and continue to test the George Lake structure to depths of up to
400 metres below surface.
VP Exploration Rob Macdonald commented: "The intercepts from drill hole SQ24-105 represent two
of the thickest mineralized intervals identified to date along the George Lake vein zone and form the
basis for a potentially productive mineralized zone adjacent to existing underground development.
Mineralization remains open in several directions and further exploration drilling is planned as part of
this current and subsequent drill campaigns."
Exploration in the Summer '24 program will now shift to test further extensions of the Camp Deposit and
drill testing of the Camp North target, which was identified in 2024 as a strongly anomalous polymetallic
1 km
2
soil anomaly located to the north along strike of the main Camp Deposit.
Figure 1: Plan of Silver Queen project area
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5566/216670_e9dd24f5c4622835_002full.jpg
Figure 2: Long-section of the George Lake Target, looking northeast
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5566/216670_e9dd24f5c4622835_003full.jpg
Note: Historic Crosscut Channel Sample - Source: George Cross Newsletter, April 6, 1988. Assays are historic in nature and are provided for
reference only and have not been verified by the company.
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 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.
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 2024 Drilling on the George Lake Target
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
SQ23-105
18.2
18.5
0.4
0.3
1.8
86
0.1
0.4
1.7
4.5
338
SQ23-105
326.8
338.0
11.2
9.1
1.9
81
0.1
1.3
0.9
4.3
321
inc.
326.8
328.8
2.0
1.6
3.7
272
0.2
3.4
2.2
10.8
802
SQ24-105
348.0
358.9
10.9
8.8
0.9
87
0.1
1.5
2.0
4.4
324
inc.
356.0
357.5
1.5
1.2
2.0
173
0.1
4.2
12.9
16.0
1189
SQ23-106
216.4
216.8
0.4
0.3
2.2
34
0.0
0.5
10.7
11.0
816
SQ23-106
229.9
231.6
1.7
1.4
1.0
42
0.1
1.7
2.1
4.0
298
inc.
231.3
231.6
0.3
0.2
3.4
22
0.1
0.5
2.3
5.7
426
SQ24-106
301.9
304.7
2.8
2.3
0.7
79
0.6
0.0
0.7
3.3
244
67% Dilution
inc.
301.9
302.2
0.3
0.3
0.6
516
1.3
0.2
1.3
10.6
788
inc.
303.8
304.1
0.3
0.2
2.7
127
4.1
0.1
0.2
11.3
838
SQ23-106
313.1
315.6
2.5
2.1
0.8
43
0.0
1.7
3.4
4.7
352
70% Dilution
inc.
313.1
313.5
0.4
0.3
2.4
110
0.0
7.3
5.4
11.3
837
and inc.
315.2
315.6
0.4
0.3
2.4
143
0.2
0.8
17.6
18.2
1354
SQ23-107
17.7
18.0
0.3
0.2
4.1
169
0.1
3.4
7.1
13.4
995
SQ23-107
330.0
333.2
3.3
2.7
1.6
48
0.0
0.6
1.3
3.6
265
52% Dilution
inc.
330.0
331.1
1.2
1.0
2.4
124
0.1
1.5
3.3
7.4
547
SQ23-107
338.8
339.1
0.3
0.2
1.2
24
0.0
0.1
3.8
4.4
327
SQ23-108
18.7
19.0
0.3
0.2
9.5
245
0.7
1.1
3.7
17.2
1282
SQ23-108
326.4
327.2
0.8
0.5
0.3
50
0.1
0.4
2.2
2.9
217
SQ24-108
370.1
370.4
0.3
0.2
1.0
31
0.2
0.2
1.5
3.0
222
SQ24-109
20.0
21.0
1.0
0.7
0.8
153
0.7
0.5
1.7
5.4
401
SQ24-109
252.0
253.0
1.0
0.7
0.9
37
0.0
1.0
4.9
5.6
418
SQ24-109
379.7
380.4
0.7
0.5
0.7
14
0.0
0.5
0.9
1.8
133
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 utilized relative
metallurgical recoveries of
Au 70%, Ag 80%, Cu 80%, Pb 81% and Zn 90%.
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/216670