Equity Metals Corporation (TSX-V: EQTY) reports High-grade Gold-Silver drill intercepts from a previously unmodelled hangingwall zone on the eastern end of the Camp Vein Target at the Silver Queen project, B.C.
Highlight intervals Include:
The intercepts correlate with the No. 5 Vein, which historically was identified in surface sampling and limited shallow drilling to the east of the holes reported here. The target remains open to the east where it transitions into the larger Sveinson Vein Target, which includes the historic No 5 and other veins. The current intercepts are relatively shallow (<100 metres depth) and undrilled to depth.
Additional assay results from drill holes SQ21-042 to -046 and the extension of drill hole SQ21-018 returned multiple mineralized intercepts which continue to establish continuity of the four modelled veins on the eastern extension of the main Camp Vein target. Highlights include:
All assay results have now been received from the Phase IV drilling on the Camp Vein Target, which was completed in early Autumn 2021. A further 13 drill holes were drilled in November/December 2021 as part of Phase V drilling on the Sveinson Vein target which includes the historic No. 5 and other veins that have been only partially tested (see Figure 1). Assays are pending and anticipated over the next several weeks.
Crews have now mobilized to recommence drilling on the property, focusing initially on the NG-3 target. Detailed drilling, including the intercepts reported here, will be utilized in developing the Company’s maiden resource for the Camp Vein target, expected in Q2 of 2022.
VP Exploration Rob Macdonald commented, “The identification of strongly enriched gold and copper, in addition to bonanza-grade silver, in multiple drill holes in these most recent assay results adds a significant new element to the exploration and development story evolving at the Silver Queen project. Recent drilling has continued to test extensions of the Camp Vein target farther to the east and into the Sveinson Vein Target, a cumulative strike length of over 1,250 metres. Assays from the Sveinson Vein target are pending and anticipated in the coming weeks. New drilling, starting this week, will test farther east into the NG-3 Vein target, which has seen only modest historical drilling.”
Figure 1: Plan Map of targets on the Silver Queen vein system, BC
Figure 2: Plan Map of the Camp Vein Target showing recent drill results
President Joe Kizis commented, “Equity Metals has now completed a total of 63 drill holes for 19,645 metres in five successive phases of exploration drilling starting in late 2020 on the Silver Queen property, testing five separate target areas. Thick intervals of high-grade gold, silver and base-metal mineralization have been returned from drilling at the Camp, Sveinson Extension, No. 3, and NG-3 Vein systems, demonstrating the target-rich nature of the Silver Queen property.”
Table 1: Summary Composites from September 2021 Drilling on the Camp Vein Target.
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:
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.
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.
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