Equity Metals Corporation is focussed on creating shareholder value through fast tracking exploration of the company’s flagship 100% Owned Silver Queen Gold-Silver Property, British Columbia, Canada. With data from over a century of exploration on the property, including a historically producing mine, as well as excellent infrastructure close to the property, the property provides an excellent investment opportunity to create near to mid-term shareholder value through aggressive advancement and expansion of the current NI 43-101 Mineral Resource Estimate. The company also holds interests in two highly prospective diamond properties in the Lac de Gras area, one of Canada’s most prolific diamond producing areas.
The Silver Queen gold-silver property consists of 17 crown-granted and 45 tenure claims covering 18,851.76 hectares in the Omineca Mining Division, south of Houston, British Columbia. The property is located on the all season maintained road to Huckleberry mine at Owen Lake - 43 km south of Houston BC. Located in the heart of the Skeena Arch and surrounded by current and past producing mines as well as advanced exploration projects for large mining companies, there is excellent potential for discovery and delineation of a productive deposit.
On July 16th, 2019, the company released a maiden NI 43-101 Resource Estimate of 85Kozs Au, 5.2Mozs Ag, 5Mlbs Cu, 17Mlbs Pb and 114Mlbs Zn (244,000oz AuEq) Indicated and 64Kozs Au, 4.7Mozs Ag, 5Mlbs Cu, 16Mlbs Pb and 92Mlbs Zn (193,000oz AuEq) Inferred(1-8). Click here for a summary table of the resource and click here for the full technical report. The company plans to aggressively expand this resource in the coming year with the goal of producing an update of the NI 43-101 Resource Estimate by the end of 2020.
The company also holds an interest in two diamond properties in the Lac de Gras region of NWT, Canada. The Monument Property (57.49% Owned) contains 8 known diamondiferous kimberlites, the most advanced of which produced microdiamonds up to 0.447ct from bulk sampling. The WO Property (~4% Owned) is an advanced stage diamond property with a NI 43-101 Resource estimate produced in August 2008, where bulk sampling produced rough diamonds up to 9.45ct in size.
Equity Metals Corporation - a low-risk junior exploration company with substantial upside potential and a portfolio of high-quality assets.
- 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.
- Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues, although the Company is not aware of any such issues.
- The Inferred Mineral Resource in this estimate has a lower level of confidence that that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
- The Mineral Resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
- Grade capping on Ag and Zn was performed on 0.75m to 1.24m length composites. Au, Cu and Pb required no capping. Inverse distance cubed (1/d3) was utilized for grade interpolation for Au and Ag while inverse distance squared (1/d2) was utilized for Cu, Pb and Zn. Grade blocks were interpreted within constraining mineralized domains and a 3m long x 1m wide x 3m high block 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. See details in Sections 14.10 and 14.12 of the technical report.