Equity Metals Corporation (TSX.V: EQTY) (“Equity”) reports today final assays from its 2020 Phase I drill program on the Silver Queen Property, BC, which identified bonanza-grade silver mineralization at the Camp Vein and high-grade gold mineralization at the No. 3 Vein. Assay results from Phase II drilling, completed in December 2020 as a follow up to a successful Phase I exploration program at the Camp Vein as well as an initial drill test of the nearby No 5 Vein, are still pending with receipt anticipated over the coming four to six weeks.
Crews have started mobilization to the property in preparation for a Phase III, 4,000 metre drill program, which will step out from high-grade, gold-enriched mineralization in the No. 3 and NG-3 veins. Drilling will commence in the coming days.
Drilling continues to verify and extend bonanza-grade silver mineralization at the Camp Vein. Assay results from drill hole SQ20-009 include:
- a 0.8 metre down-hole interval averaging 2,522g/t Ag, 0.2g/t Au and 2.1% Zn (2,667g/t AgEq or 35.6g/t AuEq) within a 4.9 metre interval averaging 625g/t Ag, 0.4g/t Au and 1.9% Zn (754g/t AgEq or 10g/t AuEq); and
- a 0.8 metre down-hole interval averaging 864g/t Ag, 0.3g/t Au and 1.6% Zn (977g/t AgEq or 13g/t AuEq) within a 2.1 metre interval averaging 348g/t Ag, 0.3g/t Au and 1.2% Zn (434g/t AgEq or 5.8g/t AuEq).
Drill hole SQ20-009 tested the Camp Vein approximately 16m to the southeast of the earlier reported drill hole SQ20-003 (11.1m of 356g/t Ag, 0.4g/t Au, 1%Pb and 2.3% Zn or 522g/t AgEq) and approximately 60 metres up-dip from bonanza-grade silver mineralization in drill hole SQ20-010 (4.4m averaging 4,632g/t Ag and 0.2g/t Au, 0.4% Pb and 1.2% Zn). All three holes returned shallow mineralization, within 80 metres of surface, and help to confirm historical drill results from the Camp Vein target.
Assay results from eight core holes drilled during Phase II work on the Camp Vein and No. 5 Vein are pending. These holes tested the immediate area down-dip of the bonanza-grade mineralization identified in drill hole SQ20-010 on the northwestern end of the vein system, deeper testing in the central part of the vein system, and shallow testing of the No. 5 Vein close to where it bends northward into the Camp Vein system. Drilling tested up to 175 metres below surface on the Camp Vein, which has seen, to date, minimal drilling to those depths.
Figure 1: Phase I and II Drilling at the Silver Queen Project near Houston, British Columbia
Figure 2: Longitudinal Section of the Camp Vein drilling
No. 3 Vein
Equity also reports additional assay results from the No. 3 Vein, including:
- a 1.0 metre down-hole interval (0.9m est. True Thickness) averaging 11.4g/t Au, 219g/t Ag and 6.3% Zn (18g/t AuEq or 1,353g/t AgEq) within a broader 3.8 metre interval (3.3m est. TT) averaging 3.4g/t Au, 90g/t Ag and 2.7% Zn (6.2g/t AuEq or 464g/t AgEq) from drill hole SQ20-007; and
- a 1.2m down-hole interval (0.8m est TT) grading 2.8g/t Au, 322g/t Ag, 0.8% Pb and 5.0% Zn (10.2g/t AuEq or 767g/t AgEq) from drill hole SQ20-008.
The holes tested down-dip of previously reported drill hole SQ20-006 (3.6m est. TT averaging 6.8g/t AuEq) in the lower part of the modelled wire frame. The results confirm the down-dip projection of the high-grade gold mineralization in the No. 3 Vein, which remains open to depth. Phase III drilling on the property will start in early February and will test further extensions of this mineralization in an area approximately 400m x 350m down dip and laterally to the southeast of the currently delineated resource blocks.
Figure 3: Longitudinal Section of the No. 3 Vein showing NSR distribution, pierce-points of the 2020 current and 2021 planned drill holes
About Silver Queen Project
The Silver Queen Project is a premier gold-silver property with over 100 years of historic exploration and development 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 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 vein structures 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 Drill Intercepts from the 2020 Drilling on the Silver Queen Property.
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. 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 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.
- The 2019 Silver Queen Resource Estimate was prepared following CIM definitions for classification of Mineral Resources and identified at a CDN$100/NSR cut-off, an indicated resource of 815Kt averaging 3.2g/t Au, 201g/t Ag, 1.0% Pb, 6.4% Zn and 0.26% Cu and an inferred resource of 801Kt averaging 2.5g/t Au, 184g/t Ag, 0.9% Pb, 5.2% Zn and 0.31% Cu. Grade capping on Ag and Zn was performed on 0.75m to 1.24m length composites. Au, Cu and Pb required no capping. ID3 was utilized for grade interpolation for Au and Ag while ID2 was utilized for Cu, Pb and Zn. Grade blocks were interpreted within constraining mineralized domains using and array of 3m x 1m x 3m blocks in the model. A bulk density of 3.56 t/m³ was used for all tonnage calculations. Approximate US$ 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
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.