Mr. Joe Kizis reports

EQUITY BUILDS CONTINUITY BETWEEN THE CAMP AND SVEINSON TARGETS, INTERSECTING 0.7 METRES OF 13.6G/T AU, 690G/T AG, AND 5.9% CU, (30.3G/T AUEQ OR 2,273G/T AGEQ) ON THE SILVER QUEEN PROJECT, BC

Equity Metals Corp. has released several intersections of high-grade gold and silver in three holes from the Camp and Sveinson target areas on the Silver Queen property, British Columbia, indicating continuity of veins within the two target areas.

Drilling highlights include:

• A 0.7-metre interval grading 13.6 grams per tonne (g/t) gold, 690 g/t silver, 5.9 per cent copper, 0.1 per cent lead and 0.2 per cent zinc (30.3 g/t gold equivalent (AuEq) or 2,273 g/t silver equivalent (AgEq)) from drill hole SQ22-063;
• A 0.3-metre interval grading three g/t Au, 426 g/t Ag, 3.7 per cent Cu, 0.3 per cent Pb and 1.2 per cent Zn (14.1 g/t AuEq or 1,054 g/t AgEq) within a 1.8-metre interval averaging 1.8 g/t Au, 90 g/t Ag, 0.6 per cent Cu, 0.3 per cent Pb and 1.1 per cent Zn (4.4 g/t AuEq or 334 g/t AgEq) from drill hole SQ22-063;
• A 0.3-metre interval grading 12.1 g/t Au, 46 g/t Ag, 0.3 per cent Pb and 2.1 per cent Zn (14.0 g/t AuEq or 1,048 g/t AgEq) within a 2.8-metre interval averaging 1.7 g/t Au, 22 g/t Ag, 0.1 per cent Pb and 1.7 per cent Zn (3.1 g/t AuEq or 233 g/t AgEq) from drill hole SQ22-065.

The drill intercepts are from the first three of 13 core holes from the winter 2022 program, which tested both the Camp/Sveinson and NG-3 vein systems. The three holes tested the eastern margin of the Camp vein target where it transitions into the one-kilometre-long Sveinson extension, which was drill tested by 12 holes during the fall of 2021 (assays previously reported). Drilling confirmed the lateral projection of several shallow veins (less than 150 metres depth) and a deeper intercept approximately 300 metres below surface. Strong gold and silver values were received from several intercepts reflecting the character of both the Camp vein target (generally silver-enriched) and the Sveinson target (generally gold-enriched), indicating a possible gradation between the two styles of mineralization. Veins were intersected across the full 150-metre width of the target zone with preliminary 3-D modelling indicating good continuity between the two mineralized trends.

The winter 2022 program consisted of 13 core holes totalling 4,382 metres, including six holes (2,431 m) at the NG-3 target and seven holes (1,931 m) on the Camp and Sveinson targets. Assay results are pending and anticipated over the coming six to eight weeks for six NG-3 holes and for the remaining four holes, three which tested the west side of the Camp target and a single hole which is a stepout from a high-grade gold intercept in the Sveinson target.

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 joint venture (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 18,852 hectares with no underlying royalties. Mineralization is hosted by a series of epithermal veins distributed over a six-square-kilometre area. An initial National Instrument 43-101 mineral resource estimate was detailed in a news release issued on July 16, 2019, and is hosted by the No. 3 vein, which is traced by drilling for approximately 1.2 kilometres and then to the southeast where it transitions into the NG-3 vein close to the buried Itsit copper-molybdenum porphyry.

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.

Robert Macdonald, MSc, PGeo, is vice-president of exploration of Equity Metals 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.

About Equity Metals Corp.

Equity Metals 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 British Columbia, and the Monument Diamond project, located in Lac De Gras, Northwest Territories.

The company owns a 100-per-cent 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, Northwest Territories, strategically located in the Lac De Gras district within 40 kilometres of both the Ekati and Diavik diamond mines. The project owners are Equity Metals (57.49 per cent), Chris and Jeanne Jennings (22.11 per cent) and Archon Minerals Ltd. (20.4 per cent). 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.

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