Mr. Joseph Kizis reports

EQUITY IDENTIFIES "BATTERY-GRADE" SILICA FOR POTENTIAL USE IN EMERGING EV MARKET AT THE LA RONGE SILICA PROJECT, SASKATCHEWAN

Equity Metals Corp. has released the results of its analyses and initial testwork on its 100-per-cent-controlled La Ronge silica project, a historic sand quarry located in central Saskatchewan, approximately 60 kilometres south-southeast of La Ronge, Sask., and 210 kilometres west of Flin Flon, Man.

Preliminary studies indicate the silica deposit may be developed into a simple and profitable, low-cost mining and washing operation to produce high-purity silica (greater than 98 per cent SiO2), a specialty product. The sand can be mined very efficiently due to its unconsolidated nature. High-purity silica can be converted into silicon, which is being tested by the electric car industry to replace or augment carbon in battery anodes to dramatically extend the time between charging. Other possible conventional uses exist in the ceramics and glass industries.

The company acquired the lease as possible fracking sand, but never mined the deposit. Historic mining was minimal, and the extent of the silica deposit is open in all directions and at depth. Equity recognized the purity of the silica and its potential use as a low-cost material to produce silicon for the expected increase in demand due to electrification requirements. In October, 2021, Equity initiated a sampling program to evaluate the deposit. Ten representative sites were sampled within the quarry, and sufficient material was collected to derive an average purity of the sand.

The samples were first analyzed by whole-rock analysis for SiO2, Al2O3, LOI (loss on ignition, organic material) and other elements. Average results of the 10 samples indicated 96.2 per cent SiO2 and over 2 per cent Al2O3. Assuming that much of the Al2O3 was in the form of clay and that LOI represented organics, a process was developed to wash all 10 samples in the lab and then to reanalyze the residual sample by whole-rock analysis. The result produced an average of 98.1 per cent SiO2, with a range of 96.1 to 99.2 per cent, and with 0.98 per cent Al2O3 and less than 0.1 per cent LOI. The washing process lost a relatively minor percentage of the original samples, approximately 12 per cent of the total sample (2 per cent clay plus LOI and 10 per cent SiO2 lost). X-ray diffraction (XRD) has determined that 100 per cent of the material identified by XRD is quartz.

President Joe Kizis commented: "Our Silver Queen precious/base metal property in [British Columbia] will remain Equity's main focus; however, these results from the La Ronge silica property are very encouraging and suggest it may become a third leg value to Equity, in addition to Silver Queen and the diamond properties.

"The electric vehicle industry recognizes the need to reduce frequency of battery charging in order to be widely accepted by the general public, and much progress on that front has been reported recently by adding silicon. High-purity silica is the feedstock to produce silicon, and now that we have this positive testwork, we can investigate potential markets and partnerships for this specialty silica product."

Samples were submitted to SRC Geoanalytical Laboratories (SRC) in Saskatoon, Sask. A 100-gram portion of each sample was subjected to a lithium metaborate fusion process and then analyzed for 16 metallic elements and LOI by ICP whole-rock analytic techniques. Ten metal results were converted to weight per cent of the original sample and then calculated to specific and probable mineral form. The remaining six metals are expressed as [part per million] content of the original sample. On receipt of these initial results, a 100-gram portion of each sample was subjected to a wash and screen process. The 63-micron fraction was reanalyzed by ICP whole-rock analysis for the same 16 metals and LOI, with similar conversions and calculations as above. Four samples were selected analyzed for quartz content by X-ray diffraction. An aliquot of each sample was ground and irradiated with Cu K radiation in a Bruker D4 Endeavor X-ray diffractometer (XRD) operating at 1.6-kilowatt power. The raw diffraction data were processed for mineral identification and quantification. Quartz abundance was calculated using whole pattern fitting algorithms with peak intensities scaled with internally consistent relative intensity.

About Equity Metals Corp.

Equity is a Manex resource group company. Manex provides exploration, administration and corporate development services for Equity's two major mineral properties: the Silver Queen gold-silver-zinc-copper project, located in central British Columbia, and the Monument Diamond project, located in Lac De Gras, Northwest Territories. The company also has a 1-per-cent royalty (Greenwood royalty) and a 100-per-cent working interest in La Ronge silica project.

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 joint venture interest in the Monument Diamond project, NWT, strategically located in the Lac De Gras district within 40 kilometres of both the Ekati and Diavik diamond mines. The project owners are Equity (57.49 per cent); Chris and Jeanne Jennings (22.11 per cent); and Archon Minerals Ltd. (20.4 per cent). Equity is the operator of the project.

The 100-per-cent-controlled La Ronge silica project is a historic sand quarry located in central Saskatchewan, approximately 60 kilometres south-southeast of La Ronge, Sask., and 210 kilometres west of Flin Flon, Man. Preliminary studies indicate the silica deposit may be developed into a simple and profitable, low-cost mining and washing operation to produce high-purity silica (greater than 98 per cent SiO2), a specialty product for the EV battery industry.

John R. Kerr, PEng, BASc (geology), is a director of Equity, a qualified person as defined by National Instrument 43-101. He is responsible for the supervision of the exploration on La Ronge silica project, and prepared and approved disclosure of the technical information in this news release.

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