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Equity Metals Corp
Symbol EQTY
Shares Issued 102,758,613
Close 2022-05-17 C$ 0.11
Market Cap C$ 11,303,447
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Equity drills 7.7 m of 3.9 g/t AuEq at Silver Queen

2022-05-18 10:35 ET - News Release

Mr. Joseph Kizis reports

EQUITY REPORTS ADDITIONAL HIGH-GRADE MINERALIZATION AT THE CAMP AND SVEINSON TARGETS, SILVER QUEEN PROJECT, BC; DRILLING RESUMES

Equity Metals Corp. has drilled thick intercepts of mineralization in both lateral stepouts to the Camp vein and at depth in the Sveinson target from recent drilling on the Silver Queen property, British Columbia.

Drill highlights include:

  • A 0.6-metre interval grading 2.1 grams per tonne gold, 1,705 g/t silver, 4.3 per cent copper, 1.6 per cent lead and 4.1 per cent zinc (32.9 g/t gold equivalent or 2,470 g/t silver equivalent) within a 1.2-metre interval averaging one g/t Au, 802 g/t Ag, 2.1 per cent Cu, 0.8 per cent Pb and 2 per cent Zn (15.8 g/t AuEq or 1,183 g/t AgEq) from drill hole SQ22-072;
  • A 0.3-metre interval grading 0.1 g/t Au, 2,043 g/t Ag, 1 per cent Pb and 0.6 per cent Zn (28.1 g/t AuEq or 2,110 g/t AgEq) within a 7.7-metre interval averaging 274 g/t Ag, 0.1 per cent Pb and 0.3 per cent Zn (3.9 g/t AuEq or 294 g/t AgEq) from drill hole SQ22-073;
  • A 0.3-metre interval grading 1,496 g/t Ag, 0.1 per cent Cu, 0.1 per cent Pb and 0.6 per cent Zn (20.4 g/t AuEq or 1,534 g/t AgEq) within a 3.8-metre interval averaging 219 g/t Ag and 0.1 per cent Zn (three g/t AuEq or 225 g/t AgEq) from drill hole SQ22-075.

These assay results are from the final four holes of the winter 2022 drill program on the Camp, Sveinson and NG-3 targets. Bonanza-grade mineralization was identified in all three holes (SQ22-073, SQ22-074 and SQ22-075) along the western margin of the Camp vein target, extending the lateral projection of several veins for an additional 40 metres with intercepts of up to 150 metres below surface. Several intercepts form composites of thicker mineralized intervals of up to 7.7 metres down hole. Mineralization in the Camp vein target remains open to the west and at depth, which will be further tested in 2022.

A fourth hole (SQ22-072) tested an approximate 200-metre width of the Sveinson target, intersecting three main clusters of mineralized veins to depths of up to 335 metres below surface. These represent significant stepouts from previously drilled intercepts in the western portion of the Sveinson target. Intercepts are generally more gold enriched than intercepts in the Camp vein and return higher base metal contents.

Vice-president of exploration Rob Macdonald commented: "These results mark the completion of the winter 2022 drill program on the Silver Queen project, which successfully: confirmed a 300-metre projection of the NG-3 vein to depths of up to 390 metres below surface; identified the western and currently open-ended projection of the Camp vein target; and confirmed the continuity of several gold-silver-mineralized structures in the transition eastward from the Camp vein into the Sveinson target. Compilation of this and earlier data continues toward the preparation of a mineral resource update in the coming months. Numerous veins remain open for testing across the six-square-kilometre target area, which will form the basis of additional drill testing in 2022."

New drilling on Silver Queen

Following the completion of the winter drill program, an additional 1,500 m core hole program on the Silver Queen property is now under way. Drilling will continue to test the western extension of the Camp vein target and the western margin of the Sveinson target structure, and drilling should be completed over the coming weeks.

President Joe Kizis explained: "This limited drilling program is specifically testing three possible vein projections that are based on our ongoing modelling. These are projections of veins beyond the limits of drilling that will be included in our independent resource, and success in these holes should provide us with the guidance to further expand the resource base at Silver Queen during our planned fall 2022 drilling."

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 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 the 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 metal 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, 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 Jennings and Jeanne Jennings (22.11 per cent); and Archon Minerals Ltd. (20.4 per cent). Equity Metals is the operator of the project.

The 100-per-cent-controlled La Ronge silica project is a historical 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, profitable, low-cost mining and washing operation to produce high-purity silica (greater than 98 per cent silicon dioxide), a specialty product for the electric vehicle battery industry.

Robert Macdonald, MSc, PGeo, is the vice-president of exploration at 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.

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