Mr. Joseph Kizis reports

EQUITY INTERSECTS HIGH-GRADE SILVER, INCLUDING 0.3 METRES OF 0.1G/T AU, 1,462G/T AG, 2.8% PB AND 0.7% ZN (19.3G/T AUEQ OR 1,581G/T AGEQ) IN THE CAMP TARGET, SILVER QUEEN PROJECT, BC AS DRILLING RESUMES ON THE PROPERTY

Equity Metals Corp. has released the first assay results from its spring 2023 core drilling program on the company's 100-per-cent-owned Silver Queen silver-gold project, located in central British Columbia. These are samples from veins identified within the top 300 metres of the first drill hole, SQ23-079. Assay results are pending from the lower part of the hole, as are assays from eight additional drill holes completed as part of this first phase of the 2023 exploration program on the property.

Drill highlights include:

• A shallow 1.2-metre interval grading one gram per tonne gold, 42 g/t silver, 1.3 per cent lead and 7 per cent zinc (5.6 g/t gold equivalent or 460 g/t silver equivalent) within a 2.6-metre interval averaging 0.6 g/t Au, 30 g/t Ag, 1.1 per cent Pb and 4.3 per cent Zn (3.6 g/t AuEq or 291 g/t AgEq) from drill hole SQ22-079;
• A deeper 0.3-metre interval (estimated true thickness (TT)) grading 0.1 g/t Au, 1,462 g/t Ag, 2.8 per cent Pb and 0.7 per cent Zn (19.3 g/t AuEq or 1,581 g/t AgEq) within a 2.1-metre interval averaging 0.1 g/t Au, 308 g/t Ag, 1.3 per cent Pb and 2.2 per cent Zn (5.5 g/t AuEq or 446 g/t AgEq) from drill hole SQ22-079.

Drill hole SQ23-079 tested a down-dip stepout from the previously reported intercepts in drill hole SQ22-078 (see in NR-10-22; Sept. 8, 2022), which returned 5.2 m (estimated TT) averaging 778 g/t AgEq and 6.8 m (estimated TT) averaging 166 g/t AgEq. Drilling confirmed the vertical projection of these two silver-enriched polymetallic veins and identified a previously unrecognized shallow vein located roughly 100 metres to the north of the targeted vein set. The shallow vein was identified within 30 metres of surface and is a new target for follow-up drill testing.

Drilling in the current exploration program has now tested westward strike extensions of the Camp target veins and down-dip offsets. In addition, drilling has started to test extensions of the Sveinson vein set, located approximately 600 metres to the east. Additional assays are anticipated over the coming weeks.

Drilling will now pause for several weeks while surface work continues on the property. Up to 1,400 soils samples are planned over an area of approximate six square kilometres in order to assist in the delineation of new drill targets throughout the property. Drilling will resume in mid-June to target the George and Cole Lake vein targets. George and Cole Lake veins have been previously tested by historical drilling, which identified several hundred metres of strike length at each target that projects to between 200 metres and 400 metres depth, respectively. Neither target has yet been incorporated into the National Instrument 43-101 mineral resource estimate of the property.

Vice-president, exploration, Rob Macdonald commented: "The current drill program follows on the release of an updated mineral resource estimate for the Silver Queen property in December, 2022, which successfully doubled the mineral resources on a silver equivalence basis and with many mineralized blocks remaining open for further resource expansion. This new drilling confirms the continued extension of high-grade silver mineralization and the identification a new vein in the Camp target. In addition, we have encountered encouraging visuals from offset drilling along the Sveinson target. Multiple veins remain to be tested on the property and that process will start again with the next phase of drilling scheduled to begin in early summer."

Samples were analyzed by fire assay/atomic absorption spectroscopy for gold and 48-element inductively coupled mass spectrometry by MS Analytical, Langley, B.C. Silver (greater than 100 parts per million), copper, lead and zinc (greater than 1 per cent) overlimits assayed by ore-grade inductively coupled plasma emission spectroscopy analysis, high-silver overlimits (greater than 1,000 g/t Ag) and gold overlimits (greater than 10 g/t Au) reassayed with FA-gravimetric. Silver greater than 10,000 g/t reassayed by concentrate analysis, where a FA-gravimetric analysis is performed in triplicate and a weighed average reported. Composites calculated using an 80 g/t AgEq (one g/t AuEq) cut-off and less than 20 per cent internal dilution, except where noted. Reported intervals are core lengths, true widths undetermined or estimated. Accuracy of results is tested through the systematic inclusion of quality assurance/quality control standards, blanks and duplicates into the sample stream. AuEq and AgEq were calculated using prices of $1,800/ounce Au, $22/oz Ag, $3.50/pound Cu, 95 cents/lb Pb and $1.30/lb Zn. AuEq and AgEq calculations did not account for relative metallurgical recoveries of the metals.

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 JV (Bralorne Mines) and Houston Metals Corp. (a Hunt Brothers company). The property contains a 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 updated NI 43-101 mineral resource estimate was detailed in a news release issued on Dec. 1, 2022, and effectively doubled the mineral resources on the project on a silver equivalency basis with contributions from four separate veins.

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 underexplored.

About Equity Metals Corp.

Equity Metals is a Malaspina-Manex Group company. The company owns 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 (57.49 per cent) in the Monument diamond project, Northwest Territories, strategically located in the Lac De Gras district within 40 km of both the Ekati and Diavik diamond mines. The company also has royalty and working interests in other Canadian properties, which are being evaluated further to determine their value to the company.

Mr. Macdonald, MSc, PGeo, is vice-president, 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.

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