Mr. Rob Macdonald reports

EQUITY EXTENDS NEW MINERALIZATION; INCLUDING 7.7 METRES (EST TT) OF 0.9G/T AU, 57G/T AG, 1.4% PB AND 6.5% ZN (11.2G/T AUEQ OR 445G/T AGEQ) AT THE SVEINSON DEPOSIT, SILVER QUEEN PROJECT, BC

Equity Metals Corp. has released final assays 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. The new assays extend new mineralization in several areas: the west side of the Camp deposit; a blind, hangingwall vein north of the main Camp veins; and a previously undrilled portion of the Sveinson deposit.

Sveinson deposit: drilling returned multiple gold and base metal-enriched intercepts including:

• A 1.5-metre (estimated true thickness (TT)) interval grading 1.5 grams per tonne gold, 89 g/t silver, 1.5 per cent lead and 16.2 per cent zinc (11.2 g/t gold equivalent or 914 g/t silver equivalent) within a 7.7-metre interval averaging 0.9 g/t Au, 57 g/t Ag, 1.4 per cent Pb and 6.5 per cent Zn (5.4 g/t AuEq or 445 g/t AgEq) from drill hole SQ23-086;
• A 2.2-metre (estimated TT) interval grading 0.9 g/t Au, 27 g/t Ag, 1.2 per cent Pb and 2.9 per cent Zn (3.1 g/t AuEq or 252 g/t AgEq) from drill hole SQ23-084.

These results are from two of four holes that tested a 200-metre drilling gap in the Sveinson deposit. Each of the four holes contains multiple intercepts, which help to build continuity to depths of up to 350 metres below surface in several veins initially identified in 2022 drilling.

Camp deposit: drill highlights include:

• A 0.7-metre (estimated TT) interval grading 742 g/t Ag, 0.7 per cent Pb and 0.6 per cent Zn (9.7 g/t AuEq or 790 g/t AgEq) from drill hole SQ23-082.

This interval is one of two higher-grade silver intercepts from drill hole SQ23-082 that extend mineralization in the Camp deposit an additional 100 metres laterally to the west, beyond which it remains open for further drill testing. Mineralization was also identified near the top of hole SQ23-081 and is similar in tenor to previously reported intercepts in drill holes SQ23-079 and -080, confirming a blind shallow target north of the main vein set under alluvium.

George Lake target

The company also reported that it has now completed 2,324 metres of new core drilling in seven holes on the George Lake target as part of its 2023 summer drill program. Drilling has confirmed visual mineralization around historical intercepts adjacent to the Bulkley crosscut (historic underground workings) and extends the lateral projection of mineralization approximately 400 metres to the southeast and up to 250 metres below surface. Mineralization remains open along strike and at depth. Assay results from this drilling and over 1,400 soil samples, which were collected on the property in June, are pending and are anticipated in the coming weeks.

Drilling is currently suspended due to wildfire risk in the area but will resume on the Cole Lake target once conditions allow.

Vice-president, exploration, Rob Macdonald commented: "Work on the Silver Queen project through 2023 continues the systematic delineation of new mineralization throughout the property through a combination of extending currently known veins as well as drill testing new targets developed through compilation of historical data and recent surface work on the property. The property already contains a significant existing mineral resource base that was updated in 2022, doubling the earlier 2019 resource, which we believe will increase with the further development and exploration of these new targets. Today's news appears to support our view."

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 (joint venture) (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 updated National Instrument 43-101 mineral resource estimate with effective date Dec. 1, 2022, was detailed in a news release issued on Jan. 16, 2023; the full technical report can be found on SEDAR and the company's website.

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 member of the Malaspina-Manex group. 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 JV 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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