Mr. Joseph Kizis reports

EQUITY RECEIVES ENCOURAGING DRILL RESULTS FROM THE GEORGE LAKE TARGET, INTERSECTS 1.5 METRES (EST. TT) OF 1.3G/T AU, 226G/T AG, 1.0% CU, 1.7% PB AND 6.6% ZN (9.2G/T AUEQ OR 755G/T AGEQ) AT THE SILVER QUEEN PROJECT, BC

Equity Metals Corp. has released encouraging assays from the first three holes of its summer 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 are Equity's first test of the George Lake target, which was last tested by both surface and underground drilling in the late 1980s.

Drilling at the George Lake target returned multiple intercepts of precious and base metals, including:

• A 0.3-metre (estimated true thickness (TT)) interval averaging 4.1 grams per tonne gold, 824 g/t silver, 0.7 per cent copper, 3.4 per cent lead and 18.4 per cent zinc (25.4 g/t gold equivalent or 2,076 g/t silver equivalent) within a 1.5-metre (estimated TT) interval grading 1.3 g/t Au, 226 g/t Ag, 1 per cent Cu, 1.7 per cent Pb and 6.6 per cent Zn (9.2 g/t AuEq or 755 g/t AgEq) from drill hole SQ23-090;
• A 0.2-metre (estimated TT) interval grading 0.5 g/t Au, 1,570 g/t Ag, 1.9 per cent Cu, 0.7 per cent Pb and 5.6 per cent Zn (25.3 g/t AuEq or 2,071 g/t AgEq) within a 1.4-metre (estimated TT) interval grading 1.2 g/t Au, 284 g/t Ag, 0.3 per cent Cu, 0.3 per cent Pb and 1.8 per cent Zn (6.1 g/t AuEq or 502 g/t AgEq) from drill hole SQ23-089.

These highlight results from the first three of seven holes testing the George Lake target confirmed the overall tenor of mineralization in the area around the historic Bulkley crosscut to depths of up to 200 metres below surface. The Bulkley crosscut intersected high grades of precious and base metals in underground sampling and drill core. Additional narrower veins were intersected in each of the three holes suggesting the potential, with further drilling, for the development of hangingwall/footwall zones to the main vein identified in the current drill program. The remaining four holes completed on the George Lake target have confirmed the lateral projection of visually mineralized veins approximately 300 metres to the southeast of the Bulkley crosscut and to depths of up to 250 metres. Mineralization remains open laterally to the southeast and to depth. Assay results from the remaining four holes are anticipated in the coming weeks.

The company completed 2,467 metres of core drilling in seven holes on the George Lake target as part of its 2023 summer drill program. Logging and sampling of the final two drill holes, which were suspended in mid-July due to wildfire risk, have been completed and the samples have been submitted for assay. Drilling has now resumed on the property on the Cole Lake target, where up to 3,000 metres of drilling is planned to test two segments of the vein that were traced by mapping for over 700 metres of strike length. The Cole Lake vein is a highly prospective mineralized zone as evidenced by previously reported select surface chip samples, which assayed up to:

• 55.2 g/t Au, 5,049 g/t Ag, 3.2 per cent Pb and 0.12 per cent Zn from the Cole Lake vein;
• 1,736 g/t Ag, 22.7 per cent Pb and 1.2 per cent Zn from the Cole Lake vein.

Vice-president, exploration, Rob Macdonald commented: "Work on the Silver Queen project through 2023 continues the systematic delineation of new mineralization throughout the property. These preliminary drill results clearly confirm the George Lake target as a new, underexplored, mineralized zone which is open for expansion both laterally and to depth. Additional assay results from this zone are pending and are anticipated in the coming weeks while new drilling has once again started on the property at the similarly underexplored Cole Lake target, representing continued news flow from the property through the fall."

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 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 joint venture interest (57.49 per cent) 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 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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