Vancouver, British Columbia – (Newsfile Corp. – November 25, 2020) – Equity Metals Corporation (TSXV: EQTY) (OTCQB: EQMEF) (the “Company” or “Equity Metals”) announced today that it has mobilized teams for the next phase of drilling on its 100% property Silver Queen Au-Ag-Zn Project located near Houston in the well-mineralized Skeena Arch region of British Columbia.
This new exploration phase on the property includes up to 1,500 meters of core drilling in 8 to 10 holes targeting the lateral and descending steps of bonanza-grade silver mineralization identified during drilling earlier this year on the Camp Vein target which included 0.3 m at 56291 / t AgEq in 4.5 m on average 4718 g / t AgEq from hole SQ20-010 (see NR-12-20; October 19, 2020); and 1.0 m grading 1441 g / t AgEq in 7.0 m on average 656 g / t AgEq from hole SQ20-003 (see NR-11-20; October 8, 2020).
Drilling on Camp Vein will target the immediate area around the bonanza grade mineralization in hole SQ20-010 at the northwest end of the venous system about 25 meters walk, as well as deeper testing in the section central venous system. . The drill will test up to 120 meters below the surface on a target that has seen minimal drill testing at depth to date. Work on the property will also include full winterization of the camp facilities in order to effectively continue exploration drilling through the winter months of 2021.
Figure 3: Longitudinal section of Camp Vein showing the drill points of current and historic boreholes
To view an improved version of Figure 3, please visit:
This is a second phase of exploration drilling following a 10 hole, 3,000 meter drilling program completed in August-September this year that targeted both the Camp and No.3 systems. Vein on the property. To date, assays of only four of the five holes that have tested the Camp Vein were received with results still pending for all five holes on the N ° 3 Vein. The results will be communicated as received over the next few weeks.
In the 1990s, former operators of the Silver Queen project identified a “reserve inferred by drilling” on the Camp Vein of 204,092 tonnes of 1g / t Au, 829g / t Ag and 4% Zn1 which, although not yet fully verified and confirmed by the Company, forms the basis for targeting in current and future exploration programs. The current 3D modeling of Camp Vein has identified several veins, traced laterally for more than 300 meters. The majority of historic drilling is shallow, tested less than 85 meters below the surface. The mineralization remains open for testing both on strike and at depth.
The reader is cautioned that the historical estimate of “inferred reserves by drilling” is treated as historical in nature. A Qualified Person has not done enough work to classify the historical estimate as a current mineral resource or reserve, and the Company does not treat the historical estimate as a current mineral resource or reserve.
Background of the Silver Queen project
The Silver Queen Project is a premier gold-silver property with over 100 years of historic exploration and development located alongside electricity, roads and rail with significant mining infrastructure that has been developed under the operators previous: Bradina JV (Bralorne Mines); and Houston Metals Corp. (a Hunt Brothers company). The property contains camp infrastructure, a maintained tailings pond and a historic decline in Vein # 3, which provides close access to known mineral resources on the property.
The Silver Queen property consists of 45 mineral claims, 17 Crown claims and two surface crown claims totaling 18,852 ha with no underlying royalties. The mineralization is hosted by a series of epithermal veins distributed over an area of 6 km2. Most of the existing resource is hosted by Vein # 3, which is traced by drilling approximately 1.2 km to the southeast, where it transforms into the NG-3 vein near the blind Itsit porphyry.
An initial NI43-101 mineral resource estimate (see note 2 below) was detailed in a press release issued on July 16, 2019 and, using a threshold of CAN $ 100 NSR, reported a resource from:
- Indicated – AuEq 244,000 oz: 85,000 oz Au, 5.2 Moz Ag, 5 Mlbs Cu, 17 Mlbs Pb and 114 Mlbs Zn; and
- Inferred – 193,000 oz AuEq: 64,000 oz Au, 4.7 Mo Ag, 5 Mlbs Cu, 16 Mlbs Pb and 92 Mlbs Zn.
More than 20 different venous structures have been identified on the property, forming a vast network of epithermal veins zoned from the Cretaceous to the Tertiary. The property remains largely underexplored.
About Equity Metals Corporation
Equity Metals Corporation is a Manex Resource Group company. Manex provides exploration, administration and business development services for Equity Metals’ two main mining properties, the Silver Queen Au-Ag-Zn-Cu Project, located in central British Columbia, and the Monument Diamond Project, located in Lac De Gras, TNO.
The Company holds a 100% interest, with no underlying royalty, in the Silver Queen Project, located along the Skeena Arch, in the Omineca mining division, British Columbia. The property is home to high-quality precious and base metal veins linked to a buried porphyry system, which has only been partially demarcated. The company also owns a majority stake in the joint venture Monument Diamond Project, TNO, strategically located in the Lac De Gras district less than 40 km from the Ekati and Diavik diamond mines. The clients are Equity Metals Corporation (57.49%), Chris and Jeanne Jennings (22.11%); and Archon Minerals Ltd. (20.4%). Equity Metals is the operator of the project.
The company also holds royalties and direct interests in other Canadian properties, which are being assessed to determine their value to the company.
- George Cross News Letter No. 61 (1996). The resource is historical in nature and is provided by the company for informational purposes only. It has not been verified by the company and should not be treated as a mineral resource estimate.
- The Silver Queen resource estimate for 2019 was prepared according to the ICM definitions for the classification of mineral resources and identified at a threshold of C $ 100 / NSR, an indicated resource of 815 kt averaging 3.2 g / t Au, 201 g / t Ag, 1.0% Pb, 6.4% Zn and 0.26% Cu and an inferred resource of 801 Kt with an average of 2.5 g / t Au, 184 g / t Ag, 0.9% Pb, 5.2% Zn and 0.31% Cu. The levels on Ag and Zn were capped on composites 0.75 m to 1.24 m in length. Au, Cu and Pb do not require capping. ID3 was used for the interpolation of the contents for Au and Ag while ID2 was used for Cu, Pb and Zn. Grade blocks were interpreted in constraining mineralized domains using an array of 3m x 1m x 3m blocks in the model. A bulk density of 3.56 t / m³ was used for all tonnage calculations. Approximate two-year average metal prices were used as follows: Au $ 1,300 / oz, $ 17 Ag / oz, $ 3 Cu / lb, Pb $ 1.05 / lb and $ 1.35 Zn / lb with an exchange rate of US $ 0.77 = CAN $ 1.00.
The NSR cut-off value of CAN $ 100 / tonne for the underground mineral resource was calculated from mining costs of CAN $ 70 / t, with processing costs of CAN $ 20 / t and general and administrative costs. $ 10 CAN / t. The process recoveries used were Au 79%, Ag 80%, Cu 81%, Pb 75% and Zn 94%. AuEq and AgEq are based on the formula: NSR (CDN) = (Cu% * $ 57.58) + (Pb% * $ 19.16) + (Zn% * $ 30.88) + (Au g / t * $ 39.40) + (Ag g / t * $ 0.44) – $ 78.76.
Mineral Resources are not Mineral Reserves, have not demonstrated economic viability, and may be materially affected by environmental, licensing, legal, title, tax, socio-political, marketing, or other relevant issues. Inferred Mineral Resources have a lower confidence level than Indicated Mineral Resources and cannot be converted to a Mineral Reserve, but can be enhanced to Indicated Mineral Resources with continued exploration. Mineral resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Mineral Resources and Reserves Standards, Definitions and Guidelines.
The Mineral Resource Estimate was prepared by Eugene Puritch, P.Eng., FEC, CET and Yungang Wu, P.Geo., De P&E Mining Consultants Inc. (“P&E”) of Brampton, Ontario, Independent Qualified Persons ( “QP”)), as defined by National Instrument 43-101. P&E Mining suggests that an underground mining scenario is appropriate for the project at this time and has recommended a threshold value of CAN $ 100 / tonne NSR for the baseline resource estimate.
Robert Macdonald, M. Sc. P.Geo, is Vice President of Exploration of Equity Metals Corporation and a Qualified Person within the meaning of NI 43-101. He is responsible for overseeing exploration on the Silver Queen project and preparing the technical information contained in this disclosure.
On behalf of the board of directors
“Joseph Anthony Kizis, Jr.”
Joseph Anthony Kizis, Jr. P. Geo
President, Director, Equity Metals Corporation
For more information, visit the website at www.equitymetalscorporation.com; or contact us at 604.641.2759 or by email at [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release may contain forward-looking statements. Forward-looking statements relate to future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in these statements. Factors that could cause actual results to differ materially from forward-looking statements include the timing and receipt of government and regulatory approvals, and the continued availability of capital and financing and general economic, market conditions. or business. Equity Metals Corporation assumes no obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
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