Equity Metals drills more high-grade silver at Silver Queen Project, British Columbia
Equity Metals Corp. [TSXV: EQTY] reported that drilling continues to intersect high-grade mineralization at the Camp Deposit and the newly identified Camp North target and continues to delineate veins at the George Lake target on its 100%-owned Silver Queen Au-Ag project, British Columbia.
Assays were returned from three target areas on the property, including additional high-grade intercepts from the Camp Deposit which returned: A 0.7 metre (Est. TT) interval grading 2.7g/t Au, 388g/t Ag, 2.5%Pb and 11.3% Zn (18.4g/t AuEq or 1,372 g/t AgEq) within a broader 7.5 metre (est. TT) interval averaging 0.5 g/t Au, 63 g/t Ag, 0.1% Cu, 0.5% Pb and 2.3% Zn (3.4g/t AuEq or 255 g/t AgEq) in drillhole SQ24-125.
Drilling confirms lateral continuity over a 90-metre strike length in a new hangingwall vein segment of the Camp Deposit, which was initially discovered in 2023 drilling but not included in the 2022 Mineral Resource update of the property. The mineralization is shallow, less than 50 metres below surface, and is open both laterally and at depth. Assays are pending from four drill holes that tested the Camp vein in the Summer 2024 program. Only partial assays have been received from three of those holes and additional assays are anticipated over the coming weeks.
Strongly precious metal-enriched mineralization was also identified in a new discovery located 300 metres north of the Camp Deposit. Drilling at the Camp North Target returned: a 1.8-metre (downhole thickness) interval averaging 0.4 g/t Au, 210 g/t Ag, 3.2% Pb and 7.4% Zn (10.2 g/t AuEq or 761 g/t AgEq) within a broader 8.6-metre (downhole thickness) interval averaging 0.2 g/t Au, 67 g/t Ag, 1.0% Pb and 4.2% Zn (4.7 g/t AuEq or 352 g/t AgEq) in drillhole SQ24-128.
This is the first reported intercept from this new discovery. Mineralization is open both vertically and laterally for future targeting. Two holes tested the target as part of the 2024 drill program and further assays are pending from both holes.
Additional assays were also returned from the George Lake target which include: A 0.3-metre (est. TT) interval grading 1.8g/t Au, 197g/t Ag, 5.4% Pb and 9.7% Zn (14.8g/t AuEq or 1,102g/t AgEq) in drillhole SQ24-116; and a 0.3-metre (est. TT) interval grading 0.8 g/t Au, 90g/t Ag, 2.6% Pb and 11.8% Zn (12.5 g/t AuEq or 928g/t AgEq) within a thicker 1.0 metre (est TT) interval averaging 0.3 g/t Au, 24 g/t Ag, 0.7% Pb and 5.0% Zn (4.8 g/t AuEq or 356 g/t AgEq) in drillhole SQ24-119.
VP Exploration Rob Macdonald commented, “These new assays continue to highlight the exploration potential of the area of Camp Deposit. We are encouraged by the thickness of the mineralized intervals in both the Camp and Camp North drilling and both targets remain open for resource expansion. Drilling has re-commenced with a focus on the brand-new No.3 Vein North area for the Fall ’24 program. With further assays pending from the Summer ’24 drilling, shareholders can look forward to continuous news flow into 2025.”
The company also reported that drilling has resumed as part of its 2024 exploration program on the Silver Queen property. Up to 5,000 metres of new drilling is planned on the No. 3 Vein North target during the Fall ’24 program. This is a new target area for the company, which extends to the northwest from the No. 3 Vein deposit. The No. 3 Vein Deposit and its southeast extension into the NG-3 deposit are the largest deposits identified on the property and contain up to 66% of the current mineral resources on a AgEq basis.
No. 3 Vein North area has seen historical drilling and limited underground development, but little historical mining. Initial drilling will test the immediate northwest extension of the No. 3 Vein, confirm the width and tenor of historical drill intercepts in the area, and test for expansion of mineralization in the immediate area of the historical workings (see Figure 2).
Twenty-four core holes totalling 10,543 metres were completed as part of Equity’s Summer ’24 exploration program, which includes 18 drill holes totalling 7,541 metres at the George Lake target, four drillholes totalling 2,687 metres at the Camp target, and two holes totalling 975 metres at the Camp North target. Complete assay results have been reported for 15 holes and partial results returned for four additional holes with the balance of assays yet to come.
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 an historic decline into the No. 3 Vein and the George Lake Vein, camp infrastructure, and a maintained Tailings Facility.
The Silver Queen Property consists of 46 mineral claims, 17 crown grants, and two surface crown grants totalling 18,871ha with no underlying royalties. Mineralization is hosted by a series of epithermal veins distributed over a 6 sq km area. An updated NI43-101 Mineral Resource Estimate with effective date December 1st, 2022 was detailed in a news release issued January 16, 2023.
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 under-explored.
Equity Metals is a member of the Malaspina-Manex Group. The company owns a 100% interest, with no underlying royalty, in the Silver Queen project, located along the Skeena Arch in the Omineca Mining Division, British Columbia.