Equity Metals posts encouraging drill results from George Lake target, British Columbia
Equity Metals Corp. [TSXV-EQTY; OTCQB-EQMEF; FSE-EGSD] reported encouraging assays from the first three holes of its Summer 2023 core drilling program on the company’s 100%-owned Silver Queen Ag-Au project 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 1980’s.
Drilling at the George Lake target returned multiple intercepts of precious and base metals, including a 0.3-metre (est. TT) interval averaging 4.1 g/t Au, 824 g/t Ag, 0.7% Cu, 3.4% Pb and 18.4% Zn (25.4 g/t AuEq or 2,076g/t AgEq) within a 1.5-metre (est. TT) interval grading 1.3 g/t Au, 226 g/t Ag, 1.0% Cu, 1.7% Pb and 6.6% Zn (9.2g/t AuEq or 755 g/t AgEq) from drillhole SQ23-090; and a 0.2-metre (est. TT) interval grading 0.5 g/t Au, 1,570 g/t Ag, 1.9% Cu, 0.7% Pb and 5.6% Zn (25.3g/t AuEq or 2,071 g/t AgEq) within a 1.4 metre (est. TT) interval grading 1.2 g/t Au, 284 g/t Ag, 0.3% Cu, 0.3% Pb and 1.8% Zn (6.1 g/t AuEq or 502g/t AgEq) from drillhole 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 the 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 cross-cut 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 7 holes on the George Lake target as part of its 2023 Summer drill program. Logging and sampling of the final two drill holes, which was suspended in mid-July due to wildfire risk, has 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% Pb and 0.12% Zn from the Cole Lake Vein; 1,736 g/t Ag, 22.7% Pb and 1.2% Zn from the Cole Lake Vein.
Select rock chip samples are selective by nature and may not represent the average grade of the mineralization over broader mineralized zones.
VP 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, under-explored, 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 under-explored Cole Lake target, representing continued news flow from the property through the Fall.”
The Silver Queen Property consists of 45 mineral claims, 17 crown grants, and two surface crown grants totalling 18,852ha with no underlying royalties. Mineralization is hosted by a series of epithermal veins distributed over a 6 km2 area. An updated NI43-101 Mineral Resource Estimate with effective date December 1, 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 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. 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%) in the Monument Diamond project, NWT, strategically located in the Lac De Gras district within 40 km of both the Ekati and Diavik diamond mines.