JV Article: Equity Metals plans to more than double existing resource for Silver Queen in B.C.

Equity Metals (TSXV: EQTY; US-OTC: EQMEF) is an exploration company with precious metal and diamond projects in B.C. and the Northwest Territories. The […]
The mining camp at Equity Metals’ Silver Queen project. Credit: Equity Metals.

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Equity Metals (TSXV: EQTY; US-OTC: EQMEF) is an exploration company with precious metal and diamond projects in B.C. and the Northwest Territories.

The Canadian junior is focused on advancing its 100%-owned Silver Queen gold-silver-base metal project in central B.C., about 590 km northwest of Vancouver and 35 km south of the town of Houston.

The 18,852-hectare property “offers excellent potential for discovery of new deposits to augment our 2019 resource base, which we expect to lead to the development of a significant and highly productive mining operation,” says Joseph Kizis, Equity Metals’ president.

“The project lies within a prolific mining area of central B.C. and is surrounded by a diverse range of current and past-producing mines as well as numerous advanced-stage exploration projects.”

Similar mineral deposits in the region include Coeur Mining’s (NYSE: CDE) Silvertip silver-zinc-lead mine, the past-producing Equity Silver mine, owned by Newmont (TSX: NGT; NYSE: NEM), and Centerra Gold’s (TSX: CG; NYSE: CGAU) Mount Milligan copper-gold mine and Berg deposit, an advanced exploration-stage copper-molybdenum-silver project operated by Surge Copper (TSXV: SURG; US-OTC: SRGXF).

Silver Queen also benefits from excellent infrastructure, says Kizis. “It can be accessed year-round via an all-weather service road that connects the site to Highway 16, providing access to ports on the Pacific coast. Power lines also run along the western portion of the property, and a rail line services the local town of Houston.”

Exploration of the property dates back over a century, with mineralization first discovered in 1912. Since then, various owners have completed over 500 drill holes and more than 9 km of underground workings. The mine produced over 3,000 oz. of gold, 400,000 oz. of silver, 900,000 lb. of copper, 1.5 million lb. of lead, and 11 million lb. of zinc from 1972 to 1974.

“Although Silver Queen has been extensively explored in the past, previous exploration was primarily focused on either grassroots discovery drilling or the development of a small-scale mining operation,” says Kizis.

The mineralisation at Silver Queen occurs in an extensive epithermal vein system, with more than 20 veins discovered on the property.

Drill rig operating at Equity Metals' flagship Silver Queen gold-silver project in central B.C. Credit: Equity Metals

According to Kizis, Equity Metals has re-evaluated the exploration data in a much more systematic manner than previous owners and has identified several priority targets for further exploration. “The new interpretation of the structural controls of the vein system indicates that several of these relatively shallow targets could rapidly expand the current mineral resource estimate for the project.”

The company has identified three vein zones — Camp, No.3, about 1 km to the east of Camp, and NG-3, about 1 km southeast of Camp — which it believes have the potential to increase the mineral resource estimate significantly.

The project currently contains 815,000 indicated tonnes grading 3.2 g/t gold, 201 g/t silver, 0.3% copper, 0.9% lead, and 6.4% zinc for 85,000 oz. contained gold, 5.2 million oz. silver, 5 million lb. copper, 17 million lb. lead, and 114 million lb. zinc (244,000 oz. gold-equivalent and 22 million oz. silver-equivalent). Inferred resources add 801,000 tonnes of 2.5 g/t gold, 184 g/t silver, 0.3% copper, 0.9% lead, and 5.2% zinc for 64,000 oz. gold, 4.7 million oz. silver, 5 million lb. copper, 16 million lb. lead, and 92 million lb. zinc (193,000 oz. gold-equivalent and 17 million oz. silver-equivalent).

Since August 2020, Equity Metals has completed 31 drill holes (9,983 metres), with several high-grade silver intercepts demonstrating the potential of the Camp and No. 3 veins.

Highlights from the drilling included drillhole SQ20-010. Drilled on the Camp target, that hole intersected 4.5 metres grading 0.2 g/t gold, 4,632 g/t silver, 0.1% copper, 0.4% lead, and 1.2% zinc (62.9 g/t gold-equivalent and 4,718 g/t silver-equivalent) from 112.4 metres downhole, including a higher-grade interval of 0.3 metres of 0.2 g/t gold, 56,115 g/t silver, 1.1% copper, 0.6% lead, and 1.2% zinc (750.5 g/t gold-equivalent and 56,291 g/t silver-equivalent).

A deeper intercept from hole SQ21-031 demonstrated the down dip exploration potential of this target, cutting 7.7 metres of 0.1 g/t gold, 919 g/t silver, 0.1% copper, 1.3% lead, and 1.8% zinc (14 g/t gold-equivalent and 1,047 g//t silver-equivalent) from 229.3 metres, including 0.3 metres of 0.1 g/t gold, 14,035 g/t silver, 0.5% copper, 1.3% lead, and 3.3% zinc (190.1 g/t gold-equivalent and 14,256 g/t silver-equivalent).

Drilled on the No. 3 target, SQ21-022 returned 5.9 metres of 8.7 g/t gold, 339 g/t silver, 0.7% copper, 1.8% lead, and 7.4% zinc (18.6 g/t gold-equivalent and 1,396 g/t silver-equivalent) from 319.9 metres downhole.

“The initial drilling on these targets confirmed the exceptional grade-potential of project,” notes Kizis. “The re-interpreted vein system establishes the basis for further exploration of the project as we look to add additional resources to the existing estimate.”

Equity Metals now plans to complete a further 15,000 metres of drilling to extend the 2.5 km strike length of Camp, as well as to test several other less defined vein targets.

The first phase of the drill program at Camp, which comprised 4,500 metres of infill and step-out drilling from the previously identified high-grade silver mineralization, is expected to be completed in the next couple of weeks. 

“We believe there is huge upside potential at the Camp vein target area," says Kizis. "Mineralization at this vein system wasn't included in our 2019 mineral resource estimate, so our expectation is that the drilling could more than double the existing resource to between 1 million and 1.5 million gold-equivalent ounces.”

The company plans to release an updated resource estimate in the second quarter of next year.

Equity Metals also holds interests in two highly prospective diamond properties, Monument and WO. Both properties lie within the Lac de Gras area of the Northwest Territories, one of Canada’s most prolific diamond producing regions.

The preceding joint venture article is PROMOTED CONTENT sponsored by Equity Mrysld and produced in cooperation with Canadian Mining Journal. Visit www.equitymetalscorporation.com for more information.

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