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 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 mineralisation first discovered in 1912. Since then, various owners have completed over 500 drill holes and more than nine 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 1972-1974.

“Although Silver Queen has been extensively explored in the past, previous exploration was primarily focused on either grass-roots 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.

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 one km to the east of Camp, and NG-3, about one 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 grams gold per tonne, 201 grams silver per tonne, 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 gold equivalent oz. and 22 million oz. silver-equivalent). Inferred resources add 801,000 tonnes of 2.5 grams gold, 184 grams 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 gram gold per tonne, 4,632 grams silver, 0.1% copper, 0.4% lead, and 1.2% zinc (62.9 grams gold-equivalent and 4,718 grams silver-equivalent) from 112.4 metres downhole, including a higher-grade interval of 0.3 metres of 0.2 gram gold, 56,115 grams silver, 1.1% copper, 0.6% lead, and 1.2% zinc (750.5 grams gold-equivalent and 56,291 grams 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 gram gold, 919 grams silver, 0.1% copper, 1.3% lead, and 1.8% zinc (14 grams gold-equivalent and 1,047 grams silver-equivalent) from 229.3 metres, including 0.3 metres of 0.1 gram gold, 14,035 grams silver, 0.5% copper, 1.3% lead, and 3.3% zinc (190.1 grams gold-equivalent and 14,256 grams silver-equivalent).

Drilled on the No. 3 target, SQ21-022 returned 5.9 metres of 8.7 grams gold, 339 grams silver, 0.7% copper, 1.8% lead, and 7.4% zinc (18.6 grams gold-equivalent and 1,396 grams 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 mineralisation, 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. “Mineralisation 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 1-1.5 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.

This article was first published by The Northern Miner. Read the original story here.