Equity Reports Additional High-Grade Mineralization at the Camp and Sveinson Targets, Silver Queen Project, BC; Drilling Resumes

Equity Reports Additional High-Grade Mineralization at the Camp and Sveinson Targets, Silver Queen Project, BC; Drilling Resumes

Equity Metals Corporation (TSXV: EQTY) ("Equity") reports thick intercepts of mineralization in both lateral step-outs to the Camp Vein and at depth in the Sveinson Target from recent drilling on the Silver Queen property, BC.

Drill highlights Include:

  • a 0.6 metre interval grading 2.1g/t Au, 1,705g/t Ag, 4.3% Cu, 1.6% Pb and 4.1% Zn (32.9g/t AuEq or 2,470g/t AgEq) within a 1.2 metre interval averaging 1.0g/t Au, 802g/t Ag, 2.1% Cu,0.8% Pb and 2.0% Zn (15.8g/t AuEq or 1,183g/t AgEq) from drillhole SQ22-072;
  • a 0.3 metre interval grading 0.1g/t Au, 2,043g/t Ag, 1.0% Pb and 0.6% Zn (28.1g/t AuEq or 2,110g/t AgEq) within a 7.7 metre interval averaging 274g/t Ag, 0.1% Pb and 0.3% Zn (3.9g/t AuEq or 294g/t AgEq) from drillhole SQ22-073; and
  • a 0.3 metre interval grading 1,496g/t Ag, 0.1% Cu, 0.1% Pb and 0.6% Zn (20.4g/t AuEq or 1,534g/t AgEq) within a 3.8 metre interval averaging 219g/t Ag, and 0.1% Zn (3.0g/t AuEq or 225g/t AgEq) from drillhole SQ22-075.

These assay results are from the final four holes of the Winter '22 drill program on the Camp, Sveinson and NG-3 targets. Bonanza-grade mineralization was identified in all three of these holes (SQ22-073, -074 and -075) along the western margin of the Camp Vein target, extending the lateral projection of several veins for an additional 40 metres with intercepts up to 150 metres below surface. Several intercepts form composites of thicker mineralized intervals up to 7.7 metres downhole. Mineralization in the Camp Vein target remains open to the west and at depth, which will be further tested in 2022.

A fourth hole (SQ22-072) tested an approximate 200 metre width of the Sveinson target, intersecting three main clusters of mineralized veins to depths of up to 335 metres below surface. These represent significant step-outs from previously drilled intercepts in the western portion of the Sveinson target. Intercepts are generally more gold-enriched than intercepts in the Camp Vein and return higher base metal contents.

VP Exploration Rob Macdonald commented, "These results mark the completion of the Winter '22 drill program on the Silver Queen project, which successfully confirmed a 300 metre projection of the NG-3 vein to depths of up to 390 metres below surface; identified the western and currently open-ended projection of the Camp Vein target; and confirmed the continuity of several gold-silver-mineralized structures in the transition eastward from the Camp Vein into the Sveinson target. Compilation of this and earlier data continues toward the preparation of a mineral resource update in the coming months. Numerous veins remain open for testing across the 6 sq. km. target area, which will form the basis of additional drill testing in 2022."

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Figure 1: Plan Map of targets on the Silver Queen vein system, BC

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5566/124413_8cd1bcf774ae4b11_002full.jpg

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Figure 2: Plan View Camp-Sveinson Targets showing AgEq values in composites. Note the multiple veins structures identified through the Camp and Sveinson targets.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5566/124413_8cd1bcf774ae4b11_003full.jpg

New Drilling on Silver Queen

The Company also reported that following the completion of the winter drill program, an additional 1,500m core hole program on the Silver Queen property is now underway. Drilling will continue to test the western extension of the Camp Vein target and the western margin of the Sveinson Target structure, and drilling should be completed over the coming weeks.

President Joe Kizis explained, "This limited drilling program is specifically testing three possible vein projections that are based on our on-going modeling. These are projections of veins beyond the limits of drilling that will be included in our independent resource and success in these holes should provide us with the guidance to further expand the resource base at Silver Queen during our planned Fall 2022 drilling."

Table 1: Summary Composites from Winter '22 Drilling on the Camp-Sveinson Targets

Hole #From
 (m)
To
 (m)
Interval
(m)
Au
 (g/t)
Ag
 (g/t)
Cu
 (%)
Pb
 (%)
Zn
 (%)
AuEq
 (g/t)
AgEq
 (g/t)
Comments
 










SQ22-07282.583.20.74.52320.50.10.28.4633
 










SQ22-072160.7162.51.80.7470.80.10.52.720043% dilution
inc.160.7161.50.81.5681.30.10.84.5339
 










SQ22-072215.7216.60.91.5310.01.35.65.3400
 










SQ22-072348.2350.22.00.7190.10.22.02.116160% dilution
inc.348.2348.70.51.7400.00.76.75.9445
 










SQ22-072377.7378.81.10.81990.53.63.17.3544
inc.377.7378.10.41.34271.07.13.213.2989
 










SQ22-072385.4386.41.00.3720.01.46.75.4402
 










SQ22-072396.0397.21.21.08022.10.82.015.81183
inc.396.3396.80.62.117054.31.64.132.92470
 










 










SQ22-07371.272.61.40.22280.00.10.83.7277
inc.71.571.80.30.33960.10.12.26.9516
 










SQ22-07391.192.91.80.01390.00.00.11.914337% Dilution
inc.92.792.90.30.07170.00.00.19.7726
 










SQ22-073138.1139.91.80.11730.00.10.42.7201
inc.138.1138.40.30.63010.00.20.65.0374
 










SQ22-073161.7169.47.70.02740.00.10.33.9294
inc.169.1169.40.30.120430.01.00.628.12110
 










 










SQ22-07444.344.80.51.214700.10.20.821.31600
 










SQ22-07478.278.90.70.01840.00.00.02.5187
 










SQ22-074206.3206.50.30.7540.00.84.33.9295
 










 










SQ22-07536.937.20.30.06790.10.00.19.3698
 










SQ22-07581.485.23.80.02190.00.00.13.0225
inc.84.484.60.30.014960.10.10.620.41534
 










SQ22-075158.8159.40.70.21690.03.46.87.4556
inc.159.2159.40.30.43900.17.016.117.01275
 










 

Samples were analyzed by FA/AAS for gold and 48 element ICP-MS by MS Analytical, Langley, BC. Silver (>100ppm), copper, lead and zinc (>1%) overlimits assayed by ore grade ICP-ES analysis, High silver overlimits (>1000g/t Ag) and gold overlimits (>10g/t Au) re-assayed with FA-Grav. Silver >10,000g/t re-assayed by concentrate analysis, where a FA-Grav analysis is performed in triplicate and a weighed average reported. Composites calculated using a 80g/t AgEq (1g/t AuEq) cut-off and

About Silver Queen Project

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, camp infrastructure, and a maintained Tailings Facility.

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 sq km area. An initial NI43-101 Mineral Resource Estimate was detailed in a News Release issued on July 16th, 2019 and is hosted by the No. 3 Vein, which is traced by drilling for approximately 1.2km and then to the southeast where it transitions into the NG-3 Vein close to the buried Itsit copper-molybdenum porphyry.

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.

About Equity Metals Corporation

Equity Metals Corporation is a Manex Resource Group Company. Manex provides exploration, administration, and corporate development services for Equity Metals' two major mineral properties, the Silver Queen Au-Ag-Zn-Cu project, located in central B.C., and the Monument Diamond project, located in Lac De Gras, NWT. The Company also has a 1% royalty (Greenwood Royalty) and a 100% working interest in the La Ronge Silica Project.

The Company owns 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 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. The project owners 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 100% controlled La Ronge Silica Project is an historic sand quarry located in central Saskatchewan, approximately 60 kilometers south-southeast of La Ronge, Saskatchewan and 210 kilometers west of Flin Flon, Manitoba. Preliminary studies indicate the silica deposit may be developed into a simple and profitable, low-cost mining and washing operation to produce high-purity silica (>98% SiO2), a specialty product for the EV battery industry.

Robert Macdonald, MSc. P.Geo, is VP Exploration of Equity Metals Corporation and a Qualified Person as defined by National Instrument 43-101. He is responsible for the supervision of the exploration on the Silver Queen project and for the preparation of the technical information 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 further information, visit the website at https://www.equitymetalscorporation.com; or contact us at 604.641.2759 or by email at ir@mnxltd.com.

Neither 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 news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Equity Metals Corporation does not assume any 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/124413

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Freegold Ventures Limited (CNW Group/Freegold Ventures Limited)

The drilling conducted in 2023 successfully demonstrated the potential for immediate expansion towards the west, with potentially higher grades. It is important to note that the Golden Summit already has a significant gold resource. However, the potential for higher grades at shallower depths to the immediate west is substantial and could significantly alter the overall project economics. Therefore, we are confident that targeting shallower, higher-grade mineralization before undertaking economic studies will unlock even greater value in this project. Drilling is expected to commence shortly.

Hole GS2337 was drilled at an azimuth of 315 o to cross the Tolovana Vein swarm extensions to the southwest. The hole successfully intersected various zones of higher-grade mineralization.

HOLE
NUMBER

AZIMUTH

Dip

DEPTH

(M)

FROM

(M)

TO

(M)

INTERVAL
(M)

AU

G/T

GS2336

360

-55

831.3

15.9

31.1

15.2

0.52





166.1

218.5

52.4

0.59





257.7

677.3

419.6

0.86

including




308.2

327.7

19.5

4.26

including




308.2

311.2

3

25.3

including




483.1

504.7

21.6

1.09

including




521.8

558.4

36.6

2.86

including




521.8

524.9

3.1

28.8

including




655.9

677.3

21.4

0.75





708.7

726

17.3

0.86





758.2

772.4

14.2

1.43

GS2337

315

-50

784.3

260

704

444

0.85

including




341

354.7

13.7

1.21

including




367.8

443

75.2

1.31

including




367.8

369

1.2

20.2

including




506

517

11

2.27

including




552.1

575

22.9

0.94

including




668

704

36

2.01

including




668

671

3

13.45

The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization

The Tolovana vein swam lies within the three clear and immediate extensional geochemical trends identified: two south-southwest flanking trends and a clear east-west trend. The 2024 drill program will focus on exploring these identified trends.

2023 Drilling Demonstrated:

  • The potential to further expand the resource along strike to the west within a 1.5-kilometre-long gold-in-soil geochemical anomaly with the potential to increase the overall resource grade at shallower depths;
  • Defined boundaries of the existing resource and;
  • Demonstrated the potential for the Saddle Zone to host additional gold and silver mineralization.

Metallurgical work remains ongoing, and further metallurgical test work will be completed during the 2024 program to enhance the Golden Summit Project's overall economics.

A plan map showing the locations of the reported holes and the Section for GS2337 can be found here:

https://freegoldventures.com/site/assets/files/6287/gs2337-section.pdf

https://freegoldventures.com/site/assets/files/6287/gs-plan-04172024.pdf

A sample quality control/quality assurance program has been in place throughout the program. Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags for preparation and subsequent geochemical analysis by ALS Laboratories. Core samples were prepared in ALS's facility using the PREP-31BY package. Each core sample is crushed to better than 70 % passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of 1kg is taken and pulverized to better than 85 % passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen; a portion of this pulverized split is digested by Four Acid and analyzed via ICP-AES (method code ME-ICP61). Fire Assay analyzes all samples with an AAS finish, method code Au-AA23 (30g sample size) and over 10 g/t are automatically assayed using a FA Grav method, Au-GRAV21. Additional Au screening is performed using ALS's Au- SCR24 method; select samples are dry-screened to 100 microns. A duplicate 50g fire assay is conducted on the little fraction, and an assay is conducted on the entire oversize fraction. Total Au content, individual assays, and weight fractions are reported. Analytical and assay procedures are conducted in ALS's North Vancouver and Reno facilities.

A QA/QC program included laboratory and field standards inserted every ten samples. Blanks are inserted at the start of the submittal, and at least one blank every 25 standards.

The Qualified Person for this release is Alvin Jackson , P.Geo. – Vice President of Exploration and Development for Freegold, who has approved the scientific and technical disclosure in this news release.

About Freegold Ventures Limited

Freegold is a TSX-listed company focused on exploration in Alaska . It holds the Golden Summit Gold Project near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood through leases.

Some statements in this news release contain forward-looking information, including, without limitation, statements as to planned expenditures and exploration programs, potential mineralization and resources, exploration results, the completion of an updated NI 43-101 technical report, and any other future plans. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Such factors include, without limitation, the completion of planned expenditures, the ability to complete exploration programs on schedule, and the success of exploration programs. See Freegold's Annual Information Form for the year ended December 31st, 2023 , filed under Freegold's profile at www.sedar.com , for a detailed discussion of the risk factors associated with Freegold's operations. On January 30, 2020 , the World Health Organization declared the COVID-19 outbreak a global health emergency. Reactions to the spread of COVID-19 continue to lead to, among other things, significant restrictions on travel, business closures, quarantines, and a general reduction in economic activity. While these effects have been reduced in recent months, the continuation and re-introduction of significant restrictions, business disruptions, and related financial impact, and the duration of any such disruptions cannot be reasonably estimated. The risks to Freegold of such public health crises also include employee health and safety risks and a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak. Such public health crises, as well as global geopolitical crises, can result in volatility and disruptions in the supply and demand for various products and services, global supply chains, and financial markets, as well as declining trade and market sentiment and reduced mobility of people, all of which could affect interest rates, credit ratings, credit risk, and inflation. As a result of the COVID-19 outbreak, Freegold has implemented a COVID management program and established a full-service Camp at Golden Summit to attempt to mitigate risks to its employees, contractors, and community. While the extent to which COVID-19 may impact Freegold is uncertain, it is possible that COVID-19 may have a material adverse effect on Freegold's business, results of operations, and financial condition.

SOURCE Freegold Ventures Limited

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2024/17/c6186.html

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