
February 16, 2025
Kalgoorlie Gold Mining (ASX:KAL) (‘KalGold’ or ‘the Company’) is expanding its search radius around its new Lighthorse discovery after defining key target areas along strike that have never been drilled.
Highlights:
- Analysis of the Lighthorse host sequence defines a north-south geological ‘corridor’ beneath cover that extends approximately 13 km within KalGold tenure. Around 6 km of this strike length is being actively assessed for priority additional drilling.
- Immediately north and northwest of Lighthorse, no historic drilling exists along strike for 2.7 km. Gold mineralisation and anomalism at Lighthorse is open and untested to the north.
- The effectiveness of shallow, historic RAB and aircore drilling south along strike from Lighthorse, is being assessed. This includes deeper drilling at the large, historic T15 gold prospect.
- KalGold’s upcoming RC drill program will test under and around the high-grade Lighthorse discovery. It is the first in a series of programs, which will include additional aircore drilling to the north and south, designed to define the full extent of the gold mineralisation system.
KalGold’s inaugural drilling at Lighthorse (ASX: KAL 7 February 2025) returned thick, high-grade intervals, such as 17 m at 4.81 g/t Au from 48 m, including 8 m at 9.21 g/t Au from 52 m, with the hole ending in mineralisation. Investigations show that areas adjacent and up to several kilometres north and south along strike are either untested or poorly tested. KalGold has expanded its search area to assess the full potential of its Lighthorse discovery.
Commenting on the expanded search for gold mineralisation at and around Lighthorse, KalGold Managing Director Matt Painter said:
“We are extremely excited by the potential magnitude of the Lighthorse gold mineralised system. Our analysis indicates that Lighthorse is hosted within a 13 km long, north-south trending geological sequence within KalGold’s tenure. The Company is assessing 6 km of strike for follow up aircore drilling and, based on results, will continue to expand the search space.
Gold mineralisation and anomalism at Lighthorse is open to the north, with no outcrop or prior drilling along strike for 2.7 km. Within 1.5 km to the north, magnetic data shows a bottleneck and deviation of the host sequence, which may be favourable for further gold mineralisation.
Southwards from Lighthorse, undrilled gaps are interspersed with shallow, irregular RAB and aircore drilling over around 1.5 km. Further south, many drill holes at the deeply buried T15 prospect appear to have not penetrated fresh rock sufficiently. The effectiveness of historic drilling is being determined to assess this southern area for its gold potential.
In addition to the upcoming March 2025 RC drill program, the Company has begun planning follow up drilling, including widely spaced aircore drilling (similar to the discovery program). Our assessment of geophysical and geochemical data suggests that we may be onto a gold mineralised system of significant scale. If results comparable to those at Lighthorse are encountered along this multi-kilometre trend, it could be a transformational development for KalGold.”
New priority target areas at Lighthorse
KalGold has defined key target areas along strike from the Lighthorse discovery that have not previously been drilled. North-south striking, deformed magnetic ridges bracket the discovery (Figures 1 and 3), outlining the Lighthorse Corridor. This corridor appears to extend for around 13 km along strike on KalGold tenure, with KalGold actively assessing an approximate 6 km subsection.
In addition to the 600 m strike length already defined at Lighthorse, the following new targets have been identified.
To the north:
- An undrilled area of 1,500 m strike length immediately north of Lighthorse (Figure 1). This target corresponds with a structural anomaly where the Corridor narrows from 1,000 m wide in the south to approximately 400 m in the north, corresponding with a deviation in strike. The northern extent of this target area is marked by an east- west palaeochannel, where deeper transported cover is expected. Near the palaeochannel, minor gold anomalism has been recorded on the eastern magnetic ridge at the limit of historic drilling (Figure 1).
- Further north along strike, an additional 1,200 m, north-south strike target is also undrilled. The prospective corridor here ranges from 400 to 650 m wide, including the portion extending beneath the palaeochannel.
Figure 1 – Compilation of all KalGold and historic drilling throughout the Lighthorse Corridor and surrounds, including Kirgella Gift and Providence, superimposed on aeromagnetic data. Lighthorse remains open to the north for 1,500 m up to the palaeochannel (hatched), and at least another 1,200 m further north. To the south, historic drilling is being evaluated, but at least some holes are deemed ineffective (i.e. have not penetrated to sufficient depth beneath transported cover) Assessment is ongoing. Lighthorse appears to be along strike from the historic T15 prospect (also currently under assessment). Projection: MGA 94 Zone 51.
To the south of Lighthorse:
- KalGold drilling defined gold anomalism within a lightly drilled, approximately 1,500 m long area, where historic RAB and aircore drilling by previous operators was irregularly spaced, shallow, and likely ineffective. Assessment is underway.
- Further south, the T15 prospect coincides with the regional paleochannel, with transported cover up to 100 m thick. Initially assessed by Newmont in the mid-2000s, the prospect later was the subject of additional aircore and limited RC and diamond drilling by Renaissance Minerals through 2010-2011. Gold mineralisation and anomalism was intersected in numerous drill holes, over an approximate 650 m width, and 1,400 m north- south strike length. Gold mineralisation was intersected predominantly within basal paleochannel sediments but also within underlying weathered bedrock. Further assessment of historic work is required.
Figure 2 – Opportunity map at and around the Lighthorse gold discovery along an approximate 6 km of strike. Areas further along strike to the north and south have not been assessed. Open undrilled areas along strike (green) will require first-pass aircore drilling as a priority. Conditional areas (yellow-green) will be drilled pending assessment, either of historic drill holes or of results to the north and south. Historic drilling at the T15 prospect (yellow) is being fully reassessed to determine where mineralisation is tested and/or remains open. See Figure 1 for legend. Projection: MGA 94 Zone 51.
Drilling opportunities around Lighthorse
KalGold will drill test undrilled target areas to the immediate north and south of the Lighthorse discovery where gold mineralisation and anomalism remains open (green areas, Figure 2), Initial aircore programs will be drilled on 400 x 80 m centres to provide adequate first pass coverage.
Some target areas require further assessment before drilling is required (yellow-green areas, Figure 2). To the south of Lighthorse, the effectiveness of prior irregular, shallow, historic drilling needs further assessment. If deemed ineffective, historic RAB and aircore drilling will be superseded and systematically redrilled by KalGold to provide uniform coverage. In the north, an area interpreted to lie under the palaeochannel will only be drilled if supported by KalGold drilling results to the north and south. Unconsolidated transported cover in the palaeochannels can be over 100 m thick, making drilling expensive and prone to failure.
Click here for the full ASX Release
This article includes content from Kalgoorlie Gold Mining Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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30 May
Kalgoorlie Gold Mining
Investor Insight
Kalgoorlie Gold Mining offers investors a compelling proposition through its strategic focus on low-cost gold exploration in Western Australia's prolific Eastern Goldfields, highlighted by its Lighthorse high-grade gold discovery at the Pinjin project.
Overview
Kalgoorlie Gold Mining (ASX:KAL) is a technically driven explorer targeting multi-million-ounce gold systems in the Eastern Goldfields of Western Australia. Through rigorous geophysical interpretation, structural targeting, and systematic drilling, the company is applying modern techniques to historically overlooked terranes. Its focus is on discovering concealed gold deposits beneath shallow cover by leveraging a proven methodology that includes geophysical analysis, geochemistry, aircore reconnaissance and RC follow-up drilling.
At the heart of this strategy is the flagship Pinjin project, located along the underexplored southern extension of the Laverton Tectonic Zone, a prolific gold-bearing structure responsible for over 30 Moz of historical production from mines such as Sunrise Dam, Granny Smith and Wallaby. Positioned just 20 km north of Ramelius Resources’ Rebecca gold project, Pinjin is ideally situated in a district that has seen limited modern exploration. Kalgoorlie Gold has already delivered a maiden JORC 2012 inferred resource of 76,400 oz (2.34 Mt @ 1.0 g/t gold) at the Kirgella Gift and Providence prospects. These results confirm the presence of shallow mineralization and validate the company’s targeting model. Numerous structural targets have been identified throughout the project area, the majority of which remain untested.
Within Pinjin, the Light Horse Discovery is the company's highest-impact target, where RC drilling has confirmed thick, high-grade mineralization in altered mafic volcanics. The discovery validates Kalgoorlie Gold’s undercover targeting model and is being advanced toward a maiden resource.
Complementing this is the Bulong Taurus project, 35 km east of Kalgoorlie, which hosts the La Mascotte deposit with a JORC inferred resource of 138,000 oz gold (3.61 Mt @ 1.19 g/t). The project includes historic workings and satellite prospects within a structurally favorable corridor. While a secondary focus, heritage approvals are underway to enable follow-up drilling and assess near-term development potential.
To date, Kalgoorlie Gold has tested only around 10 percent of its known targets but has already encountered mineralization in roughly half of them – an exceptional hit rate that underscores the strength of its approach. As the company ramps up its exploration programs, it is positioning itself as one of the most compelling early-stage gold discovery stories in the Australian market.
Company Highlights
- District-scale Positioning: Kalgoorlie Gold controls an expansive, underexplored land package in the Laverton Tectonic Zone, south of major operations like Sunrise Dam and Wallaby and just 20 km north of the planned Rebecca gold mine.
- Lighthorse Discovery: Thick, high-grade gold intercepts under shallow cover confirm a significant greenfields discovery, with potential for resource definition and scale.
- JORC Resource Established at Pinjin: An initial 76,400 oz gold resource at Kirgella Gift and Providence validates the company’s targeting strategy.
- Systematic Exploration Success: >10 targets tested, ~50 percent hit rate with anomalous high-grade gold. Over 90 percent of the company’s target inventory remains untested.
- Experienced Leadership: Matt Painter, managing director, brings deep structural geology expertise and a strong history of generating successful exploration targets globally.
- Favorable Market Tailwinds: With gold trading near all-time highs, Kalgoorlie Gold offers leveraged upside through discovery-driven valuation re-rates.
Key Projects
Pinjin Project
The Pinjin project covers more than 350 sq km and is situated within the southern extension of the Laverton Tectonic Zone, a crustal-scale shear corridor accounting for >30 Moz of historical production. Despite its proximity to major mines, this southern area has seen minimal modern exploration.
Kalgoorlie Gold’s initial focus has been the Kirgella Gift and Providence prospects, where the company defined a JORC 2012 inferred resource of 2.34 Mt @ 1.0 g/t Au for 76,400oz. This estimate was derived from near-surface RC drilling down to ~100 metres, with mineralization remaining open at depth and along strike.
The company has also acquired geophysical datasets and conducted interpretation work to identify additional structural corridors and dilation zones likely to host mineralization. These were validated by soil sampling, structural mapping and aircore drilling. Work completed to date includes more than 16,000 metres of drilling, extensive geological mapping, and data reinterpretation, while upcoming plans involve deeper drilling, geophysics to enhance target definition, and continued aircore programs to expand the exploration footprint.
Lighthorse Discovery
The Lighthorse prospect, situated within the greater Pinjin project area, represents Kalgoorlie Gold’s most promising greenfields discovery to date. Discovered beneath shallow cover using the company's rigorous targeting methodology, Light Horse has yielded multiple thick, high-grade intercepts, confirming the presence of a significant mineralized system. RC drilling has returned standout results such as 2.2 g/t gold over 23 metres, 3.1 g/t gold over 14 metres, and 6.5 g/t gold over 7 metres. These intercepts occur in altered mafic volcanics and are interpreted to represent a robust gold system with potential for lateral and vertical continuity. The discovery validates Kalgoorlie Gold’s structural targeting model and supports the thesis that the region may host not just a single deposit, but a larger gold field. Currently, Lighthorse is the highest-priority drill target in the company’s pipeline. Near-term plans include further RC step-out and infill drilling to define mineralized zones, downhole geophysics to guide targeting of high-grade shoots, and eventual metallurgical sampling. A maiden resource is anticipated following the next phase of drilling, with the potential to rapidly advance toward scoping studies in 2026.
Bulong Taurus Project
Located just 35 kilometres east of Kalgoorlie-Boulder, the Bulong Taurus project offers near-term optionality and brownfields upside. The project hosts the La Mascotte deposit, which contains a JORC 2012 inferred mineral resource of 138,000 oz at 1.19 g/t gold. This outcropping resource is located within the historical Taurus Goldfield and is surrounded by a suite of satellite targets, historical workings and underexplored geophysical anomalies. The geology is characterized by a mix of felsic and mafic volcaniclastic units, cut by northeast-trending structures favorable for gold deposition. Kalgoorlie Gold has undertaken mapping, sampling and historical data reprocessing to refine targeting, and is currently working with Traditional Owners to secure heritage clearances for further exploration. Planned future activities at Bulong Taurus include RC drilling to test extensions of La Mascotte, soil and geophysical surveys across adjacent prospects, and evaluation of development or joint venture options depending on resource scale and continuity. While not the company’s primary focus, Bulong Taurus offers strategic exposure to additional ounces near existing infrastructure.
Management Team
Dr. Matt Painter – Managing Director & Chief Executive Officer
Dr. Matt Painter is a geologist with over 25 years of experience in mineral exploration and project development. He holds a BSc (Hons) and a PhD in geology. Before joining Kalgoorlie Gold Mining, Painter served as general manager of exploration at Ardea Resources Limited, where he played a pivotal role in advancing the company's gold and nickel projects. His expertise lies in structural geology and the discovery of concealed mineral systems, which is instrumental in driving Kalgoorlie Gold Mining's exploration strategy.
Graeme Smith – Chief Financial Officer & Company Secretary
Graeme Smith brings more than 30 years of financial and corporate governance experience to Kalgoorlie Gold Mining. He holds a Bachelor of Economics and is a Fellow of the Chartered Institute of Secretaries, a Fellow of CPA Australia, and a Fellow of the Chartered Secretaries Australia. Smith has held senior financial roles across various ASX-listed companies, providing strategic financial oversight and ensuring compliance with corporate regulations.
Pauline Gately – Non-executive Chair
Pauline Gately is an accomplished non-executive director with over a decade of board experience across the mining, financial technology and consumer goods sectors. Her board contributions are underpinned by 20 years in investment banking, encompassing senior roles in investment strategy, economics and funds management. Gately is a graduate and member of the Australian Institute of Company Directors and holds a BA (Hons) in Economics and a Graduate Diploma in Accounting. She also serves as a non-executive director of Ardiden Limited.
Andrew Penkethman – Non-executive Director
Andrew Penkethman is a geologist with more than 25 years of technical and corporate experience in the resources sector. He has worked across exploration, feasibility studies, and operations within Australia and internationally. Penkethman is currently the managing director and CEO of Ardea Resources, bringing valuable insights into project development and strategic planning to the board of Kalgoorlie Gold Mining.
Scott Herrmann – Exploration Manager
Scott Herrmann oversees Kalgoorlie Gold’s exploration programs across its project portfolio. With a strong background in geology and mineral exploration, Herrmann plays a critical role in target generation and drill program execution, contributing to the company's discovery success.
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Unlocking gold deposits hidden under shallow cover in the heart of Western Australia’s Eastern Goldfields
10h
David Erfle: Silver Staging "Powerful" Breakout; Plus Gold Stocks and Copper Squeeze
David Erfle, editor and founder of Junior Miner Junky, shares his short-term outlook for gold, saying it could see a healthy test of US$3,200 per ounce — or even US$2,950 to US$3,000.
Erfle also shares his thoughts on what's coming for silver and copper prices.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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14h
Equity Metals: Advancing High-grade, District-scale Silver and Gold Assets in British Columbia
Equity Metals (TSXV:EQTY,OTCQB:EQMEF,FSE: EGSD) is rapidly advancing exploration at its 100 percent-owned Silver Queen Project in British Columbia, aiming to expand resources and further de-risk one of the province’s most promising high-grade polymetallic deposits. Situated in the prolific Skeena Arch—home to the historic Equity Silver and Huckleberry mines—Silver Queen hosts an NI 43-101 compliant resource of 62.8 million ounces silver equivalent (indicated) and 22.5 million ounces silver equivalent (inferred). Ongoing drilling in 2024 continues to extend known zones while uncovering new areas of mineralization.
The company is also advancing its newly acquired Arlington Project, a district-scale, never-before-drilled gold-copper-silver asset located in southern BC’s Greenwood Mining Division. With geological similarities to historic producers such as Phoenix and Buckhorn, Arlington is currently undergoing an aggressive 3,000-meter drill program, targeting high-grade, gold-enriched polymetallic mineralization.
The Silver Queen Project is Equity Metals’ 100%-owned flagship asset, located in the heart of British Columbia’s prolific Skeena Arch, approximately 35 kilometers south of Houston. Covering 18,871 hectares, the property comprises 17 crown-granted titles and 46 mineral tenure claims within the Omineca Mining Division. Strategically positioned among past-producing and active mines, including the Equity Silver Mine, Berg, Endako, and Mt. Milligan, the project is well supported by established infrastructure, with convenient access to roads, power, and rail.
Company Highlights
- Flagship High-grade Project – Silver Queen: Over 85 million silver-equivalent ounces defined in the heart of BC's Skeena Arch mineral belt, surrounded by Tier 1 infrastructure and historical producers.
- New Gold Discovery Potential – Arlington project: A district-scale, early-stage gold-copper-silver system with analogues to major past-producing skarn and vein-hosted mines in the region.
- Fully Funded for 2025: 9,000 meters of combined drilling is underway across both Silver Queen and Arlington with assay results expected to drive news flow through Q3 and Q4 2025.
- Experienced Management and Technical Team: Track record of discovery and mine development across North America, including the Penasquito and Eskay Creek mines and the Wind Mountain project.
- Exposure to Critical and Precious Metals: Balanced portfolio spanning silver, gold, copper and diamonds with optionality in battery materials (silica) and critical minerals.
This Equity Metals profile is part of a paid investor education campaign.*
Click here to connect with Equity Metals (TSXV:EQTY) to receive an Investor Presentation
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01 July
Completed Sale of Lochinvar Coal Project and Royalty Deed
New Age Exploration (NAE:AU) has announced Completed Sale of Lochinvar Coal Project and Royalty Deed
01 July
Munda Gold Mine - Purchase of Mine Camp, Nickel Rights and Water Assets from WIN Metals
Auric Mining Limited (ASX: AWJ) (Auric or the Company) together with WIN Metals Ltd (ASX: WIN) (WIN Metals or WIN) are pleased to announce that the two parties have successfully agreed to the purchase of a package of WIN assets including all nickel and associated minerals rights, water access rights and a fully equipped mining camp all relating to Auric’s Munda Gold Mine.
Highlights
- This milestone agreement considerably enhances Auric’s mining operations at its Munda Gold Mine.
- Acquisition includes a fully equipped mining camp and all related assets six kilometres from Munda Gold Mine.
- All Nickel rights and entitlements will be owned by Auric.
- Sole access and usage of stored water in the 132N pit by Auric.
- Total purchase price $1.4 Million (ex GST), payable in two tranches: Tranche 1 $900,000 paid 30 June 2025, Tranche 2 $500,000 due 31 July 2025.
Management Comment
Managing Director, Mark English, said:“This acquisition gives Auric greater control over our destiny for open pit mining at our Munda Gold Mine.
“Buying all nickel rights from WIN sees us taking another major step forward at Munda. We’ve moved mining at Munda along rapidly this year and are pleased this hurdle to progress our future expansion will be removed.
“There’s not much water around Widgiemooltha, so as part of this transaction, we are acquiring additional access to stored water in the 132N pit. Having adequate water is extremely important for our mining operations. The mining camp is another huge bonus for Auric being located just six kilometres north of our mine.
“We have reached a highly satisfactory agreement for all Auric shareholders,” said Mr English.
WIN Metals. Managing Director and CEO, Steve Norregaard, said:“WIN wish Auric all the best with their Munda gold project development.
“Proposed Nickel mining at Munda was not contemplated in WIN’s 2024 scoping study and as such would have been far into the future for the Mt Edwards Nickel Project. With the outlook of a prolonged subdued nickel price the opportunity to monetise a relatively small portion of the total projects nickel resource base will provide cash for investment into WIN’s gold assets. This is a transaction that makes sense for both companies,” said Mr Norregaard.
The Announcement
The total consideration is $1.4 million, (ex GST) payable in two separate tranches: the first tranche of $900,000 paid on 30 June 2025, the second, $500,000 due on or before July 31, 2025.
Included in the purchase is a fully equipped mining camp located six kilometres north of the Munda Gold Mine sufficient to house the entire workforce. Additional in the deal, Auric has also acquired sole access to all the water in the pit at 132N, just a short distance from the Munda mine.
Auric will at completion own all mineral rights at Munda, except lithium. The lithium mineral rights remain with WIN.
Upon completion of both tranches, on or before 31 July 2025, Auric will have paid WIN a total of $1.4 million (ex GST), for the mining camp, which includes all associated infrastructure such as solar panels, generators, bulk fuel storage, storage containers together with water rights to the 132N pit and all nickel rights and associated entitlements at Munda. The parties have agreed to expedite the grant of miscellaneous licences over the WIN tenements to secure road access as well as the camp.
Click here for the full ASX Release
This article includes content from Auric Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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30 June
Equity Metals
Investor Insight
Equity Metals offers investors exposure to high-grade silver and gold discoveries in British Columbia through a dual-track strategy of expanding its flagship Silver Queen resource and advancing the newly acquired Arlington district.
Overview
Equity Metals (TSXV:EQTY,OTCQB:EQMEF,FSE:EGSD) is fast-tracking exploration at its 100 percent owned Silver Queen project in British Columbia, targeting resource expansion and derisking of one of the province's most prospective high-grade polymetallic deposits. Located within the prolific Skeena Arch near the historic Equity Silver and Huckleberry mines, Silver Queen boasts an NI 43-101 compliant resource of 62.8 million ounces (Moz) silver equivalent (indicated) and 22.5 Moz silver equivalent (inferred), with 2024 drilling extending known zones and identifying new mineralized areas.
Complementing this is the Arlington gold-copper-silver project, a newly acquired district-scale, never-before drill-tested project located in southern BC's Greenwood Mining Division. With analogues to historic producers like Phoenix and Buckhorn, Arlington is being aggressively explored with 3,000 meters of drilling underway, focused on delineating high-grade gold-enriched polymetallic mineralization.Parameters for the NI 43-101 Compliant Mineral Resource Estimate are in the Appendix and in the EQTY News Release, dated Dec 1, 2022
Together, Silver Queen and Arlington offer a balanced exposure to high-grade polymetallic and gold-rich systems. The former provides near-term resource expansion and development optionality, while the latter opens up district-scale discovery potential.
In addition, Equity Metals holds interests in the Monument and WO diamond properties in the Lac de Gras region (Northwest Territories), proximal to the Diavik and Ekati mines, and the La Ronge silica project in Saskatchewan. These projects offer upside optionality for strategic partnerships or asset sales.
Company Highlights
- Flagship High-grade Project – Silver Queen: Over 85 million silver-equivalent ounces defined in the heart of BC's Skeena Arch mineral belt, surrounded by Tier 1 infrastructure and historical producers.
- New Gold Discovery Potential – Arlington project: A district-scale, early-stage gold-copper-silver system with analogues to major past-producing skarn and vein-hosted mines in the region.
- Fully Funded for 2025: 9,000 meters of combined drilling is underway across both Silver Queen and Arlington with assay results expected to drive news flow through Q3 and Q4 2025.
- Experienced Management and Technical Team: Track record of discovery and mine development across North America, including the Penasquito and Eskay Creek mines and the Wind Mountain project.
- Exposure to Critical and Precious Metals: Balanced portfolio spanning silver, gold, copper and diamonds with optionality in battery materials (silica) and critical minerals.
Key Projects
Silver Queen Project
The Silver Queen project is Equity Metals’ 100 percent owned flagship asset located in central British Columbia’s prolific Skeena Arch, approximately 35 km south of Houston. This 18,871-hectare property consists of 17 crown-granted titles and 46 tenure claims in the Omineca Mining Division. Surrounded by past-producing and active mines, including the Equity silver mine, Berg, Endako and Mt. Milligan, the project benefits from established infrastructure such as roads, power and rail access.
Silver Queen hosts a high-grade polymetallic system featuring silver, gold, copper, lead and zinc mineralization. The project is underpinned by a robust NI 43-101 compliant resource estimate (as of December 2022) consisting of 62.8 million ounces (Moz) silver-equivalent (AgEq) in the indicated category grading 565 grams per ton (g/t) AgEq, and 22.5 Moz AgEq in the inferred category grading 365 g/t AgEq. This includes 3.46 million tons (Mt) of indicated resources averaging 189 g/t silver, 2.13 g/t gold, 0.24 percent copper, 0.6 percent lead, and 3.5 percent zinc, and 1.92 Mt of inferred resources grading 167 g/t silver, 0.82 g/t gold, 0.23 percent copper, 0.5 percent lead, and 2 percent zinc.
The mineralization occurs in multiple steeply dipping epithermal vein systems, subdivided into the No. 3, NG-3, Camp and Sveinson veins. Each exhibits distinct metal zonation – the Camp veins are silver-dominant, while the Sveinson, No. 3 and NG-3 show a stronger gold bias. Bonanza grades have been intercepted at multiple locations, including down-hole drill core intervals assaying up to 56,115 g/t silver over 0.3 metres in recent drill results. High sulphide and low sulphide vein environments have both been identified, suggesting a long-lived and multi-phase mineralizing event.
Since late 2020, Equity has completed 52,877 meters of drilling in 146 holes, targeting extensions and new zones of mineralization. In 2024 alone, four target areas – George Lake, Camp North, No. 3 North and Camp-Sveinson – were tested via 17,209 meters across 42 holes. Drilling resulted in the delineation of a 550-metre strike-length for mineralization in the George Lake target and a 400-metre strike-length for mineralization in the No. 3 North target, as well as several extensions of earlier identified veins in the Camp Deposit and a new discovery in the Camp North target. A 6,000-meter 2025 drilling program will further test these zones with updated modeling and resource growth expected in Q3 2025.
Metallurgical testing completed in both 1988 and 2022 yielded positive recoveries: 83 percent gold, 95 percent silver, 93 percent copper, 91 percent lead, and 98 percent zinc. A follow-up metallurgical program is planned to support preliminary development studies. With extensive underground development (~9 km of historic workings) and proximity to key infrastructure, the Silver Queen project is well positioned for advancement toward economic studies and ultimately, a potential strategic transaction.
Arlington Project
The Arlington project is a 3,584-hectare, early-stage exploration asset located in southern British Columbia’s Greenwood Mining Division, approximately 65 km south of Kelowna. The project sits within the prolific Quesnel Terrane and is accessible year-round via Highway 33 and a network of logging roads. The region hosts several historical producers including the Buckhorn, Phoenix, and Beaverdell mines, which have collectively yielded more than 2 Moz gold, 6 Moz silver and 500 Mlb copper.
Arlington encompasses multiple mineral occurrences and at least four deposit styles across a more than 5 km strike length. Historic and recent surface work has confirmed high-grade mineralization with rock samples returning values up to 11.67 g/t gold, 211 g/t silver, and 3.22 percent copper. The 2025 exploration program, currently underway, includes a 3,000-metre drill campaign primarily targeting the Fresh Pots gold-silver anomaly – a large (2 km x 1 km) intrusion-related gold system delineated by multi-element soil geochemistry and magnetic lows.
Other high-priority targets include:
- Rona Porphyry Target: A copper-molybdenum-gold system with pyroxenite intrusive-hosted mineralization. Rock chip assays have returned >1 percent molybdenum, 0.6 g/t gold, and 32.4 g/t silver. The area is characterized by a large copper-nickel soil anomaly and widespread argillic alteration in adjacent sedimentary rocks.
- Arlington Polymetallic Veins: A structurally controlled vein system with documented historic workings. Highlights include Arlington South (11.67 g/t gold, 3.22 percent copper) and Arlington North (1.86 g/t gold, 1.07 percent copper), suggesting vertical metal zonation and potential for stacked vein systems.
- Skarn and Replacement Targets: Notably at the Bru and Arlington zones, analogous to Buckhorn and Phoenix, where gold-copper magnetite skarns produced over 1 Moz historically.
In early 2025, Equity Metals completed a property-wide airborne magnetic/radiometric survey and LiDAR mapping campaign to refine targeting. Soil and till geochemistry, IP surveying and mapping continue across the license area to delineate follow-up drill targets for 2026.
Management Team
Lawrence Page – Chairman and Director
A seasoned mining executive with over four decades of experience, Lawrence Page has helped finance and develop several major discoveries including Penasquito (Mexico), Eskay Creek and Hemlo. He brings strategic oversight and a deep network within the exploration and capital markets community.
Joseph A. Kizis Jr. – President and Director
With over 40 years of mineral exploration experience, Joseph Kizis has been instrumental in advancing gold, silver and base metal projects across North America. He is also president of Bravada Gold and has played key roles in advancing Wind Mountain in Nevada and Homestake Ridge in BC.
Robert W.J. Macdonald – VP Exploration
Robert Macdonald leads Equity Metals’ technical team and brings extensive epithermal and porphyry system expertise. His past project experience includes Homestake Ridge in BC and Cerro Las Minitas in Mexico, and he is the Qualified Person for all technical disclosures.
Killian Ruby – CFO and Director
As president and CEO of Malaspina Consultants and a former senior manager at KPMG LLP, Killian Ruby brings financial discipline, governance strength and tax expertise. He also serves as CFO for several junior resource companies.
John Kerr – Director
A professional engineer with five decades of exploration experience, John Kerr has contributed to the discovery and development of projects such as Santa Fe and Mindora in Nevada, and Frasergold in BC.
Courtney Shearer – Director
Courtney Shearer has served in executive and advisory roles with multiple Canadian mining companies, including San Gold Corporation, where he led strategic evaluations and project planning initiatives.
Arie Page – Corporate Secretary
Arie Page provides legal and corporate compliance support and has served as corporate secretary for numerous public companies within the Manex Resource Group.
Appendix:
Silver Queen Mineral Resource Estimate (NI 43-101 Compliant, Dec. 1, 2022) (C$100 NSR cut-off)
- The current Mineral Resource Estimate was prepared by Garth Kirkham, P.Geo., of Kirkham Geosystems Ltd and Eugene Puritch, P. Eng., FEC, CET and Fred Brown, P, Geo. of P&E Mining Consultants Inc. (“P&E”), Independent Qualified Persons (“QP”), as defined by National instrument 43-101.
- All Mineral Resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum (“CIM”) definitions, as required under National Instrument 43-101 (“NI43-101”).
- Mineral Resources were constrained using continuous mining units demonstrating reasonable prospects of eventual economic extraction.
- Silver and Gold Equivalents were calculated from the interpolated block values using relative process recoveries and prices between the component metals and silver to determine a final AgEq and AuEq values.
- Silver and Gold Equivalents and NSR$/t values were calculated using average long-term prices of $20/oz silver, $1,700/oz gold, $3.50/lb copper, $0.95/lb lead and $1.45/lb zinc. All metal prices are stated in $USD. The C$100/tonne NSR cut-off grade value for the underground Mineral Resource was derived from mining costs of C$70/t, with process costs of C$20/t and G&A of C$10/t. Process recoveries used were Au 70%, Ag 80%, Cu 80%, Pb 81% and Zn 90%.
- Grade capping was performed on 1m composites for the No. 3 and NG-3 veins and whole vein composites for the Camp and Sveinson veins. For the No. 3 and NG-3 veins Inverse distance cubed (I/d3) was utilized for grade interpolation for Au and Ag and inverse distance squared (I/d2) was utilized for Cu, Pb and Zn. Inverse distance squared (I/d2) was used for all metals in the Camp and Sveinson veins.
- A bulk density of 3.56t/m3 was used for all tonnage calculations in the No. 3 and NG-3 veins. A variable density with a 3.15 average was used for the Camp and Sveinson veins.
- Mineral Resources are not Mineral Reserves until they have demonstrated economic viability. Mineral Resource Estimates do not account for a Mineral Resource’s mineability, selectivity, mining loss, or dilution.
- An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
- All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to add precisely.
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