Precious Metals

Equity Metals Corporation reported today that it will, subject to TSX Venture Exchange approval, extend the closing date of its previously announced private placement by 30 days from the date of this news release.The Company has closed a first tranche of the $6,000,000 non-brokered private placement by issuing 2,800,000 non-flow-through units at a price of $0.14 per NFT Unit for gross proceeds of $392,000 and by ...

Equity Metals Corporation (TSXV: EQTY) (the "Company" or "Equity Metals") reported today that it will, subject to TSX Venture Exchange approval, extend the closing date of its previously announced private placement by 30 days from the date of this news release.

The Company has closed a first tranche of the $6,000,000 non-brokered private placement by issuing 2,800,000 non-flow-through units ("NFT Units") at a price of $0.14 per NFT Unit for gross proceeds of $392,000 and by issuing 7,903,667 flow-through units ("FT Units") at a price of $0.15 per FT Unit for gross proceeds of $1,185,549.95. Each NFT Unit will be comprised of one non-flow-through common share and one-half (0.5) of one warrant. Each FT Unit will be comprised of one flow-through common share and one-half (0.5) of one non-flow through warrant. The warrants for all units will be the same with each whole warrant entitling the holder thereof to purchase one non-flow-through common share for a period of 2 years at a price of $0.20.

The gross proceeds received from the sale of the FT Units will be used for work programs on the Company's Silver Queen, Au-Ag, exploration property, in British Columbia. The net proceeds received from the sale of the NFT Units will be used for general working capital.

The Company may pay finders' fees comprised of cash and non-transferable warrants in connection with the offering, subject to compliance with the policies of the TSX Venture Exchange. Completion of the offering and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.

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. Most of the existing resource is hosted by the No. 3 Vein, which is traced by drilling for approximately 1.2km and to the southeast transitions into the NG-3 Vein close to the buried Itsit copper-molybdenum porphyry.

An initial NI43-101 Mineral Resource Estimate (see Note 1 below) was detailed in a News Release issued on July 16th, 2019, and using a CDN$100 NSR cut-off, reported a resource of:

  • Indicated - 244,000ozs AuEq: 85,000ozs Au, 5.2Mozs Ag, 5Mlbs Cu, 17Mlbs Pb and 114Mlbs Zn; and

  • Inferred - 193,000ozs AuEq: 64,000ozs Au, 4.7Mozs Ag, 5Mlbs Cu, 16Mlbs Pb and 92Mlbs Zn.

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.

Table 1: Recently Reported Drill Intercepts from 2021 Drilling on the Camp Vein Target, Silver Queen Property, see NR-13-21.

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

Table 1

To view an enhanced version of Table 1, please visit:
https://orders.newsfilecorp.com/files/5566/105165_capture.jpg

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 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 Company also has royalty and working interests in other Canadian properties, which are being evaluated further to determine their value to the Company.

  1. The 2019 Silver Queen Resource Estimate was prepared following CIM definitions for classification of Mineral Resources and identified at a CDN$100/NSR cut-off, an indicated resource of 815Kt averaging 3.2g/t Au, 201g/t Ag, 1.0% Pb, 6.4% Zn and 0.26% Cu and an inferred resource of 801Kt averaging 2.5g/t Au, 184g/t Ag, 0.9% Pb, 5.2% Zn and 0.31% Cu. Grade capping on Ag and Zn was performed on 0.75m to 1.24m length composites. Au, Cu and Pb required no capping. ID3 was utilized for grade interpolation for Au and Ag while ID2 was utilized for Cu, Pb and Zn. Grade blocks were interpreted within constraining mineralized domains using and array of 3m x 1m x 3m blocks in the model. A bulk density of 3.56 t/m³ was used for all tonnage calculations. Approximate US$ two-year trailing average metal prices as follows were used: Au $1,300/oz, Ag $17/oz, Cu $3/lb, Pb $1.05/lb and Zn $1.35/lb with an exchange rate of US$0.77=C$1.00.

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 79%, Ag 80%, Cu 81%, Pb 75% and Zn 94%. AuEq and AgEq are based on the formula: NSR (CDN) = (Cu% * $57.58) + (Pb% * $19.16) + (Zn% * $30.88) +(Au g/t * $39.40) + (Ag g/t * $0.44) - $78.76.

Mineral Resources are not Mineral Reserves, do not have demonstrated economic viability and may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. Inferred Mineral Resources have a lower level of confidence than Indicated Mineral Resources and may not be converted to a Mineral Reserve but may be upgraded to an Indicated Mineral Resource with continued exploration. The Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines.

The Mineral Resource Estimate was prepared by Eugene Puritch, P.Eng., FEC, CET and Yungang Wu, P.Geo., of P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario, Independent Qualified Persons ("QP"), as defined by National Instrument 43-101. P&E Mining suggests that an underground mining scenario is appropriate for the project at this stage and has recommended a CDN$100/tonne NSR cut-off value for the base-case resource estimate.

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.

This news release is not intended for distribution to United States newswire services or dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105165

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Equity Metals

Equity Metals

Equity Metals Corporation (TSXV:EQTY) is a precious metals company bringing modern exploration techniques to its flagship Silver Queen goldsilver property, which is 100-percent owned by the company and royalty-free. The company’s Silver Queen project is located within the well-mineralized Skeena Arch region of the Stikine Terrane, a major metallogenic belt running through British Columbia associated with gold-rich deposits that helped give rise to the Omineca Mining Division.

The Silver Queen property has seen more than 100 years of historic exploration and development since 1912, including intermittent mining and over 500 historic drill holes with more than 9,000 meters of underground workings. The property is located in the well-established Omineca Mining Division, which hosts significant mining infrastructure developed by previous operators. The property is located in the heart of the district and has nearby access to electricity, roads, railways, and skilled labor from the town of Houston.

Equity Metals Silver Queen Project

The rich mineralization and existing infrastructure in the area have attracted a number of major mining companies to the Omineca Mining Division including Teck Resources Limited (TSX: TECK.A, NYSE: TECK), Imperial Metals (TSX:III), Centerra Gold (TSX:CG) and Newmont Goldcorp (TSX:NGT, NYSE:NEM). At nearly 19,000 hectares, Equity Metals’ Silver Queen project is one of the larger land packages in the region, hosting a 2019 NI 43-101 resource estimate in the Indicated category of 85,000 ounces of gold, 5.2 million ounces of silver, 5 million pounds of copper, 17 million pounds of lead and 114 million pounds of zinc, and a slightly lesser amount in the Inferred category.

Equity Metals has identified more than 20 epithermal gold veins on the Silver Queen property. Three of these veins are targeted for exploration drilling with the goal of doubling the current mineral resource. The first phase of 10 holes was recently completed, and initial assays should begin to be received early in October, with additional assays received over subsequent months due to lab delays resulting from Covid-19 restrictions. A second phase of drilling is now being planned and is expected to begin in Q4. The company has already secured a five year exploration permit that includes 50 drill sites and 6 kilometers of additional exploration trials. Silver Queen is expected to provide year-round road access and will be evaluated for the potential of an underground mine.

Equity Metals is also working to develop the Monument Diamond Project and the WO Project, although at a much slower pace to maintain focus on the Silver Queen asset. The Monument Project is located in the Lac de Gras district, which is 300 kilometers north of Yellowknife and has been developed by DHK Diamonds Inc. and Kennecott Canada Exploration Inc. Equity Metals acquired the property in 2004 and has since discovered eight diamond-bearing kimberlites. The WO Project is located near the Monument property and contains an Indicated National Instrument 43-101 resource of 19.5 Mt at a grade of 0.94 c/t for a total of 18.2 million carats of diamonds.

Dr. Alan Wainwright, an experienced geologist and an expert in porphyry and vein mineralization, officially joined Equity Metals as a consultant in April 2020. He is expected to aid in exploration designed to “better understand controls of mineralization via detailed alteration studies and additional mapping,” at Silver Queen. The company intends to leverage the findings from his studies to refine additional high-grade targets.

Equity Metals owns 100 percent interest in the Silver Queen project with no underlying royalties. The company’s board of directors and management team bring decades of mining exploration, discovery, and development experience to the table, including many significant North American projects. The company also benefits from significant support provided by the Manex Resource Group, where Vice President Robert W.J. Macdonald operates as the Vice President of Geological Services.

Equity Metals’ Company Highlights

  • Flagship Silver Queen project is located in the Omineca Mining Division, surrounded by major mining companies including Teck Resources, Imperial Metals, and Newmont Goldcorp.
  • Silver Queen hosts a 2019 NI 43-101 Indicated resource estimate of 85,000 ounces of gold, 5.2 million ounces of silver, 5 million pounds of copper, 17 million pounds of lead and 114 million pounds of zinc.
  • Region surrounding Silver Queen hosts nearby infrastructure including electricity, roads, and railways and has hosted more than 100 years of historical mining.
  • Directed by an experienced management team with an extensive track record of mining exploration, discovery, and development, including porphyry and vein mineralization experts such as Dr. Alan Wainwright.
  • Owns 100 percent interest in the Silver Queen Project with no underlying royalties.
  • WO Project contains an Indicated National Instrument 43-101 resource of 19.5 Mt at a grade of 0.94 c/t for a total of 18.2 million carats of diamonds.
  • Monument Diamond project hosts 12 known kimberlites, with extraction samples in 2007 producing 955 diamonds from 2,201.7 kg of kimberlite.

Equity Metals’ Silver Queen Project

The Silver Queen project covers nearly 19,000 hectares of the Omineca Mining Division south of Houston, British Columbia. The property is located in the heart of the Skeena Arch and is surrounded by current and historical mines and advanced exploration projects. Mineralization was discovered in 1912—since then, over 500 drill holes have been established and more than CA$20 million has been spent on the property.

Exploration

While the property has seen extensive exploration, previous programs have largely focused on either large-scale grassroots discovery drilling or small-scale resource expansion. Equity Metals plans to develop the historical resource by systematically prioritizing property-wide targets and quickly expanding on the initial National Instrument 43-101 Mineral Resource Estimate on the property.

Equity Metals Silver Queen Exploration

The company’s initial exploration program involves drilling up to 3,000 meters in 20 core holes in order to target the No. 3 Vein and Camp Vein, verify select historical drill intercepts, complete sampling, evaluate potential mineralization, and conduct property-wide prospecting.

Equity Metals Silver Queen Mineralization

Equity Metals is currently navigating a three-stage exploration program. Phase I was completed in early 2020 and involved data compilation and interpretation. The second phase of the exploration program involved a drill campaign to test three initial targets in the vein system and perform surface exploration to identify future targets. The first 10 holes of the second phase have been completed. This portion of the program verified certain historic mineralized zones and surrounding alteration halos that were not assayed, as well as testing footwall and hanging wall veins. Phase III is expected to begin in the third quarter of 2020 and will involve follow-up drilling to infill or extend specific targets with the objective of finalizing a National Instrument 43-101 Mineral Resource Update.

Equity Metals’ Monument Diamond Project

The Monument Diamond Project is located on the south shore of Lac de Gras, Northwest Territories, within 40 kilometers of both the Ekati Diamond Mine and Diavik Diamond Mines Ltd., both of which contribute significantly to the world’s diamond production.

The Monument has 12 known kimberlites. The recent development of land-based targets has resulted in the discovery of several new kimberlites on the property. A 2007 drill sample of one of these diamond-bearing kimberlite produced 955 diamonds, including the largest diamond found to date from the Monument property, weighing 0.445 carats.

In 2019, Equity Metals updated its five-year Land Use Permit, allowing for continued exploration of the Monument Project. The company is now planning its next steps, which will include a systematic exploration program to test various targets and acquire further kimberlite for diamond content and analyses.

Equity Metals’ WO Project

The WO project is also located in the Lac de Gras area and is located southeast of the Diavik Diamond mines. The property encompasses over 5,800 hectares and is readily accessible from Yellowknife via fixed-wing aircraft. From mid-January to mid-April, the property is accessible through a designated road which connects Yellowknife with the Ekati and Diavik Diamond Mines.

The WO Project contains an Indicated National Instrument 43-101 resource of 19.5 Mt at a grade of 0.94 c/t for a total of 18.2 million carats of diamonds. Bulk sampling in 2007 produced rough diamonds up to 9.45 carats in size.

Equity Metals’ Management Team

Joseph A. Kizis, Jr. – Director and President

Mr. Kizis is a Registered Geologist and a Certified Professional Geologist with a B.S. in Geology from Kent State University and an M.S. in Geology from the University of Colorado. He has 40 years of experience in exploration for gold, silver, copper, molybdenum, lead, zinc, and uranium in the U.S., Canada, and abroad. He is the President and a director of Bravada Gold Corporation and Equity Metals Corporation and previously of Homestake Resource Corporation as well as Fortune River Resource Corp. (which amalgamated with Bravada Gold Corporation in 2011). Mr. Kizis has held previous executive positions and directorships with Fairmile GoldTech, Sierra Geothermal, the Geological Society of Nevada, and the GSN Foundation.

Robert W.J. Macdonald – Vice President of Exploration

Mr. Macdonald is the Vice President of Geological Services for the Manex Resource Group of Companies and in such capacity has been the Exploration Manager for several publicly listed companies including Homestake Resource Corporation (formerly Bravo Gold Corp.), Southern Silver Exploration Corp., Valterra Resource Corporation, Duncastle Gold Corp. and Fortune River Resource Corp. Mr. Macdonald has overseen the exploration of many projects throughout North America including the discovery and delineation of the high-grade 1.2 million ounce Homestake Ridge Au-Ag deposit in northern British Columbia and is currently advancing Southern Silver’s 12million tonne Cerro Las Minitas Ag-Pb-Zn project, Durango State, Mexico.

Lawrence Page – Director & Chairman

Lawrence Page obtained his law degree from the University of British Columbia in 1964 and was called to the Bar of British Columbia in 1965 where he has practiced in the areas of natural resource law and corporate and securities law to the present date. Through his experience with natural resource companies and, in particular, precious metals development, Mr. Page has established a unique relationship with financiers, geologists, and consultants and has been counsel for public companies that have discovered and developed producing mines in North America. Specifically, he has been a Director and Officer of Companies that have discovered and brought into production the David Bell and Page Williams mines in Ontario, the Snip, Calpine/Eskay Creek, and Mascot Gold Mines in British Columbia, as well as the discovery of the Penasquito Mine in Mexico.

Killian Ruby – Director & Chief Financial Officer

Mr. Ruby is the President & CEO of Malaspina Consultants Inc. in Vancouver and focuses on clients in the resource and junior public sector. Mr. Ruby advises clients on matters related to financial management and public company reporting and is particularly adept at handling complex issues and multiple stakeholders with a collaborative, team-based approach. Prior to joining Malaspina, Mr. Ruby was an Assurance Partner at Wolrige Mahon LLP (now Baker Tilly Canada) working predominantly with resource and other junior public companies, and formerly was a Senior Manager with KPMG LLP working on a range of public companies and reporting issuers. He holds a BSc. (Accounting) from University College Cork, Ireland, a Post-Graduate Diploma in Corporate Treasury from Dublin City University, Ireland, and received his Chartered Accountant designations from Canada and Ireland in 2010 and 2002, respectively.

Courtney Shearer – Director

Mr. Shearer has been an entrepreneur all his working career. After working in the BC timber industry and in a junior silver producer in the Canadian Arctic, he co-founded and ran a private oilfield service company in Alberta for a decade and successfully sold it to a large, multi-national corporation. He was involved in several junior Canadian exploration and production companies for 15-years as a board member and in the C-suite, including being CFO for Merit Mining Corp. when they opened the Greenwood Gold Project in 2008. He was also a director and consultant for San Gold Corporation when they opened the Rice Lake, Manitoba gold mine, and grew from a market capitalization of $18 million to over $1.1 billion in 6 years. He worked on the business development team that raised over $120 million to finance that growth and conversion from the TSX Venture Exchange to the TSX.

John R. Kerr – Director

Mr. Kerr graduated from the University of British Columbia in 1964 with a BASc degree in Geological Engineering. He has participated continuously in the mining industry since graduation as an exploration geologist, representing Canadian Johns-Manville Co. Ltd. in all areas of Canada during his early career in the 1960s. During the 1970s and early 1980s, he initiated a consulting business out of Kamloops, British Columbia, participating in exploration programs in all areas of North America, moving to Vancouver in 1984 to assume the role of managing director of several junior mining companies. As a consultant, John specialized in supervising remote projects in the High Arctic regions of northern Canada and Greenland.

Dr. Alan Wainwright – Geologist

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