Equity Metals Announces Significant Expansion of Silver Queen Project Mineral Resources
News related to:Equity Metals Corporation · 3 min read
Equity Metals Corporation has announced a significant increase in the mineral resource estimate at its Silver Queen Project in British Columbia. The updated resource estimate, prepared by Kirkham Geosystems Ltd and P&E Mining Consultants Inc, shows a substantial expansion in both indicated and inferred mineral resources.
The new estimate includes 48.7 million ounces of silver equivalent (AgEq) or 737,000 ounces of gold equivalent (AuEq), with 21.0 million ounces of silver, 210,000 ounces of gold, 21 million pounds of copper, 55 million pounds of lead, and 299 million pounds of zinc contained in 3.57 million tonnes. This represents an increase in Indicated Mineral Resources by approximately 3% compared to the previous estimate.
Inferred Mineral Resources have seen a more significant expansion, with 35.0 million ounces of silver equivalent or 529,000 ounces of gold equivalent. This includes 17.3 million ounces of silver, 117,000 ounces of gold, 21 million pounds of copper, 46 million pounds of lead, and 188 million pounds of zinc in 5.16 million tonnes. This marks a 169% increase in Inferred tonnage from the 2022 historical estimate.
The resource expansion is attributed to the northward extension of the No. 3 Vein set, the incorporation of verified mineralization from the George Lake Zone, and lesser additions to the mineralization in the Camp and Sveinson Vein sets. Approximately 41% of the total Mineral Resources are classified as Indicated Resources, while 59% are classified as Inferred Resources.
President Joe Kizis commented, "After verifying and expanding Silver Queen's Indicated Mineral Resource in our December 2022 Mineral Resource Update, our exploration mandate shifted to grow the total Mineral Resource by drill-testing other target ideas with drill spacing acceptable for Inferred Mineral Resources. As a result, Inferred Mineral Resources significantly expanded in the current MRE."
The updated Mineral Resource Estimate incorporates an additional 87 holes for 34,482 metres of core drilling completed since the 2022 MRE, updated metal recoveries and pricing, and a robust Reasonable Prospects for Eventual Economic Extraction (RPEEE) evaluation.
The Silver Queen Project has seen a total of 165 drill holes for 60,162 metres completed from 2020 to 2025, testing five separate target areas. Thick intervals of high-grade gold, silver, and base-metal mineralization have been identified in the Camp, Sveinson, No. 3, NG-3, and George Lake Vein systems. The mineralized intercepts in 224 historical drill holes, totaling 32% of the total project drilling, were also utilized in the Mineral Resource estimation of the No-3 and NG-3 Vein sets.
The updated MRE utilizes a stope optimization protocol to define mining shapes that meet the criteria for RPEEE, adding internal dilution to the model to maintain a minimal mineable width. This can potentially decrease the average grades of the deposit. The net effect of this protocol is to add internal dilution to the model, increasing the tonnage while maintaining a minimal mineable width.
The mineral resources are not considered Mineral Reserves until they have demonstrated economic viability. Inferred Resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be classified as Mineral Reserves. An Inferred Mineral Resource has a lower level of confidence than 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.
A Technical Report completed in accordance with National Instrument 43-101 will be posted on the Company's SEDAR profile within 45 days of this news release.