Equity Metals Corporation (TSX-V:EQTY, OTCQB:EQMEF) told investors it identified several high-potential targets during its June 2023 surface rock and soil sampling program on the Silver Queen property in British Columbia.
In a statement, the company said select surface vein samples included 55.2 grams per tonne (g/t) gold, 5,049 g/t silver 3.2% lead and 0.12% zinc from the Cole Lake vein.
The Cole Lake vein also returned 1,736 g/t silver, 22.7% lead and 1.2% zinc, while the Barite vein returned 6.0 g/t gold, 69 g/t silver and 1.9% zinc.
Equity Metals said the assays confirm the high-grade potential of both veins, which were extensively trenched, mapped and sampled in the 1970s and 1980s. Although the data survives, it noted that the trenches have been largely remediated.
The company said the next phase of drilling at the Cole Lake vein is scheduled to start in early September, with up to 3,000 metres of drilling planned to test two segments of the vein that were traced by mapping for over 700 metres of strike length.
First, it said drill crews will mobilize to its George Lake target, where drilling was suspended in mid-July due to fire risk in the area. Samples from the first five of seven holes drilled at George Lake have been submitted for assay and results are expected in the company weeks.
Meanwhile, the soil sampling program carried out on the Silver Queen property in June 2023 successfully identified several high-potential targets through the property.
“These new targets will be reviewed in the context of this new data, prioritized and tested in upcoming drill programs,” Equity Metals vice president for exploration Rob Macdonald said in a statement.
“Work on the property is set to restart in the coming days with new targeting on the Cole Lake vein while assays are still pending from our earlier drilling."
Equity Metals also told investors it has been requested by the TSX Ventures exchange to provide further disclosure of finder's fees paid in connection with the recently closed flow-through financing.
It said it paid finder's fees totaling $44,952.28, along with 99,279 non-transferable finder warrants at a price of $0.13, and 246,508 non-transferable finder warrants at a price of $0.20, as part of the financing. Each finder's warrant is exercisable to purchase one common share for three years.
Contact the author at stephen.gunnion@proactiveinvestors.com