Vancouver, British Columbia--(Newsfile Corp. - November 12, 2024) - Equity Metals Corporation (TSXV: EQTY) ("Equity" or the "Company") reports it has signed a letter agreement with Origen Resources Inc. ("Origen") on November 5, 2024 (the "Arlington Agreement") to earn a 100% interest in nine claims, totaling 3,583.89 ha, located within the Boundary District of south-central British Columbia (the "Arlington Property").
The Arlington Agreement, which is subject to TSX Venture Exchange ("Exchange") acceptance ("Regulatory Approval"), provides that Equity may earn a 100% interest in the Arlington Property by meeting the following obligations to Origen, all by the first anniversary of Regulatory Approval:
- making cash payments totaling $130,000 ($30,000 of which is reimbursement of costs associated with the Bond posted in regards to the current drill permit to be assigned to Equity);
- incurring exploration expenditures of $250,000 on the Arlington Property; and
- issuing shares valued at $200,000 within 7 days of Regulatory Approval; and issuing additional shares valued at $200,000, or 2 million shares, whichever is greater, by the first anniversary of Regulatory Approval.
Origen will retain a royalty of 2% of net smelter returns, provided that the Company may purchase 1% of such royalty at any time for the price of $1,000,000.
About the Arlington Property
The Arlington Au-Cu-Ag Property is located in the West Kettle River Valley in southern British Columbia; it is 17 km north of the community of Beaverdell and 65 km south of Kelowna B.C., within the Greenwood Mining Division (see Figure 1).
Historic work in the area was driven by the early success and discoveries made in the Beaverdell and Carmi Mining Camps during the late 1890s. Most of the production in the district was from the Beaverdell Camp, which was mined from 1913 to 1991 and produced approximately 35Mozs silver and 16.5Kozs gold. The Buckhorn Mine, located 60km to the south of the property in northern Washington state, is also considered a possible exploration analogue. The Buckhorn mine was operated by Kinross from 2007 to 2017, producing 1.3Moz gold from 5Mt ore.
The Arlington Au-Cu-Ag property was explored as early as 1888, with modern exploration on the property occurring in several stages from the early 1970's to 1996, and most recently from 2015 to 2022. Thirteen historic mineral occurrences are identified on the claims, although more recent prospecting and reconnaissance work has identified several additional undocumented historical shafts, adits and trenches in the northern part of the claims that reflect significant historical exploration and some mining activity on the property over time. The claim position has been steadily expanded since initial staking by the vendors in 2015 and now totals nine claims.
Figure 1: Location of the Arlington Property
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5566/229395_5404d4a144506936_002full.jpg
Work on the Arlington property by the vendors includes surface reconnaissance rock chip and grab sampling, several phases of soil sampling and targeted VLF and surface magnetic geophysical surveys over the resulting geochemical anomalies. Sampling successfully confirmed the high-grade nature of the known mineral occurrences in the northern claims, returning strongly anomalous gold, silver and copper results including:
- 11.7g/t Au, 211g/t Ag and 3.22% Cu (grab)
- 6.8g/t Au and 2.0g/t Ag (grab)
- 1.3g/t Au, 31g/t Ag and 1.2% Cu (grab)
Work in the more recently staked southern claims has identified a broad Au-Ag-Cu anomaly, extending approximately 2,000m in a N-S direction and 1,000m in an E-W direction. Gold values range from 15 - 2,300 ppb, with associated anomalous values of As, Bi, Te and As. Targets in this area include gold-enriched epithermal-styled veins and Au/Cu-enriched disseminated to massive magnetite replacement bodies. Historic Au-placer deposits were mined in the main drainage transecting the soil anomaly.
An additional Cu-Mo-Ag soil anomaly was identified just 750m to the northeast of the Au-Ag-Cu anomaly and extends over 500m of strike-length and is open laterally to the northeast. The anomaly is spatially associated with strong argillic alteration in the host lithologies, possibly representing an additional porphyry-related target at depth for further follow-up and exploration.
The Arlington property represents an exploration opportunity within an historic mining district with a geological setting and observed styles of mineralization which are geologically analogous to known productive mineral deposits within the region. Recent exploration on the property has greatly expanded its prospectivity with the identification of two new polymetallic surface soil anomalies extending over a 3.0km in cumulative strike length.
Three separate targets have been identified on the property for immediate follow-up:
- High-grade Au-enriched poly-metallic quartz veins (potentially analogous to veins at the Beaverdell Mine);
- Au-Cu magnetite skarn deposits (potentially analogous to the Buckhorn Mine); and
- a Cu-Ag-Mo porphyry system
Initial work on the project by Equity will include detailed soil sampling, geological mapping, prospecting and potentially trenching toward further refinement of the known targets to be followed by initial drilling in 2025.
Silver Queen Project - Drilling Update
The Company also reports that drilling continues on the No. 3 Vein North target as part of the its Fall '24 exploration program on the property. Twelve core holes totalling 4152 metres have been completed to date of the 14 holes planned for this target. This is a new target area for the Company, which could potentially extend the No. 3 Vein deposit a further 300 metres to the northwest. The No. 3 Vein North area has been previously tested by limited historical drilling, limited underground development, and minor historical mining. Initial drilling on the target is intended to confirm the encouraging historical drill results and then test lateral and downdip extensions of the higher-grade zones. Logging and sampling of the holes is in progress and new assay results are anticipated over the coming weeks.
Four additional follow up holes are planned for the Camp Deposit and Camp North targets and will be added to the current drill program.
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 Silver Queen Property consists of 46 mineral claims, 17 crown grants, and two surface crown grants totalling 18,871ha with no underlying royalties. Mineralization is hosted by a series of epithermal veins distributed over a 6 sq km area. An updated NI43-101 Mineral Resource Estimate with effective date December 1st, 2022 was detailed in a News Release issued on Jan 16, 2023, which can be found by clicking here and the full Technical Report can be found on SEDAR+ (www.sedarplus.ca/) and the Company's website.
About Equity Metals Corporation
Equity Metals Corporation is a member of the Malaspina-Manex Group. 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 (57.49%) 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. As well, the Company has an option to acquire a 100% interest in the Arlington Property, located within the Boundary District of south-central British Columbia.
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 Arlington and Silver Queen projects 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 corpdev@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 contains forward-looking statements including statements regarding the exercise of the option to acquire a 100% interest in the Arlington Property, Exchange acceptance of the Arlington Agreement, and future exploration plans and expenditures on the Arlington Project. 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/229395
SOURCE: Equity Metals Corporation
