Equity Metals Corporation reported that Kirkham Geosystems Ltd. (KGL) and P&E Mining Consultants Inc. ("P&E") have completed an updated Independent Mineral Resource Estimate (MRE) for the Silver Queen Project, British Columbia, Canada. The MRE features lateral and down-dip extensions of the previously modelled No. 3 and NG-3 Veins, originally included in the 2019 MRE, and new, previously unmodelled mineralization from the Camp and Sveinson Targets.

The MRE utilizes a Net Smelter Return ("NSR") cut-off at CAD 100/t with updated metal pricing. Silver Queen Resource Model highlights: Compared to the 2019 Mineral Resource Estimate, the 2022 update, at a CAD 100/t NSR cut-off, features: A 2.6Mt increase in Indicated Mineral Resources to 3.46Mt averaging 189g/t Silver, 2.13g/t Gold, 0.24% Copper, 0.6% Lead and 3.5% Zinc (565g/t AgEq or 6.9g/t AuEq) containing: 21.0 million ounces of silver; 237 thousand ounces of gold; 18 million pounds of copper; 48 million pounds of lead; and 267 million pounds of zinc. This equates to 62.8 million ounces silver equivalent or 767 thousand ounces of gold equivalent; and A 1.1Mt increase in Inferred Mineral Resources to 1.92Mt averaging 162g/t Silver, 0.80g/t Gold, 0.23% Copper, 0.5% Lead and 2.0% Zinc (356g/t AgEq or 4.3g/t AuEq) containing: 10.3 million ounces of silver; 50 thousand ounces of gold; 10 million pounds of copper; 23 million pounds of lead; and 84 million pounds of zinc. This equates to 22.5 million ounces silver equivalent or 273 thousand ounces of gold equivalent. The updated MRE incorporates an additional 25,659 metres of core drilling completed in 2020-22 and updated metal recoveries and pricing.

Silver Queen Project Highlights: A total of 78 drill holes for 25,659 metres was completed by the Company on the Silver Queen Project in six successive phases of exploration starting in late 2020. Five separate target areas have been tested in part and thick intervals of high-grade gold, silver and base-metal mineralization have been identified in each of the Camp Vein, the Sveinson Target, No. 3 Vein and NG-3 Vein systems; The updated NI 43-101 Mineral Resource Estimate increases the tonnage by approximately 240% with the increase being from the result of revised metal pricing, the extension to the NG-3 Deposit and the addition of mineralization from the Camp and Sveinson Veins; Approximately 64% of the Mineral Resources are classified as Indicated Resources on a per tonnage basis and 74% of the total on a AgEq basis reflecting the overall higher average grade (565g/t AgEq) of the MRE in the Indicated category; The Mineral Resource has a strong precious-metal bias with gold and silver accounting for approximately 64% of the total value.

The Mineral Resource update features a significant increase in contained silver ounces in both the Indicated (+297%) and Inferred (+117%) categories, which is supported in large part by the addition of strongly silver enriched mineralization from the Camp Veins. The company has expended CAD 6.75 million on exploration of the Silver Queen project since 2019 resulting in a cash-discovery-cost of only CAD 0.15/oz per AgEq added or CAD 11/oz AuEq added. Tabulation of grades and tonnages sensitivities demonstrate an excellent retention of higher-grade mineralization at increasing CAD NSR cut-offs with 84% of the Base-case Mineral Resource when expressed on a AgEq basis remaining at a CAD 200 NSR cut-off.