Equity Metals reports exploration on its flagship Silver Queen property, outside of Houston, last year has yielded very promising results.
The company’s two goals were extending selected known mineralized veins and identifying new mineralization that may further increase the project’s resource base.
According to Equity, an independent 2022 resource estimate demonstrated a significant increase compared to the Company’s 2019 estimate.
They also conducted initial drilling on two targets that are not included in the current Silver Queen estimate at George Lake and Cole Lake.
A press release from Equity said drill results from these two targets during 2023 suggest that shareholders can look forward to continued encouraging news flowing out of Silver Queen, with the next round of drilling planned to begin early in the spring of 2024.
Twenty-six core holes were completed in 2023 for a total of 9,989 metres drilled and 1,437 soil sediment samples were collected. Drilling successfully demonstrated significant extensions of the known deposits and confirmed the significant exploration potential of the new George Lake and Cole Lake targets.
Soil sampling results also confirmed and extended several known zones of mineralization as well as identified a new exploration target located just north of another known area of mineralization known as the Camp Deposit.
Assay results from the final six holes of the 2023 campaign are pending.
Confidence in the viability of the Silver Queen project with the new exploration results is demonstrated by a second press release last week in which Equity said it granted incentive stock options to directors, officers and consultants. It said 3,650,000 shares are available at a price of $0.12 exercisable for five years.
The company said further drilling in 2024 will focus on systematic resource expansion of its Camp and Sveinson deposits and further delineation of mineralization at the Cole Lake and George Lake targets. Several additional new targets will be tested in 2024 including the newly identified soil anomaly north of the Camp Deposit. An initial 6,000 metres of drilling is planned to test these targets in 2024.