Equity Metals Files Technical Report on Silver Queen Project with Significant Increase in Ag-Au-Zn Mineral Resources
The expanded estimate incorporates 87 additional drill holes and newly added mineralization from the George Lake Zone.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Equity Metals (EQMEF) has filed a technical report supporting the expanded mineral resource estimate for its Silver Queen project in British Columbia. The report contains no material differences from the estimate disclosed September 16, 2026.
Indicated resources total 3,565 thousand tonnes averaging 425 grams per tonne silver equivalent; inferred resources total 5,157 thousand tonnes averaging 211 grams per tonne silver equivalent. Indicated and inferred tonnages increased approximately 3% and 169%, respectively, from the 2022 estimate. The model uses a C$122-per-tonne net smelter return cut-off, a threshold based on metal value after processing-related deductions.
The proposed $2.85 million exploration program is fully financed, with drilling underway and activities continuing into 2027. A second phase preparing for a preliminary economic assessment depends on first-phase results.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointInferred resource tonnage increased approximately 169% from the 2022 estimate to 5,157 thousand tonnes.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Proposed exploration program is fully financed; drilling is underway, with activities continuing through Q4 2026 and into 2027.
- Minor pointIndicated resource tonnage increased approximately 3% from the 2022 estimate to 3,565 thousand tonnes.
- Minor pointIndicated resources average 425 grams per tonne silver equivalent, containing 48,671 thousand silver-equivalent ounces.
- Minor pointInferred resources average 211 grams per tonne silver equivalent, containing 34,950 thousand silver-equivalent ounces.
3 minor points
- Minor pointInferred contained silver, gold and zinc increased 68%, 132% and 124%, respectively, versus the 2022 estimate.
- Minor pointResource expansion includes George Lake mineralization and extensions to the No. 3, Camp and Sveinson vein sets.
- Minor pointAdditional drilling incorporated 87 holes totaling 34,482 metres completed since the 2022 estimate.
Negative
- Moderate point. Forward-looking: it has not happened yet and may not happen.Proposed exploration budget requires $2.85 million of spending. 19% of market cap
- Minor point. Forward-looking: it has not happened yet and may not happen.Phase 2 development work is contingent on Phase 1 results before preparation for a preliminary economic assessment.
- Minor pointInternal modelling dilution includes lower-grade or barren material and may exclude vein portions falling below the cut-off.
News Explained
The filed report says the estimate includes internal dilution from mining shapes, unlike the undiluted 2022 estimate; this can lower modeled grades or put portions of veins below the cutoff and exclude them from the resource.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Vancouver, British Columbia--(Newsfile Corp. - November 3, 2026) - Equity Metals Corporation (TSXV: EQTY) ("Equity Metals" or "Company") reported today that it has filed a Technical Report (the "Report") prepared in accordance with Canadian Securities Administrators' National Instrument 43-101 ("NI 43-101"). The Report may be found under the Company's SEDAR+ profile at www.sedarplus.ca and on Equity Metals' website www.equitymetalscorporation.com.
The Report dated November 2nd, 2026 and titled "Mineral Resource Estimate of the Silver Queen Property, Omineca Mining Division, British Columbia, Canada" was prepared by P&E Mining Consultants Inc. ("P&E"), Kirkham Geosystems Ltd ("KGL") and Metallurgical Process Consultants Ltd. (MPC).
The Mineral Resource Estimate ("MRE") features lateral and down-dip extensions of the No. 3, NG-3, Camp, and Sveinson Vein sets originally included in the 2022 MRE, and newly added mineralization from the George Lake Zone. The MRE utilizes a Net Smelter Return ("NSR") cut-off at C
There are no material differences in the Mineral Resources contained in the Report from those disclosed in the September 16th, 2026 news release.
Silver Queen Mineral Resource Model highlights:
Indicated Mineral Resources of 3.57Mt averaging 184g/t Silver, 1.8g/t Gold,
0.3% Copper,0.7% Lead and3.8% Zinc (425g/t AgEq or 6.4g/t AuEq) equating to 48.7 million ounces silver equivalent or 737 thousand ounces of gold equivalent; andInferred Mineral Resources of 5.16Mt averaging 104g/t Silver, 0.7g/t Gold,
0.2% Copper,0.4% Lead and1.7% Zinc (211g/t AgEq or 3.2g/t AuEq) equating to 35.0 million ounces silver equivalent or 529 thousand ounces of gold equivalent.
The MRE incorporates an additional 87 drill holes for 34,482 metres of core drilling completed since the 2022 MRE (2022 historical estimate), updated metal recoveries and pricing.
President Joe Kizis comments, "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. As we continue to advance our understanding of the Silver Queen Deposits, other attractive targets already have been identified to further expand Silver Queen's Mineral Resource potential that, if successful, will make development of the property even more attractive."
Silver Queen Project Highlights
Five separate target areas have been tested and thick intervals of high-grade gold, silver and base-metal mineralization have been identified in each of the Camp, Sveinson, No. 3, NG-3, and George Lake Vein systems.
The MRE includes Internal Modelling Dilution in contrast to the earlier 2022 historical estimate which reported Undiluted Mineral Resources. This is the result of the application of a robust RPEEE protocol which has applied mining shapes to the Mineral Resource model. The net effect of this application is to include lower grade or barren material necessary for efficient, low-cost mining procedures and may reduce the average grades of the mineral domains in the model, which in some cases may lower some veins or portions of veins below the cut-off value and exclude them from the Mineral Resource. RPEEE is applied to Mineral Resource Estimates as a means of de-risking the Mineral Resource in preparation of Preliminary Economic Assessment.
Figure 1: Plan map of targets and deposits on the Silver Queen vein system, BC
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5566/322287_a26caa3d94928976_002full.jpg
The MRE increases Indicated and Inferred tonnages by approximately
3% and169% respectively with the increase being from the result of the addition of the northward extension to the No. 3 Vein set, the incorporation of verified mineralization in the George Lake Deposit, and lesser additions to mineralization in the Camp and Sveinson Vein sets.Approximately
41% of the Mineral Resources are classified as Indicated Resources on a per tonnage basis and58% of the total on a AgEq metal basis reflecting the overall higher average grade (425g/t AgEq) of the MRE in the Indicated Resource classification.Approximately
59% of the Mineral Resources are classified as Inferred Resources on a tonnage basis. This reflects a significant increase in Inferred Resource tonnage (1.92Mt to 5.16Mt) compared to the 2022 historical Resource estimate reflecting Equity Metals' focus over the last several years on exploration drilling and systematic Mineral Resource growth on the project by testing known, but poorly drilled veins, rather than infill or definition drilling designed to upgrade Mineral Resource classification.The Inferred Mineral Resources feature a significant increase in both tonnage, as well as in contained silver (+
68% ), gold (+132% ) and zinc (+124% ).The Mineral Resource has a dominantly precious-metal bias with gold and silver accounting for approximately
72% of the total NSR value.Silver and gold equivalencies were calculated from the NSR formula explained in the Notes of Table 1 and incorporate both metal recoveries and assumed smelter payables. The Mineral Resource features updated consensus metal pricing. Metal pricing can have a significant effect on the Reporting of the MRE in terms of quoted AgEq values. That is, the application of a higher silver price (relative to the other metals) may result in a decrease in the quoted AgEq grade and contained AgEq ounces. In this way, overall metal content may increase in the MRE (as it has in the current estimate) while the quoted AgEq values may remain unchanged or even go down.
Recommendations and 2026-27 Exploration
The Report concludes that the Silver Queen Property hosts significant high-grade mineralization that may potentially be amenable to underground economic extraction and warrants further exploration with a focus on the identification and delineation of the vein system.
The report recommends that to further advance Silver Queen, Equity Metals should complete the following Phase 1 program:
Drilling to twin 1970s and 1980s drill holes and validate historical drill results;
Drilling to provide samples to evaluate dilution halos around the No. 3 Vein;
Re-logging and re-sampling historical 2017 and 2018 drill holes;
Re-establishing underground access to the historical workings via the Earl Adit on the No.3 Vein for LiDAR scanning and re-sampling purposes; and
Drilling on newly developed greenfields targets.
The budget for the proposed work program is
Contingent on the results of the Phase 1 program, the Phase 2 development program should consist of further Metallurgical testing, Geotechnical and Hydrological studies, Community consultation and Environmental base line studies in preparation for a Preliminary Economic Assessment.
Table 1: Base Case Mineral Resource Estimate for the Silver Queen Project Utilizing a C
| Indicated Resources | Average Grade | ||||||||||||||||
| Tonnes | Ag | Au | Cu | Pb | Zn | AgEq | AuEq | ||||||||||
| Zone | (kt) | (g/t) | (g/t) | (%) | (%) | (%) | (g/t) | (g/t) | |||||||||
| No. 3 - NG3 | 2,977 | 152 | 2.15 | 0.29 | 0.8 | 4.3 | 429 | 6.5 | |||||||||
| Camp - Sveinson | 588 | 344 | 0.24 | 0.12 | 0.3 | 1.1 | 401 | 6.1 | |||||||||
| Total | 3,565 | 184 | 1.8 | 0.3 | 0.7 | 3.8 | 425 | 6.4 | |||||||||
| Inferred Resources | Average Grade | ||||||||||||||||
| Tonnes | Ag | Au | Cu | Pb | Zn | AgEq | AuEq | ||||||||||
| Zone | (kt) | (g/t) | (g/t) | (%) | (%) | (%) | (g/t) | (g/t) | |||||||||
| No. 3 - NG3 | 2,693 | 61 | 0.79 | 0.17 | 0.4 | 1.9 | 177 | 2.7 | |||||||||
| George Lk. | 592 | 66 | 0.90 | 0.21 | 0.6 | 1.5 | 187 | 2.8 | |||||||||
| Camp - Sveinson | 1,872 | 179 | 0.52 | 0.19 | 0.4 | 1.4 | 267 | 4.0 | |||||||||
| Total | 5,157 | 104 | 0.7 | 0.2 | 0.4 | 1.7 | 211 | 3.2 | |||||||||
| Indicated Resources | Contained Metal | |||||||||||||||
| Tonnes | Ag TrOz | Au TrOz | Cu | Pb | Zn | AgEq TrOz | AuEq TrOz | |||||||||
| Zone | (kt) | (kozs) | (kozs) | (Mlbs) | (Mlbs) | (Mlbs) | (kozs) | (kozs) | ||||||||
| No. 3 - NG3 | 2,977 | 14,532 | 206 | 19.0 | 51.0 | 284.6 | 41,091 | 622 | ||||||||
| Camp - Sveinson | 588 | 6,505 | 5 | 1.6 | 3.9 | 14.7 | 7,580 | 115 | ||||||||
| Total | 3,565 | 21,037 | 210 | 21 | 55 | 299 | 48,671 | 737 | ||||||||
| Inferred Resources | Contained Metal | |||||||||||||||
| Tonnes | Ag TrOz | Au TrOz | Cu | Pb | Zn | AgEq TrOz | AuEq TrOz | |||||||||
| Zone | (kt) | (kozs) | (kozs) | (Mlbs) | (Mlbs) | (Mlbs) | (kozs) | (kozs) | ||||||||
| No. 3 - NG3 | 2,693 | 5,293 | 69 | 9.9 | 22.8 | 112.9 | 15,341 | 232 | ||||||||
| George Lk. | 592 | 1,262 | 17 | 2.8 | 7.8 | 19.5 | 3,567 | 54 | ||||||||
| Camp - Sveinson | 1,872 | 10,759 | 31 | 8.0 | 15.6 | 55.9 | 16,042 | 243 | ||||||||
| Total | 5,157 | 17,314 | 117 | 21 | 46 | 188 | 34,950 | 529 | ||||||||
1) The current Mineral Resource Estimate was prepared by Garth Kirkham, P.Geo., of Kirkham Geosystems Ltd and Eugene Puritch, P. Eng., FEC, CET and Fred Brown, P, Geo. of P&E Mining Consultants Inc. ("P&E"), Independent Qualified Persons ("QP"), as defined by National instrument 43-101.
2) All Mineral Resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum ("CIM") definition standards for Mineral Resources and Mineral Reserves (May 2014), as referenced in NI 43-101.
3) Mineral Resources were constrained using continuous mining stope shape units demonstrating reasonable prospects of eventual economic extraction.
4) Silver and Gold Equivalents were calculated from the interpolated block values process recoveries, payables and prices between the component metals and silver to determine a final AgEq and AuEq values.
5) Silver and Gold Equivalents and NSR C$/t values were calculated using average long-term prices of
6) Grade capping was performed on 1m composites for the No. 3 and NG-3 Veins and whole vein composites for the Camp and Sveinson Veins. For the No. 3 and NG-3 Veins Inverse distance cubed (I/d3) was utilized for grade interpolation for Au and Ag and inverse distance squared (I/d2) was utilized for Cu, Pb and Zn. Inverse distance squared (I/d2) was used for all metals in the Camp Vein while ordinary kriging was employed for the Sveinson Veins.
7) For tonnage calculations in the No. 3 and NG-3 veins the median bulk density by vein was applied, with an average of 3.36 tonnes per cubic metre overall. A variable bulk density with a 3.15 tonnes per cubic metre average was used for the Camp and Sveinson Veins.
8) Mineral Resources are not Mineral Reserves until they have demonstrated economic viability. Mineral Resource Estimates do not account for a Mineral Resource's mineability, selectivity, mining loss, or mining dilution. Underground stope shape optimization internal dilution has been included.
9) Mineral Resources that are not Mineral Reserves do not 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.
10) An Inferred Mineral Resource has a lower level of confidence than that applying to 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.
11) All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to sum precisely.
Qualified Persons
The independent Qualified Persons ("QP") for the Report are Garth Kirkham, P.Geo., Principal, Kirkham Geosystems Ltd., Eugene Puritch, P. Eng., FEC, CET., William Stone, Ph.D., PGeo., Charles Spath, P.Geo., Jarita Barry, P.Geo., Brian Ray, P.Geo. and Fred Brown, P.Geo, of P&E Mining Consultants Inc. and Arthur Barnes P.Eng., FSAIMM. M.Sc. of Metallurgical Process Consultants Limited, as defined by National Instrument 43-101 who have reviewed and approved the technical contents of this news release. In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Robert Macdonald, P.Geo., Vice President Exploration, is the Qualified Person for the Company and has reviewed and approved the technical content of this news release.
Risk Factors
Equity Metals Corporation is aware that this project is subject to the same types of risks that large precious metal projects experience at an early stage of development in British Columbia. The Company has engaged experienced management and specialized consultants to identify, manage and mitigate those risks; however, the types of risks will change as the project evolves and more information becomes available.
Further details regarding the foregoing Mineral Resource Estimate, including the estimation methods and procedures, are detailed in the Report, now filed on SEDAR+ (www.sedarplus.ca) under the Company's profile and on the Company's website.
Silver, Gold Equivalencies and C$NSR Calculations
Silver and Gold Equivalents and NSR C$/t values were calculated using average long-term prices of
NSR C$/t = (Cu% x 99.21) + (Pb% x 17.69) + (Zn% x 25.19) + (Au g/t x 73.96) + (Ag g/t x 1.12)
AgEq = NSR value/1.12
AuEq = NSR value/73.96
The C
Quality Assurance and Quality Control (QA/QC)
Established QA/QC quality protocols were implemented by Equity Metals throughout the drilling program including "blind" insertions of various certified pulps, blanks, and field duplicates. Certified reference materials and prepared blanks were used, as well as local quarry rock. Overall ~
About Silver Queen Project
The Silver Queen Project is a premier gold-silver property with over 100 years of historical 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 property contains two historical declines into the No. 3 Vein, camp infrastructure, and a maintained Tailings Facility.
The Silver Queen Property consists of 47 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. More than 20 different veins have been identified on the property, forming an extensive network of zoned Cretaceous- to Tertiary-age epithermal veins. The property remains largely under explored.
About Equity Metals Corporation
Equity Metals Corporation is a member of the Malaspina-Manex Group. The Company owns
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 may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements in this news release include the Company's plans to conduct the Phase I drill program on the Silver Queen project and, depending on the results thereof, the Phase II development program including a preliminary economic assessment. 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. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the company's projects, and the availability of financing for the company's development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/322287
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What resources does Equity Metals report at Silver Queen?
Silver Queen has 3,565 thousand tonnes of indicated resources and 5,157 thousand tonnes of inferred resources. Their respective average grades are 425 and 211 grams per tonne silver equivalent. The technical report contains no material differences from the estimate disclosed September 16, 2026.
What work is included in Equity Metals' Silver Queen exploration program?
The proposed program includes drilling to validate historical results, evaluating dilution around the No. 3 Vein, re-logging and re-sampling historical holes, restoring underground access through the Earl Adit for laser scanning and re-sampling, and drilling newly developed exploration targets. Portions of the recommended drilling were completed in Q1 and Q2 2026.
What metal prices underpin Equity Metals' Silver Queen resource estimate?
The estimate uses long-term prices of US$38 per ounce silver, US$3,200 per ounce gold, US$4.75 per pound copper, US$0.95 per pound lead and US$1.35 per pound zinc. Silver and gold equivalents also incorporate processing recoveries and assumed smelter payables, the portions of recovered metal credited by the smelter.
What would Equity Metals' second-phase Silver Queen work include?
Subject to Phase 1 results, the recommended second phase includes further metallurgical testing, geotechnical and hydrological studies, community consultation and environmental baseline studies. This work would prepare the project for a preliminary economic assessment.