Earlier this month, Equity Metals (EQTY.V) received its five year exploration permit for the Silver Queen polymetallic project in British Columbia’s Golden Triangle region. This permit will allow Equity Metals to build 50 drill pads on the property as well as creating about 6 kilometers of exploration trails. Needless to say this 5 year permit will make Equity’s life much easier from a logistical point of view.
As you may remember from a previous report, Silver Queen already hosts a NI43-101 compliant resource estimate so Equity Metals already has a pretty good idea what the required next steps are to expand the resource so it can reach a critical mass. An initial 3,000 meter drill program has been designed to drill-test the Camp Vein and No 3 Vein in about 20 holes (so the average depth of the holes is relatively shallow) while part of the exploration plan will be to verify some historical drill intercepts and do more sampling across the property as the entire land package remains underexplored. On many occasions, the current mineralization remains open at depth and along strike.
To fund the exploration program, Equity Metals has announced and upsized a placement priced at C$0.07 per unit to raise C$800,000. Each unit will consist of one common share of Equity Metals as well as a full warrant allowing the warrant holder to acquire an additional share at C$0.10 during a three year period.
Disclosure: The author has a long position in Equity Metals and will participate in the current placement. Equity Metals is a sponsor of the website.