Equity Metals (EQTY.V) is still releasing assay results from the holes drilled as part of its Fall 2021 drill program. Most of the previous drilling was focusing on the No3 Vein and the Camp Vein but a reinterpretation of historical data resulted in Equity’s technical team deciding on drilling a few holes in the Sveinson zone, which is located in between both known vein systems. The first few holes drilled at the Sveinson target were already quite good but the company has now released the assay results from five holes drilled on the western side of Sveinson.
And some of those holes contained some very nice surprises. While the mineralization is quite narrow (with reported intervals of just 0.3-0.4 meters which is in line with some of the narrower widths encountered elsewhere on the Silver Queen property) the grades are phenomenal in certain areas.
Hole 59 for instance encountered two distinct but very high grade zones of mineralization. At a depth of 95.6 meters down-hole, it encountered 22.5 g/t gold, 3473 g/t silver 4.3% ZnPb and 5.6% copper. That’s the equivalent of a grade of 77.8 g/t gold-equivalent or 5,840 g/t silver-equivalent.
A bit deeper, at a down-hole depth of 204.4 meters to be exact, it encountered 1 meter of 17.5 g/t gold with much lower silver and base metal values while a narrower interval of 0.3 meters contained 61.5 g/t gold-equivalent of 4,612 g/t silver-equivalent.
As you can see above, the other holes also encountered some interesting grades with for instance 1.2 meters of 10.7 g/t gold-equivalent in hole 57. And 0.6 meters of 11 g/t gold-equivalent in hole 61.
The company has now released the assay results from all twelve holes drilled on the western half of the Sveinson zone and it’s getting a better understanding of the area. Sveinson appears to be a structural zone which forms the transition from the gold-rich southern portion of the No3 Vein to the silver-rich Camp Vein targets. The Sveinson target has now reached a strike length of 1.25 kilometers and as you can see on the image at the top of this blog post, the entire strike length of the area of interest is now at least 2.5 kilometers.
While the company is still publishing the assay results from the Fall 2021 drill program, it has already completed the 4,400 meter winter 2022 drill program. This most recent program consisted of thirteen holes of which six were drilled at NG3 and seven were drilled on the Camp and Sveinson targets. The labs are still backed up and Equity Metals has been guiding for a turnaround time of 6 to 8 weeks which means we shouldn’t expect results to be in before the second half of April.
Keep in mind the first tranche of the November placement will come off restrictions in the next few days. As part of that first tranche, Equity issued 2.8 million non-flow through units at C$0.14 and 7.9 million flow-through units at C$0.15.
Disclosure: The author has a long position in Equity Metals. Equity Metals is a sponsor of the website. Please read our disclaimer.
