Equity Metals (EQTY.V) has released the assay results from the first few holes drilled at the Silver Queen project in British Columbia. These first few holes Equity reported on were zeroing in on the Camp Vein, a zone less than a kilometer west from the No 3 Vein, and what makes Camp so interesting is because this has the potential to quickly add some tonnes to the overall resources (currently standing at 440,000 oz AuEq in the indicated and inferred categories combined) as the Camp vein zone wasn’t included in the resource estimate.
All three holes intersected mineralization relatively close to surface, as you can see below:
The grades are good to excellent, but the widths are perhaps slightly disappointing. Hole 3 is clearly the best hole and 4 meters of 639 g/t AgEq is excellent, but the majority of the mineralization is included in a 0.60 meter interval with an average grade of about 2.7 kilos of silver-equivalent per tonne of rock. It’s very encouraging to see a second interval just 25 meters deeper with 7 meters containing 656 g/t AgEq, but this interval was also boosted by a 1 meter containing 1441 g/t AgEq.
These are the reported widths and the fine print under the table indicates true widths are not known at this point. We are estimating 60-70% true widths (based on the dip of the drill hole) but that obviously remains to be confirmed as we are awaiting the company’s official true width estimates. So while the intervals are pretty narrow, the grades are good and the location of the mineralization (close to surface) also is a positive. Certain parts of the Camp Vein drill holes are still at the lab, so let’s see if more high-grade mineralization was encountered deeper down the hole. Five holes have been completed on the No 3 vein (which hosts the current resource estimate) and assays are pending. Considering the five holes represent a total of almost 2,200 meters drilled, the drill bit went substantially deeper than at the Camp Vein.
Disclosure: The author has a long position in Equity Metals. Equity is a sponsor of the website.
