Equity Metals (EQTY.V) has released the assay results from the first three holes of the current diamond drill program on Silver Queen. Equity is finishing up a 4,500 meter drill program and has already completed 18 holes (17 holes were drilled, while Equity re-entered an older hole that was drilled in 2020).
The three holes Equity reported the assay results on were shallow holes that were testing the northwest extent of the vein system. The drill bit successfully interested two of the four vein structures and this resulted in the company rushing some of the samples (only 25 samples were submitted to the lab so the assay results provided in the update for sure don’t provide the full picture yet).
And upon seeing the assay results, it became clear why the company put a rush on the analysis. The highlights of the three holes are summarized below:
The grades are excellent, and the width of the mineralization appears to be in line with the widths previously encountered at Silver Queen: this is and will likely always be a narrow but high-grade vein system. It’s encouraging to see the recently released assay results are in fact confirming the exploration theory and the model of the mineralization. Additionally, the mineralization remains open towards the west, so Equity Metals will likely be planning some additional step-out holes to chase the veins along strike.
In the past 12 months, Equity Metals has completed almost 15,000 meters of drilling. Drill crews will take a break after finishing up the final hole of the Fall 2021 campaign but will be back in a few weeks to continue drilling into 2022. As of the end of May, Equity Metals had approximately C$2.1M in working capital on the balance sheet, so drilling should be able to continue in the foreseeable future as perhaps some of the C$0.12 and C$0.10 warrants will be exercised now the share price is higher than the exercise price.
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