At the end of last month, Equity Metals (EQTY.V) has released the assay results from the final four holes it drilled on the George Lake target, which is part of its flagship Silver Queen project in British Columbia. All four holes encountered mineralization in the same style as the Camp Vein and No3 Vein at Silver Queen but as you can imagine, the grades definitely do vary.
In hole SQ23-091 for instance, the company intersected 1.2 meters (true width) containing 460 g/t silver-equivalent but only 78 g/t of that equivalent-calculation are effectively silver. The lead and zinc grades are pretty strong and even the gold grade of 1.4 g/t adds more to the silver-equivalent calculation than silver does.
In hole SQ23-092, the drill bit intersected several narrow intervals of which 0.7 meters (0.5 meters true width) with 752 g/t silver-equivalent was the best interval. In this particular area, the silver did make up almost half of the silver-equivalent grade. Holes 93 and 94 did encounter higher grade mineralization over a wider interval. Hole SQ23-093 for instance encountered 2.7 meters (true width) of 405 g/t silver-equivalent within an interval of 5 meters (again true width) containing 256 g/t silver-equivalent. The narrower 2.7 meter interval definitely seems to ‘carry’ the entire interval as the average grade in the residual 2.3 meters of the hole is just over 80 g/t silver-equivalent.
In the four hole update, Equity Metals disclosed the fresh batch contains both the thickest intercept of mineralization at George Lake as well as some of the highest gold grades, including some interesting near-surface gold grades in holes 093 and 094 with respectively 0.3 and 0.5 meters containing 5.5 g/t and 10.4 g/t gold starting at a down-hole depth of respectively 9.2 meters and 12.3 meters.
The initial drill results from George Lake are very encouraging as Equity Metals has booked early successes while following up on the historical exploration activities on the asset. The company has now confirmed the lateral projection of the vein for approximately 300 meters and has successfully chased the mineralization to a depth of 250 meters. According to Equity, the mineralization remains open laterally to the southeast and at depth, and Equity Metals is making George Lake a primary target for its 2024 drill program.
The George Lake and Cole Lake targets were an important focus for Equity Metals this year as 16 of the 26 holes were drilled on these targets. The company also released assay results from the Cole Lake target which is just a little bit to the north-northeast of George Lake. Equity Metals drilled nine holes at Cole Lake and has now released the assay results from the first three holes. The highlights of those holes can be seen below.
These first three holes form a vertical fan and according to Equity’s technical team, they confirm the tenor and thickness of the mineralization at the main Cole Vein up to a depth of in excess of 250 meters below surface.
The mineralization remains open at depth and laterally and we should get more information on the strike length of the mineralization when the assay results of the next few holes will be released. Those assay results should be published in the next few weeks.
Disclosure: The author has a long position in Equity Metals. Equity is a sponsor of the website. Please read the disclaimer.
