Equity Metals (EQTY.V) has released the assay results from the six holes on the Cole Lake target and one single drill hole on the Camp target that hadn’t been released yet.
The Cole Lake target is really shaping up to be quite interesting as all six additional holes were also mineralized. While some assay results were nothing to get too excited about (like the 1.3 meters containing 225 g/t AgEq in the Cole vein in hole 98 and the narrow intervals in hole 102 with 0.4 meters and 0.3 meters containing respectively 261 g/t silver-equivalent and 199 g/t silver-equivalent), there certainly are some holes that made heads turn. Hole SQ23-100 for instance encountered some nice grades (but over relatively short intervals) with for instance 0.6 meters (true width) containing 514 g/t silver-equivalent.
There also were some intervals that were thicker with for instance 2.6 meters true width containing 223 g/t silver-equivalent and 1.2 meters containing 378 g/t silver-equivalent.
The main takeaway from the Cole Lake drill program is the fact that all four holes that were targeting the Cole Vein actually intersected the vein while the drill bit also intersected multiple hanging wall veins and clusters of footwall veins. The drill program has now successfully traced the Cole vein over a distance of over 400 meters laterally and up to a depth of 400 meters below surface. The technical team also noticed the thickness and grades increased towards the northwest, especially at depth and this will for sure help the company to figure out drill targets for a follow-up drill program this year.
Equity Metals also completed a deep hole on the Camp deposit as part of its Fall 2023 drill program and that hole identified the depth extensions for three of the veins with known resources and the extension of two hanging wall veins. Although most of the attention was focusing on the Cole Lake target, hole SQ 123-104 which was drilled on the Camp Vein also encountered some intervals worth highlighting. While 0.4 meters is pretty narrow (but in line with previously reported widths) the grade makes up for it with 840 g/t silver-equivalent of which the vast majority actually consists of silver. The same hole also intersected 0.4 meters of 246 g/t silver-equivalent and 0.9 meters containing 154 g/t silver-equivalent.
We will catch up with VP Exploration Robert Macdonald in the near future to discuss these results and the company’s exploration plans for 2024 now Equity Metals successfully completed a flow-through capital raise.
Disclosure: The author has a long position in Equity Metals. Equity is a sponsor of the website. Please read the disclaimer.
