- Equity Metals (TSXV:EQTY) updated the Silver Queen resource estimate outlines 48.7 million ounces AgEq in the Indicated category and 35.0 million ounces AgEq in the Inferred category
- Inferred resource tonnage increased 169% from the 2022 estimate following drilling success and the addition of the George Lake Zone
- Gold and silver account for roughly 72% of the project’s value, highlighting Silver Queen’s strong precious metals exposure
- Equity Metals stock (TSXV:EQTY) last traded at $0.16
Equity Metals (TSXV: EQTY) released an updated independent Mineral Resource Estimate (MRE) for its Silver Queen gold-silver project in British Columbia, highlighting substantial growth in the project’s overall resource base since the previous estimate completed in 2022.
The updated NI 43-101-compliant estimate, prepared by Kirkham Geosystems Ltd. and P&E Mining Consultants Inc. with an effective date of September 11, 2026, incorporates additional drilling, revised metal pricing assumptions, updated recovery factors, and the inclusion of new mineralized zones, most notably the George Lake area.
This article is a journalistic opinion piece that has been written based on independent research. It is intended to inform investors and should not be taken as a recommendation or financial advice.
Resource growth highlights
The revised estimate outlines Indicated Mineral Resources of 3.57 million tonnes grading 184 grams per tonne (g/t) silver, 1.8 g/t gold, 0.3% copper, 0.7% lead and 3.8% zinc. These resources contain:
- 21.0 million ounces of silver
- 210,000 ounces of gold
- 21 million pounds of copper
- 55 million pounds of lead
- 299 million pounds of zinc
On a silver-equivalent basis, the Indicated resource totals 48.7 million ounces silver equivalent (AgEq), or 737,000 ounces gold equivalent (AuEq).
The company also reported Inferred Mineral Resources of 5.16 million tonnes grading 104 g/t silver, 0.7 g/t gold, 0.2% copper, 0.4% lead and 1.7% zinc. The Inferred category contains:
- 17.3 million ounces of silver
- 117,000 ounces of gold
- 21 million pounds of copper
- 46 million pounds of lead
- 188 million pounds of zinc
This equates to 35.0 million ounces AgEq or 529,000 ounces AuEq.
Expanded resource base
According to the company, the updated estimate incorporates results from 87 additional drill holes totalling 34,482 metres completed since the 2022 resource update. The resource model now includes expanded mineralization from the No. 3, NG-3, Camp, and Sveinson vein systems, along with the addition of the George Lake Zone.
The company said the updated estimate supersedes the previous 2022 resource calculation and reflects a more rigorous assessment of the project’s “reasonable prospects for eventual economic extraction” (RPEEE) through the use of a stope optimization model and a net smelter return cut-off of C$122 per tonne.
Significant increase in Inferred Resources
One of the most notable changes in the updated estimate is the expansion of the project’s Inferred resource inventory. Equity Metals reported that Inferred tonnage increased to 5.16 million tonnes from 1.92 million tonnes in the 2022 estimate, representing approximately 169% growth.
The increase was driven primarily by the northwest extension of the No. 3 vein system, the incorporation of verified mineralization from the George Lake deposit, and additional resource growth within the Camp and Sveinson vein sets.
Contained metals in the Inferred category also posted substantial gains compared with the previous estimate, including:
- 68% increase in silver ounces
- 132% increase in gold ounces
- 124% increase in zinc pounds
Indicated tonnage increased by approximately 3% over the prior estimate.
Exploration completed across multiple targets
The updated resource estimate is supported by 165 drill holes totalling 60,162 metres completed by Equity Metals between 2020 and 2025. Drilling has tested five separate target areas, identifying precious and base metal mineralization at Camp, Sveinson, No. 3, NG-3, and George Lake.
The company also utilized data from 224 historical drill holes, representing roughly one-third of the project’s total drilling database, in portions of the resource model.
Approximately 41% of the resource tonnage is classified as Indicated, while 59% remains in the Inferred category, reflecting the company’s focus on resource expansion rather than infill drilling aimed at upgrading resource classifications.
Precious metals dominate project value
The Silver Queen resource remains heavily weighted toward precious metals. Equity Metals estimates that gold and silver account for approximately 72% of the project’s net smelter return value, with the balance contributed by copper, lead, and zinc credits.
The use of silver-equivalent and gold-equivalent calculations incorporates expected recoveries and smelter payabilities alongside updated consensus metal price assumptions.
Key deposit developments
Recent drilling has extended the Camp-Sveinson deposit approximately 100 metres westward and identified new hanging-wall veins, while mineralization has been traced to depths of up to 465 metres below surface.
At the No. 3 vein system, drilling completed between 2023 and 2025 extended mineralization roughly 450 metres to the northwest. The structure can now be traced over a strike length exceeding 1.7 kilometres.
Meanwhile, the George Lake target has been delineated over approximately 450 metres of strike length and to depths of roughly 340 metres below surface, adding a new mineralized zone to the overall resource inventory.
Next steps
Equity Metals said a full NI 43-101 technical report supporting the updated Mineral Resource Estimate will be filed on SEDAR+ by October 31.
While the expanded resource estimate marks an important milestone for Silver Queen, Equity Metals noted that mineral resources are not reserves and do not yet confirm economic viability. Inferred resources are also considered speculative and require further drilling and engineering before they can be upgraded to higher-confidence categories.
Leadership commentary
“After verifying and expanding Silver Queen’s Indicated Mineral Resource in our December 2022 Mineral Resource Update, our exploration mandate shifted to grow the total Mineral Resource by drill-testing other target ideas with drill spacing acceptable for Inferred Mineral Resources,” the company’s president, Joe Kizis, explained in a news release. “As a result, Inferred Mineral Resources significantly expanded in the current MRE. As we continue to advance our understanding of the Silver Queen Deposits, other attractive targets have been identified to further expand Silver Queen’s Mineral Resource potential and make development of the property more attractive.”
About Equity Metals Corp.
Equity Metals Corp. acquires, explores, and develops mineral and diamond properties in British Columbia, Saskatchewan, and the Northwest Territories. It explores for gold, silver, copper, silica, and diamond ores.
Equity Metals stock (TSXV:EQTY) last traded at $0.16.
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