Equity Metals Corporation (TSXV: EQTY) has announced a significantly updated independent Mineral Resource Estimate (MRE) for its Silver Queen Ag-Au Project in British Columbia, with an effective date of September 11, 2026. The updated estimate, prepared by Kirkham Geosystems Ltd and P&E Mining Consultants Inc., delivers 48.7 million ounces of silver equivalent in the Indicated category and 35.0 million ounces silver equivalent Inferred. The Inferred tonnage increased by approximately 169% compared to the 2022 historical estimate, a result the company attributes to several years of systematic exploration drilling across multiple vein systems.

Key Points

  • Equity Metals Corporation (TSXV: EQTY) released an updated NI 43-101 Mineral Resource Estimate for its Silver Queen Project, BC
  • Indicated Resources total 3.57 Mt at 425 g/t AgEq containing 48.7 Moz AgEq; Inferred Resources total 5.16 Mt at 211 g/t AgEq containing 35.0 Moz AgEq
  • Inferred tonnage grew from 1.92 Mt to 5.16 Mt versus the 2022 estimate; 87 additional drill holes covering 34,482 metres were incorporated
  • Investors may watch for the upcoming NI 43-101 Technical Report, due within 45 days of the announcement date

Silver Queen's Expanded Vein Systems Drive Tonnage and Metal Growth

The 2026 MRE incorporates extensions to four previously defined vein sets — No. 3, NG-3, Camp, and Sveinson — as well as newly added mineralisation from the George Lake Zone, which was not included in the 2022 estimate. Drilling extended the No. 3 Vein set approximately 450 metres to the northwest, while the Camp-Sveinson Deposit expanded roughly 100 metres laterally westward and to depths of up to 465 metres below surface. The George Lake Vein extends approximately 450 metres laterally and reaches about 340 metres below surface. In total, 165 drill holes covering 60,162 metres completed between 2020 and 2025 were used in the updated estimate.

Precious Metals Dominate Silver Queen's Net Smelter Return Value

The Indicated Resource grades average 184 g/t silver, 1.8 g/t gold, 0.3% copper, 0.7% lead, and 3.8% zinc, equating to 425 g/t AgEq at a C$122 per tonne NSR cut-off. The Inferred Resource averages 104 g/t silver and 0.7 g/t gold at 211 g/t AgEq. Gold and silver together account for approximately 72% of the total NSR value, giving the project a predominantly precious-metal character. Metal equivalencies were calculated using long-term prices of US$38/oz silver and US$3,200/oz gold, incorporating process recoveries and smelter payables as disclosed in the announcement.

Inferred Resource Expansion Reflects Equity Metals' Exploration-First Strategy

President Joe Kizis noted in the release that following the December 2022 MRE update, the company shifted its focus to growing total resources through exploration drilling rather than infill drilling aimed at resource classification upgrades. The result is a 169% increase in Inferred tonnage. Contained Inferred silver rose 68%, gold 132%, and zinc 124% compared to the 2022 historical estimate. Approximately 41% of total resources by tonnage are classified as Indicated, representing 58% of total AgEq metal on a grade-weighted basis, reflecting the higher average grade of the Indicated category.