Equity Metals Corporation (TSXV: EQTY) has made a technical report publicly available for its Silver Queen Project in British Columbia, confirming a significant increase in mineral resources first disclosed in September 2026. The NI 43-101-compliant report, dated November 2, 2026 and prepared by P&E Mining Consultants Inc., Kirkham Geosystems Ltd., and Metallurgical Process Consultants Ltd., supports Indicated Resources of 3.57 million tonnes and Inferred Resources of 5.16 million tonnes. Investors may be watching closely given the scale of the resource expansion and the company's stated financing position for its ongoing exploration programme.

Key Points

  • Equity Metals Corporation (TSXV: EQTY) filed a NI 43-101 Technical Report on the Silver Queen Project, British Columbia
  • Indicated Resources total 48.7 million ounces silver equivalent; Inferred Resources total 35.0 million ounces silver equivalent
  • Inferred Resource tonnage increased from 1.92Mt to 5.16Mt compared to the 2022 historical estimate; proposed Phase 1 work programme budget is $2.85M
  • Investors should watch results from ongoing Q4 2026 drilling and any update toward a Preliminary Economic Assessment

Silver Queen Indicated and Inferred Resource Figures Confirmed by Independent Qualified Persons

The report confirms Indicated Mineral Resources of 3.57 million tonnes averaging 184 g/t silver, 1.8 g/t gold, 0.3% copper, 0.7% lead, and 3.8% zinc, equating to 425 g/t silver equivalent and 48.7 million ounces silver equivalent. Inferred Mineral Resources stand at 5.16 million tonnes averaging 104 g/t silver, 0.7 g/t gold, and 1.7% zinc, equating to 211 g/t silver equivalent and 35.0 million ounces silver equivalent. The disclosure states there are no material differences from the September 16, 2026 news release. Gold and silver together account for approximately 72% of the total net smelter return value.

George Lake Zone and Vein Extensions Drive Inferred Tonnage Growth at Silver Queen

The resource expansion reflects 87 additional drill holes totalling 34,482 metres of core drilling completed since the 2022 estimate. Inferred tonnage grew by approximately 169%, driven by the addition of the George Lake Zone, northward extensions to the No. 3 Vein set, and supplementary mineralisation in the Camp and Sveinson Vein sets. The release states contained inferred silver increased 68%, gold 132%, and zinc 124% relative to the prior estimate. The estimate uses a C$122/tonne NSR cut-off, updated metal pricing, and a stope optimisation model to satisfy reasonable prospects for eventual economic extraction requirements.

Equity Metals Fully Financed for Phase 1 Programme With Phase 2 Studies Contingent on Results

The technical report recommends a Phase 1 programme budgeted at $2.85 million, encompassing validation drilling of historical holes, dilution halo sampling around the No. 3 Vein, re-logging of 2017 and 2018 drill holes, underground access re-establishment via the Earl Adit, and drilling on greenfields targets. The company states it is fully financed for this work, with portions of the programme already completed in Q1 and Q2 2026 and additional drilling underway. A Phase 2 programme, including metallurgical testing, geotechnical and hydrological studies, and community and environmental baseline work in preparation for a Preliminary Economic Assessment, is contingent on Phase 1 outcomes.