Equity Metals Announces a Significant Increase to the Mineral Resource Estimate at the Silver Queen Project, BC
Equity’s Silver Queen resource headline is inflated by price assumptions, while an indicated resource downgrade masks inferred resource growth.
Equity Metals Corporation released an updated Independent Mineral Resource Estimate (MRE) for its Silver Queen Ag-Au Project in British Columbia, effective September 11, 2026. The update expanded the Inferred Mineral Resource by 169% in tonnage and 132% in gold content compared to the 2022 historical estimate.
Total Mineral Resource now stands at 8.73 million tonnes containing 83.7 million ounces of Silver Equivalent (AgEq) or 1.266 million ounces of Gold Equivalent (AuEq), using a C$122/t NSR cut-off.
- Indicated Mineral Resources: 3.57 million tonnes averaging 425 g/t AgEq (48.7 moz AgEq).
- Inferred Mineral Resources: 5.16 million tonnes averaging 211 g/t AgEq (35.0 moz AgEq).
Drilling data incorporates 87 new holes (34,482 meters) since 2022, focusing on the George Lake Zone and lateral extensions of the No. 3, NG-3, Camp, and Sveinson Vein sets. Metal price assumptions used in the estimate were $38/oz Ag, $3,200/oz Au, $4.75/lb Cu, $0.95/lb Pb, and $1.35/lb Zn. QA/QC protocols included blind insertions of standards, blanks, and duplicates. Qualified Persons are Garth Kirkham and Eugene Puritch/Fred Brown.
Equity Metals Corporation (EQTY) released a new Mineral Resource Estimate (MRE) that the company described as a "Significant Increase," though the headline requires context regarding the 2022 baseline and metal price assumptions. The 2022 MRE, detailed in an investor presentation, reported 5.375 million tonnes containing 85.3 moz AgEq. The new MRE reports 8.73 million tonnes containing 83.7 moz AgEq, meaning total contained AgEq is effectively flat.
The Indicated resource actually decreased from 62.8 moz AgEq to 48.7 moz AgEq. The apparent growth is entirely driven by lower-grade Inferred material and significantly higher metal price assumptions, which rose to $38/oz Ag from $20/oz Ag in the 2022 estimate. The update confirms successful lateral and depth extensions but does not upgrade confidence in the higher-grade zones. It represents an expected, incremental step toward a Preliminary Economic Assessment (PEA).
Market reaction is likely muted as the resource inflation is largely accounting-driven by price inputs and a shift from Indicated to Inferred categories.
Equity Metals Corporation is a mineral exploration company focused on advancing the Silver Queen Ag-Au-Zn vein project in the Omineca Mining Division, British Columbia. The Silver Queen property covers 18,871 hectares, featuring 17 crown-granted titles and 46 tenure claims. It hosts high-grade precious and base metal veins related to a buried porphyry system, with approximately 9 km of historic underground development.
The company also owns the Arlington Au-Ag property, which spans 3,584 hectares in the Okanagan sub-terrane and has shown promising gold-copper intersections. Additional projects include the Monument and WO diamond-bearing kimberlites in the Northwest Territories, and the La Ronge Silica project in Saskatchewan. The company is pre-revenue and pre-reserve, relying entirely on equity financings to fund exploration.