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Equity Metals Closes Oversubscribed Private Placement; Crews Mobilize for Summer Exploration Program
Vancouver, British Columbia--(Newsfile Corp. - August 10, 2020) - Equity Metals Corporation ...
About this update from Equity Metals Corporation
[{"type":"text","content":"Equity Metals Closes Oversubscribed Private Placement; Crews Mobilize for Summer Exploration ProgramVancouver, British Columbia--(Newsfile Corp. - August 10, 2020) - Equity Metals Corporation (TSXV: EQTY) (OTCQB: EQMEF) (the \"Company\" or \"Equity Metals\") has closed its non-brokered private placement by issuing a total of 27,205,042 units at a price of $0.07 per unit for gross proceeds of $1,904,353. Each unit consists of one common share and one share purchase warrant with each warrant exercisable for a period of three years after the closing of the offering for one common share at a price of $0.10 per common share. Securities issued pursuant to the private placement, carry a legend restricting trading of the securities until December 11, 2020. Finders' fees and commissions may be paid by the Company in relation to the units sold in this offering. The private placement is subject to TSX Venture Exchange approval.Net proceeds from the private placement will be used to fund the surface exploration and drill program at the Silver Queen Project and for general working capital. Silver Queen ProjectThe Company also reports that crews have mobilized to the Silver Queen Project in preparation for the start of the 2020 Summer drill campaign. The program will consist of 8 to 10 core holes totalling up to 2500 metres and is expected to be completed over an eight-week period. Initial drilling will be undertaken on the Camp and No. 3 vein systems and will test both the full extent of the mineralized alteration halo around the veins and off-set high-grade shoots of mineralization which have been identified in the historical drilling. The Silver Queen project features a high-grade, high-margin, Au-Ag-Zn mineral resource that is accessed by road from the community of Houston, BC. It is adjacent to power, roads and rail with significant mining infrastructure that was developed under previous operators: Bradina JV (Bralorne Mines); and Houston Metals Corp. (a Hunt Brothers company). Included are an historic decline into the No. 3 Vein, camp infrastructure and a maintained Tailings Facility.An initial NI 43-101 Mineral Resource Estimate issued on July 16th, 2019, and using a CDN$100 NSR cut-off, reported:Indicated - 244,000ozs AuEq: 85,000ozs Au, 5.2Mozs Ag, 5Mlbs Cu, 17Mlbs Pb and 114Mlbs Zn; andInferred - 193,000ozs AuEq: 64,000ozs Au, 4.7Mo...