Impact: Positive
Equity Metals (EQTY) reported an updated mineral resource estimate (MRE) for its 100%-owned flagship Silver Queen project in British Columbia. The contained metal totals 62.8Moz AgEq or 767koz AuEq indicated and 22.5Moz AgEq or 273koz AuEq inferred, for a total of 85.3M AgEq or 1.04Moz AuEq. This represents a 233% increase in tonnage and a 138% increase in contained oz AuEq over the 2019 MRE. The mineralization remains open for expansion and several sparsely drilled targets can likely be included in future resource updates. In our view, this is a positive MRE, bringing the total up over the 1Moz AuEq threshold. Equity has consistently had drilling success, including delineating resources in multiple vein systems that were previously poorly understood.
