Equity Metals Corporation reported encouraging assays from the first three holes of its Summer 2023 core drilling program on the Company's 100% owned Silver Queen Ag-Au project, located in central British Columbia. The new assays are Equity's first test of the George Lake target, which was last tested by both surface and underground drilling in the late 1980's. Drilling at the George Lake target returned multiple intercepts of precious and base metals, including: A 0.3 metre (est. TT) interval averaging 4.1g/t Au, 824g/t Ag, 0.7% Cu, 3.4% Pb and 18.4% Zn (25.4g/t AuEq or 2,076g/t AgEq) within a 1.5 metre (est.

TT) interval grading 1.3g/t Au, 226/t Ag, 1.0% Cu, 1.7% Pb and 6.6% Zn (9.2g/t AuEq or 755g/t AgEq) from drillhole SQ23-090; and a 0.2 metre (est. TT) interval grading 0.5g/t Au, 1570g/t Ag, 1.9% Cu, 0.7% Pb and 5.6% Zn (25.3g/t AuEq or 2071g/t AgEq) within a 1.4 metre (est. TT) interval grading 1.2g/t Au, 284/t Ag, 0.3% Cu, 0.3% Pb and 1.8% Zn (6.1g/t AuEq or 502g/t AgEq) from drillhole SQ23-089.

These highlight results from the first three of seven holes testing the George Lake target confirmed the overall tenor of mineralization in the area around the historic Bulkley Crosscut to depths of up to 200 metres below surface. The Bulkley Crosscut intersected high grades of precious and base metals in underground sampling and drill core. Additional narrower veins were intersected in each of the three holes suggesting the potential, with further drilling, for the development of hangingwall/footwall zones to the main vein identified in the current drill program.

The remaining four holes completed on the George Lake target have confirmed the lateral projection of visually mineralized veins approximately 300 metres to the southeast of the Bulkley cross-cut and to depths of up to 250 metres. Mineralization remains open laterally to the southeast and to depth. Assay results from the remaining four holes are anticipated in the coming weeks.

The Company completed 2,467 metres of core drilling in 7 holes on the George Lake target as part of its 2023 Summer drill program. Logging and sampling of the final two drill holes, which was suspended in mid-July due to wildfire risk, has been completed and the samples have been submitted for assay. Drilling has now resumed on the property on the Cole Lake target, where up to 3,000 metres of drilling is planned to test two segments of the vein that were traced by mapping for over 700 metres of strike length.

The Cole Lake Vein is a highly prospective mineralized zone as evidenced by previously reported select surface chip samples, which assayed up to: 55.2g/t Au, 5,049g/t Ag, 3.2% Pb and 0.12% Zn from the Cole Lake Vein; 1,736g/t Ag, 22.7% Pb and 1.2% Zn from the Cole Lake Vein.