Equity Metals Grants Stock Options

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Equity Metals Corporation (EQTY) Grants Incentive Stock Options and Provides Silver Queen Project Update

Vancouver, British Columbia--(Newsfile Corp. - January 4, 2024) - Equity Metals Corporation (TSXV: EQTY) (OTCQB: EQMEF) (the "Company" or "Equity Metals") has granted incentive stock options to directors, officers and consultants to purchase 3,650,000 common shares of the Company at an exercise price of $0.12 per share, exercisable for a period of five years. The stock options are subject to the terms and conditions of Equity Metals' stock option plan and the policies of the TSX Venture Exchange.

Silver Queen Project Update

Equity continued core drilling on its Flagship Silver Queen property during 2023 with the twin goals of extending select known mineralized veins and of identifying new mineralization that may further increase the project's resource base, for which an independent 2022 resource estimate demonstrated a significant increase compared to the Company's 2019 resource. Importantly, the Company conducted initial drilling on two exciting targets that are not included in the current Silver Queen resource, George Lake and Cole Lake. Drill results from these two targets during 2023 suggest that shareholders can look forward to continued encouraging news flow about Silver Queen, with the next round of drilling planned to begin early in the spring of 2024.

Twenty-six core holes were completed in 2023 for a total of 9,989 metres drilled and 1,437 soil sediment samples were collected. Drilling successfully demonstrated lateral and down-dip extensions of the known deposits and confirmed the significant exploration potential of the new George Lake and Cole Lake targets. Soil sampling results confirmed and extended the surface expression of several known zones of mineralization as well as highlighted an exciting new 1 km² polymetallic soil target located just north of the Camp Deposit. Assay results from the final six holes of the 2023 campaign are pending and will be released shortly.

Drilling in 2024 will focus on systematic resource expansion of the Camp and Sveinson deposits and the further delineation of mineralization at the Cole Lake and George Lake targets. Several additional new targets will be tested in 2024 including the newly identified soil anomaly north of the Camp Deposit. An initial 6000 metres of drilling is planned to test these targets.

About Equity Metals Corporation

Equity Metals Corporation is a member of the Malaspina-Manex Group. The Company owns 100% interest, with no underlying royalty, in the Silver Queen project, located along the Skeena Arch in the Omineca Mining Division, British Columbia. The property hosts high-grade, precious- and base-metal veins related to a buried porphyry system, which has been only partially delineated. The Company also has a controlling JV interest (57.49%) in the Monument Diamond project, NWT, strategically located in the Lac De Gras district within 40 km of both the Ekati and Diavik diamond mines. The Company also has royalty and working interests in other Canadian properties, which are being evaluated further to determine their value to the Company.

Robert Macdonald, MSc. P.Geo, is VP Exploration of Equity Metals Corporation and a Qualified Person as defined by National Instrument 43-101. He is responsible for the supervision of the exploration on the Silver Queen project and for the preparation of the technical information in this disclosure.

On behalf of the Board of Directors

"Joseph Anthony Kizis, Jr."

Joseph Anthony Kizis, Jr., P.Geo
President, Director, Equity Metals Corporation

For further information, visit the website at www.equitymetalscorporation.com; or contact us at 604.641.2759 or by email at corpdev@mnxltd.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Equity Metals Corporation does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/193122

FAQ

What is the ticker symbol for Equity Metals Corporation?

The ticker symbols for Equity Metals Corporation are TSXV: EQTY and OTCQB: EQMEF.

How many common shares of the Company were granted as incentive stock options?

Equity Metals Corporation granted incentive stock options to purchase 3,650,000 common shares of the Company.

At what exercise price are the stock options granted?

The stock options were granted at an exercise price of $0.12 per share.

For how long are the stock options exercisable?

The stock options are exercisable for a period of five years.

What was the focus of Equity Metals Corporation's core drilling on its Flagship Silver Queen property in 2023?

The twin goals of the core drilling were to extend select known mineralized veins and to identify new mineralization that may further increase the project's resource base.

What targets did the Company conduct initial drilling on in 2023?

Equity Metals Corporation conducted initial drilling on two exciting targets, George Lake and Cole Lake.

What do the drill results from George Lake and Cole Lake targets suggest?

The drill results from these two targets suggest that shareholders can look forward to continued encouraging news flow.