- Equity Metals (EQTY) has raised more than C$1.9 million in a private placement to facilitate exploration work at its Silver Queen Project
- The company issued around 27.2 million units at a price of seven cents each, consisting of one common share and one common share purchase warrant
- Each warrant will be exercisable at a price of 10 cents per share for a period of three years
- The proceeds will be used to fund a surface exploration and drill program at the company’s Silver Queen Project in British Columbia, for which crews have already been mobilised
- Equity Metals (EQTY) is currently up 20.83 per cent and is trading at 14 cents per share
Equity Metals (EQTY) has raised more than C$1.9 million in a private placement to facilitate exploration work at its Silver Queen Project.
Under the terms of the placement, the Vancouver-based company issued a total of 27,205,042 units at a price of $0.07 each. These units are comprised of one common share in Equity Metals and on common share purchase warrant.
Each warrant will be exercisable at a price of $0.10 per share over a period of three years from the date of issuance.
The proceeds raised under the placement will be used to fund a surface exploration and drill program at Equity Metals’ Silver Queen Project south of Houston, British Columbia.
Consisting of 17 crown-granted and 45 tenure claims over a total of more than 18,851 hectares, the gold and silver project sits in the heart of the Skeena Arch and is surrounded by both current and past producing mines.
According to a maiden mineral resource estimate published on July 16, 2019, the Silver Queen Project hosts an indicated resource of 244,000 gold equivalent ounces and an inferred resource of 193,000 gold equivalent ounces.
More than 20 epithermal veins have been identified at the project, which form a broad network of under explored zones and is the basis for Equity Metals’ planned exploration program.
As such, the company has mobilised its exploration crews to the Silver Queen Project in preparation for the 2020 drilling campaign. The work is expected to include between eight and ten core holes over a total of 2,500 metres, and is anticipated to take roughly eight weeks to complete.
Initial drill will focus on the Camp and No. 3 veins and will seek to test the full extent of the mineralisation surrounding the targets, as well as high-grade off-shoots that were identified during previous work.
Equity Metals (EQTY) is currently up 20.83 per cent and is trading at 14 cents per share at 1:05pm EDT.