Vancouver, British Columbia--(Newsfile Corp. - September 11, 2024) - Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) ("Equinox Gold" or the "Company") is pleased to announce an updated Mineral Resource Estimate ("MRE") for its 100% owned, exploration-stage Hasaga Property ("Hasaga" or the "Property") in Red Lake, Ontario.

Highlights

Indicated Mineral Resource estimated at 1.470 million tonnes ("Mt") with an average grade of 8.64 grams per tonne ("g/t") gold for 408,000 ounces ("oz") of contained gold
Inferred Mineral Resource estimated at 2.059 Mt with an average grade of 7.31 g/t gold for 484,000 oz of contained gold

"Hasaga is located in the Red Lake Gold District of northwestern Ontario, which is renowned for its high gold grades and prolific historical gold production. This updated Mineral Resource Estimate focuses on the high-grade nature of the gold mineralization and is a departure from the previous bulk-tonnage approach," stated Scott Heffernan, EVP Exploration of Equinox Gold. "As expected, the updated Mineral Resource Estimate contains fewer gold ounces but at significantly higher average gold grades.

"Further, the main zones of gold mineralization included in the updated Mineral Resource Estimate remain open, with numerous historical gold intersections defining drill-ready targets highlighting the potential for resource growth and new discoveries."

Hasaga is located on the western edge of the town of Red Lake, Ontario (Figure 1) within the Red Lake Greenstone Belt, which has produced over 30 million ounces of gold from active and past producing gold mines. Hasaga sits on the main northeast-southwest trend, approximately 5 km southwest of the Red Lake Mine Complex. Acquired by Equinox Gold in 2021 through the acquisition of Premier Gold Mines Limited, the Property is host to three past-producing gold mines (Hasaga, Buffalo and Red Lake Gold Shore) that combined produced 240,969 oz of gold. Most of the production came from underground mining in the Hasaga Mine, which produced 218,213 oz of gold at an average grade of 4.94 g/t gold between 1938 and 1952.

Hasaga Mineral Resource Update

The updated MRE is summarized in Table 1 and incorporates a new geological model that resulted from a core relogging campaign focused on drilling completed by the previous operator. No new drilling has been conducted by Equinox Gold to date. The revised MRE was optimized for underground mining with a 4 g/t gold cut-off grade and a minimum thickness of 1.0 m, which is appropriate for this style of deposit and typical of all significant gold mines in the Red Lake Gold District.

The main Hasaga, Epp C, and Epp D zones, which are hosted within the Hasaga Porphyry, account for most of the current mineral resource and are the most attractive targets for future exploration. All three zones occur along a common mineralized trend and represent the strike and down-dip extensions of the past producing Hasaga and Howie mines. The Buffalo Zone, located 1.5 km southwest of the Hasaga Deposit, and the Central Zone, located approximately 1 km north of the Hasaga Deposit, are both hosted within the Dome Stock. The zones are shown in Figures 2 and 3 and described in Hasaga Geology and Mineralization below.

Hasaga Exploration Potential

Historical drilling results along the main Hasaga trend underscore the exploration potential of the Property. Of the 46 drillholes outside of the resource areas, every hole returned at least one sample with > 1 g/t gold and 14 intersected potentially economic gold mineralization, providing drill-ready, high-potential targets for resource growth (Figure 3). Additionally, over 50% of the Property is underlain by the Dome Stock, which hosts the Buffalo and Central zones and has not been systematically explored, providing additional potential for new discoveries.

Exploration efforts contemplated for 2025 include:

Geological mapping and surface geochemistry programs to cover the entire property
Further relogging of historical drill core for continued geological model improvement
Sampling of historical core intervals recognized as potentially gold bearing
A limited infill and step-out diamond drilling program within the resource areas and within known mineralization away from the resource areas

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Figure 1: Hasaga Property Location Map

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