VANCOUVER, BC, Oct. 21, 2021 /CNW/ - Metallis Resources Inc. (TSX-V: MTS) (OTCQB: MTLFF) (FSE: 0CVM) (the "Company" or "Metallis") announces the results of its recently completed high-resolution induced polarization ("IP") survey (or "Survey") on the Company's Cliff-Miles porphyry corridor, which extends over a strike-length of 4 km at the 100%-owned Kirkham Property (the "Property"). The Property is situated in the prolific Eskay mining camp of the Golden Triangle in northwestern British Columbia. The Eskay camp is well-known for its past producing Eskay Creek and Snip gold mines, Seabridge's KSM porphyry deposits and Pretium's Brucejack gold mine currently in production.
Two IP lines were positioned to the north of last year's IP survey area with results highlighting an 800m extension (open to the north) to the previously identified, high priority Cliff and Miles anomalies. Additionally, two north-south oriented tie-lines were completed over the entire Miles copper-gold zone leading to assist the line-to-line correlation of the IP results. Additional prospective targets on the Property including Cole, Rhyolite Ridge and Mount Dunn are expected to be surveyed early next spring as the Survey was suspended due to abnormally difficult weather conditions.
Key Highlights
Although the IP results arrived late in the season, the 3D-IP anomalies have supported the design of the last two holes currently being drilled at the Miles target and will aid in future targeting.
Fiore Aliperti, Metallis' President and CEO stated "We are extremely pleased with the survey's ability to outline both the concentration of sulphides (chargeability) and the silicification (resistance) of the rock volumes in this survey. The correlation to known mineralization lets us expand our prospective mineralization quickly, easily, and far more cost effectively than relying on drilling alone. We are now in an excellent position of knowing where to continue our drilling to expand the mineralized zones at the 4 km Cliff-Miles porphyry corridor."
The drill core assays, and verification are eagerly anticipated.
*Gold equivalent grades ('AuEq.") are for comparative purposes only. Calculations are uncut and recovery is assumed to be 100% as no metallurgical data are available. The metal prices including: US$1,700/oz Gold, US$20/oz Silver, US$3.0/lb. Copper & $9.0/lb. Mo. were used for AuEq g/t. Drilling data to date is insufficient to determine true width of the mineralized zone. Composites are determined using a notional 0.20 g/t AuEq cut-off, a maximum of ten meters of internal dilution for porphyry-style mineralization and no top cut is applied.
Qualified Person
David Dupre, P. Geo, Vice President - Exploration and the Qualified Person, as defined by National Instrument 43-101, has reviewed, and approved the technical information contained in this release.
About the Kirkham Property
The wholly owned 106 sq. km Kirkham Property is located about 65 km north of Stewart, B.C., in the heart of the Golden Triangle's prolific Eskay Camp. The Property is prospective for multiple mineral deposit types and is located along a strategic geological boundary – the "Red-line" exposed on the western margin of the Eskay Rift system in the Golden Triangle, northwestern British Columbia.
The Kirkham Property is contiguous to Garibaldi Resources Corp.'s E&L Nickel Mountain Project in the north and Eskay Mining Corp. to the east. The property is within 12 km of the Eskay Creek mine and within 12 – 20 km of Seabridge Gold's KSM deposits and Pretium Resources' Brucejack mine.
About Metallis
Metallis Resources Inc. is a Vancouver-based company focused on the exploration of gold, copper, nickel, and silver at its 100%-owned Kirkham Property situated in northwest British Columbia's Golden Triangle region. Metallis trades under the symbols MTS on the TSX Venture Exchange, MTLFF on the OTCQB Exchange, and 0CVM on the Frankfurt Stock Exchange. The Company currently has 52,839,878 common shares issued and outstanding.
On behalf of the Board of Directors:
/s/ "Fiore Aliperti"
Chief Executive Officer, President and Director
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This Press Release may contain statements which constitute 'forward-looking' statements, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements because of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities' regulatory authorities, including quarterly and annual Management's Discussion and Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected.
Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as intended, planned, anticipated, believed, estimated, or expected. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX-V Stock Exchange has neither approved nor disapproved the contents of this news release.
SOURCE Metallis Resources Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2021/21/c2104.html