VANCOUVER, BC, June 8, 2021 /CNW/ - Metallis Resources
Inc. (TSXV: MTS) (OTCQB: MTLFF) (FSE: 0CVM) (the
"Company" or "Metallis") reports the results from the final drill
hole of the Company's 3,820 meter ("m") drill program (the
"Program") in 2020 at its 100%-owned Kirkham Property (the
"Property"). The Property is situated in the prolific Eskay Camp of the Golden Triangle, northwestern
British Columbia, a district known
worldwide for the past producing Eskay Creek and Snip gold mines,
Seabridge's KSM porphyry deposits and Pretium's producing Brucejack
gold mine.
Drilling highlights
Two drill holes (from the same pad) were planned to test the
King East target area. The first hole (KH20-38) was drilled to the
west to test a very large VTEM and magnetic anomaly. The second
drill hole was designed to test strong copper-gold soil geochemical
anomalies to the east. Due to weather and time constraints at the
end of the 2020 season, the second hole was not drilled.
The upper 170m of KH20-38
intersected a highly silicified and pyritic siltstone/chert horizon
with elevated gold values (i.e., 10m
@ 0.14 g/t Au) which has confirmed the presence of both stratabound
and vein stockwork mineralization. Later observations from the
drill core identified a distinct inside-out vector of sericitic to
propylitic alteration to the west, this alteration highlights
significant exploration potential to the east where anomalous
historical Cu-in-soil values correlate with magnetic lows (See
below map).
The lower section of KH20-38 intersected a succession of
greywacke and magnetite-bearing andesitic volcanics which explains
the VTEM resistivity and magnetic anomaly in the area.
Exploration Potential and Follow-up Plan
The King East target extends over an area of 2 km x 3 km,
representing a cluster of northerly trending monzonite dikes,
sericitic alteration, veins, and elevated gold-in-soil values: all
together highlighting the potential of a porphyry system at depth.
The copper-gold (± silver) mineralization is hosted in
predominantly sub-vertical vein stockwork and breccias. As such,
the style of mineralization in the King East target area is similar
to that of the high-grade gold mineralization at the Valley of the
Kings, part of Pretium Resources' land package located
approximately 30 km to the east of the Property.
An evaluation of historical soil grids highlighted several zones
of anomalous Gold (>50ppb up to 6000 ppb) and Copper (>50ppm
up to 2500ppm) values coincident with the margins of the altered
intrusion. Trench chip sampling in the same area returned values up
to 1.74 g/t Au over 6.0m in siliceous
siltstone.
Building on the results from KH20-38 and the proposed 2021 ZTEM
and SkyTEM surveys over King East (See News Release April 07, 2021), Metallis' 2021 exploration
program will include plans to carry out detailed mapping and
sampling focusing on the porphyry, shear-vein gold, and sedimentary
exhalites in the folded stratigraphic sequence near the border with
Eskay Mining Corp.'s property.
Metallis' Chief Geologist Dr. Abdul Razique stated, "The
systematic patterns of alteration, VTEM anomalies and strong
copper-gold geochemistry in the area reflect significant vein
stockwork and porphyry potential to the east of our 2020 scout hole
at the King East target." he added, "Although our focus is on the 4
km Cliff Porphyry Corridor, we are also planning to advance other
prospective regional targets at the Kirkham Property. The
overlapping ZTEM and SkyTEM surveys will provide an outstanding
opportunity to optimize the conductors for targeting the porphyry
and sedimentary exhalites between King East and the Unuk-Harrymel
fault."
Corporate Update
The Company also announces that Dr. Razique has been moved into
the role of Vice-President of Geoscience Services. Dr. Razique will
be responsible for all the technical services including, but not
limited to, planning and designing of the exploration surveys and
overseeing drilling programs. He will now take a lead role in the
Company by continuing to build on a strong geological team focused
on generating robust 3D geological models for the exploration and
discovery of porphyry, shear-vein gold and Volcanogenic Massive
Sulphide ("VMS") deposits at the Kirkham Property. The senior
management team congratulates Dr. Razique on his appointment.
QAQC and Analytical Protocols
Metallis has implemented a rigorous quality assurance / quality
control (QA/QC) program to ensure best practices in sampling and
analysis of diamond drill core. Drill core samples were prepared at
MSA LABS' Preparation Laboratory in Terrace, BC and assayed at MSA
LABS' Geochemical Laboratory in Langley, BC. Analytical accuracy and precision
are monitored by the insertion of blanks, certified standards, and
duplicate samples at regular intervals into the sample stream by
Metallis Resources' personnel. MSA
LABS quality system complies with the requirements for the
International Standards ISO 17025 and ISO 9001. MSA LABS is independent of the Company.
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. Metallis believes
historic results referenced herein to be from reliable sources
using industry standards at the time. However, the Company has not
independently verified, or cannot guarantee, the accuracy of this
historic information.
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'
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 while the eastern border is within 15 - 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.
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
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SOURCE Metallis Resources Inc.