VANCOUVER, BC, Dec. 5, 2024
/CNW/ - Metallis Resources Inc. (TSXV: MTS)
(OTCQB: MTLFF) (the "Company" or "Metallis") is pleased to
announce impressive silver and gold results from the Company's
second field exploration program (the "Program") completed at the
Company's Greyhound Property (the "Property"). The Greyhound
Property is a high-grade silver/gold/antimony project within the
historic Stibnite (antimony mineral) Mining Camp, located in
central Idaho, USA. The Program
included 129 soil samples, 61 geological mapping points and 44 rock
samples, that have delivered multiple high-grade silver and gold
assays further refining the mineralized zones. These results will
enable the Company to optimize the scheduled drilling planned for
early 2025. Antimony assays are still pending and will be released
once available.
Fiore Aliperti, Metallis' CEO and
President, commented, "Results from our second field program at the
Greyhound are incredibly encouraging and a testament to the work
our technical team have been delivering. The soil sampling,
geological mapping, and rock sampling are helping us to refine our
drill targets and lay the foundations for an impactful 2025
exploration campaign. The continued development of the Greyhound
Project is a key focus for Metallis, and we are optimistic about
the potential this underexplored asset holds." He went on to add,
"Additionally, attending the 2024 Idaho Mining Conference was a
fantastic opportunity to deepen our connections and relationships
within Idaho's ever-growing mining
and exploration community, along with other stakeholders including
government representatives. The knowledge gained and relationships
established will undoubtedly play a pivotal role as we continue to
advance the Property. We were thrilled to meet these key
stakeholders and look forward to leveraging these connections as we
move this project forward."
Key updates:
- A total of 44 rock samples were collected, with results up to
4590 g/t Ag and an impressive silver grade that averaged 504 g/t Ag
across all samples.
- Remarkable gold assays up to 18.15 g/t validate the
underappreciated gold benefit at this historic silver mine.
- The Company recently attended the 2024 Idaho Mining Conference
and engaged with drilling companies, social governance
professionals, government officials and multiple technical experts
to aid the advancement of the Greyhound project; and
- Soil sampling defined several large multi-element soil
anomalies that envelope all of the promising prospects. Together
with geological mapping and rock sampling has prioritized the
Birdie, the Bulldog and the 1350' zone as the initial focus for
drill targeting.
Rock sampling results
Rock sampling was completed at known showings to help validate
the structures that contain elevated silver, gold and antimony and
further refine the mineralized zones. A total of 44 rock samples
returned significant silver assays and impressively gold grades
(See Map 1 Below) that point to high-grade gold potential which
appears to have been overlooked historically. Sampling was focused
on The Birdie, The Bulldog and the Akita. Two grab samples and two
concentrate samples taken historically from underground at the
high-grade 1350' zone were delivered by the property owner and
sampled during this program, although those assays are pending.
The Bulldog provides one of the most developed targets on the
property with sampling from this program returning very elevated
assays from a specific high-grade vein. This 10 to 20 cm vein
outcrops at surface for 13m and
returned silver assays up to 3360 g/t with an average silver grade
of 1624 g/t. This vein occurs within a wide shear zone that
returned strong grades from the previous chip-sampling program.
Gold grades from 0.14 to 1.09 g/t were also present along with base
metals grades averaging from 1% to 5%. See table below of the 4
rock samples from this vein.
At the Birdie target where two trench cuts are located
70 m along strike from each other,
significant gold and silver results were also returned. At the
Upper Birdie, the highest silver grades from this program returned
a significant 4900 g/t Ag from an 80 cm angular boulder dug up from
the historic trenching. Gold grades were also substantial at the
Upper Birdie (See Map 2 Below) with the 7 samples averaging 3.0 g/t
Au. At the lower Birdie, a rock sample taken from a 50 cm quartz
sulphide vein returned 18.15 g/t Au and 6 out of 7 samples were
above 1.8 g/t Au. These elevated gold results from the Birdie
highlight the substantial gold grades at this target.
Rock grab sampling around the newly discovered Akita showing
also highlights a new zone 200 m to
the north of the Akita. Two samples returned 5.0 and 7.3 g/t Au Eq*
and are located in the northern part of a newly established soil
anomaly. At the Ridge Cut, two more grab samples from the spoils
pile returned 1280 and 1740 g/t Ag respectively. Further work at
the 1350' surface trench returned 2 grab samples of 5.5 and 8.6 g/t
Au Eq*.
Soil sampling results
Soil sampling during this program was focused on extending
coverage and further defining known targets including the Birdie,
Bulldog, and Akita. A total of 129 soils were collected across 8
selected lines (See Map 3 below) taken perpendicular to the strike
of the Greyhound Shear. Results demonstrated strong anomalies in
silver, zinc, lead and gold. A new extension to the Akita soil
anomaly, 300 m east of the mapped
Greyhound shear, further validates the strength of the
mineralization around Akita (a new discovery this year) and
demonstrates the potential of other parallel, underexplored shears.
Zinc soil anomalies provide the best pathfinder element for
identifying silver mineralization and highlight a 600 m long by 200 m
wide anomaly around the Birdie and the 1350' zone. At the Akita, a
300 m long by 200 m wide zinc anomaly has been outlined and, at
the Bulldog, the highest silver grade soil samples were returned.
Idaho Mining Conference
A Metallis delegation of Fiore
Aliperti, CEO and President; Dave
Dupre, Vice President of Exploration; and Carl Ryan, Project Geologist, recently attended
the Idaho Mining Conference 2024. The event drew over 700
participants, including exploration companies, researchers,
consultants, policymakers, government officials and other
regulatory professionals from across Idaho. Metallis introduced the Company to a
very receptive audience amongst the key players and stakeholders in
Idaho's expanding mining and
exploration community. Significant connections were made with local
drilling companies, social governance professionals, and various
Idaho geological experts. These
connections will be critical in the development of Greyhound
through the stages of exploration, with the goal of establishing an
economic mineral deposit.
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.
QAQC
All the rock samples were kept under the control of Metallis
staff until they were delivered directly to the ALS sample
preparation facility in Twin Falls,
Idaho. Analyses were then completed by ALS Laboratories Ltd.
in Vancouver, an independent
certified laboratory. Blanks and standards have been added to
the samples stream by ALS along with internal QAQC protocol. All
the samples were initially analyzed by the Ultra Trace technique.
Results that returned values greater than a pre-determined
threshold were then analyzed by element – specific methods as noted
below.
- ME-MS 41: Ultra Trace Aqua Regia ICP-MS.
- ME-GRA21: Au, Ag 30g Fire Assay – Gravity Finish
- Pb-OC46: Ore Grade Pb – Aqua Regia
- Zn-OC46: Ore Grade Zn – Aqua Regia
- Sb-ICP08: Sb – KCl/HCl digestion ICP-MS
- As-OC46: Ore Grade As – Aqua Regia
Soil samples were collected predominantly of B horizon at
predetermined locations across the property. Once at the lab,
samples were dried and crushed to 80 mesh (prep 41) before analysis
by the Ultra Trace technique. Gold Analysis was completed by aqua
regia digestion with a 25g aliquot (AuME–TL43).
Reference Information:
A grab sample is taken from a rock outcrop that is being
assessed for the presence of valuable elements. While taking the
grab sample, the best-looking rock is chosen. Grab samples are by
definition selective. Grab samples are solely designed to show the
presence or absence of mineralization and are not intended to
provide nor should be construed as a representative indication of
grade or mineralization at the Project.
Chip sampling involves taking contiguous rock chip samples
along a line to define the width and grade of a zone. Commonly,
these are taken perpendicular to the strike of the mineralized
zones
*Gold and Silver equivalent values are derived from the
following prices in USD; Au $2500, Ag
$28, Pb $0.90, Zn $1.20
About the Greyhound Property
The Company acquired the Greyhound Property located in
Custer County, Idaho,
approximately 42 km northwest of the town of Stanley, in February
2024. The Company entered into an option to earn a 100%
interest in Greyhound with staged payments and exploration
expenditures over a ten-year period of US $670,000 and US $10,000,000, respectively. Full terms are
disclosed in the annual and quarterly financial statements filed in
2024 and in a press release from the signing of the agreement on
February 27, 2024. This property was
the center of an active silver mining camp in the early 1900's and
at one point contained a smelter and two active mines situated
along a 3.6 km mineralized shear zone. Since 1910, the property has
seen limited exploration and only minor development when the
Greyhound Mine was reactivated and mined sporadically from
1980-1991. The last remaining ore from this period was shipped to a
smelter in 2000 and the property remains substantially
underexplored.
About Metallis
Metallis Resources Inc. is a Vancouver-based company focused on the
exploration for gold, copper and silver on its flagship 100%-owned
Kirkham Property in Canada,
situated in northwest British
Columbia's Golden Triangle, and on the Greyhound Property, a
gold/silver/antimony target in Idaho,
USA.
Metallis trades under the symbols MTS on the TSX Venture
Exchange, MTLFF on the OTCQB Exchange, and 0CVM on the Frankfurt
Stock Exchange, and has 75,305,003 common shares 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
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may differ materially from those in the forward-looking statements
because of numerous factors. Such risks, uncertainties and factors
are described in the periodic filings with the Canadian securities'
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Discussion and Analysis, which may be viewed on SEDAR at
www.sedarplus.ca. 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.
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SOURCE Metallis Resources Inc.