VANCOUVER, BC, Aug. 10,
2022 /CNW/ - Metallis Resources
Inc. (TSXV: MTS) (OTCQB: MTLFF) (the "Company" or
"Metallis") today announces the commencement of the Company's 2022
exploration and drilling program (the "Program") at its 100%-owned
Kirkham 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 Newcrest
Mining's producing Brucejack gold mine.
Fiore Aliperti, Metallis'
President, and CEO stated, "It is fantastic for me to announce the
start of our 2022 season to our investors. The geological team has
worked incredibly hard over the last year in producing the 3D model
and this work has been a real breakthrough for us." He went on to
add "Fundamentally, this detailed work has enabled the team to
decipher the complex geological framework of the Cliff-Miles
Porphyry Corridor. This has led us to isolate a discreet Porphyry
Copper/Gold sector in the South Cliff area which could compare with
several of the remarkable mineralized deposits in the Golden
Triangle."
2022 Exploration Program
Highlights
- A targeted and cost-efficient drill program of ~3000 m focused
on the South Cliff Area;
- Re-logging of select holes and drill-core intervals including
specific gravity and magnetic susceptibility to help expand upon
and test the geologic model;
- Differential GPS surveying to accurately position all previous
drill holes;
- Field mapping focused on outlining the dimensions of the
porphyry intrusions, alteration zones, structures, and morphology
of the Cliff-Miles porphyry copper-gold system; and
- Soil sampling, rock sampling, and selective prospecting over
ZTEM™ features that display a signature similar to those associated
with the graben at Cliff-Miles (Click Here to View ZTEM News) and
other areas of interest.
The highest Copper ("Cu") and Gold ("Au") grades of the
Cliff-Miles trend are hosted by the mineralized Medium-Grained
Porphyry (or "MP"), for which the geometry has been determined in a
recently developed 3-dimensional (or "3D") geological model (Click
Here to View News February 1, 2022).
This MP is composed of a tabular feeder (or "trunk") and two
sill-like branches that are concentrated to the East of the steeply
dipping Adam Fault. Within the MP, the best-mineralized drill
intercepts (See Table 1 below) occur in the South Cliff area (Click
Here to View 3D model), with only the upper 150 m being tested to date. Typically, alkaline
porphyry copper/gold systems in the Golden Triangle exhibit a small
surface footprint but display increasing grade downward and can
continue for more than 1,000 m.
Table
1
Significant Drill
Intersections in Cliff-Miles Block 1
|
DDH_ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Au
(g/t)
|
Cu
(%)
|
AuEq*
|
KH17-08
including
|
33.0
108.0
|
178.8
176.0
|
145.8
68.0
|
0.34
0.52
|
0.22
0.30
|
0.71
1.03
|
KH18-16
including
|
6.7
78.0
|
148.0
114.0
|
141.3
36.0
|
0.40
0.64
|
0.23
0.30
|
0.75
1.09
|
KH19-28
|
2.4
|
59.9
|
57.5
|
0.31
|
0.14
|
0.51
|
KH19-30
|
34.5
|
161.0
|
126.5
|
0.24
|
0.19
|
0.51
|
*Gold Equivalent Formula: Au g/t+(Cu%*1.27) Metal
Prices Used: Gold - US$ 1470/oz /
Copper - US$ 2.75/lb
The 2022 drilling program has been designed to test for
high-grade depth extensions of the MP with a focus on the South
Cliff area of the Cliff-Miles trend (Click Here to View Figure 1.).
The Program will utilize multi-hole drill pads, this is achieved by
rotating the drill in the desired direction offering the potential
to drill six holes off a single pad. This approach will enable
Metallis to achieve efficiencies in both time and effort, whilst
keeping a tight control on budget.
Following the successful completion of the drill program, the
company anticipates step out holes within the immediate
300 m area to the north as its next
focus. The goal of the Company in the near future is to demonstrate
the true scale and grade of the system.
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 (Sulphurets)
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. Eskay Mining Corp has been
discovering new precious metals-rich VMS deposits in Hazelton Group
rocks exposed in multiple fault blocks on their adjoining property
to the east. Eskay's property is within 12 km of the Eskay Creek
mine while the eastern border is within 12 – 20 km of Seabridge
Gold's KSM deposits and Newcrest Minings' producing 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. 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.
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 60,544,312 common shares
issued and outstanding after the closing of the Financing.
On behalf of the Board of Directors:
/s/ "Fiore Aliperti"
Chief Executive Officer, President and Director
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SOURCE Metallis Resources Inc.