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METALLIS COMPLETES 2019 DRILL PROGRAM ON THE KIRKHAM PROPERTY

METALLIS COMPLETES 2019 DRILL PROGRAM ON THE KIRKHAM PROPERTY


November 28, 2019  

Vancouver, BC: Metallis Resources Inc. (TSX-V: MTS; OTCQB: MTLFF) (the “Company” or “Metallis”) announces the completion of the 2019 field exploration and drilling program (the “Program”) at its 100%-owned Kirkham Property (the “Property”), located in the prolific Eskay Camp of the Golden Triangle, northwestern British Columbia.

 

 

The Property is highly prospective for multiple mineral deposit types associated with the fertile magmatic – hydrothermal events along the Eskay Rift system. The 2019 Program was designed to evaluate the porphyry copper-gold, epithermal gold and nickel targets throughout the Kirkham Property. The Company excavated 23 trenches and completed 11 drill holes totaling 4,460 meters (“m”) in the high-priority targets including the Cole-Etta, Miles and Cliff porphyry centers. The inclement weather towards the end of the season, precluded the drilling of several other porphyry copper-gold and nickel targets. A summary of the drilling program is presented in Table 1. Analytical results have been slow to arrive due to a backlog at the laboratory. Assay results will be released upon receipt and verification.

Cole-Etta High-grade Gold Target

Building on last year’s high-grade drill intercept of 137 g/t Au over 0.6m (See news release dated November 29, 2018), Metallis’ geologists outlined a 1 km long by 200m wide zone of NE oriented faults and epithermal veins along the Cole porphyry system. Over 200 continuous rock-chip samples were collected from 21 trenches excavated along the historic copper and gold geochemical anomalies. (Click here to View Map). The highlight assays included 18 g/t Au over 0.2m in a drusy textured epithermal quartz vein and 0.56 g/t Au and 0.31% Cu over 0.9m within massive pyrite-pyrrhotite veins. Several 2m intervals of continuous trench samples assayed anomalous gold ranging from 0.5 g/t to 1.25 g/t Au. Based on the trench sampling results and field exploration, the Company drilled 6 holes totaling 2,235m in the Cole-Etta target area. Assay results are pending.

Miles Porphyry Gold-Copper System

3D geological modeling and field mapping conducted earlier in the 2019 season discovered a large 600m x 300m wide porphyry stock called the “Miles zone”, north of the Cliff porphyry system (Click here to View Map). The monzonite porphyry stock shows systematic patterns of potassic alteration surrounded by sericitic and outer propylitic alteration zones. The geological team excavated two 20m-long trenches and collected 21 continuous rock-chip samples for geochemical analysis. The assays reported anomalous gold-copper values highlighted by 3.7 g/t Au and 0.87% Cu over 2m in the southern trench. The field exploration and encouraging geochemical results warranted the drilling of 2 holes totaling 761m at this prospect. Assay results are pending.

Cliff Porphyry Gold-Copper Target

3D geological modeling and thorough surface mapping verified a ~60o eastward dip of the Hawilson Monzonite. This work doubled the width of the Cliff zone and helped design the 2019 drilling program. A total of 3 holes comprising 1,464m were drilled at the Cliff Target. Two of the drill holes originated from the same location were designed to evaluate the eastern and deeper part of the Hawilson Monzonite Porphyry. The 3rd hole was drilled as a 100m step out hole to confirm the continuity of the Cliff porphyry gold-copper mineralization to the north. The near surface part of the mineralized zone has now been systematically tested at ~100m intervals over a strike length of 1 km. Assay results are pending.

Thunder North Nickel Targets

Metallis’ exploration team led by Dr. Peter Lightfoot identified the “Lehto Pluton” and “K9 Creek” as two high-priority nickel targets at Thunder North. The initial field program was focused on the lower flanks of the Lehto Pluton, targeting the ultramafic intrusions and potential magmatic sulfide mineralization. The 2nd phase exploration program in October, discovered a series of gabbroic outcrops at the K9 target, which sits within the Ni-Mountain gabbros and is located ~1.5 km southwest of the E&L deposit (Click here to view map). A drill location was set up to test a subtle geophysical anomaly and potential differentiated olivine gabbros at K9 Creek. The proposed hole wasn’t drilled due to poor weather and freezing temperatures at higher altitudes late in the season. This drill ready target is expected to be tested early in the Company’s 2020 drilling campaign.

Table-1 Summary of the 2019 Drilling Program at Kirkham Property
Area Hole_ID Easting Northing Azi Dip Plan_m Depth_m Target Description
Cole-Etta KH19-23 399452 6263062 280 -45 250 307 Au-geochemistry across a NE-trending fault to the west
Cole-Etta KH19-24 399255 6263367 90 -45 350 445 Sheeted veins, Cu-Au geochem and NE-trending faults
Cole-Etta KH19-25 399255 6263370 120 -45 350 461 Au-geochemistry, NE-faults, and 137 g/t Au in KH18-19
Miles KH19-26 399377 6259432 105 -60 450 383 Adam fault, Cu-Au geochemistry, mag-high and potassic
Miles KH19-27 399680 6259500 280 -75 450 378 Adam fault, deeper mag-high and potassic zone
Miles KH19-36 399385 6259210 100 -60 400 *Not drilled Cu-oxides and sericitic alteration in monzonite to the E
Cliff KH19-28 398833 6257275 110 -60 500 440 Extension of Monzonite and deep Cu-Au potassic to the E
Cliff KH19-29 398833 6257275 110 -80 500 510 Depth potential of mineralized Monzonite and potassic core
Cliff KH19-30 398817 6257395 110 -70 500 514 Continuity of Cliff porphyry system to the N, E and at depth
Cliff KH19-35 399103 6257272 110 -60 500 *Not drilled Soil Au-geochemistry and depth-potential of Cliff target
Cole KH19-31 399474 6263373 80 50 450 451 Sulphide veins to the N and mag-anomaly to the E
Cole KH19-32 399528 6263114 305 45 200 255 Au-geochemistry, sulphide veins N of 137/g/t Au in KH18-19
Cole KH19-33 399662 6263040 90 60 350 316 Monzodiorite porphyry and magnetic anomaly to the E
Cole KH19-34 399660 6263038 190 50 400 *Not drilled Porphyry, gossans and high-grade gold mineralization
Thunder N KH19-37 394460 6270326 0 60 300 *Not drilled Targeting a subtle mag and potential olivine gabbros
Planned (m) 5950    
Total drilled (m) 4460  
*Not drilled: Targets untested due to poor weather and logistics towards the end of the 2019 field season

Fiore Aliperti, Metallis’ President and CEO stated

Our Exploration Team went above and beyond our expectations for the 2019 field and drilling season. The team have delivered new discoveries and met a challenging target of drilling over 4,400 meters within budget. Although we fell slightly short on our goal for total drilled meters, the understanding on the geology and structural setting in drilling this year was far better than we could hope for

Mr. Aliperti went on to add

We understand the frustrations our investors feel with regards to late assay reporting, I fully share those concerns. I want to assure all that we are in constant contact with our service provider who are totally focused on turning them around as quickly as possible 

QAQC Procedure

Metallis has adopted a rigorous quality assurance and quality control ("QA/QC") program to ensure best practices in sampling diamond drill core and surface rock chip and soil samples. Approximately 1 kg of rock/soil and averaged 2m NQ size diamond drill core samples were delivered to ALS Global's preparation facility in Terrace, BC, where the materials were initially crushed to 70% pass 2mm fraction, and then a 250g split was pulverized to better than 85% passed a 75-micron screen. The geochemical analyses were performed by ALS in Vancouver using multi-element 4-Acid digest ICP-MS package (ME-MS61). Gold was analyzed by fire assay technique Au-ICP21. In addition to the internal QAQC program by ALS, Metallis inserted 10% lab certified standards, blanks and field duplicates into the overall sampling stream. ALS is a global testing, inspection and certification business with facilities and laboratories in dozens of global locations; and is an ISO/IEC 17025:2005 accredited laboratory independent of the Company.

Qualified Person

Technical aspects of this news release have been reviewed and approved by David Dupre, P.Geo., designated as a qualified person under National Instrument 43-101. 

About the Kirkham Property

The 106 sq. km Kirkham Property totals 10,610 Hectares and is located about 65 km north of Stewart, B.C., in the heart of the Golden Triangle’s prolific Eskay Camp.  The northern border of Kirkham is contiguous to Garibaldi Resources’ E&L Nickel Mountain Project.  The northeast corner of Kirkham 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 symbol MTS on the TSX Venture Exchange and currently has 36,155,767 shares issued and outstanding.

On behalf of the Board of Directors:

/s/ “Fiore Aliperti”

Chief Executive Officer, President and Director

For further information:

Tel: 604-688-5077

Email: info@metallisresources.com

Web: www.metallisresources.com

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 as a result 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 Venture Exchange has neither approved nor disapproved the contents of this news release.

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