VANCOUVER, BC, Feb. 22,
2023 /CNW/ - Metallis Resources
Inc. (TSXV: MTS) (OTCQB: MTLFF) (the "Company" or
"Metallis") is pleased to announce final assay results from the
Company's 2022 drilling program (the "Program") at its 100%-owned
Kirkham Property situated in the prolific Golden Triangle,
northwestern British Columbia. The
region is known worldwide for the past producing Eskay Creek, Premier and Snip gold mines,
Seabridge's KSM porphyry deposits, and Newcrest Mining's producing
Brucejack and Red-Chris mines.
Drill Result Highlights:
- The last three holes of the 2022 exploration program
successfully intersected mineralization 300 meters ("m") below the
best copper and gold grades encountered by the Company's previous
drill campaigns. The results from the Company's first drill hole,
KH22-46, were reported on November 22,
2022;
- The Company's latest drill results are highlighted by hole
KH22-48 which returned 108.2 m
grading 0.36 g/t gold equivalent* (AuEq") including 28.9 m of 0.61 g/t AuEq; and
- The 2022 program indicates that the Cliff – Miles Block of porphyry-style Copper-Gold
mineralization has a 400 m strike
length, is 100 – 200 m thick and
extends to at least 500 m depth.
Dave Dupre, Metallis' VP of
Exploration commented, "Results from the 2022 drill program
confirmed mineralization at Cliff over 500 meters below surface,
whilst also reinforcing our understanding that the gold and copper
mineralization is concentrated in the hanging wall of the Adam
Fault. Furthermore, results from previous drilling and geochemistry
shows that this mineralization is continuous for at least 2,000
meters to the north." He went on to comment, "Many junior explorers
face the issue of dilution when tackling a porphyry of this size
and magnitude, due to the extent of drilling that is needed to
establish a resource. The Metallis team is determined to address
this challenge with an exploration schedule that meets both the
needs of the Company to develop the project and our investors who
want to see increased asset valuation. Our plan for 2023 is to
execute the next phase of the drilling which will focus on the area
immediately to the north of the South Cliff area and to continue
working on targets that offer the most potential for higher grade
mineralization."
Drill Program Overview
The 2022 drill program comprised four holes totaling
1,961 m that were drilled from a
single drill pad, with two angle holes (-45 and -67) at an azimuth
of 265 and two at an azimuth of 315 (Click here to view figure 1
(KH22-47 Section) and Click here to view figure 2 (KH22-48
& 49 Section)). The program was part of a larger
exploration plan aimed at zones between widely spaced previous
drill holes along the trend of the Hawilson Porphyry Complex (or
"HPC"). The 2022 drilling took place at the southern end of the
HPC, targeting the South Cliff area (See figure 3 of plan map
below), and was designed to test the bounds of the porphyry system
and to extend the promising mineralization intersected in previous
drill holes (KH18-16 with 0.8 g/t AuEq over 118 m, including 0.96 g/t AuEq over 84 m and KH19-30 with 0.5 g/t AuEq* over
126.55 m).
Results
All four drill holes successfully confirmed the extension of the
mineralizing system to at least 500 m
below surface, with each hole intersecting copper and gold
mineralization below where the highest grades were previously
encountered along the Cliff-Miles target areas. Each drillhole also
encountered massive pyrite/pyrrhotite veining and pervasive
silicification that can be attributed to a later-stage overprinting
gold event. Significant mineralized intercepts encountered in
the holes are given in the following table:
Drill Hole Composite
Table
Hole ID
|
Composite
|
AuEq
|
Length
|
From
|
To
|
CuEq
|
Au_ppm
|
Cu_%
|
KH22-47
|
0.28 g/t AuEq over
194.55 m
|
0.28
|
194.55
|
207.45
|
402.00
|
0.23
|
0.21
|
0.03
|
Incl.
|
0.44 g/t AuEq over 41.6
m
|
0.44
|
41.60
|
236.10
|
277.70
|
0.37
|
0.33
|
0.07
|
Incl.
|
0.5 g/t AuEq over 28.04
m
|
0.50
|
28.04
|
236.10
|
264.14
|
0.41
|
0.37
|
0.08
|
And
|
0.31 g/t AuEq over
90.84 m
|
0.31
|
90.84
|
311.16
|
402.00
|
0.25
|
0.25
|
0.03
|
Incl.
|
0.68 g/t AuEq over
20.03 m
|
0.68
|
20.03
|
381.97
|
402.00
|
0.56
|
0.62
|
0.03
|
KH22-48
|
0.26 g/t AuEq over
366.81 m
|
0.26
|
366.81
|
10.19
|
377.00
|
0.22
|
0.19
|
0.04
|
Incl.
|
0.31 g/t AuEq over
172.99 m
|
0.31
|
172.99
|
200.01
|
373.00
|
0.25
|
0.21
|
0.06
|
Incl.
|
0.36 g/t AuEq over
108.19 m
|
0.36
|
108.19
|
200.01
|
308.20
|
0.30
|
0.23
|
0.10
|
Incl.
|
0.62 g/t AuEq over
28.91 m
|
0.62
|
28.91
|
251.59
|
280.50
|
0.51
|
0.36
|
0.19
|
And
|
0.33 g/t AuEq over
30.00 m
|
0.33
|
30.00
|
343.00
|
373.00
|
0.27
|
0.25
|
0.01
|
Incl.
|
0.79 g/t AuEq over 9
m
|
0.79
|
9.00
|
343.00
|
352.00
|
0.65
|
0.59
|
0.02
|
KH22-49
|
0.25 g/t AuEq over
190.77 m
|
0.25
|
190.77
|
284.82
|
475.59
|
0.21
|
0.22
|
0.02
|
Incl.
|
0.31 g/t AuEq over
101.19 m
|
0.31
|
101.19
|
374.40
|
475.59
|
0.26
|
0.29
|
0.01
|
Incl.
|
0.34 g/t AuEq over
79.59 m
|
0.34
|
79.59
|
396.00
|
475.59
|
0.28
|
0.31
|
0.01
|
Incl.
|
0.53 g/t AuEq over
21.16 m
|
0.53
|
21.16
|
400.43
|
421.59
|
0.44
|
0.51
|
0.01
|
*Gold Equivalent Formula: Au g/t+(Cu%*1.27) Metal Prices
Used: Gold – US$ 1470/oz / Copper –
US$ 2.75/lb
Potential
The mineralized HPC, with its commonly overprinting late gold
event, continues northward for 2.7 km from the South Cliff area
drilled in 2022, across a series of fault blocks which are in close
association with the North-South trending and variably
easterly-dipping Adam Fault (See figure 3 of plan map below). While
the HPC is mineralized throughout the trend, Metallis has
identified several target areas along it, and proximal to the Adam
fault, that are characterized by coincident geophysical,
geochemical, geological, and/or spectral anomalies (e.g., IP
chargeability/resistivity anomalies, soil geochemical anomalies,
zones of intense silicification/stockwork, and/or anomalous ferric
iron oxide spectral signatures).
2023 Exploration Plans
As part of the updated exploration plan, Metallis has targeted
three broad areas within the HPC/Cliff-Miles corridor that are
considered most prospective, and as such, the Company is planning
further work, mainly drilling, to develop the potential of the HPC
and the Kirkham Property (See areas A, B, and C, highlighted in
figure 3 – plan view map):
A. In the northern part of the HPC, a
400 m x 350
m prospective area occurs north of drill hole KH21-45. It is
characterized by the presence of highly gossanous and high-tenor
soils (including 0.69 g/t and 1 g/t Au) that are interpreted as
being associated with late-gold intercepts in drill holes KH21-45
(0.43 g/t AuEq over 220.70 m) and
KH20-37 (0.68 g/t AuEq over 83.00
m);
B. Targeting in the central part of the
HPC will include step out drill holes along trend to the north and
south from the dense porphyry-style quartz-A veining encountered in
drill hole KH21-42; and
C. Finally, in the
southern part of the HPC, there is a large and largely undrilled
area between drill holes KH19-30 and KH20-36 that lies immediately
north of the highest-grade porphyry-style mineralization
intersected on the property.
In addition to the focused drilling on the three sub-areas of
the HPC described above, the Company also intends to further
explore existing property-scale targets such as the high-tenor soil
geochemical anomaly at its King-East target, which lies 2 km to the
east- northeast of the HPC, and possibly to undertake further
diamond drilling at the Cole target, 3 km north of the HPC.
QAQC Procedures
All drill core and surface samples from the 2022 exploration
program were submitted to ALS Labs, a global testing, inspection
and certification business and an ISO/IEC 17025:2005 accredited
laboratory independent of the Company.
Metallis is committed to a rigorous quality assurance and
quality control program in line with industry best practices. To
monitor and guarantee data quality, Metallis inserts control
samples (i.e., standards, blanks, and duplicates) into the sample
stream at regular intervals. When standards don't return the
expected value (as supplied by the certified standard provider),
the standard as well as a variable number of surrounding samples
are re-assayed by the lab. The timing of this news release
coincides with the finalization of this process for standards in
KH22-47, KH22-48, and KH22-49 and the issuance of amended
certificates.
More specifically, per Metallis quality-assurance and
quality-control protocol, 14 standards were considered
"Out-of-Control", having results that deviated greater than 2
standard-deviations from the respective certified values. This
deviation triggered reanalysis of 130 samples, 13 standards, and a
minor procedural correction to a standard and sample which delayed
the public dissemination of results.
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 Company has a 100% interest in the 106 sq. km Kirkham
Property, located about 65 km north of Stewart, B.C., in the heart of the Golden
Triangle's prolific Eskay (Sulphurets) Camp. The Property is
contiguous to Garibaldi Resources Corp.'s E&L Nickel Mountain
Project to the north and Eskay Mining Corp. to the east. It is
located along a strategic geological boundary – the "Red-line"
exposed on the western margin of the Eskay Rift system and is
prospective for multiple mineral deposit types. The Kirkham
Property is within 20 km of the past producing Eskay Creek mine while the eastern border is
within 12 – 20 km of Seabridge Gold's KSM deposits and Newcrest
Mining's 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. Metallis
trades under the symbols MTS on the TSX Venture Exchange, MTLFF on
the OTCQB Exchange, and 0CVM on the Frankfurt Stock Exchange.
On behalf of the Board of Directors:
/s/ "Fiore Aliperti"
Chief Executive Officer, President, and Director
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Although the Company has attempted to identify important risks,
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SOURCE Metallis Resources Inc.