VANCOUVER, BC, May 7, 2024
/CNW/ - Metallis Resources Inc. (TSXV: MTS)
(OTCQB: MTLFF) (the "Company" or "Metallis") reports that following
recent compilation work of its historic database, the geological
team has identified highly elevated antimony assays, significantly
increasing the critical mineral potential of the Company's
Greyhound Property ("the Property"). The economics of critical
minerals are supported by the US Infrastructure Act as demonstrated
by recent high-profile moves from the U.S. Departments of Energy
and Defense to finance the nearby Stibnite Mine which has
significant antimony reserves and is owned by Perpetua
Resources.
Fiore Aliperti, Metallis'
President and CEO commented, "Recent news released by Perpetua
announcing $1.8 billion in debt
financing has demonstrated to the market the commitment and resolve
of the American government to establish a local supply of critical
minerals. This strategy is an essential piece of the USA's transition to a sustainable energy
future and overcoming China's
global dominance in the supply chain of these elements. With
options for government grants, loan guarantees, and access to
capital, it is encouraging for us to be exploring for the same
commodity in the same region." He added, "We look to leverage this
information during our exploration efforts this upcoming season as
the Property has never been assessed for antimony potential and
provides our investors with multiple chances for
success."
In analyzing the historic work, the technical team has
identified significant anomalous values of antimony as well as
descriptions from previous operators of antimony sulfide (stibnite)
observed within the mineralized zones. Although the majority
of the previous mining did not assay for antimony, a rock sampling
program in 1976 returned grades that averaged 2.4% Sb from 12
samples. These historic samples ranged from 0.17% to 4.68% Sb and
demonstrate highly enriched stibnite mineralization across the
Property. For context, antimony prices have averaged between
$5 and $6
USD per pound in the last 3 years making it approximately
1.2 times more valuable by weight than copper.
Just 38 km northwest along strike from the Greyhound property
lies Perpetua Resources' Stibnite Mine, with mineral reserves of 5
million ounces of gold and significant antimony. Perpetua has
recently been the recipient of a letter of interest from the
Export-Import Bank of the United
States for the potential debt financing of up to
$1.8 billion through the "Make more
in America Initiative" and the "China and Transformational Exports Program".
Perpetua has also been the recipient of multiple government grants
totaling over US $40 million to
develop and secure the antimony resource from their project.
Antimony supply has been largely dominated by China with no antimony mines currently
operating in the USA. This has led
to the classification of antimony as a high priority critical
mineral defined by its economic importance and high supply risk.
Governments around the world have stressed the strategic importance
of this critical metal as it is used across several military
applications as well as in battery storage, circuit boards and
laser technology. Furthermore, the only antimony smelter in America
is in the neighboring state of Montana, currently receiving antimony ore from
mines in Mexico.
In addition to the antimony prospectivity, the Greyhound
property's primary commodity is silver, which has significant uses
in green technology and energy, with a number of lobbying groups
looking to establish silver as a critical metal. Uses of silver are
extensive as it exhibits the highest electric and thermal
conductivity of all elements. Over 15% of all silver production is
used in photovoltaic technologies (solar panels) ensuring a
consistent demand for the electrification of the planet.
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.
Note: The reader is cautioned that all measurements and metal
grades are derived from previous reports and Metallis
has not independently confirmed the results. The
similarity of values and conservative approach does lend confidence
to these values.
About the Greyhound Property
The recently acquired Greyhound Property is in Custer County, Idaho, approximately 42 km
northwest of the town of Stanley.
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 from
1980-1991. The last remaining ore from this period was shipped to a
smelter in 2000 and the property remains substantially
underexplored and has never been drilled.
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 its recently acquired
Greyhound Property, a silver/gold/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.
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
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
because of numerous 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.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.
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-V Stock Exchange has neither approved nor
disapproved the contents of this news release.
SOURCE Metallis Resources Inc.
