VANCOUVER, BC, Oct. 7, 2021 /CNW/ - Metallis Resources
Inc. (TSX-V: MTS) (OTCQB: MTLFF) (FSE: 0CVM) (the
"Company" or "Metallis") announces the completion of a
high-resolution induced polarization ("IP") survey (or "Survey") on
the Company's 100%-owned Kirkham Property (the "Property"). The
Property is situated in the prolific Eskay
Camp of the Golden Triangle, northwestern British Columbia, a district well-known
worldwide for the past producing Eskay Creek and Snip gold mines,
Seabridge's KSM porphyry deposits and Pretium's producing Brucejack
gold mine.
The Company re-engaged Scott Geophysics to carry out an
additional IP Survey at the Property to build on the favorable
results from last year's geophysics program. The 26.4 line-km
Survey covered the highest priority Cliff and Miles prospects
(Click Here to View Map). Due to abnormally difficult weather
conditions, other prospective targets including Cole, Rhyolite
Ridge and Mount Dunn (Click Here to View Map) are expected to be
surveyed early next spring. Most importantly, two of the lines
covered the northern extension of the IP resistivity "high" that
was identified last year. Additionally, two N – S oriented lines
were done over the entire Miles prospect. These will assist the
line-to-line correlation of the IP results.
The Survey at the Cliff-Miles porphyry corridor was designed to
measure the resistivity and capacitive properties of the
mineralized Hawilson Monzonite. The IP chargeability response is
used to discriminate between the graphitic argillite and zones of
higher concentrations of sulphides with copper-gold mineralization.
The IP resistivity-highs have been successful in outlining the
dimensions of the central 2 km-long zone of intense silicification,
and gold-rich mineralization as intersected in KH20-34, which
returned 1.13 g/t AuEq* over 54 meters ("m") within a broader
interval of 0.64 g/t AuEq. over 141 m
(See news release Mar 2021).
The survey results, once received, will be validated, and
interpreted by Dr. Jules Lajoie,
Metallis' consulting geophysicist.
*Gold equivalent grades ('AuEq.") are for comparative
purposes only. Calculations are uncut and recovery is assumed to be
100% as no metallurgical data are available. The metal prices
including: US$1,700/oz Gold,
US$20/oz Silver, US$3.0/lb. Copper & $9.0/lb. Mo. were used for AuEq g/t. Drilling
data to date is insufficient to determine true width of the
mineralized zone. Composites are determined using a notional
0.20 g/t AuEq cut-off, a maximum of ten meters of internal dilution
for porphyry-style mineralization and no top cut is
applied.
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 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. The property is within 12 km of the Eskay
Creek mine and within 12 – 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 symbols MTS on the TSX Venture Exchange,
MTLFF on the OTCQB Exchange, and 0CVM on the Frankfurt Stock
Exchange. The Company currently has 52,839,878 common shares issued
and outstanding.
On behalf of the Board of Directors:
/s/ "Fiore Aliperti"
Chief Executive Officer, President and Director
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SOURCE Metallis Resources Inc.