VANCOUVER, BC, Oct. 21, 2021 /CNW/ - Metallis Resources
Inc. (TSX-V: MTS) (OTCQB: MTLFF) (FSE: 0CVM) (the
"Company" or "Metallis") announces the results of its recently
completed high-resolution induced polarization ("IP") survey (or
"Survey") on the Company's Cliff-Miles porphyry corridor, which
extends over a strike-length of 4 km at the 100%-owned Kirkham
Property (the "Property"). The Property is situated in the prolific
Eskay mining camp of the Golden Triangle in northwestern
British Columbia. The Eskay camp
is well-known for its past producing Eskay Creek and Snip gold
mines, Seabridge's KSM porphyry deposits and Pretium's Brucejack
gold mine currently in production.
Two IP lines were positioned to the north of last year's IP
survey area with results highlighting an 800m extension (open to the north) to the
previously identified, high priority Cliff and Miles anomalies.
Additionally, two north-south oriented tie-lines were completed
over the entire Miles copper-gold zone leading to assist the
line-to-line correlation of the IP results. Additional prospective
targets on the Property including Cole, Rhyolite Ridge and Mount
Dunn are expected to be surveyed early next spring as the Survey
was suspended due to abnormally difficult weather conditions.
Key Highlights
- The IP survey and subsequent modelling has established a
spatial association between areas of coincident moderate-to-high
resistivity and chargeability to high-grade copper-gold
mineralization and positive core logging indicators (chalcopyrite,
pyrite and veining etc.) along a 2.5 km-long section of the
Cliff-Miles porphyry corridor; (Click Here to View Typical Inverted
1,200m Elevation Level Plan)
- Both the inverted IP sections and level plans have emphasized a
substantial (2,500m x 300m) coincident IP resistivity-chargeability
anomaly open to the north, south, and at depth; (Click Here to View
typical Inverted Section)
- Drill holes KH21-41 and KH21-42, with some of the best geologic
indicators this season, have intersected transitioning zones of
high-to-moderate resistivity and, locally, high chargeability;
- Drill hole KH21-44 has intersected an extensive zone of intense
silicification and sulphide mineralization coincident with a
transitional zone in the IP resistivity response;
- Drill hole KH21-45 is now on track to intersect one of the
largest IP chargeability anomalies observed within the Cliff-Miles
porphyry corridor, adjacent to the best zones of KH20-37; (See NR
March 23, 2021)
- Previous drill testing of the Cliff and Miles anomalies
identified from the 2020 IP Survey produced some of the best
results encountered at the Cliff zone where KH20-34 returned
54m of 1.13 g/t AuEq* within a
broader interval of 141m of 0.64 g/t
AuEq*; (See news release Mar 23,
2021)
- KH20-37 into a zone of moderate IP resistivity and good IP
chargeability at Miles returned 32.0m
of 1.24 g/t AuEq* within a broader interval of 83.0m of 0.68 g/t AuEq*; (See NR March 23, 2021) and
- Penetrative remote sensing methods, like Induced Polarization
and Z-TEM, will enable more precise targeting in future drill
programs and aid in the understanding of the Hawilson Porphyry
Complex.
Although the IP results arrived late in the season, the 3D-IP
anomalies have supported the design of the last two holes currently
being drilled at the Miles target and will aid in future
targeting.
Fiore Aliperti, Metallis'
President and CEO stated "We are extremely pleased with the
survey's ability to outline both the concentration of sulphides
(chargeability) and the silicification (resistance) of the rock
volumes in this survey. The correlation to known
mineralization lets us expand our prospective mineralization
quickly, easily, and far more cost effectively than relying on
drilling alone. We are now in an excellent position of
knowing where to continue our drilling to expand the mineralized
zones at the 4 km Cliff-Miles porphyry corridor."
The drill core assays, and verification are eagerly
anticipated.
*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
region. 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.