August 23, 2017                                                                                               

Vancouver, BC: Metallis Resources Inc. (TSX-V: MTS) (“Metallis” or the “Company”) is pleased to provide the following update as its 2017 exploration program intensifies at its 100% owned Kirkham Property in the Golden Triangle’s prolific Eskay Camp.

Highlights are as follows:   

  • Drilling has commenced at the Cliff target in the southern part of the property where surface mineralization at the Hawilson monzonite porphyry has been traced for at least 1.4 km along strike;
  • The first two drill holes at Cliff are designed to intersect gold-rich Copper porphyry mineralized zones below and south of historical drill hole MD-09-01 that featured increasing gold and copper grades with depth;
  • Approximately 2 km north of current drill hole KH-17-01, crews continue to make preparations for drilling the King high-grade gold target adjacent to the Hawilson porphyry.

Structures contributing to the potential formation of multiple deposit types are interpreted to extend from the Kirkham Property northward onto Garibaldi Resources’ E&L Nickel Mountain Project in a highly prospective and under explored 28 km long north-south corridor.

Mr. Fiore Aliperti, Metallis President and CEO, stated:  “We are very excited to begin our 2017 drill program and we’re thrilled at the prospect of adding Metallis to the list of companies that have made important discoveries within the exceptional district.”  

Swiftsure to Provide Diamond Drilling Services

Diamond drilling services for Metallis are being provided by Swiftsure Diamond Drilling Ltd. (“Swiftsure”) and shall be paid in common shares of the Company in accordance with the shares for services rules of the TSX Venture Exchange. As such, Metallis shall have taken a further step in preserving its cash reserves for other necessary exploration budget items in anticipation of positive drill results. Swiftsure has 7 years of diamond drilling and consulting experience in a range of geological environments from the high Arctic to South America. 

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 10,600 hectare Kirkham Property is located about 65 km north of Stewart within the prolific Golden Triangle. The northeast corner of Kirkham is within 12 km of the Eskay Creek mine while the eastern border is within 15 to 20 km of both Seabridge Gold’s KSM deposit and Pretium Resources’ Brucejack mine which is now in commercial production.  

About Metallis

Metallis Resources Inc. is a Vancouver based company focused on the exploration of gold, copper 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 23,368,617 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 anticipated, estimated or intended. 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.