February 1, 2016
Vancouver, BC: Metallis Resources Inc. (TSX-V: MTS) The abbreviated 2015 exploration program on the Kirkham Property comprised rock sampling and geological mapping of the southernmost part (and lowest accessible elevation) of the Hawlison Monzonite, which intrudes rocks of the Stikine Terrane. This intrusion belongs to the Texas Creek Plutonic Suite which hosts most of the copper-gold mineralization in the Golden Triangle that has a mineral endowment exceeding 100 million ounces of gold within 50 km of the Kirkham Property.
The Hawlison Monzonite shares a number of key characteristics with the KSM porphyry deposits located 22 km to the east. The monzonite is mineralized over a 6 km length and shows increasing mineralization at lower elevations. In 2010, 2 grab samples of altered diorite collected from the “Cliff” prospect yielded values of 0.8 g/t Au and 0.57%Cu and 0.5 g/t Au and 0.5% Cu. A total of 17 grab samples were collected during the 2015 program from the “Cliff Prospect” (the lowest exposed outcrops of the mineralized intrusion).Several of the samples produced elevated Au-Ag-Cu values up to 0.517 g/t Au 4.2 g/t Ag and 0.18% Cu.
The program also evaluated the Homer Prospect. A contour soil line was carried out between two soil lines from 1990 and 1991 that yielded anomalous Au values. The 2015 soil geochemistry produced elevated Au values in two neighboring samples, assaying 190 ppb and 450 ppb Au. Prospecting discovered a small gossanous outcrop of chloritized and pyritic andesite which returned 1.48 ppm Au and 3.1 ppm Ag. It is recommended that further prospecting be completed over the Au soil anomalies from sampling in 1990, 1991 and 2015. Hand trenching over anomalous zones is recommended to evaluate the potential of a bedrock source for the anomalies.
An in-depth review of previous work done on the Kirkham Property shows that limestone and chert horizons are intercalated with andesitic and rhyolitic fragmental rocks in the Mt. Dunn area. Grab sampling of these outcrops of mineralized sediments returned anomalous gold and silver values.
This finding is very significant because this sedimentary environment hosts the high grade mineralization at the nearby Eskay Creek Mine. More importantly, the coincident magnetic and conductivity anomaly at the King Prospect lies one kilometer along strike from these outcrops of Eskay-like sediments. We consider that this zone represents one of the most attractive VMS targets to be discovered in the last ten years.
Fiore Aliperti, President, states: “The outlining of a rare shallow marine sedimentary sequence similar to Eskay Creek and a strong coincident conductivity and magnetic anomaly along strike is highly encouraging and warrants drill testing.”
Qualified Person
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.
On behalf of the Board of Directors:
/s/ “Fiore Aliperti”
Chief Executive Officer, President and Director
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