July 15, 2020
Vancouver, BC: Metallis Resources Inc. (TSX-V: MTS; OTCQB: MTLFF; FSE: 0CVM) (the “Company” or “Metallis”) is pleased to announce details of its upcoming Phase 1 – 2020 Exploration Program (the “Program”) at its 100%-owned Kirkham Property (the “Property”). The Property is situated within the prolific Eskay camp of the Golden Triangle in northwest British Columbia, a district known for the past producing Eskay Creek and Snip gold mines, Seabridge’s KSM porphyry deposits and Pretium’s Brucejack gold mine.
The Program objective at the Cole and Cliff porphyry systems (the “Cliff” and “Cole”) is to expand both the high-grade gold and deep copper-gold potassic zones in order to identify solid drill targets for the upcoming Phase 2 drilling program, planned for mid-August. Recent GIS work has confirmed a very strong structural control of mineralization along the northerly trending Adam fault which sits on the western margin of the Hawilson Monzonite and has a strike-length of ~7.5 km. The gold-rich mineralization ranges from 3 to 137 g/t Au and is concentrated along the hanging wall of the Adam fault. Both the Cliff and Cole share many similarities with other porphyry deposits in the Golden Triangle such as the Red Chris, Saddle-North and Kerr deposits where the volume and copper-gold grades increase with depth.
Based on comprehensive 3D modelling, data analysis and the observed distribution of high-grade gold zones at the Cliff and Cole porphyry systems, the Company has designed an integrated exploration program which includes extensive field mapping, drill core re-logging, short-wave-length infrared (“SWIR”) analysis and Induced Polarization (“IP”) surveys over multiple targets (Cole, Cliff, King East and K9).
The Program also includes work to continue the evaluation of the Nickel-Copper potential of the K-9 target at the base of Nickel Mountain, located along the northern border of the Property, south-west of Garibaldi Resources’ E&L Nickel Project (Click here to view image). The IP Survey will include two lines over the K9 Target (Click here to view map).
Exploration Program Highlights
- Geological mapping will be focused on delineating the Triassic-Jurassic unconformity, Adam fault, as well the morphology and alteration-footprint of the Cliff and Cole porphyry copper-gold systems. This work will enable the geological team to pinpoint the most prospective zones.
- A total of ~21.9 line-km of high-resolution Induced Polarization (“IP”) Survey is proposed over the Cliff, Cole, King East and Thunder North (K-9”) targets. The IP Survey has proven to be an effective tool in detecting the source of anomalies beyond 400m depth. The IP chargeability and resistivity response will highlight the zones with high concentrations of sulphides which accompany the mineralization in the Cliff, Cole and King East porphyry targets and potential disseminated Ni-Cu sulphides in the Thunder North (K-9) target. (Click here to view map of Cliff and click here to view map of Cole and King East)
- Re-logging of all the existing drill holes at the Cliff and Cole porphyry systems will focus on mapping the structures and controls of the gold-rich mineralization. The distribution and intensity of the alteration, veins and sulphides will help in vectoring towards the deep, high-grade core zones in the porphyry systems.
- Selective SWIR analysis, simultaneous with the drill core re-logging, is planned to identify the alteration patterns, temperature stabilities in the shallow gold-rich mineralization and hot core zones of the porphyry systems which typically carry substantial volumes of high grade copper-gold mineralization.
Metallis Chief Geologist, Dr. Razique stated “We have made remarkable progress in understanding the complex geological history of the Cliff and Cole porphyry systems”. He added “the structural setting and dimensions of the Monzonite together with higher fluid-rock ratio along faults suggest the potential of a very large porphyry system at deeper levels”.
Fiore Aliperti, Metallis President and CEO commented, “COVID19 has presented the company with many added challenges this year prior to our exploration program kick off. Those challenges have been overcome and we’re now set for our most important program at Kirkham to date”. He added “This season we welcome back Steven Wetherup and Dr. Bouzari to the exploration field team, their input along with the IP Survey will be integral to our success in identifying the most impactful drill targets for the upcoming Phase 2 drill program”.
David G. Dupre, P.Geo., Vice President, Exploration for Metallis Resources Inc., and a Qualified Person as defined by NI 43-101, has reviewed, and approved the technical information in this press release.
About the Kirkham Property
The 106 sq. km Kirkham Property totals Hectares and is located about 65 km north of Stewart, B.C., in the heart of the Golden Triangle’s prolific Eskay Camp. The Property is 100% owned by the Company and is prospective for multiple mineral deposit types. The property 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 northern border of Kirkham is contiguous to Garibaldi Resources’ E&L Nickel Mountain Project. The northeast corner of Kirkham is within 12 km of the Eskay Creek mine while the eastern border is within 15 – 20 km of Seabridge Gold’s KSM deposits and Pretium Resources’ Brucejack mine.
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 symbol MTS on the TSX Venture Exchange and currently has 36,155,767 shares issued and outstanding.
On behalf of the Board of Directors:
/s/ “Fiore Aliperti”
Chief Executive Officer, President and Director
For further information:
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 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 Venture Exchange has neither approved nor disapproved the contents of this news release.