October 2, 2018

Vancouver, BC: Metallis Resources Inc. (TSX-V: MTS; OTCQB: MTLFF) (“Metallis” or the “Company”) announces that the Company has commenced drilling its Thunder North targets on   its 100%-owned Kirkham Property (“Kirkham”) approximately 2 km from Garibaldi Resources Corp’s historic E&L Deposit at Nickel Mountain in the heart of the Eskay Camp.

Multiple discrete EM responses have been confirmed at Thunder North.  Most of the EM targets lay within strong magnetic anomalies bordering Nickel Mountain as shown in the linked map. (Click here to view 2018 Target Map)

Dr. Peter Lightfoot, Metallis’ Technical Advisor, commented: “Gabbroic rocks have been located in association with the Jurassic-aged Texas Creek plutonic suite which was emplaced close to the boundary between andesitic volcanic rocks and sedimentary rocks of the Hazelton formation in the footprint of the Thunder North claim block. These rocks may extend beneath young volcanic cover to the immediate west where unexplained conductivity has been identified VTEM survey.  Metallis is continuing the search for magmatic sulfide mineralization associated with small structurally-controlled differentiated mafic intrusions.” (See link to Thunder North Geological Model)

Qualified Person

Technical aspects of this news release have been reviewed and approved by Metallis Resources’ V.P. of Exploration David Dupre, P.Geo. designated as a qualified person under National Instrument 43-101.

About the Kirkham Property

The 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 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.

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 symbol MTS on the TSX Venture Exchange and currently has 32,981,129 shares issued and outstanding.

2018 Venture 50

Metallis Resources Inc. was included in the 2018 Venture 50 (the “V50”). The V50 is a ranking of top performers on the TSX Venture Exchange each year and is published early in each following year. The ranking comprises 10 companies from each of five industry sectors selected based on three equally weighted criteria: Market capitalization growth, share price appreciation and trading volume amount. To view the V50 video click here.

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 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-V Stock Exchange has neither approved nor disapproved the contents of this news release.