November 16, 2020                                                                                         

Vancouver, BC: Metallis Resources Inc. (TSX-V: MTS; OTCQB: MTLFF; FSE: 0CVM) (the “Company” or “Metallis”) today announces the completion of its 2020 Drill program (the “Program”) at its 100%-owned Kirkham Property (the “Property”). The property is situated in the prolific Eskay Camp; a fertile metallogenic district of the Golden Triangle in northwest British Columbia, known for its past producing Eskay Creek and Snip gold mines, Seabridge’s KSM porphyry deposits and Pretium’s Brucejack gold mine.

The Program was designed to test the north-south extension and depth potential of the 4 km long gold-rich Cliff Porphyry System, which forms part of the larger 7.5 km Hawilson Monzonite porphyry trend. A total of 3,820 meters (“m”) were drilled in 5 holes spread out from the Cliff to the Nina areas. All five drill holes intersected broad intercepts of sulphide mineralization and pervasive silicification, attributed to higher gold grades within the Porphyry and surrounding calcareous siltstone units. Significantly, the altered and mineralized zone has now been traced over a vertical extent of one kilometer. The drill core samples from all 5 holes are now being processed at the lab and assay results are pending. (See News Release dated October 20, 2020)

Fiore Aliperti, Chairman and CEO stated “Our exploration team has done a fantastic job this summer in hitting all objectives of our 2020 exploration programs. This year has seen Metallis drill our deepest holes to date targeting those gold-rich zones within the Cliff target and we remain confident as we move the project forward.” he went on to add “It has been a busy season in the Golden Triangle this year with substantial levels of capital raised and exploration dollars spent on drill programs. This is a great thing for both the area and the sector overall. We continue as always to do all we can to expedite our assays and are excited to share our results once available.”

QAQC Procedure 

Metallis Resources has implemented a rigorous quality assurance / quality control (QA/QC) program to ensure best practices in sampling and analysis of diamond drill core. The core is logged, photographed and marked for sampling.  It is then saw cut with half prepared for sampling and half retained for archival purposes.  All assays are performed by MS Analytical Laboratories (“MSALABS”)., an independent ISO 17025 (Testing and Calibration) and ISO 9001 (Quality Management System) accredited global geochemical lab. The initial sample preparation was carried out at the MSALABS facility in Terrace BC, whereas the geochemical assays are performed at their analytical lab in Langley BC. The drill core samples are being analyzed using the ultra-trace multi-element analytical package IMS-131 – 20 g / Aqua Regia ICP-MS finish. Gold ≥ 1 ppm is analyzed by Fire Assays – 50 g (FAS-121) and Gold ≥ 5 ppm is analyzed by Fire Assays – 50 g Gravimetric finish (FAS-425). In addition to the internal QAQC program by MSALABS, Metallis inserted 10% lab certified standards, blanks and field duplicates into the overall sampling stream. 

Qualified Person

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 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 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 symbols MTS on the TSX Venture Exchange, MTLFF on the OTCQB Exchange, and 0CVM on the Frankfurt Exchange. The Company currently has 44,060,433 common 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 intended, planned, anticipated, believed, estimated or expected. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.

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