METALLIS RESOURCES ADVANCES HIGH-GRADE SILVER POTENTIAL AT GREYHOUND PROPERTY, IDAHO, USA

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CRITICAL MINERAL POTENTIAL IDENTIFIED AT GREYHOUND PROPERTY, IDAHO, USA

Vancouver, BC – May 14, 2024 – Metallis Resources Inc. (TSX-V: MTS; OTCQB: MTLFF) (the “Company” or “Metallis”) is pleased to report that further compilation work completed on the historic Greyhound Mine has increased the understanding of silver distribution, enabled the modelling of mineralization, and improved the Company’s confidence in the historic silver grades. This critical information will help guide the geological team with their upcoming field program and provide potential near-term drill targets as they add to the inventory of mineralized shoots* on the Greyhound Property (“Property”).

Metallis’ VP of Exploration, Dave Dupre stated, “What attracted us to the Greyhound Property, other than the impressive historic silver grades, is the fact that none of the previous operators tested above or below the high-grade shoots that were encountered in the historic mining. This recent compilation work and resulting geological modeling indicates that, within the consistently mineralized shear, there are high-grade shoots that have a near-vertical orientation and provide significant room for discovery above and below the strong untested showings that already exist across the property.” He went on to add, “We are extremely excited to get boots on the ground in the coming months and test these concepts with modern exploration techniques.”

Compilation Work Highlights:

  • Recent modeling has identified a vertical orientation to the mineralization which is untested to date and provides the Company its first potential near-term drill targets across several established showings;
  • Preliminary metallurgical testing, carried out by a previous operator in 1988, resulted in very high silver recoveries of 95%; and
  • Historical grades taken from the mineralized shoots compare favorably against developed silver deposits globally.
Long section through the Lower Rufus Adit demonstrating the vertically oriented shoots.

* A shoot is a mining term used to describe a segment of the mineralized shear zone which has a grade and width which has potential to be economic. Using a cut-off grade of 250 g/t Ag over a length of 7m as a minimum for a shoot, there are four lengths (shown on the long section above) where this threshold is met. The shoots are wider than most parts of the mineralized shear and their grade (especially after dilution of their grade in the narrow parts to a 1.5m minimum mining width) is significantly higher. As no economic studies have been completed on the property, Metallis cannot guarantee that any mineralization constitutes as ore.

Continued examination of historic geological reports has determined that the mineralized shoots encountered in the Lower Rufus Adit are controlled by dilatational zones in the left lateral Greyhound shear. These zones occur as flexures or intersections of the shear with northeast striking cross faults that likely predate the mineralization. This provides the framework for the vertically oriented shoots encountered to date. Shoot 1350’ (36.9m of 1.85 g/t Au and 785 g/t Ag), has been described as correlating 170 m to surface where high-grade mineralization is identified, and has never been drill tested.

In the upcoming field program, the team is excited to test the vertical continuity at the historic showings as they provide immediate drill targets. These targets include, the Lower Rufus, Upper Rufus, Birdie, General Grant, Bulldog, and the Buckhorn. The large vertical scale of the system has already been demonstrated with over 500 m of elevation difference between mineralized surface samples taken at Greyhound Ridge and the Lower Rufus Adit. The analogous Lucky Friday Mine in northern Idaho shows a vertical orientation and is one of the deepest mines in North America with underground workings as low as 3000 meters below surface.

Other compilation work has revealed strong silver recoveries in metallurgical testing reports from 1988 and demonstrates the viability of this prospect in producing excellent concentrates. Basic flotation tests were completed on two 50-pound bulk samples taken from the Lower Rufus Adit and, although the tests were preliminary and basic in nature, the reports are encouraging and demonstrated that up to 95% of the silver can be recovered from the sulfide ore.

Photo of massive sulfide face at the head of the Lower Rufus Adit (1989)

The technical team has also been compiling information on the size and grade of various global silver deposits. Although the Greyhound property has a large amount of work to be completed before a resource could be calculated, it is encouraging to see that the systematic historic channel sampling on the property has returned grades that are on par if not better than several advanced projects and mines currently in production.

The Company also announces that, pursuant to the terms of the Company’s stock option plan, the Board of Directors has approved the grant of an aggregate of 1,750,000 incentive stock options (“Options”) to certain directors, officers, and consultants, at an exercise price of $0.15 per share, exercisable for a period of five years. The Options are subject to regulatory approval from the TSX Venture Exchange. Along with previously granted stock options that remain outstanding and exercisable, the Company now has 6,000,000 outstanding stock options, representing 8.76% of the 68,455,003 outstanding shares of the Company.

Qualified Person

David Dupre, P.Geo, Vice President – Exploration and the Qualified Person, as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this release.

Note: The reader is cautioned that all measurements and metal grades are derived from previous reports and Metallis has not independently confirmed the results. The similarity of values and conservative approach does lend confidence to these values.

About the Greyhound Property

The recently acquired Greyhound Property is in Custer County, Idaho, approximately 42 km northwest of the town of Stanley. This property was the center of an active silver mining camp in the early 1900’s and at one point contained a smelter and two active mines situated along a 3.5 km mineralized shear zone. Since 1910, the property has seen limited exploration and only minor development when the Greyhound Mine was reactivated and mined from 1980-1991. The last remaining ore from this period was shipped to a smelter in 2000 and the property remains substantially underexplored.

About Metallis

Metallis Resources Inc. is a Vancouver-based company focused on the exploration for gold, copper, and silver on its flagship 100%-owned Kirkham Property in Canada, situated in northwest British Columbia’s Golden Triangle, and on its recently acquired Greyhound Property, a gold/silver/antimony target in Idaho, USA.

Metallis trades under the symbols MTS on the TSX Venture Exchange, MTLFF on the OTCQB Exchange, and 0CVM on the Frankfurt Stock Exchange.

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 because of numerous 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.sedarplus.ca. 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.

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