September 12, 2017
Vancouver, British Columbia: Metallis Resources Inc. (TSX-V: MTS) (“Metallis” or the “Company”) is pleased to provide the following drilling and exploration update regarding its 100%-owned Kirkham Property in the Golden Triangle’s Eskay Camp.
Highlights:
- The Company’s recently expanded exploration program has identified several gabbroic units in the previously unexplored northeastern section of Kirkham in areas now referred to as “Thunder North” and “Thunder South”;
- The gabbroic units are similar to the rocks which host nickel-copper sulphides at Garibaldi Resources’ E&L Nickel Mountain Project, contiguous to Thunder North and Thunder South;
- Upcoming drilling at Kirkham will include, but may not be limited to, the King high-grade gold target adjacent to the 6-km-long Hawilson porphyry;
- Three drill holes have successfully intersected a deeper potassic gold-copper porphyry system at the Cliff target in the southern part of Kirkham.
Metallis President and CEO Fiore Aliperti commented, “The 100 sq. km Kirkham Property is now showing potential for multiple deposit types along an under-explored corridor within the prolific Eskay Camp.
“The decision to extend the 2017 program at Kirkham demonstrates our commitment to build shareholder value by unlocking this property’s geological potential while we also evaluate year-round exploration opportunities for Metallis,” Aliperti concluded.
Thunder North & Thunder South
Mapping and sampling continue at Thunder North and Thunder South to correlate the surface geology with a cluster of airborne magnetic and VTEM anomalies. Both areas are located at the intersection of major east-west and northeast trending faults, introducing mafic-ultramafic rocks. Significant glacial retreat has occurred, exposing altered rocks for the first time.
The gabbroic units begin at Thunder South where they outcrop intermittently over a distance of 800 meters. The gabbro is more intensely altered at Thunder North where it’s exposed over 200 meters. The gabbroic units in both areas occur along a northeast-trending fault and include sections with disseminated sulphides.
Multiple samples have been collected and are being sent for assaying and petrographic studies. The Thunder North gabbro showings are approximately 4 km southeast of Nickel Mountain drilling.
The structural setting at Thunder North and Thunder South extends into Garibaldi’s E&L Nickel Mountain Property with this 10 sq. km part of Kirkham considered highly prospective for intrusion-hosted nickel-copper, VMS base metal and copper-gold porphyry mineralization.
King
Upcoming drilling at the King target will test a geophysical anomaly that could be produced by an intrusion-related gold-pyrrhotite vein-type system categorized by the British Columbia Geological Survey. This type of system is typically high-grade (15 – 30 g/t gold). The Snip mine is one of the outstanding gold deposits of this type.
Cliff
Initial drilling at the Cliff target has concluded after three drill holes totaling 1,048 meters. The consistently mineralized holes with zones of potassic alteration featuring abundant chalcopyrite demonstrate that the gold-copper porphyry system extends well beyond the depths of historical drilling over a considerable strike length. Assay results are expected early in Q4.
Cautionary Statement
Metallis management cautions that past results or discoveries on adjacent properties may not be indicative of potential mineralization at Kirkham.
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.
About the Kirkham Property
The 10,600 hectare Kirkham Property is located about 65 km north of Stewart within the prolific Golden Triangle. The northeast corner of Kirkham is within 12 km of the Eskay Creek mine while the eastern border is within 15 to 20 km of Seabridge Gold’s KSM deposit and Pretium Resources’ Brucejack mine which is now in production.
About Metallis
Metallis Resources Inc. is a Vancouver-based company focused on the exploration of gold, copper 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 23,428,617 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
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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 anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.
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