April 7, 2022                                                           

Vancouver, BC: Metallis Resources Inc. (TSX-V: MTS; OTCQB: MTLFF; FSE: 0CVM) (the “Company” or “Metallis”) reports initial results from its 2021 property-wide Z-Axis Tipper Electromagnetic Survey (“ZTEM” or “the Survey”) at its 100%-owned Kirkham Property (the “Property”). The Property is situated in the prolific Eskay Camp of the Golden Triangle, northwestern British Columbia, a district known worldwide for the past producing Eskay Creek and Snip gold mines, Seabridge’s KSM porphyry deposits, and Pretium’s producing Brucejack gold mine.

Nickolas Dudek, Metallis’ Chief Geologist, stated “The widespread and deep-penetrating ZTEM survey, paired with Metallis’ existing geologic and geophysical knowledge, has given us an enhanced view of the Property’s potential. The Hawilson Monzonite has a distinct resistivity/conductivity pattern derived from its large-scale structural setting and that signature will further guide exploration and help generate additional targets across the Property in the future.”

Survey Highlights

  • The 2021 ZTEM survey has delineated a distinctive resistivity signature related to the mineralized Hawilson Monzonite;
  • The Survey demonstrates that the mineralization-controlling structure continues far below the Company’s deepest drill hole and further to the north into undrilled areas of the Hawilson Monzonite; and
  • The survey results will help fine-tune the 2022 drill and soil/mapping targets.

The western (higher altitude) parts of the Property exhibit elevated resistivity due to the unconformably overlying Hazelton Group. The eastern region shows a lower resistivity signature related to the exposed and underlying Stuhini Group (Click Here to View Figure 1). The entire package of rocks is gently folded with the anticlinal axes outcropping in the valleys, exposing more Stuhini and accentuating the low resistivity “creep” up the creeks and rivers.

The ZTEM survey at Cliff-Miles (See Figure 1) shows a distinct 4-km long resistivity low that cuts through the high-resistivity Hazelton, interrupting the general trend. This anomaly is sub-parallel to, and originating from, the Adam Fault and the low-resistivity Stuhini footwall and the large-scale orientation of the mineralized Hawilson Monzonite.

ZTEM cross sections (Click here to View Figure 2) better show the break in the overlying Hazelton and how it relates to the Adam Fault and footwall. This break, a potentially eroded-down and faulted anticlinal axis, is tied to the emplacement of the Hawilson Monzonite, its porphyry phases, and the later epithermal overprint. This ZTEM signature can be used as a template for further regional exploration on the Property.

On a more local scale, the resistivity “highs” are coincident with zones of silicification and gold mineralization, suggesting further potential to the East (Click here for Figure 3 and here for figure 4). The resistivity low, which bleeds across the well-constrained Adam Fault, leaves room for additional drilling of the Hawilson Monzonite at depth.   

Future news releases will highlight anomalous ZTEM responses similar to that from the Hawilson Monzonite and others such as Thunder North.

About the Survey

The Survey, conducted by Geotech Ltd., comprised a total of 879 line-kms of ZTEM and magnetometer data collection and covers most of the 106 sq. km Property. Areas of coverage can be viewed in Figure 1 (Linked above). Additionally, the Survey extended a short distance onto adjacent lands held by Garibaldi Resources Corp. to the north and Eskay Mining Corp. to the east.

Z‐Tipper Axis Electromagnetic (ZTEM) is an airborne electromagnetic survey system that measures variations in the naturally occurring electromagnetic properties of rocks produced by thunderstorms around the world. This magnetic field is planar – constant in all directions – but areas of highly conductive or very resistive rock will cause measurable disruptions.

Highly resistive or highly conductive rock types can include ore deposits, faults, and alteration zones. ZTEM surveys are designed to map resistivity/conductivity contrasts to great depths, exceeding 1-2 km, making ZTEM well-suited to finding porphyry-hosted and structurally controlled exploration targets at depth.

The survey data was analyzed and interpreted by Company Geophysicist Jules Lajoie who generated a 3D resistivity voxel that the geological team used to correlate the resistivity features with the geological setting. 

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.

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 Kirkham Property is contiguous to Garibaldi Resources Corp.’s E&L Nickel Mountain Project in the north and Eskay Mining Corp. to the east. The property is within 12 km of the Eskay Creek mine while the eastern border is within 12 – 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 Stock Exchange. The Company currently has 52,839,878 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


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