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Metallis Resources Announces 2020 Phase 1 Exploration Program Focussed on Identifying Drill Targets

VANCOUVER, BC, July 15, 2020 /CNW/ - Metallis Resources Inc. (TSX-V: MTS) (OTCQB: MTLFF) (FSE: 0CVM) (the "Company" or "Metallis") is pleased to announce details of its upcoming Phase 1 - 2020 Exploration Program (the "Program") at its 100%-owned Kirkham Property (the "Property"). The Property is situated within the prolific Eskay camp of the Golden Triangle in northwest British Columbia, a district known for the past producing Eskay Creek and Snip gold mines, Seabridge's KSM porphyry deposits and Pretium's Brucejack gold mine.

The Program objective at the Cole and Cliff porphyry systems (the "Cliff" and "Cole") is to expand both the high-grade gold and deep copper-gold potassic zones in order to identify solid drill targets for the upcoming Phase 2 drilling program, planned for mid-August. Recent GIS work has confirmed a very strong structural control of mineralization along the northerly trending Adam fault which sits on the western margin of the Hawilson Monzonite and has a strike-length of ~7.5 km. The gold-rich mineralization ranges from 3 to 137 g/t Au and is concentrated along the hanging wall of the Adam fault. Both the Cliff and Cole share many similarities with other porphyry deposits in the Golden Triangle such as the Red Chris, Saddle-North and Kerr deposits where the volume and copper-gold grades increase with depth.

Based on comprehensive 3D modelling, data analysis and the observed distribution of high-grade gold zones at the Cliff and Cole porphyry systems, the Company has designed an integrated exploration program which includes extensive field mapping, drill core re-logging, short-wave-length infrared ("SWIR") analysis and Induced Polarization ("IP") surveys over multiple targets (Cole, Cliff, King East and K9).

The Program also includes work to continue the evaluation of the Nickel-Copper potential of the K-9 target at the base of Nickel Mountain, located along the northern border of the Property, south-west of Garibaldi Resources' E&L Nickel Project (Click here to view image). The IP Survey will include two lines over the K9 Target (Click here to view map).

Exploration Program Highlights

Geological mapping will be focused on delineating the Triassic-Jurassic unconformity, Adam fault, as well the morphology and alteration-footprint of the Cliff and Cole porphyry copper-gold systems. This work will enable the geological team to pinpoint the most prospective zones.

A total of ~21.9 line-km of high-resolution Induced Polarization ("IP") Survey is proposed over the Cliff, Cole, King East and Thunder North (K-9") targets. The IP Survey has proven to be an effective tool in detecting the source of anomalies beyond 400m depth. The IP chargeability and resistivity response will highlight the zones with high concentrations of sulphides which accompany the mineralization in the Cliff, Cole and King East porphyry targets and potential disseminated Ni-Cu sulphides in the Thunder North (K-9) target. (Click here to view map of Cliff and Click here to view map of Cole and King East)

Re-logging of all the existing drill holes at the Cliff and Cole porphyry systems will focus on mapping the structures and controls of the gold-rich mineralization. The distribution and intensity of the alteration, veins and sulphides will help in vectoring towards the deep, high-grade core zones in the porphyry systems.

Selective SWIR analysis, simultaneous with the drill core re-logging, is planned to identify the alteration patterns, temperature stabilities in the shallow gold-rich mineralization and hot core zones of the porphyry systems which typically carry substantial volumes of high grade copper-gold mineralization.

Metallis Chief Geologist, Dr. Razique stated "We have made remarkable progress in understanding the complex geological history of the Cliff and Cole porphyry systems". He added "the structural setting and dimensions of the Monzonite together with higher fluid-rock ratio along faults suggest the potential of a very large porphyry system at deeper levels".

Fiore Aliperti, Metallis President and CEO commented, "COVID19 has presented the company with many added challenges this year prior to our exploration program kick off. Those challenges have been overcome and we're now set for our most important program at Kirkham to date". He added "This season we welcome back Steven Wetherup and Dr. Bouzari to the exploration field team, and their input along with the IP Survey will be integral to our success in identifying the most impactful drill targets for the upcoming Phase 2 drill program".

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 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 100% owned by the Company and is prospective for multiple mineral deposit types. The property 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 symbol MTS on the TSX Venture Exchange and currently has 36,155,767 shares issued and outstanding.

On behalf of the Board of Directors:

/s/ "Fiore Aliperti"
Chief Executive Officer, President and Director

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 Venture Exchange has neither approved nor disapproved the contents of this news release.

KING EAST


Overview

Location: 401247 E - 6261529 N

Mineral Deposit Type: Porphyry, Shear Vein

Commodity: Copper-Gold (Moly)

Size: 2km x 2km coincident Magnetic and Resistivity Anomaly, Anomalous Cu. Au, Mo

Exploration Completed:WV3 Remote Sensing, Sampling (soil-rock-trench), VTEM Surveys

Planned Work: Detailed Mapping, Grid sampling and drilling

Geological Framework

King East target represents a large (2 x 2km) coincident magnetic and resistivity anomaly overlapped with scattered zones of sericitic alteration within the upper Triassic Stuhini Group rocks. Previous work discovered numerous narrow gold-bearing veins, small intrusive stocks and anomalous Au, Cu and Mo anomalies from sub-crop and trenches in the area. The intrusive rocks include 1-4m wide diorite dikes and amygdaloidal to aphanitic intermediate intrusive stock as exposed to the south of King Creek (Howson, 1990a). In 2018 Metallis geologists mapped NNE-trending diorite porphyry dikes; recognized as the potential source of anomalous Cu and Mo in soils. The rock grab samples collected from porphyritic units and sulphide rich sediments also returned slightly anomalous Cu and Au mineralization.

The calculated vertical gradient (‘CVG”) magnetic image (see below) shows multiple north-south trending magnetic lineaments at King East, which reflect the structurally controlled porphyry intrusions and dikes propagated between the Cole and King East targets. The geology and structural framework, diorite dikes and its geochemical signature in King East is similar to what is seen in the Hawilson Monzonite. Remnants of hydrothermal magnetite identified in the Cole drill holes are also interpreted to be linked to King East magnetic anomaly. The current interpretation of the geology and alteration, geophysical and geochemical patterns identify King East as a deep-seated porphyry copper-gold target, similar to Seabridge’s deep Kerr (Sara Howson, 1991, Rosset, 2010) and Johnny Mountain porphyry targets.

More information can be found in the IBOX above. I will update as updates are provided by the company.

COLE PORPHYRY SYSTEM


Overview

Location: 399483 E, 6263158 N

Mineral Deposit Type: Porphyry / Epithermal

Commodity: Gold-Copper-Silver

Size: 1000 x 800m Sericitic Alteration and Geochemical Anomaly

Exploration Completed: Remote Sensing, Mapping, Sampling, VTEM Surveys and Drilling (3,536m)

Planned Work: Detailed Mapping, IP Survey and Drilling

Geological Framework
The Cole Porphyry system defines the northern extent of the 7.5 km long Hawilson Monzonite (‘HM’) Complex near the Triassic-Jurassic unconformity at Kirkham property. The Cole porphyry system was first mapped in 2017 where Metallis’ geologists outlined a 500m x 200m wide zone of intense sericitic alteration and porphyry style mineralization in multiple crosscutting monzodiorite and diorite intrusions. These intrusions are emplaced as NNE-trending (015º) linear dikes hosted by Stuhini andesitic and clastic sedimentary rocks and unconformably overlain by Hazelton rocks to the west. The first drilling at the Cole target in 2018 intersected multiple cm-scale gold-bearing massive sulphide veins highlighted by 137 g/t Au over 0.6 meters, similar to the gold-bearing veins found at the Snip mine, which produced 1.1 million ounces of gold at an average grade of 27.5 g/t from 1991 to 1999. (MINFILE, 2015: Snip, 104B 250; BC Ministry of Energy and Mines).

More information can be found in the IBOX above. I will update as updates are provided by the company.

CLIFF PORPHYRY SYSTEM


Overview

Location: 398805 E, 6257215 N

Mineral Deposit Type: Porphyry

Commodity: Copper-Gold (Moly)

Size: 3.5 x 0.5 Km

Exploration Completed: Remote Sensing, Mapping, VTEM Surveys and Drilling (8,267m)

Planned Work: Detailed mapping, sampling, IP survey and drilling


Geographical Framework

Cliff porphyry system lies on the southern end of the 7.5 km long Hawilson Monzonite (‘HM’) complex at Kirkham Property. Porphyry Cu-Au mineralization at Cliff is associated with a 200-500m wide and 3.5 km long, north-south trending corridor of Jurassic age (191 Ma) monzodiorite porphyry intrusions and breccias hosted by upper Triassic Stuhini Group rocks. The porphyry dikes and hydrothermal alteration footprint is proximate to the Triassic-Jurassic unconformity; referred to as the “Red Line” (Kyba 2014) recognized as an important geological horizon for copper-gold deposits in the Golden Triangle. The geological framework and metallogeny of the Cliff porphyry system is similar to the Kerr Deposit of Seabridge Gold’s KSM project, which has an inferred resource of 1.92 billion tonnes grading 0.41% copper and 0.31 g/t gold, containing 19.0 million ounces of gold and 17.3 billion pounds of copper (Seabridge New Release Feb 16, 2017).

More information can be found in the IBOX above. I will update as updates are provided by the company.

I'd like to welcome everyone to the new Metallis Resources board. The company is focused on the Golden Triangle in British Columbia. This is a very accommodating management team so if you have questions, contact CEO Fiore Aliperti with any questions and he will be glad to answer your questions. Contact information is in the IBOX above.