MMG.V · 2024-04-16 12:00:00

Metallic Minerals Announces Drill Results and New Drill Targets at the La Plata Project, Colorado, USA

Drill Results

TSX.V: MMG | OTCQB: MMNGF

April 16, 2024 – Vancouver, BC – Metallic Minerals Corp. (TSX.V: MMG; OTCQB: MMNGF) (“Metallic Minerals” or the

“Company”) is pleased to announce final results from the 2023 drill campaign at the Company’s La Plata copper-silver-

gold-Platinum Group Element (“Cu-Ag-Au-PGE”) project in southwestern Colorado, which finished in December. The

exploration program included 4,530 meters (“m”) in four diamond drill holes with the dual objectives of expanding on

the 1.21-billion-pound copper and 17.6-million-ounce silver inferred mineral resource1, and defining the controls to

higher-grade mineralization as seen in drill hole LAP22-04. As announced in February 2023, LAP22-04 was a continuously

mineralized discovery drill hole that intercepted 816 m grading 0.41% recovered copper equivalent1 (“CuEq”), with

significant widths exceeding 0.5% to 0.7% Cu. The intersection also included higher grade zones exceeding 1% Cu with

precious metals grades of up to 11.5 g/t Au+PGE and 47 g/t Ag (see Table 2).

The 2023 field campaign was funded by a May 2023, 9.5% strategic equity investment by Newmont Corporation

(“Newmont”) with the goal of accelerating the advancement of the La Plata project. Newmont provided technical

support and expertise to the project through the technical committee which has included multiple site visits and

assistance with geologic and geophysical interpretations and hyperspectral data acquisition. These contributions are

expected to continue in 2024 and may include Newmont providing experienced personnel to the project for enhancing

surface data acquisition, geologic mapping, and geophysics.

Highlight Results

• All four 2023 holes intersected porphyry-style mineralization starting from surface and continuing over their entire

lengths (up to 1,350 m).

• Three of four holes intercepted continuous porphyry style Cu-Ag-Au-PGE mineralization over 500 m in width at

0.3% Cu including significant intervals exceeding 0.5% to 0.7% CuEq with associated Ag, Au and PGEs. Drill hole

LAP23-05 intersected 909 m of continuous mineralization from surface grading 0.26% CuEq over the entire hole

length, with a 550 m wide higher-grade zone (see Tables 1-2, Figures 1-3).

• Intensity of mineralization in all drill holes varies within the individual porphyry intrusive units based on the density

of veining and concentration of associated sulphides that carry the copper, silver, gold, platinum, and palladium.

• Higher grades relate to specific intrusive phases of the porphyritic host rocks with intense potassic alteration and

in zones of intense high-temperature argillic alteration, particularly with increased bornite content.

• The deposit remains open to expansion at depth and along trend. Defining the geometry of these higher-grade

porphyry units and alteration zones is an important focus of follow up drilling at the Allard resource area in 2024.

• Drilling has extended mineralization vertically from surface to more than 1.5 kilometers (‘km”) and 1 km along trend

and is anticipated to allow for inclusion of both gold and platinum group elements in future mineral resource

estimates along with copper and silver.

• Scanning of 3,848 meters of drill core was completed by GeologicAI providing high-resolution RGB digital

photography, laser profilometry using LIDAR, visible and near-infrared (“VNIR”) and short-wave infrared (“SWIR”)

hyperspectral imagery and x-ray fluorescence, allowing for detailed characterization of mineralization and

alteration within the Allard deposit.

• An advanced airborne hyperspectral survey covering 157 square kilometers (453-line km) was also completed by

SpecTIR in the VNIR, SWIR and long-wave infrared spectra allowing for detailed mineral and alteration mapping

across the entire district for comparison with the hyperspectral scanning of mineralization from drill core.

• The U.S. Geologic Survey (“USGS”) has identified the La Plata mining district as a potential critical minerals resource

area under the Earth Mapping Resources Initiative program. The USGS completed detailed airborne radiometric

and magnetic surveys in 2023 along with other studies that will complement surveys completed by the Company.

• An important objective in 2023 was to identify, advance and refine new priority targets outside of the Allard

resource area to bring them to a drill testing stage in 2024. Significant high-grade results were received in surface

rock samples taken from more than 20 different target areas during the 2023 field season as part of a district-scale

surface mapping initiative (see Table 3 and Figure 4). Three of these areas have advanced to a drill testing stage.

Metallic Minerals President, Scott Petsel, stated, “The 2023 exploration program was a major step forward in our

understanding of the higher-grade controls to mineralization in the Allard resource area and in the advancement of

several exciting surface target zones that demonstrate percent level copper with precious metals that have never been

drill tested. Our emerging vision for the La Plata project is that we have the potential for a district-scale system with

multiple porphyry centers in addition to the Allard resource area. This is supported by the multi-kilometer scale metal-

in-soil values that extend well beyond the area of drilling and correspond with strong alteration responses in our

detailed district-scale airborne hyperspectral survey. Our drill results indicate a significant opportunity for resource

expansion and have continued to return both broad zones of mineralization and internal higher-grade zones with

considerable precious metal associations showing elevated gold, platinum, and palladium values. We look forward to

providing further updates on La Plata and our high-grade Keno Silver project in the Yukon as we initiate the 2024

exploration programs.”

Table 1 – La Plata Project 2023 Drill Results

Hole From

(m)

To (m) Length

(m)

CuEq

(% Rec)

(%)

(g/t)

Au+PGE

(g/t)

LAP23-05 0.0 909.0 909.0 0.26 0.21 1.55 0.040 0.023 0.034 0.097

69.0 619.0 550.0 0.33 0.27 1.97 0.043 0.033 0.051 0.127

131.0 157.0 26.0 0.55 0.51 3.70 0.065 0.005 0.018 0.088

347.0 553.0 206.0 0.41 0.31 2.29 0.043 0.058 0.092 0.193

347.0 445.0 98.0 0.48 0.37 2.89 0.044 0.074 0.091 0.209

419.0 445.0 26.0 0.90 0.77 5.15 0.041 0.071 0.161 0.273

491.0 579.0 88.0 0.39 0.25 1.77 0.062 0.07 0.123 0.255

541.0 553.0 12.0 0.81 0.41 2.92 0.052 0.223 0.437 0.712

809.0 891.0 82.0 0.22 0.18 1.10 0.055 0.003 0.007 0.065

LAP23-06 0.0 1350.4 0.0 0.18 0.15 1.37 0.023 0.017 0.030 0.070

221.0 803.0 582.0 0.30 0.23 2.23 0.037 0.030 0.056 0.123

703.0 807.0 104.0 0.50 0.32 3.02 0.077 0.113 0.149 0.339

1303.0 1335.0 32.0 0.39 0.39 1.99 0.016 0.004 0.023 0.043

703.0 741.0 38.0 0.60 0.38 3.52 0.080 0.133 0.189 0.402

787.0 805.0 18.0 0.74 0.43 3.31 0.133 0.211 0.244 0.588

1303.0 1335.0 32.0 0.39 0.39 1.99 0.016 0.004 0.023 0.043

LAP23-07 30.0 260.0 230.0 0.16 0.14 1.18 0.025 0.003 0.005 0.033

754.0 812.0 58.0 0.15 0.13 1.08 0.024 0.008 0.011 0.043

LAP23-08 0.0 1304.8 1304.8 0.19 0.16 1.44 0.021 0.008 0.016 0.045

87.0 638.0 551.0 0.28 0.25 2.17 0.029 0.009 0.020 0.058

639.0 711.0 72.0 0.51 0.47 4.12 0.029 0.014 0.036 0.079

93.0 103.0 10.0 0.54 0.48 6.27 0.080 0.002 0.001 0.083

231.0 245.0 14.0 0.49 0.48 3.43 0.006 0.010 0.000 0.016

Notes to reported values in Tables 1, 2 and 3 below.

1. Recovered Copper Equivalent (CuEq) in Table 1 is determined as follows: CuEq% = [Cu% x recovery] + [Ag g/t x recovery / 31.103 x Ag

price / Cu price / 2,204 x 100] + [Au g/t x recovery / 31.103 x Au price / Cu price / 2,204 x 100] + [Pt g/t x recovery / 31.103 x Pt price /

Cu price / 2,204 x 100] + [Pd g/t x recovery / 31.103 x Pd price / Cu price / 2,204 x 100]

2. Copper equivalent is presented for comparative purposes using conservative long-term metal prices (all USD): $3.75/lb copper,

$23.50/oz silver (Ag), $1,850/oz gold (Au), $1,000/Oz platinum (Pt), $1,950/oz Palladium (Pd).

3. In the above calculations: 31.103 = grams per troy ounce, 2,204 = pounds per metric tonne.

4. The following recoveries have been assumed for purposes of the above equivalent calculations: 90% for Cu and all other listed metals,

based on recoveries at similar operations.

5. Intervals are reported as measured drill intersect lengths and may not represent true width.

6. Dashes in the tables for Ag, Au, Pt and Pd results indicate incomplete assay data.

Table 2 – La Plata Project Drill Result Highlights

Hole From

(m)

To (m) Length

(m)

CuEq

(% Rec)

(%)

(g/t)

Au+PGE

(g/t)

LAP21-02 89.0 194.2 105.2 0.43 0.40 4.33 0.038 0.002 0.008 0.048

LAP22-04 0.0 816.0 816.0 0.41 0.30 2.48 0.038 0.073 0.093 0.206

incl 304.8 816.0 511.2 0.52 0.36 2.83 0.044 0.057 0.100 0.201

Incl 449.6 505.4 55.8 0.9 0.68 5.54 0.068 0.139 0.199 0.407

Incl 547.1 576.1 29.0 0.82 0.62 4.84 0.054 0.197 0.176 0.427

Incl 612.6 644.6 32.0 0.85 0.60 4.55 0.141 0.147 0.188 0.476

Incl 786.4 816.0 29.6 1.59 0.69 5.54 0.167 0.739 0.823 1.729

Incl 806.2 816.0 9.8 3.58 1.59 12.46 0.351 1.478 1.904 3.733

Incl 815. 816.0 0.6 11.34 5.42 47.00 0.643 5.245 5.610 11.498

Allard UG 48.6 137.6 89.0 0.50 0.48 5.05 0.033 0.005 0.008 0.046

C-01 299.3 412.1 112.8 0.36 0.40 - - - - -

CA-03 0.0 304.8 304.8 0.35 0.39 - - - - -

Incl 100.6 304.8 204.2 0.44 0.48 - - - - -

CA-04 30.5 79.2 48.8 0.41 0.46 - - - - -

HEN-01 0.0 77.0 77.0 0.41 0.28 3.79 0.190 - - -

HEN-03 0.0 61.4 61.4 0.54 0.42 5.41 0.180 - - -

HEN-04 0.0 91.9 91.9 0.71 0.36 5.50 0.520 - - -

LP-01 0.0 854.4 854.4 0.24 0.26 - - - - -

incl 743.7 828.4 84.7 0.51 0.57 - - - - -

LP-03 1.5 396.8 395.3 0.47 0.5 1.06 0.017 - - -

Incl 1.5 107.6 107.5 0.62 0.65 1.42 0.034 0.034 - -

LP-04 1.5 304.8 303.3 0.36 0.40 0.30 - - - -

Incl 1.5 102.7 101.2 0.61 0.67 0.81 - - - -

LP-08 10.4 43.9 33.5 0.60 0.66 - - - - -

95-01 592.0 1039.4 447.4 0.21 0.16 1.68 0.026 0.029 0.030 0.085

See notes above for reported values in Tables 1, 2 and 3 below.

La Plata Project Overview

The La Plata project is centered on the alteration footprint of a 10 km2 precious metal-rich alkaline copper porphyry

system that shows multiple centers of Cu-Ag-Au-PGE mineralization occurring over extensive areas as disseminated

porphyry-style mineralization. Surrounding the central porphyry system is an associated high-grade silver and gold-rich

epithermal system measuring at least 8 km by 12 km that hosts over 50 identified mineralized veins, replacement, and

breccia structures. Historical production from some of these high-grade structures included bonanza grades for silver

and gold.

The Allard target area—where over 95% of the recent and historic drilling that has occurred to date—is defined by

multiple chalcopyrite and bornite-rich porphyritic intrusions over 1 km length by 800 m width and 1,500 m vertically

representing just a small fraction of the larger unexplored project area. Mineralization is hosted in an expansive

disseminated chalcopyrite and bornite copper sulphide body that remains open at depth and to the W, NE and SW as

defined by drilling. A total of 21,745 m in 63 drill holes have been drilled on the property from the 1950s to present.

Figures 1-3 display this drill data as an isometric long section, plan and cross-sectional views of the drill results on the

La Plata project to date. Higher-grade assays are shown on the drill traces in the red to magenta colors with significant

composite grades included as callouts.

Figure 1 – La Plata Isometric Long Sectional View (Looking west, significant drill intervals and mineralized grade shells

are shown. Drill holes are shown indicating nearly 1.5 kilometers of vertical mineralization open at depth and along

trend to the north, south and to the west. Note 0.25% CuEq cut-off grade shell and higher-grade 0.4% CuEq shell.)

Figure 2 – Plan map of the Allard Resource Area (Showing surface projections of the drill hole traces with CuEq (%) or

just Cu (%) in historic holes without precious metals assays.)

Figure 3 – Cross Section Through Holes LAP23-05, LAP23-06, C-01 and LAP22-04 (Showing the geologic relationship of

multiple mineralized porphyritic intrusions and identifies significant grade associated with Sy 1, Sy 2, Sy 3 (the Mafic

Syenite), with a structural/breccia zone at the contact of Sy 3 and Sy 4 (the Grey Syenite).)

Discussion of Drill Results

The 2023 exploration drilling focused on testing of extensions to the mineral resource laterally and at depth and to

better define the geologic controls and vectors to higher-grade mineralization within the Allard deposit. A key finding

from the 2023 program was the recognition that the highest-grade mineralization occurs within specific porphyry units

with the most intense potassic alteration and in zones of intense high-temperature argillic alteration particularly with

increased sulphide content as bornite.

Broad zones of continuous mineralization over 500 m in width were intersected in three of the four drill holes with

significant intervals exceeding 0.5% to 0.7% CuEq with associated Ag, Au, and PGEs. This is broadly consistent with the

tenor of results from LAP22-04, which intersected 816 m of continuous mineralization, and historic hole C-01 which also

intersected the same porphyry units (See Tables 1-2, Figures 1-3 above). La Plata drill holes 04, 05, 06 and 08 show four

of the highest grade-thickness values in the Allard deposit to date ranging from 232 %-m to 334 %-m. These values place

all four holes in the top 10 for copper drill hole results in the U.S. last year, as documented by

www.juniormininghub.com.

This detailed logging of the drill core, combined with the extensive hyperspectral data from scanned drill holes, allowed

the recognition and delineation of multiple mineralized intrusive phases, which provided important understanding of

the relationship between individual porphyry units in the system and the controls to higher-grade mineralization.

Up to seven igneous rock types were encountered in the drilling, and several of the syenitic porphyritic rocks appear to

be the most receptive hosts for higher-grade mineralization. Variably porphyritic syenites, Sy 1 to Sy 3, host the

strongest copper sulphide mineralization. The Sy 3 unit, also known as the Mafic Syenite, may represent an important

causative intrusive. All three of these porphyry units are believed to continue to the SW and NE and to depth and may

underlie the higher-grade mineralization seen in the Allard tunnel area.

Recognition of the geologic relationships between these porphyritic rock types and delineation of their alteration

patterns provides a strong basis to target the higher-grade receptive porphyry units. Follow-up drilling at the Allard

deposit will focus on drilling below the higher-grade Allard tunnel area and testing the strike extensions along the SW

to NE structural corridor that hosts key higher-grade porphyry units which remain open to expansion.

Surface Exploration Results and Targeting

An important additional objective in the La Plata 2023 exploration program was to identify, advance and refine new

priority targets outside of the Allard resource area to bring them to a drill testing stage in 2024. La Plata has the potential

to host a district-scale alkalic porphyry system with multiple porphyry centers, similar to the Alkalic systems at Cadia in

Australia, and Red Chris and Galore Creek in the Golden Triangle of British Columbia.

This concept is supported by the multi-kilometer scale metal-in-soil values at La Plata that extend well beyond the area

of drilling and correspond with strong alteration responses in the detailed district-scale airborne hyperspectral survey.

In 2023, an extensive program of rock sampling in conjunction with detailed geologic surface mapping both inside and

outside of the Allard resource area was completed with support from the district scale hyperspectral survey. This work

has identified new high-priority target areas for follow-up exploration and has expanded the known surface footprint

of the Allard mineral system.

Significant high-grade results were received in surface rock samples taken from more than 20 different target areas

during the field season. Several of these surface target zones have returned percent level copper grades with significant

silver, gold, and PGE values in rock sampling that have never been drill tested (see Table 3 and Figure 4).

This work has identified significant drill-ready targets at Morningstar, Renegade, and Copper Hill, which may represent

new porphyry center discoveries on the La Plata property. Follow up work is planned on at these targets in 2024 along

with work to advance additional surface targets to a drill-ready stage.

Table 3 – Surface Grab and Chip Rock Sample Highlights from Across the La Plata Project

Target Style

CuEq

(% Rec)

AuEq

(g/t Rec)

(%)

(g/t)

Au+PGE

(g/t)

Apex Porphyry 4.33 6.02 3.55 127.99 0.03 0.164 0.012 0.207

Apex Porphyry 4.11 5.71 4.37 19.22 0.02 0.009 0.002 0.027

Copper Age Porphyry 9.10 12.65 10.00 1.09 0.03 0.006 0.103 0.138

Copper Hill Porphyry 18.36 25.52 17.90 169.31 1.18 0.085 0.105 1.370

Copper Hill Porphyry 6.43 8.94 0.01 6.24 9.82 0.001 0.005 9.829

Copper Hill Porphyry 5.94 8.26 5.35 53.00 0.46 0.653 0.241 1.351

Divide Porphyry 9.07 12.61 10.00 0.90 0.03 0.046 0.048 0.123

Divide Epithermal 4.87 6.77 0.09 0.79 7.38 0.002 0.001 7.385

Dolly Porphyry 0.91 1.26 0.10 48.60 0.64 0.007 0.001 0.651

Evening Star Porphyry 6.73 9.35 7.41 0.20 0.09 0.001 0.005 0.092

Evening Star Epithermal 5.88 8.17 0.00 0.87 9.07 0.002 0.001 9.073

Little Kate Epithermal 21.36 29.69 0.11 66.33 32.00 0.002 0.001 32.003

Little Kate Epithermal 11.28 15.68 0.04 83.30 16.30 0.002 0.001 16.303

Little Kate Epithermal 6.59 9.16 1.11 228.00 5.75 0.002 0.001 5.752

Little Kate Epithermal 5.42 7.53 0.06 14.00 8.12 0.002 0.001 8.118

Madden Skarn 5.80 8.06 1.53 532.00 0.09 0.004 0.001 0.090

Morning Star Porphyry 5.85 8.13 5.99 46.37 0.10 0.001 0.011 0.110

Morning Star Porphyry 5.13 7.13 3.83 19.47 0.18 0.112 2.020 2.308

Morning Star Porphyry 4.46 6.20 4.56 26.17 0.12 0.005 0.087 0.216

Morning Star Porphyry 1.70 2.36 1.02 4.14 0.04 0.012 1.048 1.102

N. Gauge Epithermal 6.11 8.49 0.02 95.00 8.21 0.001 0.005 8.214

Renegade Porphyry 1.99 2.77 1.90 3.22 0.39 0.002 0.001 0.390

South Rush Epithermal 5.07 7.05 0.12 30.33 7.28 0.001 0.005 7.288

T-29 Epithermal 14.26 19.82 0.04 13.20 21.80 0.000 0.000 21.800

T-29 Epithermal 5.44 7.56 0.11 0.54 8.23 0.002 0.001 8.236

See notes above under Table 1.

Figure 4 – Plan Map of La Plata Project Claims Showing Surface Rock Sample Results over Generalized Soil

Geochemistry Contours with Copper >200 ppm and Gold > 0.1 ppm (Map shows the area of high Au-Ag-Te epithermal

mineralization in veins, replacements, skarns and breccias (represented by Au >0.1 g/t contour) around a broad central

area of porphyritic alkaline intrusions (represented by Cu >200 ppm). The Allard resource and new drill ready targets

are identified.)

Alkaline Porphyry Systems

Alkaline porphyry intrusions are a specific type of porphyry deposit with distinct characteristics that include alkaline

compositions, associated anomalous precious metal mineralization (Ag-Au-PGEs) and distinctive alteration patterns

that are characteristic of their formation processes. Alkaline-related systems can range from porphyry-related to

epithermal systems and include some of the world’s largest economic deposits for copper and gold such as Bingham

Canyon (Rio Tinto), Cadia, Galore Creek and Red Chris (Newmont) and as well as world class gold deposits including

Porgera (Barrick) and Cripple Creek (Newmont) (Jenson and Barton, 20002). Figure 5, shows deposits from the La Plata

district, including Allard and Bessie G, placed in context in terms of their relative setting with these other Alkalic related

systems. The Metallic Minerals management team has extensive experience from the development of the Galore Creek

deposit with NovaGold Resources through the period of resource growth and development to feasibility. The Galore

Creek deposit contains 13.6 Blbs of copper, 10.8 Moz Au and 193.8 Moz Ag3 in Resources, and is considered one of the

closest analogs to the geologic setting at the Allard Resource and La Plata project.

The La Plata project represents a district-scale opportunity for additional discoveries of both high-level alkalic porphyry

Cu-Ag-Au-PGE deposits and epithermal Au-Ag-Tellurium vein deposits centered on a 10 km2 area of alteration. Recent

field work and previous machine-learning efforts with ALS GoldSpot Discoveries, have identified over 20 surface target

areas outside of the Allard resource area for additional exploration.

Figure 5 – Schematic illustration of the relationship between magmatic intrusive rocks, host rocks, hydrothermal

alteration and metal distribution in major alkaline-related copper and gold systems (after Jensen and Barton 2000).

The La Plata Property Overview

Metallic Minerals’ 100% owned La Plata project covers 44 square kilometers 20 km north of Mancos, Colorado, within

the historic La Plata mining district, which is in the southwest portion of the prolific Colorado Mineral Belt. The La Plata

project is accessible by highways and improved gravel roads and is near significant power transmission lines.

The La Plata district has a long and rich history of mining with the first silver deposits discovered in the 1700s by Spanish

explorers. High-grade silver and gold production has been documented from the 1870s through the early 1940s from

mineralized deposits at over ninety individual mines and prospects4. From the 1950s to 1970s, major miners, including

Rio Tinto (Bear Creek) and Freeport-McMoRan (Phelps Dodge), explored the district focused on potential for bulk-

tonnage disseminated and stockwork hosted mineralization5. Freeport-McMoRan retained ownership of claims in the

district until 2002 when they sold their holdings to the underlying vendors during the lows of the last metal price cycle.

About Metallic Minerals

Metallic Minerals Corp. is a resource-stage mineral exploration and development company, focused on copper, silver,

gold, and platinum group elements in the La Plata mining district in Colorado, and silver and gold in the high-grade Keno

Hill and Klondike districts of the Yukon. Our objective is to create shareholder value through a systematic,

entrepreneurial approach to making exploration discoveries, growing resources, and advancing projects toward

development.

At the Company’s La Plata project in southwestern Colorado, the expanded 2023 NI 43-101 mineral resource estimate

highlights a significant porphyry copper-silver resource containing 1.2 Blbs copper and 17.6 Moz of silver with numerous

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