Metallic Minerals Drills 1,540 g/t Ag Eq over 1.63 meters within 20.9 meters of 230 g/t Ag Eq at Keno Silver Project in Yukon, Canada
TSX.V: MMG | OTCQB: MMNGF
Metallic Minerals Drills 1,540 g/t Ag Eq over 1.63 meters within 20.9 meters of 230 g/t Ag Eq
at Keno Silver Project in Yukon, Canada
January 30, 2023 – Vancouver, BC – Metallic Minerals Corp. (TSX.V: MMG; OTCQB: MMNGF) (“Metallic Minerals”
or the “Company”) is pleased to announce additional results from the 2022 field program at the Keno Silver project
in the historic Keno Hill silver district of the Yukon: Canada’s most important silver mining district. These results
cover the West Keno area and represent the second in a series of results to be released from the Company’s 2022
exploration program, which included 3,265 meters ( “m”) of diamond core drilling in 23 drill holes focused on
expansion of advanced stage, “resource-ready” targets in anticipation of an inaugural NI 43-101 mineral resource
estimate in 2023.
Exploration in 2022 at West Keno focused on drilling at the advanced-stage Formo target, which produced silver
at various times since the 1930s from high -grade vein structures that graded over 1,000 g/t silver 1. Formo is a
significant inholding within the neighbouring Hecla Mining property and is on trend with the historic Hector-
Calumet Mine, which produced nearly 100 million ounces of silver making it the largest individual mine in the
district1.
2022 West Keno Exploration highlights
• High-grade silver (“Ag”), lead (“Pb”) and zinc (“Zn”) mineralization was encountered in five of seven holes
(See Table 1). Both high-grade Ag-Pb-Zn vein-style mineralization and broader zones of moderate grade Ag-
Pb-Zn mineralization were encountered.
• A total of 40 high -grade samples of over 100 g/t silver equivalent (“ Ag Eq”) were intercepted in the 202 2
West Keno drilling, including:
o FOR22-01, 0.54 m @ 2,291 g/t Ag Eq (1,139 g/t Ag, 18.32% Pb, 14.79% Zn)
o FOR22-02, 0.5 m @ 1,025.1 g/t Ag Eq (14 g/t Ag, 0.07% Pb, 23.36% Zn)
o FOR22-04, 1.63 m @ 1,536.2 g/t Ag Eq (1,049.5 g/t Ag, 4.21% Pb, 9.45% Zn)
o FOR22-04, 0.64 m @ 2,127.9 g/t Ag Eq (1,358 g/t Ag, 4.16% Pb, 16.42% Zn)
o FOR22-05, 0.5 m @ 1,215.3 g/t Ag Eq (850 g/t Ag, 7.65% Pb, 3.97% Zn)
• All five holes encountering significant silver mineralization in 2022 also intercepted broad bulk-tonnage zones
averaging 26.2 m @ 85.6 g/t Ag Eq comprised of multiple high-grade vein intervals with associated stringers
and stockwork veining.
Metallic Minerals President, Scott Petsel, stated, “Impressive drill results , year over year , have consistently
demonstrated that Formo is one of Metallics’ highest-grade targets and have cemented it as a priority for a planned,
near-term NI 43 -101 resource estimat e. The strategic location of the Formo deposit along the Silver Trail Highway
provides easy access and adjacent electrical power and it is only two kilometers from the largest individual silver deposit
in the district and less than five kilometers from both Hecla’s active mine development operations at Bermingham and
the Keno operations mill at Keno City. This new step-out drilling continues to show that the deposit remains open to
further testing along trend and down dip with room for significant expansion of the mineralized footprint and additional
new discoveries. With these results complete we have initiated resource modelling work with SGS Geological Services
on the Formo deposit.
“The Company expects to announce additional drill results from both the Keno Silver Project (primarily at the advanced-
stage Caribou target), and from follow up expansion drilling at the La Plata Project over the coming weeks.”
Upcoming Events
Vancouver Resource Investment Conference – Metallic Minerals will be participating in the Vancouver Resource
Investment Conference at the Yukon Pavilion on Monday January 30th. For more information, visit here.
GCFF Virtual Conference – Scott Petsel will be presenting during the GCFF Metals Investing Virtual Conference on
February 23rd at 10am PT | 1pm ET. To register, click here.
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OTC Markets Battery & Precious Metals Virtual Investor Conference – Metallic will be participating in the upcoming
OTC Markets Battery & Precious Metals Investor Conference on Wednesday, February 15 at 10am PT | 1 pm ET. To
register, click here.
2023 Prospectors and Developers Convention (PDAC) – Booth, Presentation & YMA Core Shack
Metallic Minerals will be attending PDAC 2023 in Booth IE3024. Additionally, President Scott Petsel will be providing a
corporate presentation at a Forum for Investors during the 2023 Prospectors and Developers convention in T oronto
Monday March 6 th in the silver -focused session, Room 803, between 10:00 am and 12:00 pm at the Metro Toronto
Convention Center. For more information, visit here.
Figure 1. Keno Silver District Geology and Deposits
West Keno 2022 Drilling Program
Drilling at West Keno focused on the advanced-stage “resource-ready” Formo target area. A total of seven holes
were completed over 1,145.6 meters on known projections of mineralization with the goal of expanding the
potential resource footprint of the deposit in anticipation of an inaugural 43-101 mineral resource estimate in
2023. Previous drilling has recognized at least three separate parallel high -grade Ag-Pb-Zn vein structures and
results of the 202 2 drilling continue to demonstrate multiple vein zones in each hole with individual grades
commonly more than 1,000 g/t Ag Eq (See Table 1). The Formo target represents one of the highest-grade areas
drilled to date on Metallic’s Keno Silver Property with 4.1 m of 2,536 g/t Ag Eq (FOR20-03) and 1 m of 2,961.6 g/t
Ag Eq (FOR21-06) as examples of drill results from previous years efforts.
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Table 1 – Highlights of 2022 Drill Results from the West Keno - Formo Target Area
DDH Hole ID From (m) To (m) Length (m) Ag Eq (g/t) Ag (g/t) Au (g/t) Pb (%) Zn (%)
FOR22-01 72.3 103.95 31.65 86.5 41.1 0.01 0.54 0.70
incl 72.3 72.8 0.5 496.4 349 0.00 3.70 1.17
And incl 97.3 103.95 6.65 324.6 148.4 0.02 2.07 2.73
And incl 98.8 99.34 0.54 2291 1139 0.06 18.32 14.79
FOR22-02 91 119.2 28.2 69.8 11.6 0.02 0.11 1.25
incl 91 105.5 14.5 123 17.1 0.01 0.16 2.34
And incl 91 92 1 744.4 74 0.02 0.31 15.35
And incl 95.3 95.8 0.5 1,025.1 14 0.01 0.07 23.36
FOR22-03 77 81 4 154.2 93.6 0.01 0.83 0.90
incl 77 77.81 0.81 489.6 386 0.00 3.54 0.31
and 125 141.6 16.6 66.4 36 0.01 0.37 0.45
incl 126.8 134 7.2 107.8 58.4 0.00 0.65 0.74
FOR22-04 125.13 146 20.87 228.8 144.6 0.01 0.70 1.59
incl 126.75 127.5 0.7 1,168.5 345 0.07 3.52 16.81
And incl 137.6 144 6.4 557.7 395.9 0.02 1.65 2.99
And incl 141.81 143.44 1.63 1,536.2 1,049.5 0.11 4.21 9.45
And incl 142.8 143.44 0.64 2,127.9 1,358 0.00 4.16 16.42
FOR22-05 60.9 61.62 0.72 293.5 3.5 3.34 0.01 0.10
and 131.5 164.95 33.45 67.9 42.1 0.05 0.37 0.28
incl 147 151 4 283 195.3 0.00 1.81 0.96
And incl 148.8 149.3 0.5 1,215.3 850 0.00 7.65 3.97
And incl 164.45 164.95 0.5 280 1.9 3.25 0.00 0.00
FOR22-06 75.7 77.15 1.45 41.8 21.3 0.01 0.44 0.17
and 131.52 132.07 0.55 42.8 15.3 0.02 0.12 0.53
FOR22-07 93.4 93.9 0.5 44.9 22.3 0.01 0.20 0.39
and 123.45 124.04 0.59 43.8 31.1 0.00 0.21 0.18
Notes to reported values:
1. Ag equivalent is presented for comparative purposes using conservative long-term metal prices (all USD): $20.0/oz silver (Ag),
$1.00/lb lead (Pb), $1.40/lb zinc (Zn).
2. Rcovered Silver Equivalent in Table 1 is determined as follows: Ag Eq g/t = [Ag g/t x recovery] + [Au g/t x recovery x Au price/ Ag
price] + [Pb % x 10,000 x recovery x Pb price / Ag price] + [Zn% x 10,000 x recovery x Zn price / Ag price].
3. In the above calculations: 1% = 10,000 ppm = 10,000 g/t.
4. The following recoveries have been assumed for purposes of the above equivalent calculations: 95% for precious metals (Ag/Au)
and 90% for all other listed metals, based on recoveries at similar nearby operations.
5. Intervals are reported as measured drill intersect lengths and may not represent true width.
West Keno and the Formo Area Target
The Western Keno Hill district is host to the largest historic production and current resources in the prolific Keno Hill
silver district. The Formo target is located at the intersection of a north -easterly structural zone extending from the
Hector-Calumet mine, which was the largest producer in the district producing nearly 100 million ounces of silver and
the Elsa structural trend, which was the second largest silver producer in the district (see Figure 2).
The Formo property, which include the Formo Mine, also known as the Yukeno Mine, was acquired by Metallic Minerals
in 2017. The historic Formo mine produced high-grade silver at various times since the 1930s from high -grade vein
structures that graded over 1,000 g/t silver 1. Significant underground exploration drifts were developed in the 1950s
with most of the historic production from an open pit located alongside of the Silver Trail highway between the Elsa
townsite and Keno City and last mined in the 1980s.
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Figure 2 – West Keno Plan Map
Figure 3 – Formo Vein Long Section (looking NW)
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The primary Formo vein structure is exposed at surface in an open cut. Multiple veins have been encountered in the
target area that demonstrate an association with Triassic greenstones in the Earn group schist , similar to the Sadie
Ladue deposit which produced 12.7 Moz silver at a grade of 1,620 g/t Ag1. In addition to the mineralization at the known
Formo deposit, two new surface targets have been identified through soil and rock sampling along the same structural
corridors that show potential to host high-grade and bulk tonnage Keno-style Ag-Pb-Zn veins on the Formo property.
Since 2020 Metallic Minerals has drilled 22 holes (3,306.9 m) at the Formo Target to compliment the six core holes and
54 percussion holes drilled by previous owners between 1980 and 1981. The Formo Target is open to significant
expansion opportunities and is poised to lead the Company’s efforts to establish resources on the Keno Silver Project.
Grant of Long-Term Performance Incentives
Metallic Minerals further announces that, subject to the approval of the TSX Venture Exchange, it has granted 1,490,000
stock options (each, an “Option”) to certain directors , officers and employees of the Company in accordance with the
Company’s Long-Term Performance Incentive Plan. Each Option is exercisable into one common share in the capital of
the Company (“Share”) at a price of $0.23 per share, being the closing price of the Shares on the TSX Venture Exchange
on January 27, 202 3, for a period of five years from the date of grant. The Options are subject to certain vesting
requirements in accordance with the shareholder approved plan.
About Metallic Minerals
Metallic Minerals Corp. is a leading exploration and development stage company, focused on silver and gold in the high-
grade Keno Hill and Klondike districts of the Yukon, and copper, silver and critical minerals in the La Plata mining district
in Colorado. Our objective is to create shareholder value through a systematic, entrepreneurial approach to making
exploration discoveries, growing resources and advancing projects toward development. Metallic Minerals has
consolidated the second-largest land position in the historic Keno Hill silver district of Canada's Yukon Territory, directly
adjacent to Hecla Mining’s operations, with more than 300 million ounces of high-grade silver in past production and
current M&I resources. Hecla Mining Company, the largest primary silver producer in the USA and third largest in the
world, completed the acquisition of Alexco Resources and their Keno Hill operations in September 2022. Metallic
Minerals is also one of the largest holders of alluvial gold claims in the Yukon and is building a production royalty
business by partnering with experienced mining operators. At the Company’s La Plata project in southwestern Colorado
an inaugural NI 43-101 mineral resource estimate in April 2022 returned a significant porphyry copper-silver resource
with results from the 2022 expansion drill program pending. All of the districts in which Metallic Minerals operates
have seen significant mineral production and have existing infrastructure, including power and road access. Metallic
Minerals is led by a team with a track record of discovery and exploration success on several major precious and base
metal deposits in the region, as well as having large-scale development, permitting and project financing expertise. The
Metallic Minerals team has been recognized for its environmental stewardship practices and is committed to
responsible and sustainable resource development.
Footnotes:
1. Cathro, R. J., Great Mining Camps of Canada 1. The History and Geology of the Keno Hill Silver Camp, Yukon Territory.
Geoscience Canada, Sept. 2006. ISSN 1911-4850.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Website: www.mmgsilver.com Phone: 604-629-7800
Email: [email protected] Toll Free: 1-888-570-4420
Qualified Person
The disclosure in this news release of scientific and technical information regarding exploration projects on Metallic Minerals’ mineral
properties has been reviewed and approved by Debbie James, Senior Geologist for TruePoint Exploration, who is a Qualified Person as
defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Quality Assurance / Quality Control
All samples were assayed by 36 Element Aqua Regia Digestion ICP-MS methods at Bureau Veritas labs in Vancouver with sample preparation
in Whitehorse, Yukon and geochemical analysis in Vancouver, British Columbia. Samples with over limit silver and gold were re-analyzed
using a 30-gram fire assay fusion with a gravimetric finish. Over-limit lead and zinc samples were analyzed by multi-acid digestion and
atomic absorption spectrometry. All results have passed the QAQC screening by the lab and the company utilized a quality control and
quality assurance protocol for the project, including blank, duplicate, and standard reference samples.
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Forward-Looking Statements
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than
statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation
of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results,
the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal
prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks,
reclamation, title, statements about expected results of operations, royalties, cash flows, financial position and future dividends as well as
financial position, prospects, and future plans and objectives of the Company are forward-looking statements that involve various risks and
uncertainties. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from
those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors
that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals,
unsuccessful exploration results, unsuccessrul operations, changes in project parameters as plans continue to be refined, results of future
resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business
conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis,
accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on
operations and costs to remedy same and other exploration or other risks detailed herein and from time to time in the filings made by the
Company with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated
economic viability. Mineral exploration, development of mines and mining operations is an inherently risky business. Accordingly, the actual
events may differ materially from those projected in the forward-looking statements. For more information on Metallic Minerals and the
risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.