Critical Mineral Potential Identified at Greyhound Property, Idaho, USA
CRITICAL MINERAL POTENTIAL IDENTIFIED
AT GREYHOUND PROPERTY, IDAHO, USA
VANCOUVER, BC
,
May 7, 2024
/CNW/ -
Metallis Resources Inc.
(TSXV: MTS) (OTCQB: MTLFF)
(the "Company" or "Metallis") reports that following recent compilation work of its historic database,
the geological team has identified highly elevated antimony assays, significantly increasing the critical
mineral potential of the Company's Greyhound Property ("the Property"). The economics of critical
minerals are supported by the US Infrastructure Act as demonstrated by recent high-profile moves
from the U.S. Departments of Energy and Defense to finance the nearby Stibnite Mine which has
significant antimony reserves and is owned by Perpetua Resources.
Fiore Aliperti
, Metallis' President and CEO commented, "Recent news released by Perpetua
announcing
$1.8 billion
in debt financing has demonstrated to the market the commitment and
resolve of the American government to establish a local supply of critical minerals. This strategy is
an essential piece of the
USA's
transition to a sustainable energy future and overcoming
China's
global dominance in the supply chain of these elements. With options for government grants, loan
guarantees, and access to capital, it is encouraging for us to be exploring for the same commodity in
the same region." He added, "We look to leverage this information during our exploration efforts this
upcoming season as the Property has never been assessed for antimony potential and provides our
investors with multiple chances for success."
In analyzing the historic work, the technical team has identified significant anomalous values of
antimony as well as descriptions from previous operators of antimony sulfide (stibnite) observed
within the mineralized zones. Although the majority of the previous mining did not assay for
antimony, a rock sampling program in 1976 returned grades that averaged 2.4% Sb from 12
samples. These historic samples ranged from 0.17% to 4.68% Sb and demonstrate highly enriched
stibnite mineralization across the Property. For context, antimony prices have averaged between
$5
and
$6 USD
per pound in the last 3 years making it approximately 1.2 times more valuable by weight
than copper.
Just 38 km northwest along strike from the Greyhound property lies Perpetua Resources' Stibnite
Mine, with mineral reserves of 5 million ounces of gold and significant antimony. Perpetua has
recently been the recipient of a letter of interest from the Export-Import Bank of
the United States
for the potential debt financing of up to
$1.8 billion
through the "Make more in America Initiative" and
the "
China
and Transformational Exports Program". Perpetua has also been the recipient of multiple
government grants totaling over US
$40 million
to develop and secure the antimony resource from
their project.
Antimony supply has been largely dominated by
China
with no antimony mines currently operating in
the
USA
. This has led to the classification of antimony as a high priority critical mineral defined by its
economic importance and high supply risk. Governments around the world have stressed the
strategic importance of this critical metal as it is used across several military applications as well as
in battery storage, circuit boards and laser technology. Furthermore, the only antimony smelter in
America is in the neighboring state of
Montana
, currently receiving antimony ore from mines in
Mexico
.
In addition to the antimony prospectivity, the Greyhound property's primary commodity is silver,
which has significant uses in green technology and energy, with a number of lobbying groups looking
to establish silver as a critical metal. Uses of silver are extensive as it exhibits the highest electric
and thermal conductivity of all elements. Over 15% of all silver production is used in photovoltaic
technologies (solar panels) ensuring a consistent demand for the electrification of the planet.
Map of Greyhound relative to Perpetua (CNW Group/Metallis Resources Inc.)
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.
Note: The reader is cautioned that all measurements and metal grades are derived from previous
reports and
Metallis has not independently confirmed the results.
The similarity of values and
conservative approach does lend confidence to these values.
About the Greyhound Property
The recently acquired Greyhound Property is in
Custer County, Idaho
, approximately 42 km
northwest of the town of
Stanley
. This property was the center of an active silver mining camp in the
early 1900's and at one point contained a smelter and two active mines situated along a 3.6 km
mineralized shear zone. Since 1910, the property has seen limited exploration and only minor
development when the Greyhound Mine was reactivated and mined from 1980-1991. The last
remaining ore from this period was shipped to a smelter in 2000 and the property remains
substantially underexplored and has never been drilled.
About Metallis
Metallis Resources Inc. is a
Vancouver
-based company focused on the exploration for gold, copper
and silver on its flagship 100%-owned Kirkham Property in
Canada
, situated in northwest
British
Columbia's
Golden Triangle, and on its recently acquired Greyhound Property, a silver/gold/antimony
target in
Idaho, USA
.
Metallis trades under the symbols MTS on the TSX Venture Exchange, MTLFF on the OTCQB
Exchange, and 0CVM on the Frankfurt Stock Exchange.
On behalf of the Board of Directors:
/s/ "Fiore Aliperti"
Chief Executive Officer, President, and Director
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including quarterly and annual Management's Discussion and Analysis, which may be viewed on
SEDAR at
www.sedarplus.ca
. 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
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does not assume any obligation, to update these forward-looking statements.
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SOURCE
Metallis Resources Inc.
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For further information:
Tel: 604-688-5077, Email: [email protected], Web:
www.metallisresources.com
CO: Metallis Resources Inc.
CNW 09:00e 07-MAY-24