IP Survey Extends IP Anomalies at Cliff-Miles Targets, Kirkham Property
IP Survey Extends IP Anomalies at Cliff-Miles
Targets, Kirkham Property
VANCOUVER, BC
,
Oct. 21, 2021
/CNW/ -
Metallis Resources Inc.
(TSX-V: MTS) (OTCQB:
MTLFF) (FSE: 0CVM) (the "Company" or "Metallis") announces the results of its recently completed
high-resolution induced polarization ("IP") survey (or "Survey") on the Company's Cliff-Miles porphyry
corridor, which extends over a strike-length of 4 km at the 100%-owned Kirkham Property (the
"Property"). The Property is situated in the prolific Eskay mining camp of the Golden Triangle in
northwestern
British Columbia
. The Eskay camp is well-known for its past producing Eskay Creek
and Snip gold mines, Seabridge's KSM porphyry deposits and Pretium's Brucejack gold mine
currently in production.
Two IP lines were positioned to the north of last year's IP survey area with results highlighting an
800m
extension (open to the north) to the previously identified, high priority Cliff and Miles
anomalies. Additionally, two north-south oriented tie-lines were completed over the entire Miles
copper-gold zone leading to assist the line-to-line correlation of the IP results. Additional prospective
targets on the Property including Cole, Rhyolite Ridge and Mount Dunn are expected to be surveyed
early next spring as the Survey was suspended due to abnormally difficult weather conditions.
Key Highlights
The IP survey and subsequent modelling has established a spatial association between areas of
coincident moderate-to-high resistivity and chargeability to high-grade copper-gold
mineralization and positive core logging indicators (chalcopyrite, pyrite and veining etc.) along a
2.5 km-long section of the Cliff-Miles porphyry corridor; (
Click Here to View Typical Inverted
1,200m
Elevation Level Plan
)
Both the inverted IP sections and level plans have emphasized a substantial (
2,500m
x
300m
)
coincident IP resistivity-chargeability anomaly open to the north, south, and at depth; (
Click Here to View typical Inverted Section
)
Drill holes KH21-41 and KH21-42, with some of the best geologic indicators this season, have
intersected transitioning zones of high-to-moderate resistivity and, locally, high chargeability;
Drill hole KH21-44 has intersected an extensive zone of intense silicification and sulphide
mineralization coincident with a transitional zone in the IP resistivity response;
Drill hole KH21-45 is now on track to intersect one of the largest IP chargeability anomalies
observed within the Cliff-Miles porphyry corridor, adjacent to the best zones of KH20-37; (See
NR
March 23, 2021
)
Previous drill testing of the Cliff and Miles anomalies identified from the 2020 IP Survey
produced some of the best results encountered at the Cliff zone where KH20-34 returned
54m
of 1.13 g/t AuEq* within a broader interval of
141m
of 0.64 g/t AuEq*; (See news release
Mar
23, 2021
)
KH20-37 into a zone of moderate IP resistivity and good IP chargeability at Miles returned
32.0m
of 1.24 g/t AuEq* within a broader interval of
83.0m
of 0.68 g/t AuEq*; (See NR
March
23, 2021
) and
Penetrative remote sensing methods, like Induced Polarization and Z-TEM, will enable more
precise targeting in future drill programs and aid in the understanding of the Hawilson Porphyry
Complex.
Although the IP results arrived late in the season, the 3D-IP anomalies have supported the design of
the last two holes currently being drilled at the Miles target and will aid in future targeting.
Fiore Aliperti
, Metallis' President and CEO stated "We are extremely pleased with the survey's
ability to outline both the concentration of sulphides (chargeability) and the silicification (resistance)
of the rock volumes in this survey. The correlation to known mineralization lets us expand our
prospective mineralization quickly, easily, and far more cost effectively than relying on drilling alone.
We are now in an excellent position of knowing where to continue our drilling to expand the
mineralized zones at the 4 km Cliff-Miles porphyry corridor."
The drill core assays, and verification are eagerly anticipated.
*Gold equivalent grades ('AuEq.") are for comparative purposes only. Calculations are uncut and
recovery is assumed to be 100% as no metallurgical data are available. The metal prices
including:
US$1,700
/oz Gold,
US$20
/oz Silver,
US$3.0
/lb. Copper &
$9.0
/lb. Mo. were used for
AuEq g/t. Drilling data to date is insufficient to determine true width of the mineralized zone.
Composites are
determined using a notional 0.20 g/t AuEq cut-off, a maximum of ten meters of
internal dilution for porphyry-style mineralization and no top cut is applied.
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
and 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 region. 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
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. Should one or more of these risks or uncertainties materialize, or should
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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 09:30e 21-OCT-21