Metallis Announces Expansion of Mineralized Hawilson Monzonite, Drill Targets Identified and 2% NSR Purchase
Metallis Announces Expansion of Mineralized
Hawilson Monzonite, Drill Targets Identified
and 2% NSR Purchase
VANCOUVER
,
July 20, 2018
/CNW/ -
Metallis Resources Inc.
(TSX-V: MTS)
("Metallis" or the
"Company") announces positive results from its 2018 Phase 1 exploration program (the "Program")
and has planned the first of two drilling campaigns on its 100%-owned Kirkham Property (the
"Property"), prospective for multiple deposit types in the prolific Eskay camp of northwest
British
Columbia
.
In addition, the Company confirms it has completed the purchase of a pre-existing 2% net smelter
return ("NSR") royalty, securing 100% unencumbered ownership over several critical target areas of
the Property, including the entire 7km length of the Hawilson Monzonite ("HM") which contains the
Cole, King, Nina, Natt and Cliff targets. The NSR was purchased under a Right of First Refusal for
US$300,000
.
Exploration Program Highlights:
Detailed mapping has extended the mineralized HM from ~6km to a strike-length of greater than
7km with an average width of ~350m, enhancing the volume potential of the porphyry copper-
gold mineralization along this NS-trending corridor
(click here to see map)
.
The Cole prospect is identified as a much wider (~450m), well preserved porphyry copper-gold
system with geological features (i.e. geometry, potassic alteration, veins and sulphides) similar
to Seabridge Gold's Kerr deposit located ~25km to the east of the Kirkham Property. The
historic geochemical sampling results in rocks range from 0.2% to 0.5% Cu and up to 20.7 g/t
Au at the Cole prospect - supporting the presence of a gold-rich system.
2018 exploration to the north of the Cole prospect discovered two angular blocks of monzonite
with pervasive phyllic alteration, silification and pyrite-bornite mineralization, a grab sample of
one assayed 1.39% Cu and 26.6 g/t Au.
Results from field mapping along with the interpretation of the new geophysical and
geochemical results has enabled the Metallis technical team to design the initial 2018 drilling
program which will focus on the Cliff, Nina and Cole porphyry centers clustered along the NS-
trending HM, located within the southern portion of the Kirkham Property.
The geological mapping, geochemical and prospecting program was focused on the continued
evaluation of the porphyry copper-gold potential of the HM. The HM is associated with the Early
Jurassic Texas Creek plutonic suite which hosts some of the well-known precious-metal rich ore
deposits in the Golden Triangle including Galore Creek,
Red Chris
, Kemess, Mt. Milligan and KSM.
Initial results from this program re-defined the geological framework, structural setting and
dimensions of the HM porphyry corridor, which is now greater than 7km in length, ~350m wide and
greater than
800m
deep.
Metallis' technical team has identified three key areas of interest based on the intensity and volume
of the alteration footprint, veins and strong geochemical responses: The Cliff, the Nina and the Cole
targets, for which the 2018 drilling locations have been selected.
(Click here for map)
The Nina and
Cole targets are especially significant because Dr. Abdul Razique (Metallis' Chief Geologist) has
identified several deeply overprinted zones of higher grade, gold-rich epithermal mineralization.
Jeff
Kyba
(former BCGS District geologist and member of the Company's Advisory Board) believes the
Cole prospect shares geological similarities with Seabridge Gold's nearby Kerr copper-gold deposit.
Mapping and sampling at the Nina prospect has shown that the mineralization and alteration
continues northward from the Cliff zone. Most of the rock grab samples in this area returned values
greater than 1500ppm copper and up to 0.67 g/t gold.
Fiore Aliperti
, Metallis Resources President and CEO, commented: "Having Jeff Kyba on the ground
supporting Dr. Razique this year was an excellent opportunity for our technical team to get a real
understanding of the structure of the Hawilson Monzonite which included expanding it by over a
kilometer. We have identified firm targets to drill and will start within the week. In addition, the recent
purchase of the 2% NSR demonstrates our full confidence in this area of the Kirkham Property." He
added, "Upon completion of this initial phase, we will commence Phase 2 of the 2018 exploration
program in the north of our property, where along with Dr.
Peter Lightfoot
, our geological team will
concentrate efforts on our nickel targets."
About the Kirkham Property
The 106 sq.km Kirkham Property is located about 65km north of
Stewart, B.C.
within the prolific
Golden Triangle. The northern border of Kirkham is contiguous to Garibaldi Resources' E&L Nickel
Mountain Project whereas the northeast corner of the property is within 12km of the Eskay Creek
mine and the eastern border is within 15 - 20km 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 the
OTCQB Venture Market under the symbol MTLFF and currently has 32,431,129 shares issued and
outstanding.
2018 Venture 50
Metallis Resources Inc. was included in the 2018 Venture 50 (the "V50"). The V50 is a ranking of top
performers on the TSX Venture Exchange last year. The ranking is comprised of ten companies
from each of five industry sectors selected based on three equally weighted criteria: Market
capitalization growth, share price appreciation and trading volume amount.
To view the V50 video click here.
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-V Stock Exchange has neither approved nor disapproved the contents of this
news release.
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 20-JUL-18