Metallis Announces Impressive GOLD/Silver/Antimony Assay Results at Greyhound
METALLIS ANNOUNCES IMPRESSIVE
GOLD/SILVER/ANTIMONY ASSAY RESULTS
AT GREYHOUND
VANCOUVER, BC
,
Sept. 17, 2024
/CNW/ -
Metallis Resources Inc.
(TSX-V: MTS; OTCQB:
MTLFF)
(the "Company" or "Metallis") is very pleased to announce that results from the Company's
inaugural field exploration program (the "Program") have returned multiple high-grade silver, gold,
lead, zinc, and antimony assays. The Program was carried out at the Company's Greyhound
Property (the "Property"), a high-grade silver/gold/antimony project within a historic stibnite
(antimony mineral) mining camp, located in central
Idaho, USA
. Work included detailed geological
mapping, XRF survey, soil sampling and rock sampling, all of which has helped validate historic
assays and provides a solid platform for further work.
Map 1 - Rock Sampling Across Greyhound Property (CNW Group/Metallis Resources Inc.)
Fiore Aliperti
, Metallis' CEO and President, commented, "We are incredibly encouraged by the
results from this first-stage of exploration at the Greyhound property, having achieved all of our
objectives. Confirming the historic high-grade results from previous mining operations was a critical
step in advancing the project, and the exceptional silver, gold, and antimony results reinforce the
Property's significance and absolutely warrants Metallis moving forward." He added, "As we move
into the next phase of exploration, we are actively evaluating options, including geophysics and
drilling. Our priority is to unlock the incredible value of this promising asset."
Key Highlights:
Remarkable Sample Results
: Surface rock samples have returned exceptional assay grades
of up to 67.02 g/t AuEq*, with multiple grab samples greater than 10 g/t AuEq.
High Grade Antimony:
Outstanding Sb results with 12% of the rock assays returning >1% Sb
(See News Release
September 4, 2024
). The most elevated antimony grade was taken at the
Bulldog Showing that delivered a significant 4.54% Sb.
Advancing Targets:
Successful mapping of high-grade mineralization at surface allows us to
advance the property to the next phases, including geophysics and drilling.
Discovery potential
: The identification of a new showing, the Akita, has increased the potential
for further discoveries across this underexplored property.
Rock Sampling
Impressive assay results have been returned across several metals and minerals from 133 rock
samples comprising 64 continuous chip samples and 69 grab samples taken on the Property.
Although historically a silver mine, elevated gold, lead, zinc, and antimony values have also been
returned. These results demonstrate the high-grade nature of this historic mine as the company
begins to evaluate the Property's full potential.
Of the grab samples taken on the property, a total of 21 returned values greater than 10 g/t AuEq*
with numerous very high-grade results distributed along the entire length of the shear zones (map 1).
Highlights include values up to 5,300 g/t Ag and 13.8 g/t Au, with the highest-grade sample returning
67.0 g/t AuEq taken from the Birdie Showing. Areas around the Republican and the Bulldog also
produced consistently elevated assays. See table below of standout grab samples taken across the
Property.
Standout Grab Samples
Sample #
Ag g/t
Au g/t
Pb %
Zn %
Sb %
AuEq g/t
K225503
1880
0.17
2.42
0.45
1.93
27.73
K225505
1290
6.18
8.11
6.96
2.34
31.91
K225517
5300
5.08
0.96
0.06
0.78
67.02
K225559
2380
0.45
0.88
7.39
0.22
30.41
K225596
1665
4.55
6.85
0.07
0.28
25.76
K225602
1095
0.025
5.37
9.12
4.54
30.17
K225627
765
3.66
12.85
18.90
1.19
25.17
K225629
1740
1.72
2.76
0.10
2.41
29.12
*AuEq derived from USD metal prices of: Au=$2,500/oz, Ag=$28/oz, pb=$0.90/lb, Zn=$1.20/lb and Sb = $12/lb
Continuous chip sampling comprising 64 samples at 9 different locations took place where historic
trenching had exposed bedrock. The sampling returned values up to 6.4 g/t AuEq over 3 meters
("m") at the Bulldog showing with multiple zones demonstrating continuity of grades. Most of the
mineralized zones are wider than described from the underground work with shears extending as
wide as
10 m
and veins identified up to
3 m
. Chip samples were collected using a rock hammer or
diamond bladed saw. Individual chip samples varied in length from 0.9 to
2m
and were taken
perpendicular to the vein/shear.
Standout Continuous Chip Samples
Trench
Width
Au
Ag
Pb
Zn
Sb
AuEq*
m
g/t
g/t
%
%
%
g/t
Bulldog
3
0.14
353
1
0.75
0.61
6.4
1350'
6
0.8
42.6
0.07
0.01
0.03
1.39
including
2
1.98
39
0.22
0.01
0.15
2.7
Birdie
3
0.54
115.3
0.13
0.02
0.01
1.89
Lower Birdie
4
3.66
29.5
0.12
0.07
0.01
4.07
including
2
5.94
26
0.08
0.01
0.01
6.3
*AuEq derived from USD metal prices of: Au=$2,500/oz, Ag=$28/oz, pb=$0.90/lb, Zn=$1.20/lb and Sb = $12/lb
Vertical continuity of mineralized shoots was also demonstrated with positive results returned from
the 1350 surface trench that lies
200 m
above a very well mineralized zone (average
1.6 m
thick) in
the Lower Rufus Adit. Sampling from this trench returned
2 m
of 2.70 g/t AuEq with 3 other
mineralized blocks nearby returning grades > 10 g/t AuEq. Historical channel sampling along a
36.9
m
length of the underground zone returned 1.85 g/t Au and 785 g/t Ag (10.6 g/t AuEq), further
confirming the likelihood of a high-grade mineralized shoot existing in this area.
Soil Sampling
Soil sampling was successful in identifying a new, large Pb/Zn/As/Sb, anomaly
100 m
to the east of
the
Idaho
showing. With the use of a portable XRF for immediate analysis, the team was able to
follow up the next day leading to the discovery of a new mineralized showing now termed "Akita".
Two rock (grab) samples were taken from the newly identified outcrops (likely only revealed after
recent forest fires) that returned 8.0 and 8.5 g/t AuEq. The widespread nature of the anomalous
soils, upslope of the new showing, suggest there is more to be discovered at this location and
further work is warranted with the possibility of parallel shears being discovered across the
property. A total of 559 soil samples were taken at
25 m
intervals along
200 m
spaced lines.
Geological Mapping
Surface mapping indicates that the orogenic mineralization at Greyhound is hosted by complex
arrays of quartz-sulfide veins within several parallel, steeply dipping shear zones. The sulphides
comprise pyrite, galena, sphalerite, silver – rich tetrahedrite, arsenopyrite and stibnite. Numerous
trenches, pits and multiple short adits show that the Greyhound shear zone is remarkably consistent
over 3.6 km and remains open on either end. The shear/vein varies in thickness from <
1 m
to
10 m
with veins up to
3 m
wide.
By comparison, Perpetua's Stibnite Project has an estimated total measured and indicated resource
(43-101 Feasibility Study Technical Report –
January 2021
) of 132,269,000 tonnes at a grade of
1.42 g/t gold, 2.07 g/t silver and 0.07% antimony. The
Yellow Pine
and Hangar Flats sub-domains
exhibit substantially elevated antimony-silver mineralization, defined as containing greater than 0.1%
antimony, the total measured and indicated resources are 18,477,000 tonnes grading 2.07 g/t gold,
5.91 g/t silver and 0.48 g/t antimony.
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.
QAQC
All the rock samples were kept under the control of Metallis staff until they were delivered directly to
the ALS sample preparation facility in
Twin Falls, Idaho
. Analyses were then completed by ALS
Laboratories Ltd. in
Vancouver
, an independent certified laboratory. Blanks and standards have
been added to the samples stream by ALS along with internal QAQC protocol. All the samples were
initially analyzed by the Ultra Trace technique. Results that returned values greater than a pre-
determined threshold were then analyzed by element - specific methods as noted below.
ME-MS 41: Ultra Trace Aqua Regia ICP-MS.
ME-OC46: Ore Grade Elements – Aqua Regia
Pb-OC46: Ore Grade Pb – Aqua Regia
Zn-OC46: Ore Grade Zn – Aqua Regia
ME-GRA21: Au Ag 30g FA – Gravity Finish
Sb-ICP08: Sb – KCl/HCl digestion ICP-MS
As-OC46: Ore Grade As – Aqua Regia
About the Greyhound Property
The Company acquired the Greyhound Property located in
Custer County, Idaho
, approximately 42
km northwest of the town of
Stanley
, in
February 2024
. The Company entered into an option to earn
a 100% interest in Greyhound with staged payments and exploration expenditures over a ten-year
period of US
$670,000
and US
$10,000,000
, respectively. Full terms are disclosed in the annual and
quarterly financial statements filed in 2024 and in a press release from the signing of the agreement
on
February 27, 2024
. 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 sporadically from 1980-1991.
The last remaining ore from this period was shipped to a smelter in 2000 and the property remains
substantially underexplored.
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 gold/silver/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
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 because of numerous 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.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
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:
For further information: Tel: 604-688-5077, Email:
[email protected], Web: www.metallisresources.com
CO: Metallis Resources Inc.
CNW 08:30e 17-SEP-24