Metallis Announces Impressive Silver/GOLD Assay Results from Phase TWO Program at Greyhound Property, Idaho
METALLIS ANNOUNCES IMPRESSIVE
SILVER/GOLD ASSAY RESULTS FROM
PHASE TWO PROGRAM AT GREYHOUND
PROPERTY, IDAHO
VANCOUVER, BC
,
Dec. 5, 2024
/CNW/ -
Metallis Resources Inc.
(TSXV: MTS) (OTCQB:
MTLFF) (the "Company" or "Metallis") is pleased to announce impressive silver and gold results from
the Company's second field exploration program (the "Program") completed at the Company's
Greyhound Property (the "Property"). The Greyhound Property is a high-grade silver/gold/antimony
project within the historic Stibnite (antimony mineral) Mining Camp, located in central
Idaho, USA
.
The Program included 129 soil samples, 61 geological mapping points and 44 rock samples, that
have delivered multiple high-grade silver and gold assays further refining the mineralized zones.
These results will enable the Company to optimize the scheduled drilling planned for early 2025.
Antimony assays are still pending and will be released once available.
Fiore Aliperti
, Metallis' CEO and President, commented, "Results from our second field program at
the Greyhound are incredibly encouraging and a testament to the work our technical team have been
delivering. The soil sampling, geological mapping, and rock sampling are helping us to refine our drill
targets and lay the foundations for an impactful 2025 exploration campaign. The continued
development of the Greyhound Project is a key focus for Metallis, and we are optimistic about the
potential this underexplored asset holds." He went on to add, "Additionally, attending the 2024 Idaho
Mining Conference was a fantastic opportunity to deepen our connections and relationships within
Idaho's
ever-growing mining and exploration community, along with other stakeholders including
government representatives. The knowledge gained and relationships established will undoubtedly
play a pivotal role as we continue to advance the Property. We were thrilled to meet these key
stakeholders and look forward to leveraging these connections as we move this project forward."
Key updates:
A total of 44 rock samples were collected, with results up to 4590 g/t Ag and an impressive
silver grade that averaged 504 g/t Ag across all samples.
Remarkable gold assays up to 18.15 g/t validate the underappreciated gold benefit at this
historic silver mine.
The Company recently attended the 2024 Idaho Mining Conference and engaged with drilling
companies, social governance professionals, government officials and multiple technical experts
to aid the advancement of the Greyhound project; and
Soil sampling defined several large multi-element soil anomalies that envelope all of the
promising prospects. Together with geological mapping and rock sampling has prioritized the
Birdie, the Bulldog and the 1350' zone as the initial focus for drill targeting.
Rock sampling results
Rock sampling was completed at known showings to help validate the structures that contain
elevated silver, gold and antimony and further refine the mineralized zones. A total of 44 rock
samples returned significant silver assays and impressively gold grades (See Map 1 Below) that
point to high-grade gold potential which appears to have been overlooked historically. Sampling was
focused on The Birdie, The Bulldog and the Akita. Two grab samples and two concentrate samples
taken historically from underground at the high-grade 1350' zone were delivered by the property
owner and sampled during this program, although those assays are pending.
Map 1 - Phase 2 Rock Sampling Silver Results (CNW Group/Metallis Resources Inc.)
The Bulldog provides one of the most developed targets on the property with sampling from this
program returning very elevated assays from a specific high-grade vein. This 10 to 20 cm vein
outcrops at surface for
13m
and returned silver assays up to 3360 g/t with an average silver grade
of 1624 g/t. This vein occurs within a wide shear zone that returned strong grades from the previous
chip-sampling program. Gold grades from 0.14 to 1.09 g/t were also present along with base metals
grades averaging from 1% to 5%. See table below of the 4 rock samples from this vein.
Rock Samples From High-Grade Vein At Bulldog (CNW Group/Metallis Resources Inc.)
At the Birdie target where two trench cuts are located
70 m
along strike from each other, significant
gold and silver results were also returned. At the Upper Birdie, the highest silver grades from this
program returned a significant 4900 g/t Ag from an 80 cm angular boulder dug up from the historic
trenching. Gold grades were also substantial at the Upper Birdie (See Map 2 Below) with the 7
samples averaging 3.0 g/t Au. At the lower Birdie, a rock sample taken from a 50 cm quartz sulphide
vein returned 18.15 g/t Au and 6 out of 7 samples were above 1.8 g/t Au. These elevated gold
results from the Birdie highlight the substantial gold grades at this target.
Map 2 - Phase 2 Rock Sampling Gold Results (CNW Group/Metallis Resources Inc.)
Rock grab sampling around the newly discovered Akita showing also highlights a new zone
200 m
to
the north of the Akita. Two samples returned 5.0 and 7.3 g/t Au Eq* and are located in the northern
part of a newly established soil anomaly. At the Ridge Cut, two more grab samples from the spoils
pile returned 1280 and 1740 g/t Ag respectively. Further work at the 1350' surface trench returned 2
grab samples of 5.5 and 8.6 g/t Au Eq*.
Soil sampling results
Soil sampling during this program was focused on extending coverage and further defining known
targets including the Birdie, Bulldog, and Akita. A total of 129 soils were collected across 8 selected
lines (See Map 3 below) taken perpendicular to the strike of the Greyhound Shear. Results
demonstrated strong anomalies in silver, zinc, lead and gold. A new extension to the Akita soil
anomaly,
300 m
east of the mapped Greyhound shear, further validates the strength of the
mineralization around Akita (a new discovery this year) and demonstrates the potential of other
parallel, underexplored shears. Zinc soil anomalies provide the best pathfinder element for identifying
silver mineralization and highlight a
600 m
long by
200 m
wide anomaly around the Birdie and the
1350' zone. At the Akita, a
300 m
long by
200 m
wide zinc anomaly has been outlined and, at the
Bulldog, the highest silver grade soil samples were returned.
Map 3 - Phase 2 Soil Sampling Zinc (Silver Pathfinder) Results (CNW Group/Metallis Resources
Inc.)
Idaho Mining Conference
A Metallis delegation of
Fiore Aliperti
, CEO and President;
Dave Dupre
, Vice President of
Exploration; and
Carl Ryan
, Project Geologist, recently attended the Idaho Mining Conference 2024.
The event drew over 700 participants, including exploration companies, researchers, consultants,
policymakers, government officials and other regulatory professionals from across
Idaho
. Metallis
introduced the Company to a very receptive audience amongst the key players and stakeholders in
Idaho's
expanding mining and exploration community. Significant connections were made with local
drilling companies, social governance professionals, and various
Idaho
geological experts. These
connections will be critical in the development of Greyhound through the stages of exploration, with
the goal of establishing an economic mineral deposit.
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-GRA21: Au, Ag 30g Fire Assay – Gravity Finish
Pb-OC46: Ore Grade Pb – Aqua Regia
Zn-OC46: Ore Grade Zn – Aqua Regia
Sb-ICP08: Sb – KCl/HCl digestion ICP-MS
As-OC46: Ore Grade As – Aqua Regia
Soil samples were collected predominantly of B horizon at predetermined locations across the
property. Once at the lab, samples were dried and crushed to 80 mesh (prep 41) before analysis by
the Ultra Trace technique. Gold Analysis was completed by aqua regia digestion with a 25g aliquot
(AuME–TL43).
Reference Information:
A grab sample is taken from a rock outcrop that is being assessed for the presence of valuable
elements. While taking the grab sample, the best-looking rock is chosen. Grab samples are by
definition selective. Grab samples are solely designed to show the presence or absence of
mineralization and are not intended to provide nor should be construed as a representative
indication of grade or mineralization at the Project.
Chip sampling involves taking contiguous rock chip samples along a line to define the width and
grade of a zone. Commonly, these are taken perpendicular to the strike of the mineralized zones
*Gold and Silver equivalent values are derived from the following prices in USD; Au
$2500
, Ag
$28
, Pb
$0.90
, Zn
$1.20
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 the 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, and has 75,305,003 common shares
outstanding.
On behalf of the Board of Directors:
/s/ "Fiore Aliperti"
Chief Executive Officer, President, and Director
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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 08:00e 05-DEC-24