Metallis Commences Drilling at Kirkham
METALLIS COMMENCES DRILLING AT
KIRKHAM
Vancouver, BC – August 31, 2022 – Metallis Resources Inc. (TSX-V: MTS; OTCQB:
MTLFF) (the “Company” or “Metallis”) is pleased to announce the commencement of the
Company’s 2022 drill program (the “Program”) at its 100%-owned Kirkham Property
situated in the prolific Eskay Camp of the Golden Triangle, northwestern British
Columbia, a district known worldwide for the past producing Eskay Creek and Snip gold
mines, Seabridge’s KSM porphyry deposits, and Newcrest Mining’s producing Brucejack
gold mine.
Dave Dupre P. Geo. , Metallis’ Vice President of Exploration stated “Our recently
developed 3-dimensional geological model has provided the team powerful new insights
into the distribution of Porphyry Copper -Gold mineralization within the very extensive
Hawilson Monzonite Complex. This work shows that the best mineralization e ncountered
to date is concentrated in the hanging wall of the Adam Fault at lower levels within the
system.” He went on to add “With only the upper 150 meters (“m”) being tested to date in
the South Cliff area, the drill program will test and evaluate the depth extensions of these
zones. We are really looking forward to the results of this year’s campaign.”
During the past three weeks, the field crew has carried out core re -logging, differential
GPS surveys, detailed mapping, and drill pad building. The initial 3,000m drill program
has now begun – focusing on the South Cliff part of the Cliff -Miles porphyry corridor
which forms a 4 km section of the longer 7 km Hawilson Monzonite Complex. The
targeted and cost-efficient program has been designed to test for high -grade extensions
of copper and gold mineralization beneath well mineralized drill intersections (e.g., drill
holes KH17-08 cut 145.8m grading 0.34 g/t Au and 0.22% Cu ( 0.71 g/t AuEq *) and
KH18-16 cut 141.3m grading 0.40 g/t Au and 0.23% Cu (0.75 g/t AuEq)*. The Company
is under cutting these previous holes as, typically, alkaline porphyry copper/gold systems
in the Golden Triangle exhibit a small surface footprint but display increasing grade
downward that can contin ue for more than 1,000m. (Click Here to View News August
10th, 2022).
*Gold Equivalent Formula: Au g/t+(Cu%*1.27) Metal Prices Used: Gold - US$ 1470/oz / Copper - US$
2.75/lb
Following the completion of the initial drill program , the company anticipates step out
holes within the immediate area to the north as its next focus. The near-term goal of the
Company is to demonstrate the true scale and grade of the system.
Other Company News
The Company also announces that, pursuant to the terms of the Company’s stock option
plan, the Board of Directors has approved the grant of an aggregate of 1,800,000
incentive stock options (“Options”) to certain directors, officers, and consultants, at an
exercise price of $0.20 per share , exercisable for a period of five years. The Options are
subject to regulatory approval from the TSX Venture Exchange. A long with previously
granted stock options that remain outstanding and exercisable, the Company now has
5,545,000 outstanding stock options , representing 9.16% of the 60,544,312 outstanding
shares of the Company.
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 (Sulphurets) 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 Mini ng Corp. to the east. Eskay Mining Corp has been
discovering new precious metals-rich VMS deposits in Hazelton Group rocks exposed in
multiple fault blocks on their adjoining property to the east. Eskay’s property is within 12
km of the Eskay Creek mine w hile the eastern border is within 12 – 20 km of Seabridge
Gold’s KSM deposits and Newcrest Mining’s producing 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. 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.
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
For further information:
Tel: 604-688-5077
Email: [email protected]
Web: www.metallisresources.com
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 activiti es 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 various factors.
Such risks, uncertainties and factors are described in t he 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 identi fy 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.