Metallis Confirms Depth Extension of Mineralization at Cliff to over 500 Meters from Surface
METALLIS CONFIRMS DEPTH EXTENSION OF
MINERALIZATION AT CLIFF TO OVER 500
METERS FROM SURFACE
VANCOUVER, BC
,
Feb. 22, 2023
/CNW/ -
Metallis Resources Inc.
(TSXV: MTS) (OTCQB:
MTLFF) (the "Company" or "Metallis") is pleased to announce final assay results from the
Company's 2022 drilling program (the "Program") at its 100%-owned Kirkham Property situated in
the prolific Golden Triangle, northwestern
British Columbia
. The region is known worldwide for the
past producing
Eskay Creek
, Premier and Snip gold mines, Seabridge's KSM porphyry deposits,
and Newcrest Mining's producing Brucejack and Red-Chris mines.
Figure 3 – Plan Map of Cliff-Miles Corridor Drilling & Soils (CNW Group/Metallis Resources Inc.)
Drill Result Highlights:
The last three holes of the 2022 exploration program successfully intersected mineralization 300
meters ("m") below the best copper and gold grades encountered by the Company's previous
drill campaigns. The results from the Company's first drill hole, KH22-46, were reported on
November 22, 2022
;
The Company's latest drill results are highlighted by hole KH22-48 which returned
108.2 m
grading 0.36 g/t gold equivalent* (AuEq") including
28.9 m
of 0.61 g/t AuEq; and
The 2022 program indicates that the Cliff –
Miles Block
of porphyry-style Copper-Gold
mineralization has a
400 m
strike length, is 100 –
200 m
thick and extends to at least
500 m
depth.
Dave Dupre
, Metallis' VP of Exploration commented, "Results from the 2022 drill program confirmed
mineralization at Cliff over 500 meters below surface, whilst also reinforcing our understanding that
the gold and copper mineralization is concentrated in the hanging wall of the Adam Fault.
Furthermore, results from previous drilling and geochemistry shows that this mineralization is
continuous for at least 2,000 meters to the north." He went on to comment, "Many junior explorers
face the issue of dilution when tackling a porphyry of this size and magnitude, due to the extent of
drilling that is needed to establish a resource. The Metallis team is determined to address this
challenge with an exploration schedule that meets both the needs of the Company to develop the
project and our investors who want to see increased asset valuation. Our plan for 2023 is to execute
the next phase of the drilling which will focus on the area immediately to the north of the South Cliff
area and to continue working on targets that offer the most potential for higher grade mineralization."
Drill Program Overview
The 2022 drill program comprised four holes totaling
1,961 m
that were drilled from a single drill
pad, with two angle holes (-45 and -67) at an azimuth of 265 and two at an azimuth of 315 (
Click here to view figure 1 (KH22-47 Section)
and
Click here to view figure 2 (KH22-48 & 49 Section)
). The program was part of a larger
exploration plan aimed at zones between widely spaced previous drill holes along the trend of the
Hawilson Porphyry Complex (or "HPC"). The 2022 drilling took place at the southern end of the HPC,
targeting the South Cliff area (See figure 3 of plan map below), and was designed to test the
bounds of the porphyry system and to extend the promising mineralization intersected in previous
drill holes (KH18-16 with 0.8 g/t AuEq over
118 m
, including 0.96 g/t AuEq over
84 m
and KH19-30
with 0.5 g/t AuEq* over
126.55 m
).
Results
All four drill holes successfully confirmed the extension of the mineralizing system to at least
500 m
below surface, with each hole intersecting copper and gold mineralization below where the highest
grades were previously encountered along the Cliff-Miles target areas. Each drillhole also
encountered massive pyrite/pyrrhotite veining and pervasive silicification that can be attributed to a
later-stage overprinting gold event. Significant mineralized intercepts encountered in the holes are
given in the following table:
Drill Hole Composite Table
Hole ID
Composite
AuEq
Length
From
To
CuEq
Au_ppm
Cu_%
KH22-47
0.28 g/t AuEq over 194.55 m
0.28
194.55
207.45
402.00
0.23
0.21
0.03
Incl.
0.44 g/t AuEq over 41.6 m
0.44
41.60
236.10
277.70
0.37
0.33
0.07
Incl.
0.5 g/t AuEq over 28.04 m
0.50
28.04
236.10
264.14
0.41
0.37
0.08
And
0.31 g/t AuEq over 90.84 m
0.31
90.84
311.16
402.00
0.25
0.25
0.03
Incl.
0.68 g/t AuEq over 20.03 m
0.68
20.03
381.97
402.00
0.56
0.62
0.03
KH22-48
0.26 g/t AuEq over 366.81 m
0.26
366.81
10.19
377.00
0.22
0.19
0.04
Incl.
0.31 g/t AuEq over 172.99 m
0.31
172.99
200.01
373.00
0.25
0.21
0.06
Incl.
0.36 g/t AuEq over 108.19 m
0.36
108.19
200.01
308.20
0.30
0.23
0.10
Incl.
0.62 g/t AuEq over 28.91 m
0.62
28.91
251.59
280.50
0.51
0.36
0.19
And
0.33 g/t AuEq over 30.00 m
0.33
30.00
343.00
373.00
0.27
0.25
0.01
Incl.
0.79 g/t AuEq over 9 m
0.79
9.00
343.00
352.00
0.65
0.59
0.02
KH22-49
0.25 g/t AuEq over 190.77 m
0.25
190.77
284.82
475.59
0.21
0.22
0.02
Incl.
0.31 g/t AuEq over 101.19 m
0.31
101.19
374.40
475.59
0.26
0.29
0.01
Incl.
0.34 g/t AuEq over 79.59 m
0.34
79.59
396.00
475.59
0.28
0.31
0.01
Incl.
0.53 g/t AuEq over 21.16 m
0.53
21.16
400.43
421.59
0.44
0.51
0.01
*Gold Equivalent Formula: Au g/t+(Cu%*1.27) Metal Prices Used: Gold –
US$ 1470
/oz / Copper –
US$ 2.75
/lb
Potential
The mineralized HPC, with its commonly overprinting late gold event, continues northward for 2.7 km
from the South Cliff area drilled in 2022, across a series of fault blocks which are in close
association with the North-South trending and variably easterly-dipping Adam Fault (See figure 3 of
plan map below). While the HPC is mineralized throughout the trend, Metallis has identified several
target areas along it, and proximal to the Adam fault, that are characterized by coincident
geophysical, geochemical, geological, and/or spectral anomalies (e.g., IP chargeability/resistivity
anomalies, soil geochemical anomalies, zones of intense silicification/stockwork, and/or anomalous
ferric iron oxide spectral signatures).
2023 Exploration Plans
As part of the updated exploration plan, Metallis has targeted three broad areas within the
HPC/Cliff-Miles corridor that are considered most prospective, and as such, the Company is
planning further work, mainly drilling, to develop the potential of the HPC and the Kirkham Property
(See areas A, B, and C, highlighted in figure 3 – plan view map):
A. In the northern part of the HPC, a
400 m
x
350 m
prospective area occurs north of drill
hole KH21-45. It is characterized by the presence of highly gossanous and high-tenor soils
(including 0.69 g/t and 1 g/t Au) that are interpreted as being associated with late-gold
intercepts in drill holes KH21-45 (0.43 g/t AuEq over
220.70 m
) and KH20-37 (0.68 g/t AuEq
over
83.00 m
);
B. Targeting in the central part of the HPC will include step out drill holes along trend to the
north and south from the dense porphyry-style quartz-A veining encountered in drill hole
KH21-42; and
C. Finally, in the southern part of the HPC, there is a large and largely undrilled area
between drill holes KH19-30 and KH20-36 that lies immediately north of the highest-grade
porphyry-style mineralization intersected on the property.
In addition to the focused drilling on the three sub-areas of the HPC described above, the Company
also intends to further explore existing property-scale targets such as the high-tenor soil
geochemical anomaly at its King-East target, which lies 2 km to the east- northeast of the HPC, and
possibly to undertake further diamond drilling at the Cole target, 3 km north of the HPC.
QAQC Procedures
All drill core and surface samples from the 2022 exploration program were submitted to ALS Labs, a
global testing, inspection and certification business and an ISO/IEC 17025:2005 accredited
laboratory independent of the Company.
Metallis is committed to a rigorous quality assurance and quality control program in line with industry
best practices. To monitor and guarantee data quality, Metallis inserts control samples (i.e.,
standards, blanks, and duplicates) into the sample stream at regular intervals. When standards don't
return the expected value (as supplied by the certified standard provider), the standard as well as a
variable number of surrounding samples are re-assayed by the lab. The timing of this news release
coincides with the finalization of this process for standards in KH22-47, KH22-48, and KH22-49 and
the issuance of amended certificates.
More specifically, per Metallis quality-assurance and quality-control protocol, 14 standards were
considered "Out-of-Control", having results that deviated greater than 2 standard-deviations from the
respective certified values. This deviation triggered reanalysis of 130 samples, 13 standards, and a
minor procedural correction to a standard and sample which delayed the public dissemination of
results.
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 Company has a 100% interest in the 106 sq. km Kirkham Property, located about 65 km north
of
Stewart, B.C.
, in the heart of the Golden Triangle's prolific Eskay (Sulphurets) Camp. The
Property is contiguous to Garibaldi Resources Corp.'s E&L Nickel Mountain Project to the north and
Eskay Mining Corp. to the east. It is located along a strategic geological boundary – the "Red-line"
exposed on the western margin of the Eskay Rift system and is prospective for multiple mineral
deposit types. The Kirkham Property is within 20 km of the past producing
Eskay Creek
mine while
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. 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
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in the forward-looking statements because of numerous factors. Such risks, uncertainties and
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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
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does not assume any obligation, to update these forward-looking statements.
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policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
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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 09:00e 22-FEB-23