Metallis Expands Gold-Rich Mineralization at the Cliff Porphyry Target
Metallis Expands Gold-Rich Mineralization at
the Cliff Porphyry Target
VANCOUVER
,
Oct. 29, 2018
/CNW/ -
Metallis Resources Inc.
(TSX-V: MTS; OTCQB: MTLFF)
(the "Company" or "Metallis") is pleased to announce the first set of results of its 2018 drilling
program. These results cover the 6 holes drilled on the Cliff Porphyry system within its 100%-owned
Kirkham Property in
British Columbia's
prolific Golden Triangle. The Kirkham Property is well-
positioned along the "Red Line" on the western margin of the Eskay rift, where the trans-tensional
tectonic environment formed a fertile corridor of sub-parallel, strike-slip faults with porphyry copper-
gold deposits.
Cliff Target - Longitudinal Map (CNW Group/Metallis Resources Inc.)
Exploration and Drilling Highlights
The 2018 exploration program at the Cliff target comprised 6 deep diamond drill holes totaling 3,062
meters, yielding intervals of significant gold-rich mineralization. The drilling assays confirmed the
continuity of copper-gold grades associated with multiple porphyry intrusions and hydrothermal
events in the Cliff target, extending over a strike-length of 3 km, at the southern end of the 7.5 km
long Hawilson monzonite.
(See Map of Hawilson Monzonite)
The Cliff target is identified as a unique
porphyry system with three distinct styles of copper-gold mineralization given below in chronological
order.
1
.
Extensive gold-copper intervals (ie:
141
meters
of 0.4 g/t Au
and
0.23% Cu
in hole KH18-16)
are associated with a swarm of potassically altered Hawilson Monzonite dikes.
2
.
Broad intercepts of gold-rich mineralization such as
37 meters
of 1.54 g/t Au
and
0.05% Cu
in
drill hole KH18-14 are linked to secondary hydrothermal event of intense quartz-carbonate veins
and highly silicified hydrothermal breccias along the contacts with the Hawilson Monzonite dikes.
3
.
Localized 1-3 meter intercepts with gold grades up to
3.0 g/t Au
are associated with late-stage
quartz-carbonate and massive sulphide veins of pyrite-pyrrhotite-chalcopyrite mineralization.
Cliff Porphyry System
The geological mapping, drill core logging and assays have revealed that the Hawilson monzonite
was intruded as NS-trending stocks and dikes with porphyry copper-gold systems preserved at
shallow levels, similar to some of the gold-rich porphyry deposits of the Maricunga belt in northern
Chile
. Drilling at the southern portion of the Hawilson Monzonite referred to as the Cliff porphyry
system intersected multiple porphyry intrusions, and igneous and hydrothermal breccias followed by
intense potassic and sericitic alteration. All 6 holes in Cliff zone intersected extensive intervals of
well-mineralized alteration zones, multi-generational veins, and Cu-sulphides. A summary of the 2018
assays is tabulated below (Table-1). The location and orientation of the drill holes are presented in
the longitudinal section
(Fig -1).
Additional information, including field and core photographs will be
available for viewing on Company's website at
www.metallisresources.com
.
Table-1
Hole ID
Depth
(m)
From
(m)
To
(m)
Interval
(m)
Cu
(ppm)
Au
(g/t)
AuEq
KH18-11
493.8
136
385
249
1018
0.13
0.29
incl
201.5
210
9
755
0.63
0.74
incl
228
280
52
1572
0.18
0.42
KH18-12
490.7
86
153
67
516
0.20
0.28
372
434
62
90
0.45
0.46
incl
372
381
9
131
1.56
1.58
KH18-13
568.5
222
248
26
438
0.51
0.58
340
569
229
1308
0.21
0.41
incl
356
398
42
1709
0.36
0.62
KH18-14
606.6
9
560
551
256
0.28
0.32
incl
36
418
382
262
0.36
0.40
incl
36
73
37
454
1.54
1.61
KH18-15
503.0
61
96
35
497
0.28
0.36
214
264
50
590
0.38
0.47
321
339
18
85
0.50
0.51
494
503
9
74
0.49
0.50
KH18-16
399.6
7
148
141
2294
0.40
0.75
incl
78
114
36
2972
0.64
1.09
273
294
21
247
0.28
0.32
*AuEq based on $1,200/oz gold, $2.70/lb Cu and 100% recovery
The geological characteristics, metallogeny and copper-gold grades of the Cliff porphyry systems
are similar to the Kerr Deposit of Seabridge Gold's KSM project, which has an inferred resource of
1.92 billion tonnes grading 0.41% copper and 0.31 g/t gold, containing 19.0 million ounces of gold
and 17.3 billion pounds of copper (Seabridge New Release
Feb 16, 2017
).
Metallis' Chief Geologist – Abdul Razique, PhD., P.Geo. – a porphyry expert, commented: "The
interplay between porphyry intrusions, breccias and episodic hydrothermal events are responsible
for the gold-rich mineralization in the Cliff zone which is open in all directions. The structural setting
and distribution of copper-gold assays provided systematic vectors to target stockwork potassic
zones and silicified hydrothermal breccias carrying substantially higher gold-grades in a porphyry
system."
Metallis President and CEO
Fiore Aliperti
commented, "We're very encouraged by the initial assay
results from our 2018 drilling program. These results have expanded the Cliff zone and enhanced our
model of gold-rich porphyry targets on the Kirkham Property. A comprehensive exploration program
will be planned for 2019 to drill the extensions of Cliff and other untested porphyry targets along the
Hawilson monzonite complex. We will be providing our investors with further news as results from
Nina, Cole and Thunder North are received and analyzed by our technical team."
The analytical results of the drill core and rock samples from the Nina, Cole and Thunder North
Targets are still pending and will be disclosed when those results have been received and reviewed.
QAQC and Analytical Procedures
Metallis Resources Inc. employed a rigorous QA/QC program to ensure best practices in sampling
diamond drill core. A combination of 1-3 meter intervals of HQ and NQ drill core were delivered to
ALS Global prep facility in
Terrace BC
, where the samples were crushed to 70% pass 2mm
fraction, and then a 250g split was pulverized to better than 85% passed a 75-micros screen. The
geochemical analyses were performed by ALS Global in
Vancouver
using multi-element 4-Acid
digest ICP-MS package (ME-MS61). Gold was analyzed by fire assay technique Au-ICP21. Higher
gold grades (>10 g/t) were analyzed by fire assay and gravimetric finish. In addition to the internal
QAQC program by ALS, Metallis inserted 10% lab certified standards, field blanks and duplicates
into the overall sampling stream. ALS laboratories are independent of the Company.
Qualified Person
Technical aspects of this news release have been reviewed and approved by
David Dupre
, P.Geo.,
designated as a qualified person under National Instrument 43-101.
About the Kirkham Property
The 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 Camp
. The northern border of Kirkham is contiguous to Garibaldi
Resources' E&L Nickel Mountain Project. The northeast corner of Kirkham is within 12 km of the
Eskay Creek mine while the eastern border is within 15 – 20 km 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 currently
has 32,986,079 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 each year and is published early in each following year.
The ranking comprises 10 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
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This Press Release may contain statements which constitute 'forward-looking' statements, including
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"estimate", "expect" and similar expressions, as they relate to the Company, or its management, are
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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
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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
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news release.
2018 Exploration Map on Hawilson Monzonite Complex (CNW Group/Metallis Resources Inc.)
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 29-OCT-18