Metallis Hits 11.18 g/t Gold Over 7.7 Meters Including 137 g/t Gold Over 0.6 Meters at Cole Target
Metallis Hits 11.18 g/t Gold Over 7.7 Meters Including 137 g/t Gold Over
0.6 Meters at Cole Target
VANCOUVER
,
Nov. 29, 2018
/CNW/ -
Metallis Resources Inc.
(TSX-V: MTS; OTCQB: MTLFF)
(the "Company" or "Metallis") is pleased to announce the
second set of assay results from the Company's 2018 drilling program at its 100%-owned Kirkham Property in the prolific Golden Triangle of northwest
British Columbia
. The first ever drill program at the Cole and Nina targets totalled 1,645 meters ("m") of diamond drilling and resulted in the discovery of two
new porphyry systems. The drilling assays at the Cole target also included the discovery of a high-grade gold zone containing 11.18 g/t Au over
7.7m
including 137 g/t Au over
0.6m
.
Drilling Highlights:
KH18-18
(Cole) intersected porphyry style mineralization in shallow quartz stockwork zones and sulphides carrying
0.94 g/t Au
over
9m
and
0.42 g/t
Au
over
10m
. Alteration patterns in the core, geology and geophysics all vector towards a mineralized system to the southeast.
KH18-19
(Cole) discovered a high-grade zone of
11.18 g/t Au
over
7.7m
including
137 g/t Au
over
0.6m
associated with shallow, intrusion-related
massive sulphide veins. These veins transition outward into epithermal sheeted veins located at the Etta target to the west. (MTS New Release -
Nov
20, 2018
).
KH18-20
(Cole) was drilled along and across the Adam fault cutting through a series of 4-
9m
gold intercepts ranging from
0.40 to 0.74 g/t AuEq,
associated with similar centimeter-scale massive sulphide veins as in KH18-19.
KH18-17 (
Nina) discovered a new porphyry copper-gold system 1-km to the north of the Cliff target. This major step out hole intersected
180m
of
mineralized Hawilson Monzonite ("HM") and breccias highlighted by
17m
of
0.33 g/t AuEq
and
2m
of pristine potassic alteration with
0.34% Cu
and
0.25 g/t Au.
The maps and cross section are presented as
Figure 1 & 2 Cole Target Geology Maps
; and
Figure 3 –
Cole Cross
section
.
Metallis Resources Inc - Figures 1 & 2 - Cole Target Geology, Alteration and Gold Geochemistry, Drilling Plan Map (CNW Group/Metallis Resources Inc.)
Metallis Resources Inc - Figure 3 - NW-SE Section Map across Cole and Etta Targets at the Kirkham Property (CNW Group/Metallis Resources Inc.)
A summary of the Cole assay results are tabulated below (Table 1).
Table 1:
2018 Drill holes and assay results at the Cole Target, Kirkham Property
Hole ID
Depth
(m)
From
(m)
To
(m)
Interval
(m)
Cu
(ppm)
Au
(g/t)
AuEq
KH18-18
457.0
298.0
307.0
9.0
183.3
0.94
0.97
424.0
434.0
10.0
314.6
0.38
0.42
KH18-19
378.0
57.3
65.0
7.7
166.7
11.18
11.21
incl.
64.4
65.0
0.6
812.0
137.0
137.12
138.0
145.0
7.0
288.4
0.23
0.28
KH18-20
466.0
95.5
96.5
1.0
4180.0
0.10
0.74
198.0
202.0
4.0
1622.5
0.45
0.70
309.0
318.0
9.0
125.17
0.37
0.39
*AuEq values are based on $1,200/oz gold, $2.70/lb. Cu and 100% recovery.
Cole Porphyry Target
The Cole target is represented by a north-south trending dike swarm of HM intrusions and hydrothermal breccias within a (
1000m
x
800m
) zone of sericitic
alteration with intense gossans and Cu-oxides correlated with historic litho-geochemical values ranging from 0.2% to 5.0% Cu and up to 20.7 g/t Au. The
first pass drilling at Cole demonstrates that the HM porphyry dikes transition outward into gold-bearing massive sulphide and epithermal sheeted veins to the
West and additional porphyry potential to the East
(
See Figures
1 & 2).
The 137 g/t gold intercept from KH18-19 is associated with a massive sulphide pyrrhotite-pyrite vein adjacent to the Hawilson Monzonite as part of a late
stage hydrothermal event. This high-grade gold vein is open in all directions and is correlated both structurally and geochemically to a massive sulphide vein,
300m
down dip in KH18-18
(See Fig 3 - cross section).
The high-grade gold veins in KH18-19 are similar to the Intrusion-Related Au Pyrrhotite Veins found
in Snip gold mine, which produced 1.1 million ounces of gold at an average grade of 27.5 g/t from 1991 to 1999. (MINFILE (2015): Snip,
104B
250; BC
Ministry of Energy and Mines)
Nina Porphyry Target
Nina is represented by extensive (
400m
x
300m
) zone of sericitic alteration and north-south trending Hawilson Monzonite dikes. The first and only drill hole at
Nina intersected the tip of an intense potassic alteration zone with 0.34% Cu and 0.25 g/t Au over
2 m
and
15 m
of hydrothermal breccia carrying 0.41 g/t
AuEq mainly in silicified and sulphide-rich matrix. The drilling assays at Nina confirmed the continuity of a 4-km long Cliff-Nina porphyry corridor allowing
Metallis to expand on the known gold-rich mineralization at the Cliff porphyry system (MTS News Release Oct-29, 2018).
Metallis' Chief Geologist – Abdul Razique, PhD., P.Geo. – a porphyry expert, commented: "A new model has emerged from the 2018 drill program where
the dike swarm of HM porphyry intrusions transition outward into sheeted massive sulphide and epithermal veins". Dr. Razique added "this model has
opened up a multitude of avenues of exploring gold-rich mineralization at shallow depths and deeper potassic cores all along the Hawilson Monzonite
Complex."
President and CEO
Fiore Aliperti
commented, "The 137 g/t high grade gold intercept at shallow depth at Cole is an important discovery for Metallis and its
shareholders. The discovery of intrusion-related gold veins similar to those at the historic Snip Mine remain open in all directions and provides strong
potential for further high-grade gold mineralization at the Cole target"; he went on to add "this area of interest is adjacent to the newly discovered Au/Ag rich
epithermal vein at the Etta target, 200 meters away and offers the opportunity to test both targets efficiently. We intend to follow up aggressively next
season to build on these results."
Additional information, including field and core photographs can be viewed on the from Company's website at
www.metallisresources.com
The analytical results of the drill core and rock samples from Thunder North Targets are still pending and will be disclosed when those results have been
received, reviewed and interpreted.
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 meters intervals
of sawn HQ and NQ drill core were delivered to ALS Limited's 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 Limited 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 Limited is a global testing, inspection and certification business with facilities and laboratories in dozens
of locations and is 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
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 as a result of various 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.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 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.
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CO: Metallis Resources Inc.
CNW 14:00e 29-NOV-18