Metallis Identifies Stratabound Mineralization in Scout Hole at King East Target
Metallis Identifies Stratabound Mineralization
in Scout Hole at King East Target
VANCOUVER, BC
,
June 8, 2021
/CNW/ -
Metallis Resources Inc.
(TSXV: MTS) (OTCQB:
MTLFF) (FSE: 0CVM
)
(the "Company" or "Metallis") reports the results from the final drill hole of the
Company's 3,820 meter ("m") drill program (the "Program") in 2020 at its 100%-owned Kirkham
Property (the "Property"). The Property is 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 Pretium's producing Brucejack
gold mine.
Drilling highlights
Two drill holes (from the same pad) were planned to test the King East target area. The first hole
(KH20-38) was drilled to the west to test a very large VTEM and magnetic anomaly. The second drill
hole was designed to test strong copper-gold soil geochemical anomalies to the east. Due to
weather and time constraints at the end of the 2020 season, the second hole was not drilled.
The upper
170m
of KH20-38 intersected a highly silicified and pyritic siltstone/chert horizon with
elevated gold values (i.e.,
10m
@ 0.14 g/t Au) which has confirmed the presence of both
stratabound and vein stockwork mineralization. Later observations from the drill core identified a
distinct inside-out vector of sericitic to propylitic alteration to the west, this alteration highlights
significant exploration potential to the east where anomalous historical Cu-in-soil values correlate
with magnetic lows (See below map).
The lower section of KH20-38 intersected a succession of greywacke and magnetite-bearing
andesitic volcanics which explains the VTEM resistivity and magnetic anomaly in the area.
Figure 1 - Magnetics & Copper in Soil at King East Target, Kirkham Property. (CNW Group/Metallis
Resources Inc.)
Exploration Potential and Follow-up Plan
The King East target extends over an area of 2 km x 3 km, representing a cluster of northerly
trending monzonite dikes, sericitic alteration, veins, and elevated gold-in-soil values: all together
highlighting the potential of a porphyry system at depth. The copper-gold (± silver) mineralization is
hosted in predominantly sub-vertical vein stockwork and breccias. As such, the style of
mineralization in the King East target area is similar to that of the high-grade gold mineralization at
the Valley of the Kings, part of Pretium Resources' land package located approximately 30 km to the
east of the Property.
An evaluation of historical soil grids highlighted several zones of anomalous Gold (>50ppb up to
6000 ppb) and Copper (>50ppm up to 2500ppm) values coincident with the margins of the altered
intrusion. Trench chip sampling in the same area returned values up to 1.74 g/t Au over
6.0m
in
siliceous siltstone.
Building on the results from KH20-38 and the proposed 2021 ZTEM and SkyTEM surveys over King
East (See News Release
April 07, 2021
), Metallis' 2021 exploration program will include plans to
carry out detailed mapping and sampling focusing on the porphyry, shear-vein gold, and sedimentary
exhalites in the folded stratigraphic sequence near the border with Eskay Mining Corp.'s property.
Metallis' Chief Geologist Dr. Abdul Razique stated, "The systematic patterns of alteration, VTEM
anomalies and strong copper-gold geochemistry in the area reflect significant vein stockwork and
porphyry potential to the east of our 2020 scout hole at the King East target." he added, "Although
our focus is on the 4 km Cliff Porphyry Corridor, we are also planning to advance other prospective
regional targets at the Kirkham Property. The overlapping ZTEM and SkyTEM surveys will provide
an outstanding opportunity to optimize the conductors for targeting the porphyry and sedimentary
exhalites between King East and the Unuk-Harrymel fault."
Corporate Update
The Company also announces that Dr. Razique has been moved into the role of Vice-President of
Geoscience Services. Dr. Razique will be responsible for all the technical services including, but not
limited to, planning and designing of the exploration surveys and overseeing drilling programs. He will
now take a lead role in the Company by continuing to build on a strong geological team focused on
generating robust 3D geological models for the exploration and discovery of porphyry, shear-vein
gold and Volcanogenic Massive Sulphide ("VMS") deposits at the Kirkham Property. The senior
management team congratulates Dr. Razique on his appointment.
QAQC and Analytical Protocols
Metallis has implemented a rigorous quality assurance / quality control (QA/QC) program to ensure
best practices in sampling and analysis of diamond drill core. Drill core samples were prepared at
MSA LABS' Preparation Laboratory in
Terrace, BC
and assayed at MSA LABS' Geochemical
Laboratory in
Langley, BC
. Analytical accuracy and precision are monitored by the insertion of
blanks, certified standards, and duplicate samples at regular intervals into the sample stream by
Metallis Resources' personnel.
MSA LABS
quality system complies with the requirements for the
International Standards ISO 17025 and ISO 9001.
MSA LABS
is independent 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.
Metallis believes historic results referenced herein to be from reliable sources using industry
standards at the time. However, the Company has not independently verified, or cannot guarantee,
the accuracy of this historic information.
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 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' E&L Nickel Mountain Project in the north
and Eskay Mining Corp. to the east. The property 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 symbols MTS on the TSX Venture Exchange, MTLFF on
the OTCQB Exchange, and 0CVM on the Frankfurt Stock Exchange. The Company currently has
52,839,878 common shares issued and outstanding.
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",
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in the forward-looking statements because 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
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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 08-JUN-21