Metallis Intersects 205 M of 0.43 G/T GOLD Eq Including 106.9 M of 0.54 G/T GOLD Eq, Extends Cliff Zone to Depth
METALLIS INTERSECTS 205 M OF 0.43 G/T
GOLD EQ INCLUDING 106.9 M OF 0.54 G/T
GOLD EQ, EXTENDS CLIFF ZONE TO DEPTH
VANCOUVER, BC
,
Nov. 22, 2022
/CNW/ -
Metallis Resources Inc.
(TSXV: MTS) (OTCQB:
MTLFF) (the "Company" or "Metallis") is pleased to announce assay results from drill hole KH22-46,
the first hole from the Company's 2022 exploration program (the "Program") at its 100%-owned
Kirkham Property situated in the prolific Golden Triangle, northwestern
British Columbia
, a region
known worldwide for the past producing
Eskay Creek
and Snip gold mines, Seabridge's KSM
porphyry deposits, and Newcrest Mining's Brucejack and Red-Chris mines.
Fiore Aliperti
, Metallis' President, and CEO commented, "I am happy to say the geological team
achieved their goal of proving the extension of the porphyry copper/gold zone in the South Cliff area
beneath the well mineralized intersections known from previous drilling. Not only did the season's
first hole hit, but more importantly it confirms that grade extends to depth." He went on to add "What
this hole highlights is that the mineralized system extends over 150 meters below the hole above it,
more than 300 meters below surface, and that it remains open to depth and along strike. The critical
factor here is the continuity of the system, which is something to be excited about."
Drill Result Highlights:
Drill Hole KH22-46 intersected 106.9 meters (or "m") of 0.54 g/t gold equivalent (or "AuEq")
including a higher-grade section of
37.7m
of 0.85 g/t AuEq; both within a broader intercept of
205 m
of 0.43 g/t AuEq;
The
106.9 m
intersection indicates that the mineralized zone in the south Cliff area is continuous
over at least
300 m
from surface and that it remains open vertically; and
KH22-46 shows continuity of the system along strike at the South Cliff area for a distance of
approximately
500 m
, and it forms a key part of the larger 4 km long Cliff-Miles porphyry
corridor.
The Program was focused at the South Cliff area of the Cliff-Miles porphyry corridor, with an
objective to test for higher-grade extensions of copper and gold mineralization beneath the well
mineralized drill intersections of holes KH17-08, KH18-16 and KH19-30, which returned the best
results from the Kirkham Property to date (
Click Here to View Drilling Results Table
) The assay
results from KH22-46 show that the mineralized porphyry gold/copper system has been extended
approximately
150 m
below hole KH18-16 which cut
118 m
of 0.80 g/t AuEq from surface (
Click Here to View Figure 1.
)
The tabular Feeder Zone within the South Cliff area now exceeds
500 m
in length, is approximately
100 m
thick and extends to a depth of over
300 m
below surface.
Assay results from the next hole, KH22-47, are pending. This hole was designed to test the
mineralized zone
150 m
below KH22-46. Several similar feeder zones proximal to the Adam Fault
have been intersected in each of the identified fault-blocks along the 4 km-long Cliff-Miles porphyry
corridor.
Drill Hole Composite Table
KH22-46
From (m)
To (m)
Length (m)
Au (g/t)
Cu (%)
AuEq* (g/t)
CuEq* (%)
15.9
336.0
320.1
0.24
0.063
0.34
0.28
Including
130.9
336.0
205.1
0.30
0.084
0.43
0.35
and
130.9
237.8
106.9
0.34
0.130
0.54
0.44
and
200.1
237.8
37.7
0.59
0.165
0.85
0.70
Including
296.4
336.0
39.6
0.49
0.032
0.56
0.46
*Gold Equivalent Formula: Au g/t+(Cu%*1.27) Metal Prices Used: Gold – US$ 1470/oz / Copper – US$ 2.75/lb.
All drill core and surface samples from the 2022 exploration program have been submitted to ALS
Labs, a global testing, inspection and certification business and an ISO/IEC 17025:2005 accredited
laboratory independent of the Company
.
All assay results will be reported after they have been
subjected to QA/QC validation.
QAQC Procedure
Metallis Resources implements a rigorous quality assurance / quality control (QA/QC) program to
ensure best practices in sampling and analysis of diamond drill core.
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 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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directors, or its officers with respect to the future business activities and operating performance of
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intended to identify such forward-looking statements. Investors are cautioned that any such forward-
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and uncertainties, and that the Company's future business activities may differ materially from those
in the forward-looking statements because of numerous 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.
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-NOV-22