Metallis Makes New Gold Discovery At Kirkham; Drills 1.21 g/t Au Over 32 Meters
Metallis Makes New Gold Discovery At
Kirkham; Drills 1.21 g/t Au Over 32 Meters
VANCOUVER, BC
,
Feb. 10, 2021
/CNW/ -
Metallis Resources Inc.
(TSXV: MTS) (OTCQB:
MTLFF) (the "Company" or "Metallis") announces the discovery of a substantial gold zone at the
Company's Miles target which forms part of the larger 7.5km long Hawilson Monzonite Porphyry
Complex (or "HM") 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.
Highlights and Summary
KH20-37 intersected
1.21 g/t Au
over
32 meters
("
m
") within a broader gold zone of
0.63 g/t
Au
over
83m
associated with highly silicified limey siltstone and sandstone units proximal to the
Hawilson Monzonite Porphyry intrusions;
KH20-37 discovered a near surface epithermal quartz-carbonate vein breccia with semi-massive
pyrite containing
1.33 g/t Au
over
6m
including
3.97 g/t Au
over
1.8m
. (See Core Photo Fig-3
below); and
The discovery of significantly higher gold grades in sediments now expands the mineralized
corridor as a very large (
200m
wide x
500m
long and
600m
deep) footwall block coincident with
a prominent IP Resistivity anomaly. The dimensions of the block are open in all directions.
Metallis President and CEO
Fiore Aliperti
commented, "Discovery hole KH20-37 is incredibly
important for the Company and its shareholders. We have never been in doubt over the size
potential of the Cliff and now we have added grade potential to the conversation. Significantly, this
hole has confirmed the grade increases as we go deeper, a similar model with other Golden
Triangle deposits in the area such as KSM and
Red Chris
." he added "The high-grade gold in the
footwall rocks remain open to the north and south providing huge opportunity for further high-grade
gold mineralization at depth. A key focus of 2021 will be the vertical and lateral expansion of this
newly discovered gold zone."
Hole KH20-37 was part of the Company's
3,820m
2020 drill program (the "Program") focused on the
southern 4km section of the HM, a gold rich corridor known as the Cliff Porphyry System (the
"Cliff"). The Program was designed to test the application of Induced Polarization ("IP") technologies
over the HM and outline the dimensions of the silicified gold zone with higher gold grades at depth
(See News Release
September 8, 2020
).
Drilling KH20-37 from east to west at 60
0
inclination was exceptionally effective in cutting across the
HM and the entire stratigraphic sequence that hosts the gold zone. It also tested the southern part of
a large resistivity anomaly and confirmed the targeted deeper high grade gold mineralization within
the explanatory siliceous sediments. A summary of the 2020 assays is given in Table 1 below. The
gold zone is highlighted in the plan view map and 3D cross section (See Fig-1 and Fig-2 below).
Hole_ID
From
(m)
To
(m)
Length
(m)
Au
(g/t)
Cu
(%)
Ag
(g/t)
Mo
(ppm)
AuEq
(g/t)
CuEq %
KH20-37
133.00
139.00
6.00
1.33
0.02
2.53
4.52
1.38
1.14
496.00
579.00
83.00
0.63
0.03
0.41
26.07
0.68
0.56
incl.
547.00
579.00
32.00
1.21
0.02
0.35
7.37
1.24
1.02
Previous Drilling Results
MD09-03
9.53
203.00
193.47
0.16
0.06
0.73
24.23
0.25
0.21
incl.
42.00
89.00
47.00
0.26
0.08
0.96
15.13
0.38
0.32
and
150.00
203.00
53.00
0.21
0.09
0.87
31.07
0.33
0.28
MD09-05
9.10
54.00
44.90
0.16
0.10
0.66
10.74
0.29
0.24
217.00
272.00
55.00
0.36
0.03
0.30
14.62
0.40
0.33
Table 1: Summary of the
2020
Assay
Highlights
in KH20-37 and Previous holes
at Miles
*Copper equivalent grades ('CuEq %) are for comparative purposes only. Calculations are uncut
and recovery is assumed to be 100% as no metallurgical data is available. The metal prices
including:
US$1700
/oz Gold,
US$20
/oz Silver,
US$3.0
/lb. Copper &
$9.0
/lb. Mo. were used for
('AuEq g/t). *Lengths are downhole drilled core lengths. Drilling data to date is insufficient to
determine true width of mineralization. *Intervals are calculated using a notional 0.20 g/t AuEq, a
maximum of ten meters of internal dilution for porphyry-style mineralization and no top cut is
applied.
Figure – 1: Plan view map of the overlapping IP Resistivity High and Mineralized Corridor (CNW
Group/Metallis Resources Inc.)
Discovery hole KH20-37 went through a broad zone of highly silicified calcareous sediments and vein
breccias carrying
83m
of 0.63 g/t Au including
32m
of 1.21 g/t Au. The Gold-rich mineralization in
KH20-37 and previous drill holes now confirm that mineral grades increase with depth. The gold
grade in KH20-37 is twice that encountered in MD09-03 and MD09-05 which barely tested the upper
part of the IP Resistivity High,
400m
directly above the
83m
intercept being reported. (See cross
section Fig-2 below).
The structural architecture and the assays from KH20-37 and other holes in the area highlight the
substantial upside potential for expansion of the gold zone along strike and again, as is the case with
Red Chris
and Saddle North, confirm that grade increases with depth. The Company now has
enviable options including a near-surface bulk-tonnage and potential deep high-grade underground-
style mineralization.
Figure - 2: 3D view of the Mineralized footwall block at Miles (CNW Group/Metallis Resources Inc.)
Figure – 3: Drill Core Photos from the discovery hole (KH20-37) at Miles (CNW Group/Metallis
Resources Inc.)
Metallis' Chief Geologist – Abdul Razique, PhD., P.Geo. – commented: "The structural setting and
steeply west dipping calcareous sedimentary rocks explains the litho-stratigraphic control of the
auriferous fluids and the deposition of a substantial gold zone late in the magmatic-hydrothermal
history of the system". He added, "This model has provided an outstanding opportunity for our team
to identify further gold-rich mineralization at depth all along the 7.5km long Hawilson Monzonite
Complex."
Assays from the other holes are currently being analysed, validated, and interpreted, with news to
follow.
QSQC and Analytical Protocols
Metallis Resources 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 (Table-1) 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 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 symbols MTS on the TSX Venture Exchange, MTLFF on
the OTCQB Exchange, and 0CVM on the Frankfurt Exchange. The Company currently has
44,060,433 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",
"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
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 10-FEB-21