Metallis Outlines Eskay Creek Host Stratigraphy at Kirkham Property
METALLIS OUTLINES ESKAY CREEK HOST
STRATIGRAPHY AT KIRKHAM PROPERTY
VANCOUVER, BC
,
Sept. 13, 2023
/CNW/ -
Metallis Resources Inc.
(TSXV: MTS) (OTCQB:
MTLFF) (the "Company" or "Metallis") is pleased to announce that following a detailed re-evaluation
program conducted by the Company's geological team, Eskay Creek host stratigraphy has been
identified on the 100%-owned Kirkham Property (the "Property" or "Kirkham") situated in the prolific
Golden Triangle, northwestern
British Columbia
. In addition, several high priority exploration targets
have been defined. The Property is surrounded by neighboring Eskay Mining, Skeena Resources
and Garibaldi Resources, all of which currently have active explorations programs underway.
Dave Dupre P. Geo
., (Metallis, VP of Exploration) who was part of the discovery team at Eskay
Creek, stated, "We have identified several targets on our property that bear a solid likeness to the
unmistakable signature of the Eskay Creek Mine, one of the most profitable and highest-grade
mines of its time. These include targets where the Willow Ridge Mafic Unit capped the mineralized
"contact mudstone" target unit. This geological feature is incredibly vital to a successful discovery
because remnant Eskay Creek deposits will not have been eroded away where the mafic cap is still
present." He went on to add, "The most compelling targets occur in the north-central part of the
Property- north of Terwilligen Creek where rhyolite, alteration zones, gossans (oxidized sulphides),
radiometric potassium and geochemical anomalies and the capping Willow Creek Mafic Unit have
been mapped. These areas have seen very little exploration activity due to historic misinterpretation
of the geology and the extensive, but receding, glacial coverage."
2023 Property Update:
Terwilligan Creek has been identified as a high priority area due to mapping of Eskay Creek
horizon, geochronological age dating and favorable geochemistry; factors that lend themselves
to possible Eskay Creek mineralization;
Other targets offer early stage, cost-effective work programs, and have been highlighted for
follow-up. These including Fewright Creek,
Lyons
, and Mount Dunn (
Click Here to View Map
);
The Company's most developed asset, the Hawilson Copper-Gold Porphyry, continues to be
the Company's highest priority on the Property; and
Management looks to continue advancing the Property as it balances fiscal responsibilities.
Eskay Creek Targeting
During the Company's 2022 exploration season, two geochronological (fossil age dating) samples
were collected to better understand the stratigraphic setting of the geology surrounding the Hawilson
Porphyry. The Geological Survey of
Canada
confirmed one of the samples as Toarcian age and as
such, improved the likelihood of rare Eskay Creek aged rocks occurring on the Kirkham Property, a
possibility that was not previously considered. The geological team has since conducted a
comprehensive re-evaluation of historic datasets including past operators work as well as BC
Geological Survey mapping to define several high-quality targets that offer potential for Eskay Creek
stratigraphy and warrant further in-field assessment. Results from Eskay Mining's diligent work being
carried out across from our property border has demonstrated significant potential for similar Eskay
style mineralization and the team now recognizes that some of the favorable horizons trace along
strike to the Kirkham Property. Very minor reconnaissance exploration has been carried out over
these targets in the past.
Terwilligan
The highest priority exploration area for potential Eskay Creek stratigraphy on the Property occurs
on the northwestern corner of the Terwilligan headwaters at a location that had been previously
mapped by the BCGS. Age dating confirmed several Toarcian and Pliensbachian aged fossils on,
and just off the property, further confirming the location as being prospective. Interpretation of this
area using ZTEM data, along with structural measurements, confirm major synclines that could
reveal potential Eskay Creek host rock at this location.
Also at this prospect, a minor historic work program completed in 1990 returned elevated gold and
gold pathfinder elements in grab samples of rocks with assays up to 1 g/t Au*. This, when combined
with geological mapping, provides a compelling reason to do further work in the area.
Willow
A band of the Willow Creek Formation has been traced westward from the South Unuk – Harrymel
Creek fault onto the Kirkham Property in an area that has seen very little historic work. Much of the
favorable stratigraphy has been covered by glaciers but rapid retreat has exposed gossans which
may be indictive of weathered sulphides. Radio metric potassium anomalies are also identified in this
area.
Mount Dunn
To the west of the Hawilson Monzonite, on a broad bowl-shaped plateau at the southern end of the
structurally significant syncline, Metallis crews identified fossil specimens that were analysed as
Toarcian in age (174-182 Ma). This provides a third area of prospective ground for Eskay style
mineralization as Metallis field geologists have also identified rhyolites in the area, a key stratigraphic
marker at the Eskay Creek Deposit.
Fewright Creek
This creek that truncates the south end of the Hawilson Porphyry complex has revealed multiple well
mineralized boulders from past Metallis exploration programs. Identification of 1.4 g/t gold and 4.6%
copper in float as well a description of quartz, sericite, pyrite alteration (indicative of porphyry
mineralization) has been identified up-stream of the Hawilson Monzonite. This leads to the possibility
of other unidentified mineralized intrusions possibly related to the Hawilson Monzonite that have not
yet been discovered. Steep slopes and dense bush have hampered exploration on either side of the
creek in the past but provide prospective terrain for follow up.
Company Update
Fiore Aliperti
, Metallis' President, and CEO commented, "We have thoughtfully assessed the current
financial market conditions, and in consideration of the challenging landscape, we've made the
strategic decision to postpone a drill program at Kirkham this year. We have listened to our
shareholders and appreciate their concerns relating to the raising of "drilling" capital which, at these
levels, would considerably dilute shareholder positions. Instead, we have focused on developing our
target pipeline and continuing the advancement of the Kirkham Property. Pending available capital,
the company would like to complete work at the Eskay Creek stratigraphy targets, offering the
company significant future potential." He went on to add, "This strategic approach ensures that we
keep navigating these challenging times responsibly and safeguarding our investors' interests as we
work towards unlocking the full potential of this exceptional asset."
Eskay Creek Mine
Eskay Creek, located 15 km northeast of the Metallis property, was a prolific gold-silver mine that at
one point in time, was the highest-grade gold mine in the world.
Barrick Gold
operated the mine for
14 years from 1994 to 2008 with average grades of 45 g/t Au and 2,224 g/t silver taken from the
Volcanogenic Massive Sulphide (VMS) deposit. Explorationists in the area have searched extensively
for another Eskay style deposit as these VMS systems often form in clusters. Due to local
geological settings, glacial cover and overburden cover, the host stratigraphy is quite rare across the
region and has commonly been eroded away.
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.
Samples collected by Metallis have been submitted to independent certified laboratories together
with blanks and standards, all of which yielded acceptable results.
*
Historic assays cannot be verified by Metallis, although there is no reason to believe they are
inaccurate.
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. The Company has 60,544,312
common shares outstanding.
On behalf of the Board of Directors:
/s/ "Fiore Aliperti"
Chief Executive Officer, President, and Director
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SOURCE
Metallis Resources Inc.
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Tel: 604-688-5077, Email: [email protected], Web:
www.metallisresources.com
CO: Metallis Resources Inc.
CNW 09:00e 13-SEP-23