Metallis Provides Update ON Greyhound Targets and Uncovers Historical Records of Bonanza GOLD
METALLIS PROVIDES UPDATE ON
GREYHOUND TARGETS AND UNCOVERS
HISTORICAL RECORDS OF BONANZA GOLD
VANCOUVER, BC
,
March 7, 2024
/CNW/ -
Metallis Resources Inc.
(TSXV: MTS) (OTCQB:
MTLFF) (the "Company" or "Metallis") today announces results from its recently completed data
compilation program (the "Program") on the newly acquired Greyhound property (the
"Property"). The Program included detailed analysis of geological and mining reports along with
several recently discovered archived newspaper articles, providing the Company with an
improved understanding of both the geology and mineralization along the 3.6 km Greyhound
shear/vein. Metallis believes the large number of prospective showings highlighted on the
property offer the Company multiple opportunities for the discovery of high-grade gold and silver.
Dave Dupre
, Vice President of Exploration for Metallis commented, "Our research program was
successful in uncovering over 20 archived newspaper articles about the property from 1895-1905
that had likely never been seen by previous operators. These articles described a significant mining
camp on the Greyhound property and mentioned multiple bonanza gold grades with results as high
as 35,226 g/t Au and 128,250 g/t Ag from the Bulldog Mine."
He went on to add, "We have also identified that a large amount of the past mining was achieved by
driving adits horizontally along the Greyhound shear with no guidance from geological mapping,
geophysical surveys, or diamond drilling. Although past operators were still able to return strong
grades from historic adits, more recent work on the property has suggested the highest-grade
mineralization is oriented vertically and provides opportunity for discovery above and below
previously mined areas. The team is excited to apply this new knowledge as we utilize modern
exploration techniques for the first time in this property's history."
Through use of multiple data sources, Metallis' technical team has been able to summarize the
property's history and expand on the understanding of each prospective showing. When possible,
more recent rock sampling and reporting has been prioritized.
Greyhound property map demonstrating significant silver/gold grades across multiple showings.
(CNW Group/Metallis Resources Inc.)
Greyhound Mine
Exploration at the Greyhound Mine began in the late 1800's with the Upper Rufus Adit being driven
into high grade silver/gold/lead/zinc shear veins discovered on Sulfur Creek. This adit was driven into
the south side of Greyhound Ridge for approximately
170 m
and provided material for the
Greyhound smelter (stamp mill) erected in 1905 that also received material from numerous other
showings across the property. Mining ceased and the smelter eventually was abandoned in 1910
with the collapse of silver prices.
In 1979, Greyhound Mining and Milling (the current claim owners) began excavating the Lower Rufus
Adit, located
140 m
southeast of the Upper Rufus portal. This new adit was driven
300 m
with
material being transported to a mill offsite. It was further extended
152m
between 1980 -1991 and
intercepted strong zones of high-grade mineralization. A final shipment of material was sent in the
year 2000.
More recent property examinations have detailed several sampling programs in the Lower Rufus Adit
with the most thorough data being derived from Hornbaker (1988). A total of 17 channel samples
were collected from footage 1331 to 1406 across the vein and demonstrated very robust high-grade
mineralization along a total length of
22.9m
. This interval returned an average grade (using a
minimum width of 5 feet) of
0.06 oz/t Au and 26.38 oz/t Ag (2.05 g/t Au and 902 g/t Ag)
*
.
These high-grade sections have been referenced in historic reports as "ore-shoots" and represent
the highest-grade zones returned in the Lower Rufus Adit (see table below). These tabular bodies
are vertically oriented, and it is likely that past miners were unable to fully exploit them with
horizontal adits. It is also important to highlight that moderate grade mineralization occurs along the
entire length of the Lower Rufus Adit and is not restricted to these ore-shoots.
Channel Sampling Results Table, Lower Rufus Adit. (CNW Group/Metallis Resources Inc.)
Note: The term "oreshoot" is used in this news release to describe a segment of a
mineralized
shear/vein which has a grade and width which might be economic. But, as no
economic studies have been performed, there is no intension to imply that the material within an "oreshoot" will necessarily constitute "ore".
Bulldog Mine
The Bulldog mine, located on the north side of Greyhound Ridge, operated from 1898 to 1906, with
several surface and underground workings being completed. A historic adit measuring ~152 m in
length was driven southeast, along strike within the Greyhound shear/vein with a ~60m crosscut also
completed.
During historic data compilation, the Metallis team discovered 20+ old newspaper articles dating
from 1898 to 1905 that referenced extremely high grades at the Bulldog Mine. One article mentioned
a rock sample from a 6 to 14 inch wide vein, that carried
"1,030 oz/t gold and 3750 oz/t silver*"
(35,226 g/t Au and 128,250 g/t Ag). This information is historical, albeit from numerous sources, with
two other samples displaying bonanza results. While the Metallis technical team regards 100+ year
old newspaper articles as highly speculative, they are encouraged by the prospect of very high gold
grades on the Property and look forward to commencing their own exploration efforts.
Further reporting by the Idaho Bureau of Mines and Geology (IBMG) suggests that high gold grades
exist at the Bulldog, something not identified in later reporting. The IBMG, in a publication from 1920
states, "Ore from this vein, it is maintained, runs about
$11
to the ton in gold, and 30 ounces of
silver". Converted to today's values, that would be 18.2 g/t Au and 1026 g/t Ag.
More recent historic sampling at the Bulldog has been restricted to single day visits with rock
samples taken from trenches or waste piles. These rocks have returned elevated assays of 10-20
oz/t silver and grab samples as high as 69 oz/t silver. Descriptions of the surface showing detail a
10m
thick shear zone with two high grade veins separated by lower grade material, as well as
elevated base metals and bornite mineralization (Kershner, 1976). In 1980, approximately 12,000
tons of material was removed from this location although there is no documentation of any results,
and it is possible this was from historically stockpiled material.
Collection of Newspaper articles covering the Bulldog Mine between 1898-1905, Greyhound
Property, Idaho. (CNW Group/Metallis Resources Inc.)
Birdie
The Birdie Showing represents a parallel shear vein
125 m
to the east of the Greyhound Shear.
Minor production in the late 1800's is noted in historic reports that document approximately 100 feet
(
30 m
) of workings being driven into Greyhound Ridge. A newspaper article from 1894 reported
silver grades of
216 oz/t (7,387g/t
)*. Work completed by Watts-Griffis-McQuat in 1981 highlighted
a 3-foot chip sample just inside the portal that returned
2.42 g/t Au and 2,858 g/t Ag*.
The adit has
since collapsed, and the full extent of the vein is unknown in this area.
General Grant
The General Grant portal is situated
400 m
southeast of the Lower Rufus. The
30 m
adit supplied
material to the Greyhound mill built on site in the early 1900's. No recent exploration has been
completed near the adit although a bulldozer cut located approximately
100 m
northwest along strike
of the portal is highlighted by a
2.4 m
section of 2.56 g/t Au and 366 g/t Ag*. In 1980, Noranda
collected a sample from the bulldozer cut that ran
11.9 g/t Au and 2,798g/t Ag*
.
Idaho
The
Idaho
showing occurs centrally along the Greyhound shear between the Bulldog and the
Greyhound Mine. Little information is available from this location although historic reporting from the
early 1900's suggests a pit was excavated and more recent grab samples by Lance (1999) returned
1.03 g/t Au and 1,771 g/t Ag *
.
Buckhorn
The Buckhorn Showing is located near the Northwest end of the Greyhound shear zone
approximately
650m
northwest of the Bulldog Mine and
3000 m
northwest of the Greyhound Mine.
This showing was worked in the early 1900's and included a small shaft although little information is
available. A single rock sample taken by Kershner (1976) returned 263 g/t Ag*.
Republican
The Republican showing is the most northwesterly historic working completed along the Greyhound
shear. This showing was worked in the early 1900's with minor historic workings still visable. Lance
(1999) describes a single grab sample taken from a dump pile that returned
5.13 g/t Au and 1,691
g/t Ag*
.
*
All grades mentioned in this release are historical in nature and can not be verified by Metallis Resources
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 Greyhound Property
The recently acquired Greyhound Property is in
Custer County, Idaho
, approximately 42 km
northwest of the town of
Stanley
. This property was the center of an active silver mining camp in the
early 1900's and at one point contained a smelter and two active mines situated along a 3.6 km
mineralized shear zone. Since 1910, the property has seen limited exploration and only minor
development when the Greyhound Mine was reactivated and mined from 1980-1991. The last
remaining ore from this period was shipped to a smelter in 2000 and the property remains
substantially underexplored.
About Metallis
Metallis Resources Inc. is a
Vancouver
-based company focused on the exploration for gold, copper
and silver on its flagship 100%-owned Kirkham Property in
Canada
, situated in northwest
British
Columbia's
Golden Triangle, and on its recently acquired Greyhound Property, a gold/silver target in
Idaho, USA
.
Metallis trades under the symbols MTS on the TSX Venture Exchange, MTLFF on the OTCQB
Exchange, and 0CVM on the Frankfurt Stock Exchange.
Bibliography:
Heard, R.T. 1981.,
Geoogical Report on the Greyhound Mining and Milling Property For Eastern Leaseholds Inc.
Kershner & Mashnurn, 1976.,
Reconnaissance Report on the Bulldog Claim Group for Kershner & Mashburn, Consulting
Engineers,
Boise, Idaho
Lance, D.L. 1999.,
Geological report on the Greyhound Mine,
Custer County, Idaho
. For United Silver Inc.
Sampson, T, & Clark, M, 1981,
Geological Report on the Greyhound Mine
Custer County, Idaho
. Watts, Griffis and McQuat,
Incorporated Mining and Geological Consultants
Longe, R. 1999.
A Summary Report on the Greyhound Mine, for Helio Capital Corp, Minequest Exploration
Associates Ltd.
On behalf of the Board of Directors:
/s/ "Fiore Aliperti"
Chief Executive Officer, President, and Director
Web:
www.metallisresources.com
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SOURCE
Metallis Resources Inc.
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CNW 09:00e 07-MAR-24