Metallis Resources Advances High- Grade Silver Potential at Greyhound Property, Idaho, USA
METALLIS RESOURCES ADVANCES HIGH-
GRADE SILVER POTENTIAL AT GREYHOUND
PROPERTY, IDAHO, USA
VANCOUVER, BC
,
May 14, 2024
/CNW/ -
Metallis Resources Inc.
(TSXV: MTS) (OTCQB:
MTLFF) (the "Company" or "Metallis") is pleased to report that further compilation work completed
on the historic Greyhound Mine has increased the understanding of silver distribution, enabled the
modelling of mineralization, and improved the Company's confidence in the historic silver grades.
This critical information will help guide the geological team with their upcoming field program and
provide potential near-term drill targets as they add to the inventory of mineralized shoots* on the
Greyhound Property ("Property").
Metallis' VP of Exploration,
Dave Dupre
stated, "What attracted us to the Greyhound Property, other
than the impressive historic silver grades, is the fact that none of the previous operators tested
above or below the high-grade shoots that were encountered in the historic mining. This recent
compilation work and resulting geological modeling indicates that, within the consistently mineralized
shear, there are high-grade shoots that have a near-vertical orientation and provide significant room
for discovery above and below the strong untested showings that already exist across the property."
He went on to add, "We are extremely excited to get boots on the ground in the coming months and
test these concepts with modern exploration techniques."
Compilation Work Highlights:
Recent modeling has identified a vertical orientation to the mineralization which is untested to
date and provides the Company its first potential near-term drill targets across several
established showings;
Preliminary metallurgical testing, carried out by a previous operator in 1988, resulted in very
high silver recoveries of 95%; and
Historical grades taken from the mineralized shoots compare favorably against developed silver
deposits globally.
Long section through the Lower Rufus Adit demonstrating the vertically oriented shoots. (CNW
Group/Metallis Resources Inc.)
* A shoot is a mining term used to describe a segment of the mineralized shear zone which has a
grade and width which has potential to be economic.
Using a cut-off grade of 250 g/t Ag over a
length of
7m
as a minimum for a shoot, there are four lengths (shown on the long section above)
where this threshold is met. The shoots are wider than most parts of the mineralized shear and
their grade (especially after dilution of their grade in the narrow parts to a
1.5m
minimum mining
width) is significantly higher. As no economic studies have been completed on the property,
Metallis cannot guarantee that any mineralization constitutes as ore.
Continued examination of historic geological reports has determined that the mineralized shoots
encountered in the Lower Rufus Adit are controlled by dilatational zones in the left lateral Greyhound
shear. These zones occur as flexures or intersections of the shear with northeast striking cross
faults that likely predate the mineralization. This provides the framework for the vertically oriented
shoots encountered to date. Shoot 1350' (
36.9m
of 1.85 g/t Au and 785 g/t Ag), has been described
as correlating
170 m
to surface where high-grade mineralization is identified, and has never been
drill tested.
In the upcoming field program, the team is excited to test the vertical continuity at the historic
showings as they provide immediate drill targets. These targets include, the Lower Rufus, Upper
Rufus, Birdie, General Grant, Bulldog, and the Buckhorn. The large vertical scale of the system has
already been demonstrated with over
500 m
of elevation difference between mineralized surface
samples taken at Greyhound Ridge and the Lower Rufus Adit. The analogous Lucky Friday Mine in
northern
Idaho
shows a vertical orientation and is one of the deepest mines in
North America
with
underground workings as low as 3000 meters below surface.
Other compilation work has revealed strong silver recoveries in metallurgical testing reports from
1988 and demonstrates the viability of this prospect in producing excellent concentrates. Basic
flotation tests were completed on two 50-pound bulk samples taken from the Lower Rufus Adit and,
although the tests were preliminary and basic in nature, the reports are encouraging and
demonstrated that up to 95% of the silver can be recovered from the sulfide ore.
Photo of massive sulfide face at the head of the Lower Rufus Adit (1989) (CNW Group/Metallis
Resources Inc.)
The technical team has also been compiling information on the size and grade of various global silver
deposits. Although the Greyhound property has a large amount of work to be completed before a
resource could be calculated, it is encouraging to see that the systematic historic channel sampling
on the property has returned grades that are on par if not better than several advanced projects and
mines currently in production.
The Company also announces that, pursuant to the terms of the Company's stock option plan, the
Board of Directors has approved the grant of an aggregate of 1,750,000 incentive stock options
("Options") to certain directors, officers, and consultants, at an exercise price of
$0.15
per share,
exercisable for a period of five years. The Options are subject to regulatory approval from the TSX
Venture Exchange. Along with previously granted stock options that remain outstanding and
exercisable, the Company now has 6,000,000 outstanding stock options, representing 8.76% of the
68,455,003 outstanding shares 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.
Note: The reader is cautioned that all measurements and metal grades are derived from previous reports and
Metallis has not independently confirmed the results.
The similarity
of values and conservative approach does lend confidence to these values.
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 3.5 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/antimony
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.
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
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"estimate", "expect" and similar expressions, as they relate to the Company, or its management, are
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.sedarplus.ca
. 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
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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 14-MAY-24