Metallis Resources Announces Plans FOR Phase 1 Exploration Program at Greyhound Property, Idaho USA
METALLIS RESOURCES ANNOUNCES PLANS FOR PHASE 1
EXPLORATION PROGRAM AT GREYHOUND PROPERTY, IDAHO USA
VANCOUVER, BC, June 25, 2024 /CNW/ - Metallis Resources Inc. (TSXV: MTS)
(OTCQB: MTLFF) (the "Company" or "Metallis") is pleased to announce plans for its
inaugural field exploration program (the "Program") on the Company's recently acquired
Greyhound property ("the Property"), a high-grade silver/gold/antimony project within an
historic mining camp, located in Idaho, USA. The Program, which is scheduled to begin
in early July, has been designed with two main objectives. The first involves the
outlining of high-grade mineralized shoots at several historic showings on the Property,
the second is to identify any new areas of high-grade mineralization along the 3.6 km
Greyhound shear zone: both will lead to planned drill targeting in a Phase 2 program to
be conducted later in the 2024 season.
Fiore Aliperti, Metallis' President and CEO commented, "Our team's highest priority for
this phase 1 program is to firm up drill targets at several existing sites that have
demonstrated economic grades from historic mining. Concurrently, we hope to identify
new mineralization along this underexplored 3.6 km trend that has seen significant
silver/gold mineralization exploited historically. We are excited to be utilizing modern
exploration techniques for the first time on the property whilst applying our technical
knowledge developing drill ready targets rapidly and efficiently". He went on to add,
"Although we're excited to head to Idaho early in the exploration season, our Kirkham
property located in the Golden Triangle remains strategically strong in our Company's
plans. We will have boots on the ground in British Columbia later in the season to revisit
prospects that retain significant prospectivity."
Geological Exploration:
At the Greyhound Property, a combination of rock sampling, geological mapping and
trenching will be used to delineate drill targets at several of the historic showings. Rock
sampling will be used to confirm the anomalous silver/gold grades reported historically
and channel sampling will highlight the size and dimensions of the mineralization.
Although advanced underground workings exist on the property, there are still several
surface showings and trenches that have not been recently sampled or interpreted
geologically and the entire property remains untested with a drill.
A team of geologists will also be completing geological and structural mapping to
highlight areas of dilation along the shear and prospect new areas. A firsthand look at
mineralization will prioritize areas that may have been overlooked as geological models
have progressed substantially in the last 100 years. Areas of interest will include the
entire length of the Greyhound Shear zone as well as new structures that have been
identified.
Geological Map of Greyhound Property and High Priority Target Areas (CNW Group/Metallis Resources
Inc.)
Soil Sampling
Approximately 1000 soil samples will be collected to pinpoint the location and continuity
of the mineralized shear. This will be useful in identifying new mineralized zones as
large amounts of the property are covered by overburden and have never been properly
tested. Multiple, wider spaced lines will be completed to identify parallel shears zones
and provide information on possible mineralized intrusions.
The team will be utilizing a portable X-Ray Fluorescence (XRF) analysis tool for the soil
sampling, allowing real time data collection, as opposed to the more traditional
laboratory testing with much longer assay turnarounds. This will expedite the phase 1
program, allowing immediate follow-up for excavator trenching, further advancing new
targets. Several soil samples will also be sent to analytical laboratories for a more
traditional ICP analysis, to cross reference the readings from the portable XRF.
Map of Proposed Soil Sampling on the Greyhound Property (CNW Group/Metallis Resources Inc.)
Rock Physical Property Testing:
Rock physical property testing will be utilized to best plan a larger geophysical survey.
In exploring several geophysical options, the team will first assess the geophysical
properties of samples taken from different parts of the property. Classification of the
magnetic properties, chargeability, resistivity, and density of the rocks will help the team
isolate a geophysical technique that can differentiate the mineralization from the
background country rock.
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 3.6 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.
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'
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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
f
actors 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.
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Web: www.metallisresources.com
SOURCE Metallis Resources Inc.
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CNW 09:00e 25-JUN-24