Metallis Resources Stakes 81 Claims over Prospective Geology at the Newly Acquired Greyhound Property
METALLIS RESOURCES STAKES 81 CLAIMS
OVER PROSPECTIVE GEOLOGY AT THE
NEWLY ACQUIRED GREYHOUND PROPERTY
VANCOUVER, BC
,
Feb. 29, 2024
/CNW/ -
Metallis Resources Inc.
(TSXV: MTS) (OTCQB:
MTLFF) (the "Company" or "Metallis") is pleased to announce that it has staked 81 additional mining
claims in the
State of Idaho
, increasing the size of the recently optioned Greyhound Property (the
"Property") to 677 hectares (See News Release dated
February 27, 2024
). This extended package
of lode claims now covers all historic mineralization at the past producing Greyhound and Bulldog
silver/gold mines, as well as encompassing prospective geology in underexplored terrain parallel and
along strike northward of the 3.6 km mineralized Greyhound Shear.
The new claims include a recently identified, important basin–like circular structure in the
northwestern area of the Property, along with outcrops of intermediate to felsic intrusive rocks
thought to be Laramide in age. A geological hypothesis is being explored that this circular feature is
related to a mineralized porphyritic stock belonging to the Great Falls Tectonic Zone as seen in other
major nearby deposits. Recent exploration successes in the region have demonstrated that silver
dominated vein deposits can be spatially related to large copper porphyry systems. With this in
mind, the team has identified a number of elevated historic copper grades from the northwesterly
end of the property. This geological concept would not have been understood when the majority of
the historical work took place and is something the Metallis technical team will continue to investigate
with further data compilation and future boots on the ground exploration.
The team has also taken note of elevated antimony grades identified in historic assays from the
Greyhound area. Multiple historic crude ore samples taken from the Greyhound Mine have returned
1-2 % antimony and suggest there may be potential for this unique strategic battery metal as
countries seek to expand their sources of critical minerals and develop local supply chains. Just 36
km northwest, along strike from the Greyhound property, resides Perpetua Resources' Stibnite
Mine, with mineral reserves of 5 million ounces of gold and significant antimony. Perpetua has
recently been the recipient of multiple government grants totaling over
US$40 million
to develop and
secure the antimony resource from their project.
New claims staked at the Greyhound Property (CNW Group/Metallis Resources Inc.)
Dave Dupre
, Vice President of Exploration for Metallis commented, "The aim of staking these new
claims was to ensure all exploration opportunities present on and around the Greyhound property
are accounted for. Not only have historic assays demonstrated economic grades similar to producing
mines in the region, the 3.6 km of untested strike length and indicators of other styles of
mineralization has really excited the team. We have lots of work to do as we look to unlock the many
opportunities this Property has to offer after it has sat idle for so many decades."
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
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. Should one or more of these risks or uncertainties materialize, or
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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 29-FEB-24