Phase 1 Field Results Include New 1-2Km Mineralized Zone, Drill Team Mobilized
Phase 1 Field Results Include New 1-2Km Mineralized Zone,
Drill Team Mobilized
VANCOUVER, BC
,
Aug. 27, 2020
/CNW/ -
Metallis Resources Inc.
(TSXV: MTS) (OTCQB: MTLFF) (FSE: 0CVM) (the "Company" or
"Metallis") is pleased to announce preliminary results and provide initial geological observations from its Phase 1 - Field Program (the
"Program") at its 100%-owned Kirkham Property (the "Property"). The Property is situated within the prolific Eskay camp of the Golden
Triangle in northwest
British Columbia
, a district known for the past producing Eskay Creek and Snip gold mines, Seabridge's KSM
porphyry deposits and Pretium's Brucejack gold mine.
The Company also announces that geological and pad building teams have been mobilized to the Property and the Phase 2 Drill Program
will commence shortly.
Phase 1 Highlights
The preliminary results of the IP survey conducted between the Cliff and Miles porphyry systems have identified an exciting 2 km
zone of resistivity and chargeability anomalies that increases in size and strength as it moves northwards. These coincident anomalies
are related to extensive porphyry style mineralization. All the final geophysical results will be released upon completion, data
verification and interpretation of the raw field measurements.
Re-logging of over
10,000m
of drill core has:
Identified two clear Porphyry rock types within the Hawilson Monzonite ("HM"). The primary, well mineralized Porphyry ("MP") is
commonly present near the western margin. Typically, this MP contains higher-grade copper/gold mineralization with the grades
increasing with depth. The MP is cut by a secondary coarse-grained porphyry ("CP") which carries rafts and xenoliths of the
highly mineralized MP and siltstone units upwards from lower depths. This significant observation confirms that much higher-
grade mineralization likely occurs below the previously drill-tested areas. Initial drill holes are designed to test the depth
potential of the MP (
Click here to see schematic
);
Revealed a calcareous siltstone unit forming an approximate 1-2 km long halo of high-grade gold mineralization. Gold grades as
high as 14.2 g/t over
3 m
(KH18-14) are associated with stockwork quartz-carbonate-sulphide veins, hydrothermal breccias and
carbonate replacement textures. This confirms mineralization is present outside of the HM, where it was previously thought to be
constrained by the Western and Eastern contacts. This now opens-up the whole of the eastern flank beyond the intrusive contact
for further investigation;
Field mapping, along with IP anomalies identified along the Cliff porphyry system, has further defined the shape of the HM, structural
offsets and the control of mineralization, and;
Analysis of over 580 Shortwave Infrared ("SWIR") measurements identified the abundance and distribution of white and green micas
(phengite); a new guide utilized in targeting the location of high-grade core zones of the Cliff porphyry system.
The Copper-Gold mineralization in the Hawilson Monzonite and adjacent sediments at Cliff typically occur in the highest levels of porphyry
systems, characterized by an abundance of sericite and chlorite alteration which has overprinted a potassic alteration assemblage. As
part of the Program, all previously drilled core was re-logged for zoning patterns and crystallinity of sericite and chlorite alteration. Most of
the drill holes identified favorable alteration and structural features attributed to the gold-rich mineralization in and around the Cliff porphyry
system. Significantly, the last nine meters (494 -
502.9m
) of drill hole KH18-15 returned gold grades from 0.24 to 0.96 g/t Au that are
hosted by silicified and decalcified siltstone. This stratigraphic zone may extend for significant distances surrounding the Cliff porphyry
system. This recently identified replacement-type disseminated gold mineralization can produce large gold ± copper deposits. Examples in
BC are the
Phoenix
and Nickel Plate mines.
The SWIR and magnetic susceptibility data are used to identify compositional variations and crystallinity of sericite and chlorite as proxy
for high-temperature central (high grade) parts of the deposit. The combination of IP anomalies, results from field mapping and drill core
logging has provided an excellent guide to target the hidden parts of the porphyry copper-gold mineralization planned to be drilled this
summer. The data points towards the high-grade core of a typical calc-alkaline porphyry system.
The well mineralized, main stage MP Porphyry exhibits intense potassic and sericitic alteration and vein stockwork copper-gold
mineralization. The sericitic alteration is characterized by quartz-sericite-pyrite ("QSP") and remnant hydrothermal biotite (Potassic
alteration), including early biotite veinlets. The potassic and QSP alteration is subsequently cut by a distinct episode of gold mineralization
and later epithermal quartz ± calcite veins and chlorite-carbonate alteration assemblage. The field index and crystallinity of sericitic
alteration shows a vertical and lateral transition from green sericite-chlorite to pale-green sericite, which confirmed increasingly high-
temperature and higher Cu-Au grades associated with K-silicate alteration at depth.
Metallis' Chief Geologist, Dr. Razique, stated "Positive correlation of the IP anomalies and the well-mineralized M-Porphyry is a major
breakthrough in expanding the Cliff porphyry system at depth." He added, "the significance of gold mineralization outside what was
previously thought as an area constrained by the eastern and western contacts is a massive breakthrough for us; it opens the potential for
a substantial gold zone along the Eastern flank of the Hawilson Monzonite for over 2 km that will be drill tested this coming drill campaign"
Fiore Aliperti
, Metallis' President and CEO commented, "Unfavorable weather conditions coupled with strict COVID protocols have
presented many challenges to the team this year. They have shown great resilience and more importantly perseverance in not only getting
the job done, but ensuring tasks are delivered to the high standard both management and investors are accustomed to." He went on to
say, "the current IP survey is still ongoing, however, data from the Cliff to Miles section has been received and is currently being
processed within 3D modelling software. We are excited by the preliminary results that have been received and look forward to sharing
the final report with our investors in an upcoming News Release."
About the Kirkham Property
The 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
Camp
. The Property is 100% owned by the Company and is prospective for multiple mineral deposit types. The property is located along
a strategic geological boundary – the "Red-line" exposed on the western margin of the Eskay Rift system in the Golden Triangle,
northwestern
British Columbia
.
The northern border of Kirkham is contiguous to Garibaldi Resources' E&L Nickel Mountain Project. The northeast corner of Kirkham is
within 12 km of the Eskay Creek mine while the eastern border is within 15 - 20 km of Seabridge Gold's KSM deposits and Pretium
Resources' 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 symbol MTS on the TSX Venture
Exchange and currently has 36,155,767 shares issued and outstanding.
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 the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate",
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forward-looking statements as a result of various 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.sedar.com
. 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
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accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has neither approved nor disapproved the
contents of this news release.
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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 27-AUG-20