VANCOUVER, BC, May 18, 2022
/CNW/ - Metallis Resources Inc. (TSXV: MTS) (OTCQB:
MTLFF) (FSE: 0CVM) (the "Company" or "Metallis") is pleased to
release its initial 3-dimensional (or "3D") geological model,
providing breakthrough insights into both the mineralized porphyry
and enriched-gold zones at the Cliff-Miles Porphyry Corridor (or
"Cliff-Miles") lying within Metallis' 100%-owned Kirkham Property
(the "Property"), situated in the prolific Eskay Camp of the Golden Triangle, northwestern
British Columbia. It is located
approximately 30 km west of Seabridge's world class KSM porphyry
deposits, and Newcrest Mining's producing Brucejack gold mine. The
Golden Triangle is a district known worldwide for the past
producing Eskay Creek and Snip gold mines.
Nickolas Dudek, Metallis' Chief
Geologist, stated "It is incredibly rewarding for the Company to
achieve this critical milestone in the continued development of the
Cliff-Miles porphyry corridor. Through this geological 3D Model,
the team is finally able to highlight the true scale of the system
and demonstrate the dominant controls on grade within the
well-mineralized Medium-Grained Porphyry ("MP") and the later
gold-enriched zones. We are now also able to explain most of the
copper/gold distribution at Cliff-Miles". He went on to add "This
year, the goal of the technical team is to evaluate and refine this
updated geological model and utilize the information to guide us,
through drilling, to increasing the average grade of the
system."
Model Highlights
- Metallis geologists have built a 3D model for each of the
porphyry phases and gold-enriched zones at the Cliff-Miles to help
demonstrate the distribution of high-grade intercepts;
- The highest porphyry grades can be tied to a semi-continuous
Medium-Grained Porphyry ("MP") composed of a single dike-like
feeder (or "trunk") and two sill-like branches. These grades are
found in the Southern end of the Cliff target (See Schematic Figure
1 Below); and
- The best gold-enrichment grades have a North-South trending and
steeply dipping tabular form that runs along the East margin of the
well-mineralized MP.
The current distribution of gold and copper mineralization is
divisible into porphyry-related and late-gold related
allotments.
Porphyry Cu/Au
Mineralization
The MP porphyry phase, composed of feeders (dikes) and sill-like
bodies, can be further subdivided into well-mineralized and poorly
mineralized MP variants based on respective copper, molybdenum, and
vein content (See Figure 2 Below).
The feeder of the well-mineralized MP variant ranges between 20
meters ("m") and 150 m thick, has
only been tested as deep as 660 m
below surface, and can be semi-continuously traced 2,500 m from far-south holes at Cliff all the way
to the North end of Miles. Representative intercepts are listed
below to show the dimensions of this very lengthy mineralized zone
(See Figure 3 Below).
- Far-south Cliff example intercepts include 0.8 g/t AuEq*
over 118 m in KH18-16; and
- Far-north Miles example intercepts include 0.34 g/t AuEq
over 84.5 m in KH19-27 (located
2500 m to the north of
Cliff)
The sub-horizontal sill-like geometries are most apparent
between holes KH20-34 and MD09-05 and occur in two bodies:
- A semi-continuous shallow sill tracked over approximately
950 m from North to South and which
is highly variable in thickness (70 m
to 250 m thick). It is still open to
the South (beyond KH18-13), to the East, and potentially to the
North beyond MD09-03
- Example intercepts include 0.41 g/t AuEq over 80.3 m in KH17-07 or 0.32 g/t AuEq over
170 m in KH18-11
- A deeper sill tracked over 720 m
from North to South, that pinches (>40
m) and swells (<170 m)
along its length and is still open to the North (beyond KH21-42),
South (beyond KH20-36), and to the East.
- Example intercepts include 0.36 g/t AuEq over 129.9 m and 0.37 g/t AuEq over 198.5 m in KH20-36, or 0.37 g/t AuEq over
193 m in KH21-42
Petrographic, geochemical, and geostatistical reviews are
currently underway to establish new strategies to help the
geological team distinguish this new well-mineralized MP variant
in-field as well as to further refine the model. A simplified view
of the grade-bearing MP model and how it fits with the
gold-equivalent ("AuEq") distribution can be seen in Figures 2 and
3. All the zones are still considered open to the North and South
with multiple infill and extension opportunities situated near
surface as well as at depth. All analytical data was completed at
independent certified laboratories and have previously been
reported.
Late Gold Mineralization
Though challenging to identify texturally, the gold-enrichment
event can be empirically identified from high Gold-to-Copper ratios
along with silicification and can be traced along the dominant
structures of Cliff-Miles (Adam Fault and block faulting) (See
Metallis News from February
1st, 2022).
The 3D model shows a North-South ribbon-like feeder,
approximately 2,400 m long, present
on the East margin of the newly identified grade-bearing MP and
which extends across the Adam Fault (380
m to 830 m deep) into the
graphitic siltstone footwall. Example intercepts include:
- North-South feeder example intercepts include 1.24 g/t AuEq
over 32 m in KH20-37 and 0.33 g/t
AuEq over 27 m in KH18-16
Alongside, loosely constrained, are the fault-bound
Northwest-Southeast feeders.
- Northwest-Southeast feeder example intercepts include 0.63
g/t AuEq over 30 m in
KH21-42
Additionally, two dominant stratabound mineralized zones can be
partially traced from Miles South to
Cliff.
- Stratabound mineralized zones identified at Miles include
1.05 g/t AuEq over 43 m in KH21-45
and 1.24 g/t AuEq in KH20-37; and
- At Cliff with 0.82 g/t AuEq over 32.4
m in KH21-40
*Gold equivalent ("AuEq") grades are for comparative
purposes only. Calculations use metal prices of US$1,700/oz gold, US$20/oz silver, US$3.0/lb. copper, and US$9.0/lb. Molybdenum. **Lengths are meters of
downhole drilled core lengths. Drilling data to date is
insufficient to determine true width of mineralization. Intervals
are calculated using a notional cut-off of 0.20 g/t AuEq, a maximum
of ten meters of internal dilution for porphyry-style
mineralization and no top cut is applied. Recovery is assumed to be
100% as no metallurgical data is available.
Impact on Future Results
In addition to a better understanding of the grade-bearing MP,
3D models of the other MP variants, two phases of Course-Grained
Porphyry (or "CP"), and multiple feldspar porphyry sills have been
produced. The Company's planned drilling this upcoming 2022
exploration season will focus on targeting the grade-bearing MP
variant and gold-enriched mineralization with systematic step outs
and undercuts, with a view to constraining geology and
orientations, and avoiding the now identified and
historically-poorly mineralized CP phases.
Future news will pull all the latest results together to guide
the geological team and help evaluate and prioritize the Company's
targets for 2022 field work and drilling.
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 Kirkham
Property
The wholly owned 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 (Sulphurets) Camp.
The Property is prospective for multiple mineral deposit types and
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 Kirkham Property is contiguous to Garibaldi Resources
Corp.'s E&L Nickel Mountain Project in the North and Eskay
Mining Corp. to the East. The property is within 12 km of the Eskay
Creek mine while the Eastern border is within 12 – 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 symbols MTS on the TSX Venture Exchange, MTLFF on
the OTCQB Exchange, and 0CVM on the Frankfurt Stock Exchange. The
Company currently has 52,839,878 common 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", "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-looking statements are not guarantees of future
business activities or performance and involve risks and
uncertainties, and that the Company's future business activities
may differ materially from those in the forward-looking statements
because 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 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 release. The TSX-V Stock Exchange has neither approved nor
disapproved the contents of this news release.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/metallis-completes-initial-3d-geological-model-which-reveals-large-zones-of-porphyry-and-gold-enriched-zones-301549769.html
SOURCE Metallis Resources Inc.