VANCOUVER, BC, July 8, 2021 /CNW/ - Metallis Resources
Inc. (TSXV: MTS) (OTCQB: MTLFF) (the "Company" or
"Metallis") today announces the commencement of the Company's 2021
exploration and drilling 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
fertile metallogenic district known for its precious metal deposits
including past producing Eskay Creek and Snip gold mines,
Seabridge's KSM porphyry deposits and Pretium's producing Brucejack
gold mine.
Metallis' President and CEO Fiore
Aliperti stated "Our geological team is set to start an
aggressive drill campaign and have been tasked with the goal of
expanding the Cliff-Miles porphyry cluster and unlocking the depth
potential of bulk tonnage-style copper-gold mineralization." He
went on to add, "It is fantastic to be able to throw Metallis' name
into the hat with other companies in the Golden Triangle with an
active drill program. This program is a major step forward in
advancing the Cliff gold-copper porphyry and showing the true size
potential of this project."
The Company's geological team has launched detailed field
investigations to optimize the placement of the collars in
preparation for the drilling, which is due to start in the coming
weeks. The Program includes field mapping, drill core re-logging,
Induced Polarization ("IP") and a ZTEM™ survey (currently
being flown) and is designed to help target the near-surface gold
along with the deeper copper/gold-rich potassic zones along the 4
km long Cliff-Miles porphyry corridor.
EXPLORATION PROGRAM HIGHLIGHTS:
- Field mapping focused on outlining the dimensions of the
porphyry intrusions, alteration zones, structures, and morphology
of the Cliff-Miles porphyry copper-gold system;
- A total of ~22 line-km of high-resolution Induced Polarization
("IP") proposed over the Cliff and Cole targets. (Click Here to
View Map). The IP survey aims to outline the resistivity anomalies
related to gold-bearing hydrothermal silicification and sulphides
in the Cliff and Cole porphyry centers;
- ZTEM survey over the entire Kirkham property focused on
locating the buried porphyry core zones along the 7.5 km long
Hawilson Monzonite Complex (News Releases April 7th and June 22h, 2021). The ZTEM resistivity
contrast is expected to highlight the depth potential of the Cliff
and Cole porphyry centers and other prospective targets at the
Kirkham property;
- LiDAR survey over the entire 106 km2 Kirkham
property acquiring digital ortho-photos and a bare-earth Digital
Elevation Model ("DEM") and other imagery products used for
geological interpretations, drill hole control, planning and
logistics purposes; and
- Selective rock-chip and soil sampling grids over ZTEM™ and
SkyTEM™ conductive anomalies targeting the volcanogenic
massive sulphide ("VMS") mineralization at King East, Mount Dunn,
and Rhyolite Ridge prospects at the Kirkham property.
DRILLING PROGRAM HIGHLIGHTS:
- ~8,000m of drilling in 13 drill holes designed to expand the
near-surface gold and deeper copper-gold zones. Most of the 2021
drill holes are 100m to 500m apart and are designed to target high grade
zones and test the overlapping IP resistivity highs; (Click Here to
View Map).
- ~4,000m of drill core re-logging at Cliff with a particular
focus on the well-mineralized M-Porphyry and patterns of
alteration, veins and sulphides affording vectors to deeper
high-grade mineralization;
- Selective short wave-length Infrared ("SWIR") analysis to
identify the distribution of alteration mineralogy and temperature
stabilities leading to vectors toward the highly mineralized, hot
core zones of the Cliff porphyry system; and
- ~1,200m of geotechnical oriented core logging planned for
investigating the anatomy and orientation of faults, porphyry
intrusions, breccias and veins defining the morphology of the Cliff
porphyry system.
Cliff-Miles Porphyry Corridor
The Company has recently received Re/Os age dates from the
Cliff-Miles porphyry (187.2 Ma) confirming that it belongs to the
fertile episode of calc-alkalic porphyry intrusions of the Jurassic
age Texas Creek Plutonic Suite. This plutonic suite also hosts the
nearby Deep Kerr Deposit of Seabridge Gold's KSM project, which has
an inferred resource of 1.92 billion tonnes grading 0.41% copper
and 0.31 g/t gold, containing 19.0 million ounces of gold and 17.3
billion pounds of copper (Seabridge New Release Feb 16, 2017).
The latest drilling and 3D modelling has highlighted enormous
upside potential for the expansion of the Cliff porphyry system.
The presence of remnant potassic alteration and improving grades
with depth has confirmed the vertical and lateral continuity of
copper-gold mineralization as seen in the Red Chris, Deep Kerr, and
Saddle North porphyry deposits in the Golden Triangle. A Leapfrog
Grade-Shell model demonstrates this grade distribution as currently
interpreted (Click Here to View Inclined Grade Shell Leapfrog
Model).
Metallis geologists will use surface mapping and sampling,
ground IP and airborne ZTEM™ results to vector towards the
core zones of the Cliff porphyry system, which have a potential
vertical extent of over 1,000m.
Leapfrog numeric modeling compiled by Dr. Michelle Campbell and Terraspec vectoring from
Dr. Farhad Bouzari have highlighted
substantial untested gaps in the Cliff-Miles porphyry corridor.
Metallis' V.P. of Geoscience Services, Dr. Razique stated "We now
have a robust 3D model of the Cliff-Miles porphyry corridor which
has highlighted 3 major blocks, each of which show significant
volume potential of high-grade copper-gold mineralization to be
tested this year."
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 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'
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
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estimated, or expected.
Although the Company has attempted to identify important risks,
uncertainties and factors which could cause actual results to
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SOURCE Metallis Resources Inc.