VANCOUVER, BC, Sept. 13,
2023 /CNW/ - Metallis Resources
Inc. (TSXV: MTS) (OTCQB: MTLFF) (the "Company" or
"Metallis") is pleased to announce that following a detailed
re-evaluation program conducted by the Company's geological team,
Eskay Creek host stratigraphy has been identified on the 100%-owned
Kirkham Property (the "Property" or "Kirkham") situated in the
prolific Golden Triangle, northwestern British Columbia. In addition, several high
priority exploration targets have been defined. The Property is
surrounded by neighboring Eskay Mining, Skeena Resources and
Garibaldi Resources, all of which currently have active
explorations programs underway.
Dave Dupre P. Geo., (Metallis, VP
of Exploration) who was part of the discovery team at Eskay Creek,
stated, "We have identified several targets on our
property that bear a solid likeness to the unmistakable signature
of the Eskay Creek Mine, one of the most profitable and
highest-grade mines of its time. These include targets where the
Willow Ridge Mafic Unit capped the mineralized "contact mudstone"
target unit. This geological feature is incredibly vital to a
successful discovery because remnant Eskay Creek deposits will not
have been eroded away where the mafic cap is still present." He
went on to add, "The most compelling targets occur in the
north-central part of the Property- north of Terwilligen Creek
where rhyolite, alteration zones, gossans (oxidized sulphides),
radiometric potassium and geochemical anomalies and the capping
Willow Creek Mafic Unit have been mapped. These areas have seen
very little exploration activity due to historic misinterpretation
of the geology and the extensive, but receding, glacial
coverage."
2023 Property Update:
- Terwilligan Creek has been identified as a high priority area
due to mapping of Eskay Creek horizon, geochronological age dating
and favorable geochemistry; factors that lend themselves to
possible Eskay Creek mineralization;
- Other targets offer early stage, cost-effective work programs,
and have been highlighted for follow-up. These including Fewright
Creek, Lyons, and Mount Dunn
(Click Here to View Map);
- The Company's most developed asset, the Hawilson Copper-Gold
Porphyry, continues to be the Company's highest priority on the
Property; and
- Management looks to continue advancing the Property as it
balances fiscal responsibilities.
Eskay Creek Targeting
During the Company's 2022 exploration season, two
geochronological (fossil age dating) samples were collected to
better understand the stratigraphic setting of the geology
surrounding the Hawilson Porphyry. The Geological Survey of
Canada confirmed one of the
samples as Toarcian age and as such, improved the likelihood of
rare Eskay Creek aged rocks occurring on the Kirkham Property, a
possibility that was not previously considered. The geological team
has since conducted a comprehensive re-evaluation of historic
datasets including past operators work as well as BC Geological
Survey mapping to define several high-quality targets that offer
potential for Eskay Creek stratigraphy and warrant further in-field
assessment. Results from Eskay Mining's diligent work being carried
out across from our property border has demonstrated significant
potential for similar Eskay style mineralization and the team now
recognizes that some of the favorable horizons trace along strike
to the Kirkham Property. Very minor reconnaissance exploration has
been carried out over these targets in the past.
Terwilligan
The highest priority exploration area for potential Eskay Creek
stratigraphy on the Property occurs on the northwestern corner of
the Terwilligan headwaters at a location that had been previously
mapped by the BCGS. Age dating confirmed several Toarcian and
Pliensbachian aged fossils on, and just off the property, further
confirming the location as being prospective. Interpretation of
this area using ZTEM data, along with structural measurements,
confirm major synclines that could reveal potential Eskay Creek
host rock at this location.
Also at this prospect, a minor historic work program completed
in 1990 returned elevated gold and gold pathfinder elements in grab
samples of rocks with assays up to 1 g/t Au*. This, when combined
with geological mapping, provides a compelling reason to do further
work in the area.
Willow
A band of the Willow Creek Formation has been traced westward
from the South Unuk – Harrymel Creek fault onto the Kirkham
Property in an area that has seen very little historic work. Much
of the favorable stratigraphy has been covered by glaciers but
rapid retreat has exposed gossans which may be indictive of
weathered sulphides. Radio metric potassium anomalies are also
identified in this area.
Mount Dunn
To the west of the Hawilson Monzonite, on a broad bowl-shaped
plateau at the southern end of the structurally significant
syncline, Metallis crews identified fossil specimens that were
analysed as Toarcian in age (174-182 Ma). This provides a third
area of prospective ground for Eskay style mineralization as
Metallis field geologists have also identified rhyolites in the
area, a key stratigraphic marker at the Eskay Creek Deposit.
Fewright Creek
This creek that truncates the south end of the Hawilson Porphyry
complex has revealed multiple well mineralized boulders from past
Metallis exploration programs. Identification of 1.4 g/t gold and
4.6% copper in float as well a description of quartz, sericite,
pyrite alteration (indicative of porphyry mineralization) has been
identified up-stream of the Hawilson Monzonite. This leads to the
possibility of other unidentified mineralized intrusions possibly
related to the Hawilson Monzonite that have not yet been
discovered. Steep slopes and dense bush have hampered exploration
on either side of the creek in the past but provide prospective
terrain for follow up.
Company Update
Fiore Aliperti, Metallis'
President, and CEO commented, "We have thoughtfully assessed the
current financial market conditions, and in consideration of the
challenging landscape, we've made the strategic decision to
postpone a drill program at Kirkham this year. We have listened to
our shareholders and appreciate their concerns relating to the
raising of "drilling" capital which, at these levels, would
considerably dilute shareholder positions. Instead, we have focused
on developing our target pipeline and continuing the advancement of
the Kirkham Property. Pending available capital, the company would
like to complete work at the Eskay Creek stratigraphy targets,
offering the company significant future potential." He went on to
add, "This strategic approach ensures that we keep navigating these
challenging times responsibly and safeguarding our investors'
interests as we work towards unlocking the full potential of this
exceptional asset."
Eskay Creek Mine
Eskay Creek, located 15 km northeast of the Metallis property,
was a prolific gold-silver mine that at one point in time, was the
highest-grade gold mine in the world. Barrick Gold operated the mine for 14 years from
1994 to 2008 with average grades of 45 g/t Au and 2,224 g/t silver
taken from the Volcanogenic Massive Sulphide (VMS) deposit.
Explorationists in the area have searched extensively for another
Eskay style deposit as these VMS systems often form in clusters.
Due to local geological settings, glacial cover and overburden
cover, the host stratigraphy is quite rare across the region and
has commonly been eroded away.
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.
Samples collected by Metallis have been submitted to independent
certified laboratories together with blanks and standards, all of
which yielded acceptable results.
* Historic assays cannot be verified by Metallis,
although there is no reason to believe they are inaccurate.
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 contiguous to Garibaldi Resources Corp.'s
E&L Nickel Mountain Project to the north and Eskay Mining Corp.
to the east. It is located along a strategic geological boundary –
the "Red-line" exposed on the western margin of the Eskay Rift
system and is prospective for multiple mineral deposit types. The
Kirkham Property is within 20 km of the past producing Eskay Creek
mine while the eastern border is within 12 – 20 km of Seabridge
Gold's KSM deposits and Newcrest Mining's producing 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 has 60,544,312 common shares 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 numerous 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.sedarplus.ca. 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.
SOURCE Metallis Resources Inc.