VANCOUVER, BC, Sept. 4,
2024 /CNW/ - Metallis Resources
Inc. (TSXV: MTS) (OTCQB: MTLFF) (the "Company" or
"Metallis") is pleased to announce antimony assay results from the
inaugural field exploration program (the "Program") on the
Company's Greyhound property ("the Property"), a high-grade
silver/gold/antimony project within a historic stibnite mining
camp, located in Idaho, USA.
Initial results have returned multiple rock samples greater than 1%
antimony at a time when significant attention is being paid to this
critical mineral. Recent curbs by the Chinese government have
increased urgency for domestic sources of antimony, demonstrated by
the US federal government's funding of nearby Perpetua Resources
with a US$1.8 billion loan facility
to develop an antimony/gold mine, and the Pentagon's commitment of
US$60 million to fund the mine's
permitting.
Fiore Aliperti, Metallis'
President and CEO, commented, "With no active antimony mines
currently operating in North
America and China's recent
export restrictions which tighten the global supply, the need for
an antimony discovery has never been more urgent. The significance
of these early-stage high-grade antimony assays from the Greyhound
Property cannot be understated and could not have come at a better
time for the Company." He went on to add, "The U.S. federal
government's policy is to eliminate China's stranglehold on global antimony, and
their substantial financial backing of nearby Perpetua Resources
underscores the strategic importance of this mineral. The ongoing
exploration work at Greyhound has the potential to position us as a
key name within the junior resource sector, recognized for the
exploration of this critical mineral."
Program Results
The Program, which began in early July, was designed to outline
high-grade mineralized shoots at several historic showings along
the 3.6 km Greyhound shear zone. A total of 559 soil samples and
133 rock samples were collected along with geological mapping and
structural data. Roadwork was also completed to maintain safe and
efficient access to the property and to several historic showings
on site.
Initial assay results have confirmed that the Greyhound shear
hosts highly anomalous antimony ("Sb") with 12% of the rocks
returning >1% Sb. The most elevated antimony assay was returned
from a rock sample taken at the Bulldog Showing that delivered a
significant 4.54% Sb from semi-massive sulfide containing galena,
sphalerite, arsenopyrite and stibnite. Three contiguous rock
samples taken as 'continuous chips' near the Bulldog returned 0.61%
Sb over a 3 m length, further
validating the strong mineralization at surface. Although
consistent antimony mineralization was identified along the entire
length of the Greyhound shear, the best antimony results occur in
the northwestern portion of the property at showings that include
Bulldog, Republican, and Idaho,
none of which have ever been drilled (See map). Assay results for
gold and silver are pending as "over-limit" analyses are still
being completed.
By comparison, Perpetua's Stibnite Project has an estimated
total measured and indicated resource (43-101 Feasibility Study
Technical Report – January 2021) of
132,269,000 tonnes at a grade of 1.42 g/t gold, 2.07 g/t silver and
0.07% antimony. The Yellow Pine
and Hangar Flats sub-domains exhibit substantially elevated
antimony-silver mineralization, defined as containing greater than
0.1% antimony, the total measured and indicated resources are
18,477,000 tonnes grading 2.07 g/t gold, 5.91 g/t silver and 0.48%
antimony.
China's Export
Restrictions
China recently announced plans
to impose new export restrictions on antimony and related elements,
citing national security concerns as the primary motivation.
Effective September 15, 2024, the
restrictions will cover six antimony-related products, including
antimony ore and metals. Additionally, the export of gold-antimony
smelting, and separation technology will require government
approval. As China seeks to
restrict exports and protect its strategic resources, these
measures are part of a broader effort to maintain control over
critical minerals essential for military applications, such as
ammunition and infrared missiles. China currently dominates the global antimony
market, accounting for 48% of global output in 2023 with
Tajikistan and Russia controlling another 30%.
These restrictions are likely to exacerbate global supply
shortages, particularly in the United
States and Europe, where
military demand for antimony is rising due to increasing
geopolitical tensions. Perpetua Resources, which is advancing its
Pentagon-backed antimony-gold project located 38 km north of the
Greyhound Property, is exploring ways to accelerate production in
response to these urgent strategic needs. China's announcement has already triggered a
notable market response, with Perpetua's shares soaring by 25% and
antimony prices hitting record highs in 2024. This latest move by
China follows similar export
controls on other critical materials like rare earths and graphite,
further heightening concerns over the stability of critical mineral
supply chains (Click Here to view a recent article on Mining.com
covering China's recent antimony
restrictions).
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.
Analyses have been completed by ALS Laboratories Ltd., an
independent certified laboratory. Banks and standards have been
added to the samples stream by ALS at a rate of 1 every 10
samples and have returned acceptable results.
About the Greyhound Property
The recently acquired Greyhound Property is in Custer County, Idaho, approximately 42 km
northwest of the town of Stanley.
The Company has an option to earn a 100% interest in Greyhound with
staged payments and exploration expenditures over a ten year period
of US $670,000 and US $10,000,000, respectively. Full terms are
disclosed in the annual and quarterly financial statements filed in
2024 and in press release from the signing of the agreement on
February 27, 2024. 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/antimony 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
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
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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.
