VANCOUVER, BC, Feb. 13,
2025 /CNW/ - Metallis Resources
Inc. (TSXV: MTS) (OTCQB: MTLFF) (the "Company" or
"Metallis") is pleased to provide an update of ongoing progress at
the Greyhound Property ("Property") including planned geophysical
surveys for 2025. The Property is a high-grade silver/gold/antimony
project within the historic Stibnite Mining Camp, located in
central Idaho, USA. These surveys
will be carried out to support the discovery and delineation of the
best mineralized zones for a planned drill program this summer.
Dave Dupre, Metallis' VP of
Exploration, commented, "The Greyhound property represents a
significant opportunity for Metallis and its investors, offering
multiple avenues for success. With antimony prices doubling in just
the past year and continuing to increase, we are just beginning to
unlock the true value of the project. Last year's sampling program
confirmed the presence of this highly sought-after metal across the
property, feeding into the United
States' increasing focus on securing a stable and domestic
supply of critical minerals. Beyond antimony, it is important for
investors to recognize the exceptional historic silver grades
identified at Greyhound, which compare favorably to leading
silver-producing projects across the region." He went on to add
"Our recent geophysical lab testing has returned highly encouraging
results, reinforcing our confidence in utilizing geophysics on the
project. Based on these findings, we are advancing plans for drone
magnetic surveys and IP surveys, critical steps that will bring us
closer to initiating the first-ever drill program on this
underexplored property. This marks an exciting phase in Greyhound's
development, and we are eager to realize its full potential."
Highlights:
- Lab testing on 11 rock samples collected from across the
Property indicate that the use of an induced polarization
geophysical survey is likely to identify areas of mineralization.
Survey designs are currently underway for deployment in spring
2025;
- A magnetic survey is also being planned to highlight structural
features as well as alteration zones with magnetic destruction.
This will help refine drill targets and possibly identify parallel
shears that have gone undiscovered. Evidence of new parallel shears
was demonstrated with Metallis' discovery of the Akita Zone in
2024;
- Metallis has confirmed that the drill targets lie on patented
claims that provide minimal permitting and include water rights.
This expedites the exploration process, allowing the team to drill
this upcoming summer without delay; and
- Significant steps have been made recently by the State of Idaho for mining and exploration with
the signing of the SPEED Act to expedite permitting across the
state. Recent final approval of Perpetua Resources' nearby Stibnite
mine also exemplifies Idaho as
very pro-mining.
Geophysical Surveys
Rock property testing on 11 samples from Greyhound has returned
strong contrast between the polymetallic mineralization and the
host granites, which implies that geophysical surveys will be
helpful in identifying well mineralized zones on the property. A
variety of magnetic susceptibilities were identified prompting the
team to design a property wide drone magnetic survey. Alteration
appears to be magnetite destructive, helping to define the exact
location of the Greyhound shear zone and, possibly, locate new
mineralized shear zones. The identification of variable
chargeability signatures from the samples can also be used to our
advantage in planning an Induced Polarization survey, which will be
confirmed in the upcoming months. Currently, several service
providers have been contacted, and the team is in the process of
qualifying multiple bids.
Permitting Process
A key distinction of the Greyhound property is that most of the
mineralization identified to date occurs on patented claims. For
reference, a patented mining claim is one for which the Federal
Government has passed its title to the claimant, giving the
claimant exclusive ownership to the locatable minerals and, in most
cases, the surface and all resources, including water. This
massively expedites the permitting process and allows the team to
plan efficient drilling and exploration programs for the upcoming
field season. Only one minor application needs to be filed with the
local county office.
Idaho State Updates
On January 1, 2025, the US Forest
Service released the final record of decision for Perpetua's
antimony and gold Stibnite Project – essentially the mine's permit
– after an eight-year review process. This move is aimed at
spurring US production of the critical mineral at the center of a
widening trade war between Washington and Beijing. Stibnite is an antimony-gold mine
located only 38 km from the Greyhound Property. The name stibnite
comes from the main antimony sulfide mineral found at the mine. On
January 24, 2025, Idaho enacted the Strategic Permitting,
Efficiency, and Economic Development (SPEED) Act which will improve
coordination among state agencies to streamline the permitting for
large-scale projects, including mining.
About the Greyhound Property
In February 2024, the Company
optioned the Greyhound Property located in Custer County, Idaho, approximately 42 km
northwest of the town of Stanley.
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 3.5 km mineralized shear zone. Since 1910,
the property has seen limited exploration and only minor
development when the Greyhound Mine was reactivated and mined
sporadically from 1980-1991.
Mineralization at Greyhound is hosted by prominent shear zones
with polymetallic quartz-sulphide veins containing elevated
concentrations of Au, Ag, Sb, Pb, and Zn. Historical sampling from
the 1350' zone averaged 785 g/t silver and 1.85 g/t Au from 20 chip
samples taken perpendicular to strike for 36.9 m along the Rufus Adit* (Longe, 1999). These
grades are on par or better than numerous mines in North Idaho's Silver
Valley, one of the most prolific silver districts in the
world with over 1 billion ounces of silver having been mined.
Greyhound has never been drilled and remains substantially
underexplored.
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.
Citation
*Longe, Robert P. 1991. The Greyhound Mine; A Summary Report.
Seafoam Mining District, Idaho
USA.
About Metallis
Metallis Resources Inc. is a Vancouver-based company focused on the
exploration for gold, copper and silver on its 100%-owned Kirkham
Property in Canada, situated in
northwest British Columbia's
Golden Triangle, and on the 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, and has 75,305,003 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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SOURCE Metallis Resources Inc.
