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Metallis Resources Inc
Symbol MTS
Shares Issued 32,431,129
Close 2018-07-20 C$ 1.24
Market Cap C$ 40,214,600
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Metallis extends Hawilson; plans drilling at Kirkham

2018-07-20 09:41 ET - News Release

Mr. Fiore Aliperti reports

METALLIS ANNOUNCES EXPANSION OF MINERALIZED HAWILSON MONZONITE, DRILL TARGETS IDENTIFIED AND 2% NSR PURCHASE

Metallis Resources Inc. has released positive results from its 2018 phase 1 exploration program and has planned the first of two drilling campaigns on its 100-per-cent-owned Kirkham property, prospective for multiple deposit types in the prolific Eskay camp of northwest British Columbia.

In addition, the company confirms it has completed the purchase of a pre-existing 2-per-cent net smelter return royalty, securing 100-per-cent unencumbered ownership over several critical target areas of the property, including the entire seven-kilometre length of the Hawilson monzonite (HM), which contains the Cole, King, Nina, Natt and Cliff targets. The NSR was purchased under a right of first refusal for $300,000 (U.S.).

Exploration program highlights:

  • Detailed mapping has extended the mineralized HM from approximately six kilometres to a strike length of greater than seven kilometres with an average width of approximately 350 metres, enhancing the volume potential of the porphyry copper-gold mineralization along this north-south-trending corridor.
  • The Cole prospect is identified as a much wider (approximately 450 metres), well-preserved porphyry copper-gold system with geological features (such as geometry, potassic alteration, veins and sulphides) similar to Seabridge Gold's Kerr deposit located approximately 25 kilometres to the east of the Kirkham property. The historical geochemical sampling results in rocks range from 0.2 per cent to 0.5 per cent copper and up to 20.7 grams per tonne gold at the Cole prospect -- supporting the presence of a gold-rich system.
  • Exploration in 2018 to the north of the Cole prospect discovered two angular blocks of monzonite with pervasive phyllic alteration, silicification and pyrite-bornite mineralization, a grab sample of one assayed 1.39 per cent copper and 26.6 grams per tonne gold.
  • Results from field mapping along with the interpretation of the new geophysical and geochemical results have enabled the Metallis technical team to design the initial 2018 drilling program, which will focus on the Cliff, Nina and Cole porphyry centres clustered along the north-south-trending HM, located within the southern portion of the Kirkham property.

The geological mapping, geochemical and prospecting program was focused on the continued evaluation of the porphyry copper-gold potential of the HM. The HM is associated with the Early Jurassic Texas Creek plutonic suite, which hosts some of the well-known precious-metal-rich ore deposits in the Golden Triangle, including Galore Creek, Red Chris, Kemess, Mount Milligan and KSM. Initial results from this program redefined the geological framework, structural setting and dimensions of the HM porphyry corridor, which is now greater than seven kilometres in length, approximately 350 metres wide and greater than 800 metres deep.

Metallis's technical team has identified three key areas of interest based on the intensity and volume of the alteration footprint, veins and strong geochemical responses: the Cliff, the Nina and the Cole targets, for which the 2018 drilling locations have been selected. The Nina and Cole targets are especially significant because Dr. Abdul Razique (Metallis's chief geologist) has identified several deeply overprinted zones of higher-grade, gold-rich epithermal mineralization. Jeff Kyba (former British Columbia Geological Survey district geologist and a member of the company's advisory board) believes the Cole prospect shares geological similarities with Seabridge Gold's nearby Kerr copper-gold deposit.

Mapping and sampling at the Nina prospect have shown that the mineralization and alteration continue northward from the Cliff zone. Most of the rock grab samples in this area returned values greater than 1,500 parts per million copper and up to 0.67 gram per tonne gold.

Fiore Aliperti, president and chief executive officer of Metallis Resources, commented: "Having Jeff Kyba on the ground supporting Dr. Razique this year was an excellent opportunity for our technical team to get a real understanding of the structure of the Hawilson monzonite, which included expanding it by over a kilometre. We have identified firm targets to drill and will start within the week. In addition, the recent purchase of the 2-per-cent NSR demonstrates our full confidence in this area of the Kirkham property." He added, "Upon completion of this initial phase, we will commence phase 2 of the 2018 exploration program in the north of our property, where, along with Dr. Peter Lightfoot, our geological team will concentrate efforts on our nickel targets."

About the Kirkham property

The 106-square-kilometre Kirkham property is located about 65 kilometres north of Stewart, B.C., within the prolific Golden Triangle. The northern border of Kirkham is contiguous to Garibaldi Resources' E&L Nickel Mountain project whereas the northeast corner of the property is within 12 kilometres of the Eskay Creek mine and the eastern border is within 15 to 20 kilometres of Seabridge Gold's KSM deposits and Pretium Resources' Brucejack mine.

About Metallis Resources Inc.

Metallis is a Vancouver-based company focused on the exploration of gold, copper, nickel and silver at its 100-per-cent-owned Kirkham property situated in northwest British Columbia's Golden Triangle.

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