Mr. Fiore Aliperti reports
METALLIS EXPANDS GOLD-RICH MINERALIZATION AT THE CLIFF PORPHYRY TARGET
Metallis Resources Inc. has released the first set of results from its 2018 drilling program. These results cover the six holes drilled on the Cliff porphyry system within its 100-per-cent-owned Kirkham property in British Columbia's prolific Golden Triangle. The Kirkham property is well positioned along the "red line" on the western margin of the Eskay rift, where the transtensional tectonic environment formed a fertile corridor of subparallel, strike-slip faults with porphyry copper-gold deposits.
Exploration and drilling highlights
The 2018 exploration program at the Cliff target consisted of six deep diamond drill holes totalling 3,062 metres and yielding intervals of significant gold-rich mineralization. The drilling assays confirmed the continuity of copper-gold grades associated with multiple porphyry intrusions and hydrothermal events in the Cliff target, extending over a strike length of three kilometres, at the southern end of the 7.5-kilometre-long Hawilson monzonite. The Cliff target is identified as a unique porphyry system with three distinct styles of copper-gold mineralization:
-
Extensive gold-copper intervals (141
metres
of 0.4 gram per tonne gold and 0.23 per cent copper in hole KH18-16) are associated with a swarm of potassically altered Hawilson monzonite dikes.
-
Broad intercepts of gold-rich mineralization, such as 37 metres
of 1.54 g/t Au and 0.05 per cent Cu in drill hole KH18-14, are linked to a secondary hydrothermal event of intense quartz-carbonate veins and highly silicified hydrothermal breccias along the contacts with the Hawilson monzonite dikes.
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Localized one-to-three-metre intercepts with gold grades up to three g/t Au are associated with late-stage quartz-carbonate and massive sulphide veins of pyrite-pyrrhotite-chalcopyrite mineralization.
Cliff porphyry system
The geological mapping, drill core logging and assays have revealed that the Hawilson monzonite was intruded as north-south-trending stocks and dikes with porphyry copper-gold systems preserved at shallow levels, similar to some of the gold-rich porphyry deposits of the Maricunga belt in northern Chile. Drilling at the southern portion of the Hawilson monzonite, referred to as the Cliff porphyry system, intersected multiple porphyry intrusions as well as igneous and hydrothermal breccias followed by intense potassic and sericitic alteration. All six holes in the Cliff zone intersected extensive intervals of well-mineralized alteration zones, multigenerational veins and copper sulphides. A summary of the 2018 assays is tabulated in the attached table. Additional information, including field and core photographs, will be available for viewing at the company's website.
Hole ID Depth (m) From (m) To (m) Interval (m) Cu (ppm) Au (g/t) AuEq
KH18-11 493.8 136 385 249 1,018 0.13 0.29
including 201.5 210 9 755 0.63 0.74
including 228 280 52 1,572 0.18 0.42
KH18-12 490.7 86 153 67 516 0.20 0.28
372 434 62 90 0.45 0.46
including 372 381 9 131 1.56 1.58
KH18-13 568.5 222 248 26 438 0.51 0.58
340 569 229 1,308 0.21 0.41
including 356 398 42 1,709 0.36 0.62
KH18-14 606.6 9 560 551 256 0.28 0.32
including 36 418 382 262 0.36 0.40
including 36 73 37 454 1.54 1.61
KH18-15 503.0 61 96 35 497 0.28 0.36
214 264 50 590 0.38 0.47
321 339 18 85 0.50 0.51
494 503 9 74 0.49 0.50
KH18-16 399.6 7 148 141 2,294 0.40 0.75
including 78 114 36 2,972 0.64 1.09
273 294 21 247 0.28 0.32
The geological characteristics, metallogeny and copper-gold grades of the Cliff porphyry systems are similar to the Kerr deposit of Seabridge Gold's KSM project, which has an inferred resource of 1.92 billion tonnes grading 0.41 per cent copper and 0.31 g/t gold, containing 19 million ounces of gold and 17.3 billion pounds of copper (please refer to Seabridge Gold's news release dated Feb. 16, 2017).
Dr. Abdul Razique, PhD, PGeo, Metallis Resources' chief geologist and a porphyry expert, commented: "The interplay between porphyry intrusions, breccias and episodic hydrothermal events are responsible for the gold-rich mineralization in the Cliff zone, which is open in all directions. The structural setting and distribution of copper-gold assays provided systematic vectors to target stockwork potassic zones and silicified hydrothermal breccias carrying substantially higher gold-grades in a porphyry system."
Fiore Aliperti, Metallis Resources' president and chief executive officer, commented: "We're very encouraged by the initial assay results from our 2018 drilling program. These results have expanded the Cliff zone and enhanced our model of gold-rich porphyry targets on the Kirkham property. A comprehensive exploration program will be planned for 2019 to drill the extensions of Cliff and other untested porphyry targets along the Hawilson monzonite complex. We will be providing our investors with further news as results from Nina, Cole and Thunder North are received and analyzed by our technical team."
The analytical results of the drill core and rock samples from the Nina, Cole and Thunder North targets are still pending and will be disclosed when the results have been received and reviewed.
Quality assurance/quality control and analytical procedures
Metallis Resources employed a rigorous quality assurance/quality control program to ensure best practices in sampling diamond drill core. A combination of one-to-three-metre intervals of HQ and NQ drill core were delivered to ALS Global's preparation facility in Terrace, B.C., where the samples were crushed to 70 per cent pass two-millimetre fraction. A 250-gram split was then pulverized to better than 85 per cent passed a 75-micros screen. The geochemical analyses were performed by ALS Global in Vancouver using a multielement four-acid digest ICP-MS package (ME-MS61). Gold was analyzed by fire assay technique Au-ICP21. Higher gold grades (greater than 10 g/t) were analyzed by fire assay and gravimetric finish. In addition to the internal quality assurance/quality control program by ALS, Metallis Resources inserted lab-certified standards of 10 per cent, field blanks and duplicates into the overall sampling stream. ALS Global's laboratories are independent of the company.
Qualified person
Technical aspects of this news release have been reviewed and approved by David Dupre, PGeo, who is designated as a qualified person under National Instrument 43-101.
About the Kirkham property
The 106-square-kilometre Kirkham property is located about 65 km north of Stewart, B.C., in the heart of the Golden Triangle's prolific Eskay camp. The northern border of Kirkham is contiguous to Garibaldi Resources' E&L Nickel Mountain project. The northeast corner of Kirkham is within 12 km of the Eskay Creek mine while the eastern border is within 15 to 20 km of Seabridge Gold's KSM deposits and Pretium Resources' Brucejack mine.
About Metallis Resources Inc.
Metallis Resources 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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