Mr. Greg Johnson reports

METALLIC MINERALS COMMENCES PHASE 1 DRILLING AT KENO SILVER PROJECT IN YUKON, CANADA

Metallic Minerals Corp. has moved the first of two drills planned to be utilized in carrying out the 2020 exploration program on the company's 100-per-cent-owned Keno silver project in the high-grade Keno Hill silver district of Canada's Yukon territory. The 166-square-kilometre property is the second-largest land position in the district, directly adjoining Alexco Resource Corp., which is set to return to production in Q4 2020. Keno Hill is one of the world's highest-grade silver districts, with nearly 300 million ounces of silver in past production and current measured and indicated resources (1) (2). The district also benefits from excellent existing infrastructure, including grid power, road access and nearby community services.

Phase one of the 2020 program will utilize a reverse circulation drill to test multikilometre-scale anomalies discovered in 2019 at the East Keno target area where surface sampling programs and target refinement work have been continuing. The second phase will include deployment of a diamond drill, with the aim of expanding known areas of mineralization through stepout drilling at the advanced-stage target areas. Metallic Minerals recently released high-grade results from surface and underground sampling and modelling at its West Keno targets (see news release May 26, 2020) and also plans to follow up on these areas.

Metallic Minerals chairman and chief executive officer, Greg Johnson, commented: "We are pleased to have launched our full 2020 field programs in the Keno Hill region. Our exploration activities began in June at the company's earlier-stage McKay and Silver Hill projects, to the north of Keno Hill, and we are now ramping up activities on our flagship Keno silver project, beginning at the East Keno target area. It is very exciting that this phase one drilling program will see the first holes ever drilled in this underexplored part of the historic Keno Hill silver district and we look forward to testing these newly identified multikilometre-scale geophysical and geochemical targets. The phase two drill program will focus on our advanced-stage targets, in the west and central parts of the district, by undertaking stepout drilling designed to expand the areas of known mineralization towards development of an inaugural mineral resource.

"We would also like to extend our congratulations to the team at Alexco Resources on their recent announcement of the receipt of their final permit at the Bermingham deposit that will allow for the start of mining. With initial concentrate production from the Keno Hill mill complex and silver sales anticipated to begin in Q4 2020, this is a major development for the local communities and for the Yukon as a whole. Keno Hill is set to become the third mine to start production in the Yukon within the past year, following the restart of the Minto copper mine by Pembridge and commissioning of the Eagle gold mine by Victoria Gold."

All fieldwork will be conducted in compliance with the company's comprehensive COVID-19 prevention strategy in accordance with territorial regulatory requirements and recommendations by the first nation of Na-Cho Nyak Dun.

Exploration by Metallic Minerals at the Keno silver project continues to systematically build on the company's 3-D geologic database covering the east, central and western portions of the prolific Keno Hill silver district. The project includes eight high-grade, shallow past-producing mines that have yet to be subjected to modern exploration due to previously unconsolidated land ownership. Along the known, historically productive trends in the central and western parts of the district, the company has advanced three targets to stepout drilling stage and several additional targets to drill-ready status. In addition, recent exploration has refined and expanded 12 new priority multikilometre-scale early-stage targets for reconnaissance drilling in the underexplored eastern and western parts of the district where highly elevated silver, lead and zinc in soils and high-grade rock samples have been identified.

Red Cloud Summer Silver conference

Metallic will be presenting at the 2020 Summer Silver conference, hosted by Red Cloud Securities, on Tuesday, July 28, at 9 a.m. PST.

About Metallic Minerals Corp.

Metallic Minerals is a growth-stage exploration company, focused on high-grade silver and gold in underexplored brownfields mining districts. The company's objective is to create shareholder value through a systematic, entrepreneurial approach to exploration in the Keno Hill silver district, La Plata silver-gold-copper district and Klondike gold district through new discoveries and advancing resources to development.

Footnotes

(1) Historic production data from R.J. Cathro, 2006, Great Mining Camps of Canada -- The History and Geology of the Keno Hill Silver Camp, Yukon Territory, Geoscience Canada Vol. 33.

(2) Alexco news release: Alexco announces positive prefeasibility study, March 28, 2019.

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