Metallis Commences Deep Drilling at Kirkham

Rhea-AI Summary

Metallis Resources Inc. (OTCQB: MTLFF) has launched its 2020 Drill Program at the Kirkham Property, located in British Columbia's Golden Triangle. The program will involve an initial 5000 m drill focused on the southern section of the Hawilson Monzonite. This targeting aims to uncover higher-grade copper-gold mineralization and explore calcareous mineralized zones. Previous results identified significant gold mineralization, particularly 3 m at 14.2 g/t. The company is optimistic about drilling depth and grade improvements, as emphasized by President and CEO Fiore Aliperti.

Positive

• Commencement of a 5000 m drill program targeting higher-grade copper-gold mineralization.
• Previous exploration indicated significant gold mineralization of 3 m at 14.2 g/t.
• The drilling strategy is based on successful Phase 1 exploration results.

Negative

• None.

VANCOUVER, Sept. 8, 2020 /PRNewswire/ - Metallis Resources Inc. (TSXV: MTS) (OTCQB: MTLFF) (FSE: 0CVM) (the "Company" or "Metallis") is excited to announce the commencement of its 2020 Drill Program (the "Program") at its 100%-owned Kirkham Property (the "Property"). The Property is situated within the prolific Eskay camp of the Golden Triangle in northwest British Columbia, a district known for the past producing Eskay Creek and Snip gold mines, Seabridge's KSM porphyry deposits and Pretium's Brucejack gold mine.

An initial 5000 m drill program has commenced - focused on the southern section of the Hawilson Monzonite ("HM"), an approximate 7.5 km – long porphyritic intrusion on the Property. The Program and location of the proposed drill collars has been designed to test targets identified from the recently completed Phase 1 exploration program (See News Release 28^th August 2020). Two clear objectives have been established: to target the hidden parts of the porphyry copper-gold mineralization for higher-grades and to target the calcareous mineralized zones flanking the HM on the eastern margin (Click here to view section). The results obtained from the Phase 1 field program have provided an excellent guide to pursue both objectives.

Significant gold mineralization (i.e. 3 m at 14.2 g/t from hole KH18-014) has been observed within calcareous siltstone units forming an approximate 1 km by 2km envelope proximal to the eastern intrusive contact of the HM. The IP survey outlined a substantial resistivity anomaly which measures approximately 600 m by 250 m and is related to a skarn zone of silicified sediments and volcanics, and a coincident gold-in-soils anomaly also conforms to this zone (Click here to view map). This anomaly is also planned to be drill tested during this initial drill phase.

Fiore Aliperti, Metallis President and CEO commented, "The importance of the off-season data analysis cannot be stressed enough. The geological team have worked incredibly hard to get us to this critical point and are expecting to deliver on this year's drilling objectives". He went on to add "This year is all about drilling at depth and improving on grade. We've also established the existence of a gold zone outside of the Hawilson Monzonite and will be working to see how significant it is."

Qualified Person

David G. Dupre, P.Geo., Vice President, Exploration for Metallis Resources Inc., and a Qualified Person as defined by NI 43-101, has reviewed, and approved the technical information in this press release.

About the Kirkham Property

The 106 sq. km Kirkham Property is located about 65 km north of Stewart, B.C., in the heart of the Golden Triangle's prolific Eskay Camp. The Property is 100% owned by the Company and is prospective for multiple mineral deposit types. The property is located along a strategic geological boundary – the "Red-line" exposed on the western margin of the Eskay Rift system in the Golden Triangle, northwestern British Columbia.

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 - 20 km of Seabridge Gold's KSM deposits and Pretium Resources' Brucejack mine.

About Metallis

Metallis Resources Inc. is a Vancouver-based company focused on the exploration of gold, copper, nickel, and silver at its 100%-owned Kirkham Property situated in northwest British Columbia's Golden Triangle.  Metallis trades under the symbol MTS on the TSX Venture Exchange and currently has 36,155,767 shares issued and outstanding.

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 relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any 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 as a result of various 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.sedar.com. 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 Venture Exchange has neither approved nor disapproved the contents of this news release.

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SOURCE Metallis Resources Inc.

FAQ

What is the focus of Metallis Resources' 2020 Drill Program?

The drill program focuses on uncovering higher-grade copper-gold mineralization at the Kirkham Property.

How much mineral is expected to be drilled in the 2020 Program by Metallis Resources?

The 2020 Drill Program will initially involve 5000 m of drilling.

What significant findings were reported from previous exploration at Kirkham Property?

Previous exploration indicated significant gold mineralization, including a notable 3 m at 14.2 g/t.

Which geological features are being targeted in the Kirkham drilling?

The program aims to target hidden parts of the Hawilson Monzonite and calcareous mineralized zones.

Who is leading the exploration efforts at Metallis Resources?

Fiore Aliperti is the President and CEO of Metallis Resources and is overseeing the exploration efforts.