Phase 1 Field Results Include New 1-2Km Mineralized Zone, Drill Team Mobilized
Metallis Resources Inc. (MTLFF) announced preliminary findings from its Phase 1 Field Program at the Kirkham Property in British Columbia. The survey identified a 2 km zone of resistivity and chargeability anomalies indicating extensive porphyry-style mineralization. Significant geological observations include high-grade gold mineralization, with grades up to 14.2 g/t over 3 m. The company is preparing for a Phase 2 Drill Program, focusing on potential high-grade areas identified. Despite challenges like unfavorable weather and COVID-19 protocols, Metallis anticipates further advancements in its exploration efforts.
- Identification of a 2 km zone of resistivity and chargeability anomalies indicating extensive porphyry-style mineralization.
- High-grade gold mineralization found, with grades reaching up to 14.2 g/t over 3 m.
- Successful re-logging of over 10,000m of drill core, revealing potential for higher-grade mineralization at depth.
- Mobilization of geological teams for an upcoming Phase 2 Drill Program, indicating ongoing exploration commitment.
- Challenges faced due to unfavorable weather conditions and strict COVID-19 protocols, potentially impacting operational efficiency.
VANCOUVER, BC, Aug. 27, 2020 /PRNewswire/ - Metallis Resources Inc. (TSXV: MTS) (OTCQB: MTLFF) (FSE: 0CVM) (the "Company" or "Metallis") is pleased to announce preliminary results and provide initial geological observations from its Phase 1 - Field Program (the "Program") at its
The Company also announces that geological and pad building teams have been mobilized to the Property and the Phase 2 Drill Program will commence shortly.
Phase 1 Highlights
- The preliminary results of the IP survey conducted between the Cliff and Miles porphyry systems have identified an exciting 2 km zone of resistivity and chargeability anomalies that increases in size and strength as it moves northwards. These coincident anomalies are related to extensive porphyry style mineralization. All the final geophysical results will be released upon completion, data verification and interpretation of the raw field measurements.
- Re-logging of over 10,000m of drill core has:
- Identified two clear Porphyry rock types within the Hawilson Monzonite ("HM"). The primary, well mineralized Porphyry ("MP") is commonly present near the western margin. Typically, this MP contains higher-grade copper/gold mineralization with the grades increasing with depth. The MP is cut by a secondary coarse-grained porphyry ("CP") which carries rafts and xenoliths of the highly mineralized MP and siltstone units upwards from lower depths. This significant observation confirms that much higher-grade mineralization likely occurs below the previously drill-tested areas. Initial drill holes are designed to test the depth potential of the MP (Click here to see schematic);
- Revealed a calcareous siltstone unit forming an approximate 1-2 km long halo of high-grade gold mineralization. Gold grades as high as 14.2 g/t over 3 m (KH18-14) are associated with stockwork quartz-carbonate-sulphide veins, hydrothermal breccias and carbonate replacement textures. This confirms mineralization is present outside of the HM, where it was previously thought to be constrained by the Western and Eastern contacts. This now opens-up the whole of the eastern flank beyond the intrusive contact for further investigation;
- Field mapping, along with IP anomalies identified along the Cliff porphyry system, has further defined the shape of the HM, structural offsets and the control of mineralization, and;
- Analysis of over 580 Shortwave Infrared ("SWIR") measurements identified the abundance and distribution of white and green micas (phengite); a new guide utilized in targeting the location of high-grade core zones of the Cliff porphyry system.
The Copper-Gold mineralization in the Hawilson Monzonite and adjacent sediments at Cliff typically occur in the highest levels of porphyry systems, characterized by an abundance of sericite and chlorite alteration which has overprinted a potassic alteration assemblage. As part of the Program, all previously drilled core was re-logged for zoning patterns and crystallinity of sericite and chlorite alteration. Most of the drill holes identified favorable alteration and structural features attributed to the gold-rich mineralization in and around the Cliff porphyry system. Significantly, the last nine meters (494 - 502.9m) of drill hole KH18-15 returned gold grades from 0.24 to 0.96 g/t Au that are hosted by silicified and decalcified siltstone. This stratigraphic zone may extend for significant distances surrounding the Cliff porphyry system. This recently identified replacement-type disseminated gold mineralization can produce large gold ± copper deposits. Examples in BC are the Phoenix and Nickel Plate mines.
The SWIR and magnetic susceptibility data are used to identify compositional variations and crystallinity of sericite and chlorite as proxy for high-temperature central (high grade) parts of the deposit. The combination of IP anomalies, results from field mapping and drill core logging has provided an excellent guide to target the hidden parts of the porphyry copper-gold mineralization planned to be drilled this summer. The data points towards the high-grade core of a typical calc-alkaline porphyry system.
The well mineralized, main stage MP Porphyry exhibits intense potassic and sericitic alteration and vein stockwork copper-gold mineralization. The sericitic alteration is characterized by quartz-sericite-pyrite ("QSP") and remnant hydrothermal biotite (Potassic alteration), including early biotite veinlets. The potassic and QSP alteration is subsequently cut by a distinct episode of gold mineralization and later epithermal quartz ± calcite veins and chlorite-carbonate alteration assemblage. The field index and crystallinity of sericitic alteration shows a vertical and lateral transition from green sericite-chlorite to pale-green sericite, which confirmed increasingly high-temperature and higher Cu-Au grades associated with K-silicate alteration at depth.
Metallis' Chief Geologist, Dr. Razique, stated "Positive correlation of the IP anomalies and the well-mineralized M-Porphyry is a major breakthrough in expanding the Cliff porphyry system at depth." He added, "the significance of gold mineralization outside what was previously thought as an area constrained by the eastern and western contacts is a massive breakthrough for us; it opens the potential for a substantial gold zone along the Eastern flank of the Hawilson Monzonite for over 2 km that will be drill tested this coming drill campaign"
Fiore Aliperti, Metallis' President and CEO commented, "Unfavorable weather conditions coupled with strict COVID protocols have presented many challenges to the team this year. They have shown great resilience and more importantly perseverance in not only getting the job done, but ensuring tasks are delivered to the high standard both management and investors are accustomed to." He went on to say, "the current IP survey is still ongoing, however, data from the Cliff to Miles section has been received and is currently being processed within 3D modelling software. We are excited by the preliminary results that have been received and look forward to sharing the final report with our investors in an upcoming News 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
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
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.
View original content to download multimedia:http://www.prnewswire.com/news-releases/phase-1-field-results-include-new-1-2km-mineralized-zone-drill-team-mobilized-301119438.html
SOURCE Metallis Resources Inc.
FAQ
What were the preliminary results of Metallis Resources' Phase 1 Field Program?
What is the significance of the gold grades found in the Kirkham Property?
When will the Phase 2 Drill Program commence for Metallis Resources?
How does the Kirkham Property relate to other mines in British Columbia?
What challenges did Metallis Resources face during the Phase 1 Field Program?
