ZTEM AT KIRKHAM PROPERTY IDENTIFIES SIGNIFICANT ANOMALIES EXTENDING FROM NICKEL MOUNTAIN INTO THUNDER NORTH

Rhea-AI Summary

Metallis Resources Inc. (TSXV: MTS, OTCQB: MTLFF) announced results from its 2021 Z-Axis Tipper Electromagnetic Survey (ZTEM) at the Kirkham Property in British Columbia. The survey identified three new ZTEM-conductivity anomalies aligning with the Nickel Mountain Gabbro, confirming geophysical connections across property borders. CEO Fiore Aliperti emphasizes a cooperative exploration strategy to minimize shareholder dilution. The survey, covering 879 line-kms, reveals substantial geological insights, warranting further exploration work for potential mineralization.

Positive

• Identification of three new ZTEM-conductivity anomalies on Kirkham Property.
• Confirmation of geological anomalies extending from Nickel Mountain into Kirkham Property.
• Strategic cooperative exploration approach minimizing potential shareholder dilution.

Negative

• None.

VANCOUVER, BC, April 28, 2022 /PRNewswire/ - Metallis Resources Inc. (TSXV: MTS) (OTCQB: MTLFF) (FSE: 0CVM) (the "Company" or "Metallis") is pleased to report additional results from its 2021 property-wide Z-Axis Tipper Electromagnetic Survey ("ZTEM" or "the Survey") at its 100%-owned Kirkham Property (the "Property"). The Property is situated in the prolific Eskay Camp of the Golden Triangle, northwestern British Columbia, a district known worldwide for the past producing Eskay Creek and Snip gold mines, Seabridge's KSM porphyry deposits, and Newcrest Mining's producing Brucejack gold mine.

Fiore Aliperti, Metallis' President, and CEO stated, "Our strategic approach to the exploration of Thunder North has been one of co-operation with our neighbors, including the collaboration of geophysical surveys and the sharing of resulting data. This controlled and budget conscious approach has enabled us to arrive at this critical point having avoided substantial and unnecessary dilution of our company." He went on to add, "the results from this ZTEM survey over Thunder North confirm what investors have hypothesized over recent years, and answers the question of whether there are anomalies that cross the property border from Nickel Mountain to the Metallis' Kirkham Property. We believe this is the case. This season we plan to allocate funds to get the ground truthing work underway."

Survey Highlights

• Three new ZTEM-conductivity anomalies on the Property lie along trend from the Nickel Mountain Gabbro that hosts Garibaldi Resources Corp.'s E & L nickel deposit; and
• Garibaldi's "Unexplained" Valley ZTEM anomaly extends up to 700 meters into the Kirkham Property and appears related to another series of geological structures.

The ZTEM results along the northern edge of the Property define several trans-border anomalies and structures with three new points of interest, as well as a newly named target, inside the Thunder envelope.

The first series, partially identified by Garibaldi (See Garibaldi news release dated March 31^st, 2022), comprises four ZTEM conductivity point-anomalies that all lie along an East-Southeast trend (Click Here to View Figure 1):

1.  The first of this set, "Garibaldi's E & L ZTEM Anomaly" is vertically below the E & L intrusive and featured prominently in Garibaldi's March 31^st news release. 
2.  The second, "Garibaldi's E & L "East" Anomaly" is centered 1.7 km to the East-Southeast from E & L is also featured in the same news release and bifurcates at surface into distinct anomalies, one of        which lies within the Kirkham Property.
3.  The third, noted as an "In-Line ZTEM Anomaly", is an additional 900 meters further along trend and lies wholly within the Kirkham Property. Its location is primarily below the highly resistive Cinder         Mountain.  
4.  The fourth, "Thunder-East", is 2.7 km further along trend and near the East-margin of both the Property and Cinder Mountain. Thunder-East also resembles a "Hawilson-Style" anomaly, like those     previously noted by Metallis (See News Release Dated April 20, 2022) but lies nearly 3 km North from the Vera ZTEM-target.

The alignment of these four anomalies, with (and including) the E & L prospect, produce a mapped trend oblique to the property-scale structural orientation (such as the Harrymel Fault or the Hawilson Corridor), and is subparallel to the trend of the E & L intrusion.

In addition to this newly identified trend, the "Unexplained Valley ZTEM Response" (See Garibaldi news release dated March 31^st, 2022), which lies primarily within and below a tributary of Snippaker Creek, extends 300 to 700 meters into the Kirkham Property (Click Here to View Figure 2). This Garibaldi-identified anomaly is a low-resistivity part of alternating resistive-conductive structures that dip steeply to the West. One of the resistive structures, likely relating to a recent-volcanic cone, splits the anomaly from a possible continuation to the East near the Company's prior drill hole KH18-22.

The repeating nature and consistent dip of these newly identified features may relate to large scale stratigraphy or faulting as has been previously observed along the South and Eastern margins of the Property (See Metallis news releases dated April 7, 2022 & April 20, 2022). The scale of the ZTEM Survey lends itself well to interpreting large scale lithology and structure. Regardless, in-field follow-up (mapping, prospecting, silt, and soil sampling) is warranted to discover mineralized intrusions like E&L for both the Valley ZTEM Anomaly and the obliquely oriented point-anomalies.

Future news will return to Cliff/Miles and address new insights related to the distribution and tenor of its porphyry style mineralization. 

About the Survey

The Survey, conducted by Geotech Ltd., comprises a total of 879 line-kms of ZTEM and magnetometer data collection and covers most of the 106 sq. km Property (Click Here to View Property Coverage Figure). Additionally, this survey extended a short distance onto adjacent lands held by Garibaldi to the north and Eskay Mining Corp. to the east.

Z‐Tipper Axis Electromagnetic (ZTEM) is an airborne electromagnetic survey system that measures variations in the naturally occurring electromagnetic properties of rocks produced by thunderstorms around the world. This magnetic field is planar – constant in all directions – but areas of highly conductive or very resistive rock will cause measurable disruptions.

Highly resistive or highly conductive rock types can include ore deposits, faults, and alteration zones. ZTEM surveys are designed to map resistivity/conductivity contrasts to great depths, exceeding 1-2 km, making ZTEM well-suited to finding porphyry-hosted and structurally controlled exploration targets at depth.

Not all structures are highlighted in the ZTEM survey, but the contrasting high-resistivity Hazelton and low-resistivity Stuhini makes structures between them more readily apparent.

The survey data was analyzed and interpreted by Company Geophysicist Dr. Jules Lajoie who generated a 3D resistivity voxel that the geological team used to correlate the resistivity features with the geological setting. 

Qualified Person

David Dupre, P.Geo, Vice President - Exploration and the Qualified Person, as defined by National Instrument 43-101, has reviewed, and approved the technical information contained in this release.

About the Kirkham Property

The wholly owned 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 (Sulphurets) Camp. The Property is prospective for multiple mineral deposit types and 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 Kirkham Property is contiguous to Garibaldi Resources Corp.'s E&L Nickel Mountain Project in the north and Eskay Mining Corp. to the east. The property is within 12 km of the Eskay Creek mine while the eastern border is within 12 – 20 km of Seabridge Gold's KSM deposits and Newcrest Minings' producing 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 symbols MTS on the TSX Venture Exchange, MTLFF on the OTCQB Exchange, and 0CVM on the Frankfurt Stock Exchange. The Company currently has 52,839,878 common 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 because 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-V Stock Exchange has neither approved nor disapproved the contents of this news release.

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SOURCE Metallis Resources Inc.

FAQ

What are the recent survey results from Metallis Resources on the Kirkham Property?

The recent ZTEM survey identified three new conductivity anomalies on the Kirkham Property, indicating potential geological activity extending from the neighboring Nickel Mountain.

How does the ZTEM survey impact Metallis Resources' stock performance?

The ZTEM survey results may positively influence Metallis Resources' stock by identifying significant geological anomalies, which could lead to future mineral exploration success.

What is the significance of the anomalies identified in the ZTEM survey?

The identified anomalies suggest promising geological features that could indicate mineral deposits, particularly in relation to Nickel Mountain's known resources.

What is Metallis Resources' strategy moving forward after the ZTEM survey?

Metallis Resources plans to allocate funds for ground truthing work based on the survey results to further explore the identified anomalies.

When was the ZTEM survey conducted by Metallis Resources?

The ZTEM survey results were reported on April 28, 2022, although the survey itself was conducted in 2021.