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Metallis Resources Inc

Exchange: TSXV Exchange | Oct 17, 2017, 5:20 AM EDT

MTS
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Metallis Resources Completes Phase 1 and is Ready to Drill

VANCOUVER, British Columbia, July 19, 2017 (GLOBE NEWSWIRE) -- Metallis Resources Inc. (TSX-V:MTS) (“Metallis” or the “Company”) has completed Phase 1 of its 2017 exploration program on its Kirkham Property (“Property”), which focused on geological and alteration mapping of the Hawilson Monzonite south of drill hole MD09-01 (92.67 m @ 0.22% Cu and 0.28g/t Au at the bottom of the hole) to Fewright Creek.

Phase 1 confirmed that mineralization, within the monzonite body from hole MD09-01 to Fewright Creek, is up to 250 metres wide, extends at least 1.4 kilometres along strike and was traced to 500 meters lower elevation to the bottom of the slope. Historical grab samples, at this elevation, have returned results up to 1.8% Cu and 4.3 g/t Au.

Furthermore, the intensity of phyllic alteration and copper mineralization (chalcopyrite+malachite+/-bornite) within the monzonite is stronger south of hole MD09-01 and is continuous to the Cliff Zone. Resistivity data from the 2016 VTEM survey conducted by Metallis also supports these observations as a strong conductivity anomaly (Fewright Creek) coincides with the strongest phyllic alteration and Cu/Au mineralization from hole MD09-01 to the Cliff Zone. 

The second phase of the 2017 exploration program, a 1,500 metre drilling program, expected to commence in mid-August, will test the King Target as well as the southern extent of the Hawilson Monzonite at depths greater than historical drilling.

Metallis has secured the permit, required for the expected mid-August drilling program, from the British Columbia Ministry of Energy and Mines. The permit is valid for 5 years and required a reclamation security deposit, which has been paid. The Company has completed an Archaeological Overview Assessment required for the permit.

“We are very encouraged by the results of Phase 1. The geological and alteration mapping confirms that the southern extent of the Hawilson Monzonite may host a deposit comparable in size and grade to Seabridge’s KSM deposit. We look forward to the prospect of testing this during our mid-August drilling program on the Property”, notes President Fiore Aliperti.

Technical aspects of this news release have been reviewed and approved by David Dupre P.Geo., designated as a qualified person under National Instrument 43-101.

About the Kirkham Property

The 10,600 hectare Kirkham Property is located about 65 km north of Stewart within the prolific Golden Triangle. The Property is within 30 kilometres of Pretium’s Brucejack deposit and Seabridge’s KSM deposit and is in between 20 and 40 kilometres of Barrick’s Eskay Creek and Snip Mine.

About Metallis

Metallis Resources Inc is a Vancouver based company focused on the exploration of gold, copper and silver on the 100% owned Kirkham Property situated in northern British Columbia. Metallis Resources Inc. trades under the symbol MTS on the TSX Venture Exchange and currently has 20,826,617 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 anticipated, estimated or intended. 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.

For further information:
Tel: 604-688-5077
Email: info@metallisresources.com
Web: www.metallisresources.com
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