VANCOUVER, B.C., March 02, 2018 (GLOBE NEWSWIRE) -- Metallis Resources Inc. (TSX-V:MTS) (“Metallis” or the “Company”) announces it has engaged GEOTECH Ltd. (“Geotech”) to commence work on a 404-line/kilometer airborne versatile time-domain electromagnetic survey (“VTEM Survey”) over its Thunder North and Thunder South nickel targets on its 100% owned Kirkham Property. The proposed infill VTEM survey at 83.3m line-spacing is designed to detect much higher resolution geophysical signature of the magmatic nickel sulphide targets at Thunder North and Thunder South. To view the 2018 VTEM area map click here.
The Thunder North target is located immediately south of Garibaldi’s E&L (Nickel Mountain) Project on the western flank of the Eskay Rift. The project area is underlain by extensive mafic volcanic and sedimentary rocks of the Hazelton Formation that host the nickel sulfide mineralization at E&L. The prospectivity of the ground for Ni, Cu, Co, and precious metals provides a major impetus and focus for the 2018 exploration program.
2017 Program background and highlights:
Following the discovery of massive sulphide mineralization at E&L, Metallis rapidly undertook a program of mapping, sampling, and drilling on the Thunder North target in order to identify outcropping gabbroic rocks favorable for magmatic sulphide mineralization.
- A small body of un-mineralized weakly differentiated medium-grained gabbro was identified with up to 7.5wt% MgO.
- Drill hole KH-17-09 only tested a structurally controlled, pyrite-rich gossan zone along the contact between a slightly differentiated gabbro and andesite-diorite host rocks.
- The textures and compositions of the gabbros at Thunder North demonstrate the presence of mafic intrusive magmatism in the Hazelton stratigraphy along the southern extension of the western margin of the Eskay Rift.
- This segment of the rift has seen no historic exploration for nickel sulfide mineralization, so the discovery of these rocks has influenced the design of the 2018 exploration program.
The differentiated mafic intrusion with chaotic textures and/or breccias are recognized as an important feature of nickel sulfide ore deposits. Dr. Peter Lightfoot, a leading expert on magmatic sulfide ore deposits and a member of the Metallis technical team stated: “The flanking structures of the western margin of the Eskay Rift were likely a key control on the emplacement of small open system intrusions like the one at Nickel Mountain. A thorough search for these types of rocks or their manifestations on geochemical and/or geophysical surveys is a critical next step in the exploration of the Kirkham Property.”
2018 Thunder North and Thunder South Exploration Program
The summer program in 2018 will include geological mapping of the Thunder North and Thunder South targets, rock chip, and stream-sediment sampling, structural mapping, and follow-up of conductive and/or magnetic features from the VTEM survey. The VTEM survey planned will have a line-spacing designed to test the property for conductive targets on the scale of E&L. The program of field-work is designed to identify additional mafic intrusions leading to facilitate the placement of drilling targets at Thunder North and Thunder South prospects.
Metallis President and CEO Fiore Aliperti commented, “We are extremely excited to build on last year’s work which has laid the foundation for the upcoming program to be carried out at Thunder North and Thunder South targets. The 2018 season will continue to show Metallis’ commitment to deliver a methodical and well structured approach to our exploration efforts. We have an exceptional team that will ensure we remain focused, work within a well planned schedule and deliver results in a typical fiscally responsible manner.”
2018 Venture 50
Metallis Resources Inc. was recently included in the 2018 Venture 50 (the “V50”). The V50 is a ranking of top performers on the TSX Venture Exchange over the last year. The ranking is comprised of ten companies from each of five industry sectors selected based on three equally weighted criteria: Market capitalization growth, share price appreciation and trading volume amount. To view the V50 video click here.
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 106 sq. km Kirkham Property is located about 65 km north of Stewart, BC within the prolific Golden Triangle. The northern border of Kirkham is contiguous to Garibaldi Resources’ E&L Nickel Mountain Project whereas the northeast corner of Kirkham is within 12 km of the Eskay Creek mine while the eastern border is within 15 to 20 km of Seabridge Gold’s KSM deposit and Pretium Resources’ Brucejack mine.
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 31,993,629 shares issued and outstanding.
On behalf of the Board of Directors:
/s/ “Fiore Aliperti”
Chief Executive Officer, President and Director
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