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Metallis Resources Inc

Exchange: TSXV Exchange | Oct 23, 2017, 12:19 AM EDT

MTS
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Metallis Commences Drilling at Thunder North, Contiguous to Nickel Mountain Discovery

VANCOUVER, British Columbia, Sept. 29, 2017 (GLOBE NEWSWIRE) -- Metallis Resources Inc. (TSX-V:MTS) (“Metallis” or the “Company”) is pleased to announce that it has commenced Phase 2 drilling at its 100%-owned Kirkham Property beginning with an expanded Thunder North target contiguous to the southern and eastern boundaries of Garibaldi Resources’ E&L Nickel Mountain Project.

Metallis’ 100 sq. km Kirkham Property, aligned on a north-south trend with the 63 sq. km E&L, features a range of potential deposit types and is strategically positioned in the heart of northwest B.C.’s prolific Eskay Camp. 

Highlights:

  • Maiden drilling at Thunder North will test altered gabbroic units that outcrop over the central part of the target, 4 km southeast of current Nickel Mountain drilling, as disclosed in the Company’s news release September 12, 2017;
  • Mineralized mafic-ultramafic rocks (olivine gabbro) have been mapped in outcrop immediately to the south of Garibaldi’s Nickel Mountain Property in an area that’s 2 km southwest of Metallis’ first drill hole;
  • The Thunder North area of interest has expanded to the west, doubling in size to 10 sq. km, and now covers the entire southern border of Nickel Mountain in addition to part of the eastern border.

Fiore Aliperti, Metallis President and CEO, stated:  “Exceptionally good weather conditions and glacial retreat have permitted our crews to examine outcrops that have never been previously observed. The remarkable speed of work at Thunder North, where these surface expressions occur, has added a powerful new dynamic to the Kirkham Property’s potential, complementing a growing gold-copper porphyry system to the south with high-grade gold possibilities along the flank of the porphyry. 

“While much work remains to be done at Thunder North at this very early exploration stage, we believe the most efficient way to exponentially increase our knowledge of this exciting area is to examine drill core,” Aliperti added.    

Phase 2 drilling at Kirkham will also test the King target, a geophysical anomaly that could be produced by an intrusion-related gold-pyrrhotite vein-type system. According to the BC Geological Survey, this deposit type is typically high-grade (15 - 30 g/t gold). The Snip mine to the northwest is one of the outstanding gold deposits of this type. 

Qualified Person

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 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 which is now in commercial production. 

About Metallis

Metallis Resources Inc. is a Vancouver-based company focused on the exploration of gold, copper 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 26,011,307 shares issued and outstanding.

On behalf of the Board of Directors:

/s/ “Fiore Aliperti”
Chief Executive Officer, President and Director

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

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. 

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