VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 13, 2016) - Metallis Resources Inc. (TSX VENTURE:MTS) (the "Company") is pleased to announce the completion of an airborne survey on the Company's 10,600 hectare Kirkham Property located within the "Golden Triangle" of northern British Columbia.
The Company contracted Geotech Ltd., ("Geotech") to conduct a VTEM/magnetic/radiometric survey over the portion of the Kirkham Property (6000ha) that was not surveyed in 2013. The VTEM component of the survey is useful for delineating conductors (veins, massive sulphide lenses etc.) down to ~400m below surface. VTEM also generates an apparent resistivity constituent, which assists with lithological and alteration mapping. Magnetics are useful for delineating structures and intrusions which are associated with porphyry copper-gold deposits of the Stikine Arch. Radiometrics may show potassic alteration which is associated with some mineralized occurrences. Results of the current survey will be released after technical analysis is complete.
The Company's 2013 survey defined several large, coincident magnetic and resistivity anomalies that are characteristic of the porphyry gold/copper deposits in the Golden Triangle. Two of these have a strong potassium anomaly. Also, the 2013 survey delineated a linear, very strong coincident resistivity and magnetic anomaly that is outboard from the mineralized Hawlison Porphyry. This feature is similar to the Snip Mine, located 30 kilometers to the northwest. Metallis plans to prioritize all of the geophysical and geochemical anomalies before carrying out ground work and proposed drill program in 2017.
The Kirkham Property is located about 65 km north of Stewart, 20 km southwest of Barrick's Gold Corp's past-producing Eskay Creek Mine and about 40 km from Pretium Resources' Brucejack deposit. The Kirkham Property borders Colorado Resources to the west and the south.
Mr. Fiore Aliperti, President of Metallis states, "The 2016 season has seen a massive ramp up in exploration dollars being put into the ground in the Golden Triangle by our peers, namely Colorado and Seabridge. This increase in spending, coupled with the major merger & acquisitions announcements from the area, reflect the confidence returning to the market in general but, more importantly, the opportunity the region offers the juniors. Metallis Resources is excited to be centrally located amongst all the activity. This survey is the next systematic step in our plan to move the Kirkham property towards a drill program by strategically and responsibly evaluating the right targets for our next phase."
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.
On behalf of the Board of Directors:
Fiore Aliperti, Chief Executive Officer, President and Director
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.
Metallis Resources Inc.