VANCOUVER, April 7, 2021 - Metallis Resources Inc. (TSXV: MTS) (OTCQB: MTLFF) (FSE: 0CVM) (the "Company" or "Metallis") is pleased to announce the Company has engaged the services of Geotech Ltd. to fly an extensive property wide Z-Axis Tipper Electromagnetic survey ("ZTEM" or "the Survey") over the Company's 100%-owned, 106 sq. km Kirkham Property (the "Property"). The Property is situated in the prolific Eskay camp of the Golden Triangle in northwestern British Columbia, a fertile region known for its past producing Eskay creek and Snip gold mines, Seabridge's KSM porphyry deposits and Pretium's producing Brucejack gold mine, amongst others.
ZTEM technology is exclusive to Geotech and is used to measure the variations in naturally occurring electromagnetic ("EM") fields produced by thunderstorms around the globe. These variations in the EM fields help detect the resistivity contrast in rock structures and zones of sulphide mineralization in multiple intrusions and its hydrothermal alteration and silicification. ZTEM can measure these contrasts up to 2 km deep, which is ideal for the exploration of the structurally controlled 4 km-long copper-gold Cliff Porphyry System which forms part of the larger 7.5 km-long Hawilson Monzonite Complex (or "HM") in the central area of the Property (Click here to View Map).
Metallis' Chief Geologist - Dr. Abdul Razique, PhD. P. Geo - commented, "Our key objective for the 2021 season is to identify and drill those deeper porphyry core zones along the Cliff Porphyry System. Based on the space-time distribution and sub-vertical morphology of the Cliff porphyry intrusions, the ZTEM is expected to provide vectors towards the deeper potassic core zones and distribution of copper-gold mineralization". He added, "These surveys have shown to be an effective tool in mineral exploration and have produced positive results at projects such as Olympic Dam in Australia, Pebble in Alaska, and most importantly, a ZTEM outlined Seabridge Gold's Deep Kerr deposit, part of its KSM Project, one of the world's largest undeveloped gold projects."
Collaboration with Eskay Mining Corp. and Garibaldi Resources Inc:
The ZTEM flight lines extend beyond the Kirkham property borders in order to gather background data from claims owned by immediate neighbors Eskay Mining Corp. ("Eskay") and Garibaldi Resources Inc. ("Garibaldi").
The eastern boundary area of the Survey will cover the newly identified western Anticline of the Eskay Rift which crosses both Metallis and Eskay claim groups. Metallis has agreed to cover the costs of the Survey in this area, and, in exchange, Eskay will fly their upcoming SkyTEM survey over part of the Kirkham Property. The combination of both ZTEM and SkyTEM surveys over the eastern border area will enable both companies to locate deep conductors associated with Eskay Creek type Volcanogenic Massive Sulphide ("VMS") deposits in the Hazelton Group of rocks and deeper sedimentary exhalites in the lower Stuhini group of rocks. Over 10 km of the Triassic-Jurassic unconformity (or the "Red-Line") has been mapped on Metallis' Property along with extensive outcrops of lower Hazelton stratigraphy. The ZTEM data will also be particularly useful in targeting the rhyolite-mudstone contact and potential VMS mineralization at the Company's Mount Dunn, Rhyolite Ridge and Terwilligen Creek prospects.
Along the northern property border, the interpreted data and logistical costs of the ZTEM survey will be shared with Garibaldi. This will help in targeting any deep-seated chambers and/or small open systems of E&L type gabbroic rocks along the northeast-oriented Nickel Mountain complex that extends onto Metallis' K-9 target at the southern flanks of Nickel Mountain.
Metallis' President and CEO Fiore Aliperti stated, "The Property has been surveyed by shallow penetrating VTEM surveys in the past, but the ZTEM has the potential to identify copper/nickel or giant porphyry copper deposits up to 2 kilometers below the surface. Signing a contract for a property wide ZTEM is a key step in advancing the Kirkham Project and, specifically, the 7.5 km-long Hawilson Monzonite Corridor." He went on to add, "Metallis has shown, yet again, we are here to work with our neighbors for the benefit of our project and, most importantly, our investors. The combination of geophysical surveys and exchange of information with our peers is a vital step towards an economic discovery at Kirkham."
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 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' E&L Nickel Mountain Project in the north and Eskay Mining Corp. to the east. The northeast corner of Kirkham is within 12 km of the Eskay Creek mine while the eastern border is within 15 - 20 km of Seabridge Gold's KSM deposits 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 symbols MTS on the TSX Venture Exchange, MTLFF on the OTCQB Exchange, and 0CVM on the Frankfurt Stock Exchange. The Company currently has 44,060,433 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.
View original content to download multimedia:http://www.prnewswire.com/news-releases/metallis-engages-geotech-to-fly-extensive-ztem-survey-over-kirkham-301264015.html
SOURCE Metallis Resources Inc.
Tel: 604-688-5077, Email: email@example.com, Web: www.metallisresources.com