Vancouver - Metallic Minerals Corp. is pleased to report drill results from the advanced West Keno targets on the Company's 100%-owned, 166-square-kilometer Keno Silver project within the high-grade Keno Hill silver district of Canada's Yukon Territory.
The program consisted of 12 diamond drill holes totaling 2,674 meters (8,772 ft) completed at the Formo and Silver Queen targets along extensions of Alexco Resource's productive Bermingham and Elsa structural corridors. Drilling at Formo intersected high-grade silver within well-mineralized vein structures along a north-easterly extension of the Bermingham-Calumet system, which is host to the largest historical mine and the largest current resources and reserves in the Keno Hill silver district 1,2
Diamond drilling at West Keno was focused on confirming and expanding the areas of known high-grade mineralization within the existing, historical resource area at the Formo target area. This work follows up on underground channel sampling which identified three mineralized shoots grading more than 1,000 g/t silver equivalent ('Ag Eq') that remain open to expansion. These results are an important next step towards developing an initial mineral resource at the Formo target. A single diamond drill hole was also completed at the Silver Queen target to confirm the presence of the Bermingham deposit host stratigraphy along potential parallel extensions of the Bermingham structural corridor.
Metallic Minerals CEO & Chairman, Greg Johnson, stated, 'We are very pleased with the success we have achieved in both phases of our 2020 Keno Silver Project exploration program. At our advanced-stage Formo target in the West Keno area, 10 of 11 diamond drill holes intercepted significant mineralization, further confirming the presence of high-grade Keno-style mineralization that remains open to expansion. We are particularly encouraged to see these very high-grade intercepts over significant widths at Formo and follow-up diamond drilling along these identified structures will be a priority in 2021, along with testing of several newly identified, kilometer-scale geophysical and geochemical targets at West Keno. In February, we announced results from East Keno demonstrating the presence of high-grade mineralization within broad continuous zones of potential bulk-tonnage silver mineralization in a previously untested part of the Keno Hill silver district. This effectively expanded the known extent of drill-defined Keno-style mineralization by 10 kilometers to the east and demonstrated the potential for major new discoveries in this underexplored part of the district. Planning is underway for a significantly expanded exploration program at the Keno Silver project in 2021, with field activities anticipated to begin in late Q2. The Company is fully funded to meet its 2021 program objectives and also looks forward to providing additional updates on its exploration work at the La Plata silver-gold-copper project in Colorado, USA, as well as 2021 drill plans.'
About the Keno Silver Project
The Keno Silver project is located in the historic, high-grade Keno Hill silver district of Canada's Yukon Territory, directly adjacent to Alexco Resource's Keno Hill operations, which are one of the world's highest-grade primary silver districts. Keno Hill hosts nearly 300 million ounces of silver in past production1 and current M&I resources2, and features excellent existing infrastructure, including grid power, road access and nearby community services. Metallic Minerals has consolidated the second largest land position in the district, with its holdings including eight shallow, high-grade past producing deposits, as well as the eastern portion of the district, which had only seen limited exploration due to previously fragmented land ownership and lack of road access. Six advanced-stage targets along the main productive trends are progressing towards initial mineral resource definition and 12 new multi-kilometer-scale targets have been identified on the greenfields areas to the east. Recent drilling by Metallic Minerals has confirmed the discovery of both high-grade Keno-style vein structures and potential bulk-tonnage silver mineralization. Reconnaissance drill tests of the first of these very large soil and geophysical targets at East Keno have expanded the Keno Hill silver district by at least 10 kilometers to the east, opening a major new area of prospective terrain controlled 100% by Metallic Minerals in this prolific high-grade silver district. Planning is underway for a significantly expanded exploration program in 2021 at the Keno Silver project to drill additional untested targets, as well as to extend the newly discovered zones at East and West Keno through step out core and RC drilling.
About Metallic Minerals
Metallic Minerals Corp. is a growth-stage exploration company, focused on high-grade silver and gold in underexplored brownfields mining districts. Our objective is to create shareholder value through a systematic, entrepreneurial approach to exploration in the Keno Hill silver district, La Plata silver-gold-copper district, and Klondike gold district through new discoveries and advancing resources to development. All three districts have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits, as well as having large-scale development, permitting and project financing expertise.
This news release includes certain statements that may be deemed 'forward-looking statements'. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Group Ten and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com