Metallis Resources Inc. provided an update of ongoing progress at the Greyhound Property ("Property") including planned geophysical surveys for 2025. The Property is a high-grade silver/gold/antimony project within the historic Stibnite Mining Camp, located in central Idaho, USA. These surveys will be carried out to support the discovery and delineation of the best mineralized zones for a planned drill program this summer.
Highlights: Lab testing on 11 rock samples collected from across the Property indicate that the use of an induced polarization geophysical survey is likely to identify areas of mineralization. Survey designs are currently underway for deployment in spring 2025; A magnetic survey is also being planned to highlight structural features as well as alteration zones with magnetic destruction. This will help refine drill targets and possibly identify parallel shears that have gone undiscovered.
Evidence of new parallel shears was demonstrated with Metallis' discovery of the Akita Zone in 2024; Metallis has confirmed that the drill targets lie on patented claims that provide minimal permitting and include water rights. This expedites the exploration process, allowing the team to drill this upcoming summer without delay; and Significant steps have been made recently by the State of Idaho for mining and exploration with the signing of the SPEED Act to expedite permitting across the state. Recent final approval of Perpetua Resources' nearby Stibnite mine also exemplifies Idaho as very pro-mining.
Rock property testing on 11 samples from Greyhound has returned strong contrast between the polymetallic mineralization and the host granites, which implies that geophysical surveys will be helpful in identifying well mineralized zones on the property. A variety of magnetic susceptibleibilities were identified prompting the team to design a property wide drone magnetic survey. For reference, a patented mining claim is one for which the Federal Government has passed its title to the claim to the claim, giving the claim to the claims and, in most cases, the surface and all resources, including water.
This massively expedites the permitting process and allows the team to plan efficient drilling and exploration programs for the upcoming field season. Only one minor application needs to be filed with the local county office. Idaho State Updates: On January 1, 2025, the US Forest Service released the final record of decision for Perpetua's antimony and gold Stibnite Project - essentially the mine's permit - after an eight-year review process.
This move is aimed at spurring US production of the critical mineral at the center of a widening trade war between Washington and Beijing. Stibnite is an antimony-gold mine located only 38 km from the Greyhound Property.
