Drill Program Update
The planned 8,000 meter ("m") 2021 drill program (the "Program") is focused on
two overlapping distinct types of mineralization at the 4 km long Cliff-Miles Porphyry corridor; the primary stage copper-gold mineralization which extends down to an approximate 800m depth and the central 2 km long gold-rich zone. The company is currently drilling its fifth hole with over 3,000 m drilled. The four completed holes have encountered long sections of stockwork and disseminated mineralization (
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).
Stockwork and disseminated Cu-sulphide mineralization has been intersected in all holes. The visuals of mineralization, supported by systematic portable X-ray Florescence (or "pXRF") spot probing of background host-rock, has indicated a gradual increase in copper content with depth. The pXRF** has only been done on two holes (KH21-41 and KH21-42) and is presented on one section ( Click Here to View Section ). The encouraging copper-gold mineralization constrained within the highly silicified porphyry and clastic rocks is also coincident with IP resistivity-highs and gold-in-soil geochemical anomalies.
The initial two drill holes, KH21-39 and KH21-40 encountered wide mineralized zones like nearby KH18-13 (intersected 245.5m @ 0.40 CuEq*) and KH20-36 (intersected 490.8m @ 0.33 g/t AuEq* including 56.2m @ 0.50 g/t AuEq*).
The third drill hole KH21-41 cut across the central Cliff-Miles zone and has highlighted an interplay of Feldspar Porphyry ("FP"), highly silicified and well-mineralized Medium Porphyry ("MP") and host siliciclastic rocks. These altered rocks are known to carry significant amounts of gold as intersected last year in drill hole KH20-37, which returned 83.0m @ 0.68 g/t AuEq including 32.0m @ 1.24 g/t AuEq*. (See NR
The fourth drill hole, KH21-42, is one of the most encouraging holes to date. The hole was designed to test below the promising results of KH21-41 into a highly silicified, chalcopyrite bearing, quartz-vein-stockwork contained within Hawilson porphyry and clastic rocks. Most of the drill core from KH21-42 contained highly siliceous rocks while a 150 m section exhibited some of the best chalcopyrite concentrations observed to date. KH21-42 will also serve to improve the Company's understanding of the geometry and evolution of the porphyry as well as delineating further potential at depth.
*Gold equivalent grades ('AuEq.") are for comparative purposes only. Calculations are uncut and recovery is assumed to be 100% as no metallurgical data are available. The metal prices including:
**Visual and pXRF data cannot replace assay data and should not be considered as an alternative to analytical data using industry laboratory techniques. The pXRF spot analysis targets the background host-rock, making attempts to avoid obvious sulphide and veining.
All the drill core samples for the holes drilled to date have now been delivered to the laboratory and the Company is waiting for assay results. Again, this year, due to a massive increase in drilling activity in
Field Mapping and Prospecting
In conjunction with the drill program, geologists are currently mapping the structural setting and dimensions of the porphyry intrusions at the Cliff-Miles porphyry corridor. The initial interpretation of the field and drilling data so far indicates a distinct 030o strike of the mineralized porphyry intrusions, which has now opened a huge unexplored area to the north and northwest. This exercise has allowed Metallis' geologists to optimize the drill collars and continue to tweak the design of the on-going 2021 drill program.
Reconnaissance geological mapping has now outlined several areas of sulphide mineralization in the mudstone and rhyolite units belonging to the
Metallis' VP of Geoscience Dr. Razique stated from the field, "The VMS model in the Eskay Camp is evolving with input from recent drilling and airborne geophysical surveys by Metallis and other operators in the district. The data is currently being processed and interpreted for concealed porphyry core zones at the Cliff/Cole porphyry centers and VMS targets in the
Corporate Update
The Company also announces that, pursuant to the terms of the Company's Stock Option Plan, the Company has granted an aggregate of 1,900,000 incentive stock options ("options") to its directors, officers, and consultants at an exercise price of
QAQC and Analytical Protocols
ALS is a global testing, inspection and certification business and is an ISO/IEC 17025:2005 accredited laboratory independent of the Company.
Qualified Person
About the Kirkham Property
The wholly owned 106 sq. km Kirkham Property is located about 65 km north of
The Kirkham Property is contiguous to Garibaldi Resources Corp.'s
About Metallis
On behalf of the Board of Directors:
/s/ "Fiore Aliperti"
Chief Executive Officer, President and Director
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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.
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