VANCOUVER, BC, July 17, 2024 /CNW/ - Metallis Resources Inc. (TSXV: MTS) (OTCQB: MTLFF) (the "Company" or "Metallis") is pleased to announce the commencement of the Company's inaugural field exploration program (the "Program") on the Company's recently acquired Greyhound property ("the Property"), a high-grade silver/gold/antimony project within an historic mining camp, located in Idaho, USA. The geological field team has been tasked with the evaluation of high-grade mineralized zones at several known showings, and to identify new areas of high-grade mineralization throughout the Property, including the 3.6 km Greyhound shear zone and several other historic showings.
The Program will include the use of modern exploration technologies such as a portable X-Ray Fluorescence (XRF) spectrometer to support immediate on-site analysis alongside more traditional activities like rock/soil sampling, geological mapping, and trenching, all of which will play a key role in identifying potential drill sites and expanding the understanding of the mineralized zones. The team is currently working alongside the property owner (See image) who has held the property for 40 years and has an intimate knowledge of the areas of historical work and areas offering the highest mineral potential. Results from the Program are expected to drive a planned drilling campaign to be conducted later in the 2024 season.
Metallis geological team with property owner Dan Yanke outside the Rufus Adit, the Greyhound Property. (CNW Group/Metallis Resources Inc.)
Fiore Aliperti, Metallis' President and CEO commented, "It's fantastic for us to announce the start of our 2024 work programs at Greyhound. The team has been anxious to get boots on the ground since we completed the property option agreement and started the data evaluation process. Exploration efforts will focus on both existing sites with historic mining activity and underexplored areas which offer the potential of new exploration targets. We are well-prepared to leverage our technical expertise and apply modern exploration methods to advance our understanding of the Greyhound property's mineral potential. We look forward to seeing results and confirming drill targets."
About the Greyhound Property
The Greyhound Property is in Custer County, Idaho, approximately 42 km northwest of the town of Stanley. In February 2024 the Company entered into an option to acquire a 100% interest in the Property. The Property was the center of an active silver mining camp in the early 1900's and at one point contained a smelter and two active mines situated along a 3.6 km mineralized shear zone. Since 1910, the property has seen limited exploration and only minor development when the Greyhound Mine was reactivated and mined from 1980-1991. The last remaining ore from this period was shipped to a smelter in 2000 and the property remains substantially unexplored.
About Metallis
Metallis Resources Inc. is a Vancouver-based company focused on the exploration for gold, copper and silver on its flagship 100%-owned Kirkham Property in Canada, situated in northwest British Columbia's Golden Triangle, and on the recently acquired Greyhound Property, a silver/gold/antimony project in Idaho, USA.
Metallis trades under the symbols MTS on the TSX Venture Exchange, MTLFF on the OTCQB Exchange, and 0CVM on the Frankfurt Stock Exchange and currently has 68,455,003 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 numerous 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.sedarplus.ca. 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.
