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Metallis Commences Phase 1 Drilling Program

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Metallis Commences Phase 1 Drilling Program

Canada NewsWire

VANCOUVER, July 24, 2018 /CNW/ - Metallis Resources Inc. ((TSX-V: MTS, OTCQB:MTLFF) ("Metallis" or the "Company") announces the commencement of the Company's Phase 1 drilling program (the "Program"), currently underway at its 100% owned Kirkham Property (the "Property"), prospective for multiple deposit types in the prolific Eskay camp of northwest British Columbia.

Metallis Resources Inc. (CNW Group/Metallis Resources Inc.)

This initial phase of drilling will test several high priority targets within the Hawilson Monzonite located in the southern portion of the Property.

The findings of the June 2018 geological mapping program, along with the results of the 2018 detailed airborne geophysical survey, have provided an enhanced understanding of the geometry, controls of mineralization, and apparent scale of the intrusive-related mineralizing system. This information, together with historical data, has facilitated the selection and prioritization of three specific drill targets: the Cliff, Nina and Cole targets.

Cliff Target

The Cliff Porphyry system extends for 3km and is represented by multi-phase intrusions and breccias associated with the recently mapped 7km long Hawilson Monzonite porphyry complex. This porphyry system was successfully tested by Metallis in 2017 with three drill holes that transected broad intersections of copper-gold mineralization, the longest being 146 meters of 0.34 g/t Au and 0.22% Cu, including a significant interval of 68 meters at 0.52 g/t Au and 0.3% Cu. The intensity of potassic alteration, veins and copper-gold grades increases with depth. The 2018 program is designed to drill deeper than previous holes, targeting the magnetic anomalies and zones of intense potassic alteration, veining and silicification in the core of the system.

Nina Target

Mapping and sampling at the Nina prospect has shown promising alteration and mineralization that continues northward from the Cliff zone. The main target is to test the continuity of the Hawilson Monzonite responsible for the Cliff-Nina porphyry corridor gold-rich epithermal mineralization. Most of the rock grab samples in this area returned values greater than 1500 ppm Cu and up to 0.67 g/t gold.

Cole Target

The Cole target is identified as a 450m x 350m wide porphyry copper-gold system that has never being drilled. The geological features (i.e. geometry, potassic alteration, veins and sulphides) at Cole are similar to Seabridge Gold's Kerr deposit, located approximately 15km to the east of the Kirkham property. Metallis' team of geologists designed two holes to test the outcropping mineralized porphyry and epithermal sheeted quartz veins with elevated copper-gold geochemistry. The standout rock geochemical sampling results range from 0.2% to 0.5% Cu and up to 20.7 g/t Au.

Fiore Aliperti, Metallis Resources President and CEO, remarked: "We are delighted to announce that the drills are turning and that we've got our 2018 drilling campaign underway. We had encouraging results from the Cliff target last year and are working to build upon, what we believe to be, is becoming a tremendous asset." Further adding, "Our technical team, with input from Jeff Kyba, are excited from the outcome of this year's exploration program and are well prepared to explore and drill the copper and gold potential in the Cole and Nina targets. This year's program is a big step in carrying this project and company forward."

Qualified Person

Technical aspects of this news release have been reviewed and approved by Metallis Resources' V.P. of Exploration David Dupre, P.Geo., designated as a qualified person under National Instrument 43-101.

About the Kirkham Property

The 106 sq.km Kirkham Property is located about 65km north of Stewart, B.C. within the prolific Golden Triangle. The northern border of Kirkham is contiguous to Garibaldi Resources' E&L Nickel Mountain Project whereas the northeast corner of the property is within 12 km of the Eskay Creek mine and the eastern border is within 15 - 20 km of Seabridge Gold's KSM deposits and Pretium Resources' Brucejack mine.

About Metallis

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 symbol MTS on the TSX Venture Exchange and the OTCQB Venture Market under the symbol MTLFF and currently has 32,431,129 shares issued and outstanding.

2018 Venture 50

Metallis Resources Inc. was included in the 2018 Venture 50 (the "V50"). The V50 is a ranking of top performers on the TSX Venture Exchange last year. The ranking is comprised of ten companies from each of five industry sectors selected based on three equally weighted criteria: Market capitalization growth, share price appreciation and trading volume amount. To view the V50 video click here.

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 as a result 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.

SOURCE Metallis Resources Inc.

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