Metallis Begins 2021 Exploration Program at Kirkham Property

VANCOUVER, BC, July 8, 2021 /PRNewswire/ - Metallis Resources Inc. (TSXV: MTS) (OTCQB: MTLFF) (the "Company" or "Metallis") today announces the commencement of the Company's 2021 exploration and drilling program (the "Program") at its 100%-owned Kirkham Property (the "Property"). The Property is situated within the prolific Eskay camp of the Golden Triangle in northwest British Columbia, a fertile metallogenic district known for its precious metal deposits including past producing Eskay Creek and Snip gold mines, Seabridge's KSM porphyry deposits and Pretium's producing Brucejack gold mine.

Metallis' President and CEO Fiore Aliperti stated "Our geological team is set to start an aggressive drill campaign and have been tasked with the goal of expanding the Cliff-Miles porphyry cluster and unlocking the depth potential of bulk tonnage-style copper-gold mineralization." He went on to add, "It is fantastic to be able to throw Metallis' name into the hat with other companies in the Golden Triangle with an active drill program. This program is a major step forward in advancing the Cliff gold-copper porphyry and showing the true size potential of this project."

The Company's geological team has launched detailed field investigations to optimize the placement of the collars in preparation for the drilling, which is due to start in the coming weeks. The Program includes field mapping, drill core re-logging, Induced Polarization ("IP") and a ZTEM™ survey (currently being flown) and is designed to help target the near-surface gold along with the deeper copper/gold-rich potassic zones along the 4 km long Cliff-Miles porphyry corridor.

EXPLORATION PROGRAM HIGHLIGHTS:

1. Field mapping focused on outlining the dimensions of the porphyry intrusions, alteration zones, structures, and morphology of the Cliff-Miles porphyry copper-gold system;
   
   
2. A total of ~22 line-km of high-resolution Induced Polarization ("IP") proposed over the Cliff and Cole targets. (Click Here to View Map). The IP survey aims to outline the resistivity anomalies related to gold-bearing hydrothermal silicification and sulphides in the Cliff and Cole porphyry centers;
   
   
3. ZTEM survey over the entire Kirkham property focused on locating the buried porphyry core zones along the 7.5 km long Hawilson Monzonite Complex (News Releases April 7^th and June 22^h, 2021). The ZTEM resistivity contrast is expected to highlight the depth potential of the Cliff and Cole porphyry centers and other prospective targets at the Kirkham property;
   
   
4. LiDAR survey over the entire 106 km² Kirkham property acquiring digital ortho-photos and a bare-earth Digital Elevation Model ("DEM") and other imagery products used for geological interpretations, drill hole control, planning and logistics purposes; and
   
   
5. Selective rock-chip and soil sampling grids over ZTEM™ and SkyTEM™ conductive anomalies targeting the volcanogenic massive sulphide ("VMS") mineralization at King East, Mount Dunn, and Rhyolite Ridge prospects at the Kirkham property.

DRILLING PROGRAM HIGHLIGHTS:

1. ~8,000m of drilling in 13 drill holes designed to expand the near-surface gold and deeper copper-gold zones. Most of the 2021 drill holes are 100m to 500m apart and are designed to target high grade zones and test the overlapping IP resistivity highs; (Click Here to View Map).
   
   
2. ~4,000m of drill core re-logging at Cliff with a particular focus on the well-mineralized M-Porphyry and patterns of alteration, veins and sulphides affording vectors to deeper high-grade mineralization;
   
   
3. Selective short wave-length Infrared ("SWIR") analysis to identify the distribution of alteration mineralogy and temperature stabilities leading to vectors toward the highly mineralized, hot core zones of the Cliff porphyry system; and
   
   
4. ~1,200m of geotechnical oriented core logging planned for investigating the anatomy and orientation of faults, porphyry intrusions, breccias and veins defining the morphology of the Cliff porphyry system.

Cliff-Miles Porphyry Corridor

The Company has recently received Re/Os age dates from the Cliff-Miles porphyry (187.2 Ma) confirming that it belongs to the fertile episode of calc-alkalic porphyry intrusions of the Jurassic age Texas Creek Plutonic Suite. This plutonic suite also hosts the nearby Deep Kerr Deposit of Seabridge Gold's KSM project, which has an inferred resource of 1.92 billion tonnes grading 0.41% copper and 0.31 g/t gold, containing 19.0 million ounces of gold and 17.3 billion pounds of copper (Seabridge New Release Feb 16, 2017).

The latest drilling and 3D modelling has highlighted enormous upside potential for the expansion of the Cliff porphyry system. The presence of remnant potassic alteration and improving grades with depth has confirmed the vertical and lateral continuity of copper-gold mineralization as seen in the Red Chris, Deep Kerr, and Saddle North porphyry deposits in the Golden Triangle. A Leapfrog Grade-Shell model demonstrates this grade distribution as currently interpreted (Click Here to View Inclined Grade Shell Leapfrog Model).

Metallis geologists will use surface mapping and sampling, ground IP and airborne ZTEM™ results to vector towards the core zones of the Cliff porphyry system, which have a potential vertical extent of over 1,000m. Leapfrog numeric modeling compiled by Dr. Michelle Campbell and Terraspec vectoring from Dr. Farhad Bouzari have highlighted substantial untested gaps in the Cliff-Miles porphyry corridor. Metallis' V.P. of Geoscience Services, Dr. Razique stated "We now have a robust 3D model of the Cliff-Miles porphyry corridor which has highlighted 3 major blocks, each of which show significant volume potential of high-grade copper-gold mineralization to be tested this year."

Qualified Person

David Dupre, P.Geo, Vice President - Exploration and the Qualified Person, as defined by National Instrument 43-101, has reviewed, and approved the technical information contained in this release.

About the Kirkham Property

The wholly owned 106 sq. km Kirkham Property is located about 65 km north of Stewart, B.C., in the heart of the Golden Triangle's prolific Eskay Camp. The Property is prospective for multiple mineral deposit types and is located along a strategic geological boundary – the "Red-line" exposed on the western margin of the Eskay Rift system in the Golden Triangle, northwestern British Columbia.

The Kirkham Property is contiguous to Garibaldi Resources' E&L Nickel Mountain Project in the north and Eskay Mining Corp. to the east. The property is within 12 km of the Eskay Creek mine while the eastern border is within 12 - 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 symbols MTS on the TSX Venture Exchange, MTLFF on the OTCQB Exchange, and 0CVM on the Frankfurt Stock Exchange. The Company currently has 52,839,878 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 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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