METALLIS MOVES CLOSER TO DRILL PROGRAM AT GREYHOUND WITH PLANNED GEOPHYSICAL SURVEYS

Rhea-AI Summary

Metallis Resources (TSXV: MTS, OTCQB: MTLFF) has announced progress at its Greyhound Property, a high-grade silver/gold/antimony project in Idaho's Stibnite Mining Camp. The company plans to conduct geophysical surveys in 2025 to prepare for summer drilling.

Key developments include:

• Lab testing of 11 rock samples indicates potential success with induced polarization surveys for identifying mineralization
• Planned drone magnetic surveys to highlight structural features and alteration zones
• Confirmed drill targets on patented claims with minimal permitting requirements and water rights
• Beneficial Idaho state developments, including the SPEED Act for expedited permitting and approval of nearby Perpetua Resources' Stibnite mine

The company's VP of Exploration highlighted the project's significance, noting doubled antimony prices over the past year and exceptional historic silver grades. The property's location on patented claims significantly streamlines the permitting process, requiring only minor local county office applications.

VANCOUVER, BC, Feb. 13, 2025 /PRNewswire/ - Metallis Resources Inc. (TSXV: MTS) (OTCQB: MTLFF) (the "Company" or "Metallis") is pleased to provide 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.

Dave Dupre, Metallis' VP of Exploration, commented, "The Greyhound property represents a significant opportunity for Metallis and its investors, offering multiple avenues for success. With antimony prices doubling in just the past year and continuing to increase, we are just beginning to unlock the true value of the project. Last year's sampling program confirmed the presence of this highly sought-after metal across the property, feeding into the United States' increasing focus on securing a stable and domestic supply of critical minerals. Beyond antimony, it is important for investors to recognize the exceptional historic silver grades identified at Greyhound, which compare favorably to leading silver-producing projects across the region." He went on to add "Our recent geophysical lab testing has returned highly encouraging results, reinforcing our confidence in utilizing geophysics on the project. Based on these findings, we are advancing plans for drone magnetic surveys and IP surveys, critical steps that will bring us closer to initiating the first-ever drill program on this underexplored property. This marks an exciting phase in Greyhound's development, and we are eager to realize its full potential."

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.

Geophysical Surveys

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 susceptibilities were identified prompting the team to design a property wide drone magnetic survey. Alteration appears to be magnetite destructive, helping to define the exact location of the Greyhound shear zone and, possibly, locate new mineralized shear zones. The identification of variable chargeability signatures from the samples can also be used to our advantage in planning an Induced Polarization survey, which will be confirmed in the upcoming months. Currently, several service providers have been contacted, and the team is in the process of qualifying multiple bids.

Permitting Process

A key distinction of the Greyhound property is that most of the mineralization identified to date occurs on patented claims. For reference, a patented mining claim is one for which the Federal Government has passed its title to the claimant, giving the claimant exclusive ownership to the locatable minerals 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. The name stibnite comes from the main antimony sulfide mineral found at the mine. On January 24, 2025, Idaho enacted the Strategic Permitting, Efficiency, and Economic Development (SPEED) Act which will improve coordination among state agencies to streamline the permitting for large-scale projects, including mining.

About the Greyhound Property

In February 2024, the Company optioned the Greyhound Property located in Custer County, Idaho, approximately 42 km northwest of the town of Stanley. This 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 3.5 km mineralized shear zone. Since 1910, the property has seen limited exploration and only minor development when the Greyhound Mine was reactivated and mined sporadically from 1980-1991.

Mineralization at Greyhound is hosted by prominent shear zones with polymetallic quartz-sulphide veins containing elevated concentrations of Au, Ag, Sb, Pb, and Zn. Historical sampling from the 1350' zone averaged 785 g/t silver and 1.85 g/t Au from 20 chip samples taken perpendicular to strike for 36.9 m along the Rufus Adit* (Longe, 1999). These grades are on par or better than numerous mines in North Idaho's Silver Valley, one of the most prolific silver districts in the world with over 1 billion ounces of silver having been mined. Greyhound has never been drilled and remains substantially underexplored.

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.

Citation

*Longe, Robert P. 1991. The Greyhound Mine; A Summary Report. Seafoam Mining District, Idaho USA.

About Metallis

Metallis Resources Inc. is a Vancouver-based company focused on the exploration for gold, copper and silver on its 100%-owned Kirkham Property in Canada, situated in northwest British Columbia's Golden Triangle, and on the Greyhound Property, a gold/silver/antimony target 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 has 75,305,003 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 the 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.

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SOURCE Metallis Resources Inc.

FAQ

What geophysical surveys is Metallis (MTLFF) planning at Greyhound in 2025?

Metallis is planning drone magnetic surveys and induced polarization (IP) surveys in spring 2025, based on encouraging lab testing results from 11 rock samples.

How will the Idaho SPEED Act affect Metallis' (MTLFF) Greyhound project?

The SPEED Act, enacted January 24, 2025, will streamline permitting for mining projects by improving coordination among state agencies, potentially benefiting Metallis' operations.

What advantages do patented claims provide for Metallis' (MTLFF) drilling program?

Patented claims give Metallis exclusive ownership of minerals, surface rights, and water resources, significantly expediting the permitting process for the planned summer drilling program.

How close is Metallis' (MTLFF) Greyhound property to the Perpetua Stibnite project?

The Greyhound property is located 38 km from Perpetua's Stibnite antimony-gold mine, which received final approval from the US Forest Service on January 1, 2025.

What did Metallis' (MTLFF) recent lab testing reveal about the Greyhound property?

Lab testing showed strong contrast between polymetallic mineralization and host granites, indicating geophysical surveys will be effective in identifying well-mineralized zones.