Initiation Of Exploration Programs At La Plata And Keno Silver Projects

VANCOUVER - Metallic Minerals Corp. reported on the 2024 exploration programs at both the Keno Silver project in the Yukon Territory, Canada, and the La Plata copper-silver-gold-PGE project in southwest Colorado. At the Keno Silver project, where the Company announced an inaugural resource of 18.2 million ounces of silver equivalent in 2024, preparations are in the final stages for a diamond drilling program set to begin in July. This drilling initiative aims to expand existing resources and test the potential to define new resources at the highest priority drill-ready targets. An important focus of the program will be on resource expansion at the Formo target, which is the largest current resource at the Keno Silver project. All four deposits comprising the existing mineral resource, including Formo, start at surface and remain open for further expansion.

At the La Plata copper-silver-gold-PGE project in southwest Colorado, field programs have commenced, including mapping and surface sampling to advance and prioritize newly identified targets for drill testing within the 10km2 footprint of the district-scale copper porphyry system. Advanced targets include Copper Hill, Renegade and Morningstar, which all show very strong surface geochemical signatures. Drilling is anticipated to start with an initial focus on extending higher-grade mineralization at the Allard resource area, where five separate drill holes have intercepted 500 to 900-meter-thick zones of continuous copper and precious metals mineralization. Additional drilling is planned to test the highest priority targets outside of the Allard resource area.

Scott Petsel, President, said, "We are excited to initiate our exploration activities at both Keno Silver and La Plata for 2024. Our team is eager to apply the knowledge gained from previous programs to this year's drilling at targets selected to maximize opportunity for success. At Keno Silver, there is a clear opportunity to rapidly grow high-grade silver ounces once initial resources are established in such a productive structural setting, as has been repeatedly demonstrated through the long and productive history of the district. With 40+ promising target areas across our prospective Keno Silver district holdings, we see excellent potential to significantly grow our current resources, as well as to make new discoveries."

"Similarly, at La Plata, we have established a US-based critical minerals resource consisting of over 1.2 billion pounds of copper and 17.6 million ounces of silver3. We see the opportunity to continue to grow existing resources by drilling at the existing Allard resource area, as well as for new discoveries by first drill testing of major new targets. Over 20 additional porphyry centers with very high-grade surface samples have been identified and prioritized at La Plata that are supported by geophysical indicators. An updated mineral resource estimate for the La Plata Project is underway that will include the addition of gold, platinum, and palladium, along with copper and silver based on the positive results from the 2023 drill program. While it is still early days in terms of the potential of the project, the addition of these critical minerals is anticipated to enhance the size and robustness of the Allard resource considerably. We look forward to providing further updates as these programs and other initiatives advance."