Additional Claims Acquired At La Plata Copper-Silver-Gold Project

VANCOUVER - Metallic Minerals Corp. has acquired six (6) patented mineral claims (78.2 acres), known as the Morning Star property, within the La Plata mining district of southwestern Colorado. The claims are surrounded by, and contiguous with, unpatented mining claims held by the Company within the greater La Plata property claim outline, which now totals over 33 square kilometers (km2) in size. The Morning Star claims have the potential to host porphyry-style Cu-Ag-Au mineralization as both an extension of the nearby Allard resource or as a new porphyry center. In addition, the claims host potential for high-grade Au-Ag-Te epithermal mineralization.

The 78.2-acre Morning Star property consists of six (6) federally patented mining claims that include both fee simple surface ownership and sub-surface mineral rights. The claims straddle the Montezuma and La Plata County boundary and have the potential to host both porphyry Cu-Ag-Au mineralization, as well as epithermal style deposits of high-grade gold, silver, and tellurium, a critical metal on the United States Geological Survey's list of 50 mineral commodities critical to the U.S. economy and national security. While highly prospective, the acquired property has not seen modern exploration work in recent decades but was patented in the early 1900s, based on the discovery of significant surface mineralization.

Scott Petsel, President, stated, "We are pleased to be able to acquire these additional claims in the highly prospective La Plata mining district, where we recently announced an inferred resource of 985 million pounds of copper equivalent at the Allard Deposit1, which represents just one of several significant porphyry target areas on the property. This acquisition comes on the heels of the recently completed 2022 field program, which focused on resource expansion drilling at the Allard Deposit and included property-wide ground-based induced polarization and resistivity geophysical surveys. Along with the results from the 2022 La Plata drill program and field work, which are expected to come in over the next couple of months, these newly acquired claims will be incorporated into the development of our 2023 exploration season plans and targeting. Assay results from the Keno Silver Project on over 3,200 meters of drilling focused on resource definition at several resource ready targets are expected."