Exploration Results From The La Plata Silver-Gold-Copper Project

VANCOUVER - Metallic Minerals reported on the exploration program at the La Plata silver-gold-copper project in southwestern Colorado within the Colorado Mineral Belt. The campaign was successful in its primary goal of confirming the tenor of mineralization as reported in drill results from Rio Tinto, Freeport and others at the main Allard porphyry target. With that confirmation complete, Metallic Minerals is further pleased to report it has engaged SGS Geoscience to develop an inaugural National Instrument 43-101 compliant mineral resource estimate from the combined database with delivery expected this month.

Highlights: 1) Diamond drill holes completed within the main Allard zone porphyry target confirm historical drill results and add new gold, platinum and palladium data. 2) SGS Geoscience has been engaged to complete inaugural NI 43-101 mineral resource estimate on the project based on 56 holes totaling 15,200 meters ("m") drilled on the property to date. 3) Exploration in 2021 included 1,980 meters of diamond drilling, resampling of historical drill core, underground sampling from the Allard tunnel and mapping and sampling across the broader property. 4) Drill hole LAP21-01 intersected 380.39 m of 0.27% Copper Equivalent ("CuEq") (0.21% Cu, 2.08 g/t Ag, 0.025 g/t Au), including multiple significant intervals of higher-grade mineralization. 5) Drill hole LAP21-02 intersected 416.28 m of 0.28% CuEq (0.23% Cu, 2.57 g/t Ag, 0.026 g/t Au), including, 128.02 m of 0.45% Cu Eq (0.38% Cu, 4.19 g/t Ag, 0.042 g/t Au). 6) Allard tunnel sampling returned 98.2m of 0.55% CuEq (0.46% Cu, 4.75 g/t Ag, 0.03 g/t Au), including 61.6 m of 0.65% CuEq (0.55% Cu, 5.55 g/t Ag, 0.03 g/t Au). 7) Historical drilling by Rio Tinto, Freeport and others returned intervals in the Allard porphyry system, starting at surface, that include 395 m grading 0.57% copper equivalent (0.51% Cu, 6.3 g/t Ag and 0.017 g/t Au) in LP-03 and 854 m at 0.26% Cu including 254 m grading 0.41% Cu in drill hole LP-01, both of which ended in mineralization. 8) The mineralized system remains fully open to expansion at depth and along strike.

Chairman & CEO, Greg Johnson, said, "Metallic Minerals is the first company to complete significant exploration on the La Plata project in nearly 50 years, applying modern technologies and deposit modeling techniques. Since acquiring the project in 2019, the Company has recognized and advanced the potential to rapidly extend the size of the known mineralized system, and to identify and expand the higher-grade zones within the broader porphyry and epithermal mineralized zones. As a culmination of these efforts, the results from the 2021 drilling and sampling program have confirmed the significant tenor and scale of mineralization at the Allard target area and have enabled us to advance to an inaugural NI 43-101 resource estimate on the project. This new drilling has further allowed us to refine our understanding of the styles and controls to mineralization at the Allard system and has identified a potential new porphyry center at the adjacent Copper Hill target area. The new resources at the Allard target area will cover a relatively small part of the 33 km2 property that remains highly prospective for new discoveries.

Looking ahead, through our ongoing collaboration with the team at Goldspot Discoveries using their proprietary Artificial Intelligence ("AI") machine learning technology, we are developing vectors to target areas for resource expansion at the Allard and Copper Hill target areas. To date, we have identified 16 new high-grade epithermal-style and porphyry-style mineralized zones across the broader property for follow-up work during the 2022 field season. The modeling work for the resource estimate on the Allard target is underway and we look forward to reporting the results over coming weeks, as well as further drill results from the Keno Silver project."