Kirkham Property Confirmed Depth Extension Of Mineralization At Cliff

VANCOUVER - Metallis Resources Inc. reported final assay results from the drilling program at the Kirkham Property situated in the prolific Golden Triangle, northwestern British Columbia. Drill Result Highlights: The last three holes of the 2022 exploration program successfully intersected mineralization 300 meters (m) below the best copper and gold grades encountered by the Company's previous drill campaigns; The latest drill results are highlighted by hole KH22-48 which returned 108.2 m grading 0.36 g/t gold equivalent* (AuEq") including 28.9 m of 0.61 g/t AuEq; and The 2022 program indicates that the Cliff – Miles Block of porphyry-style Copper-Gold mineralization has a 400 m strike length, is 100 – 200 m thick and extends to at least 500 m depth.

Dave Dupre, VP of Exploration, said, "Results from the 2022 drill program confirmed mineralization at Cliff over 500 meters below surface, whilst also reinforcing our understanding that the gold and copper mineralization is concentrated in the hanging wall of the Adam Fault. Furthermore, results from previous drilling and geochemistry shows that this mineralization is continuous for at least 2,000 meters to the north." He went on to comment, "Many junior explorers face the issue of dilution when tackling a porphyry of this size and magnitude, due to the extent of drilling that is needed to establish a resource. The Metallis team is determined to address this challenge with an exploration schedule that meets both the needs of the Company to develop the project and our investors who want to see increased asset valuation. Our plan for 2023 is to execute the next phase of the drilling which will focus on the area immediately to the north of the South Cliff area and to continue working on targets that offer the most potential for higher grade mineralization."

The 2022 drill program comprised four holes totaling 1,961 m that were drilled from a single drill pad, with two angle holes (-45 and -67) at an azimuth of 265 and two at an azimuth of 315 (KH22-47 Section) and (KH22-48 & 49 Section)). The program was part of a larger exploration plan aimed at zones between widely spaced previous drill holes along the trend of the Hawilson Porphyry Complex (or "HPC"). The 2022 drilling took place at the southern end of the HPC, targeting the South Cliff area, and was designed to test the bounds of the porphyry system and to extend the promising mineralization intersected in previous drill holes (KH18-16 with 0.8 g/t AuEq over 118 m, including 0.96 g/t AuEq over 84 m and KH19-30 with 0.5 g/t AuEq* over 126.55 m).

All four drill holes successfully confirmed the extension of the mineralizing system to at least 500 m below surface, with each hole intersecting copper and gold mineralization below where the highest grades were previously encountered along the Cliff-Miles target areas. Each drillhole also encountered massive pyrite/pyrrhotite veining and pervasive silicification that can be attributed to a later-stage overprinting gold event.

The mineralized HPC, with its commonly overprinting late gold event, continues northward for 2.7 km from the South Cliff area drilled in 2022, across a series of fault blocks which are in close association with the North-South trending and variably easterly-dipping Adam Fault. While the HPC is mineralized throughout the trend, Metallis has identified several target areas along it, and proximal to the Adam fault, that are characterized by coincident geophysical, geochemical, geological, and/or spectral anomalies (e.g., IP chargeability/resistivity anomalies, soil geochemical anomalies, zones of intense silicification/stockwork, and/or anomalous ferric iron oxide spectral signatures).

As part of the updated exploration plan, Metallis has targeted three broad areas within the HPC/Cliff-Miles corridor that are considered most prospective, and as such, the Company is planning further work, mainly drilling, to develop the potential of the HPC and the Kirkham Property In addition to the focused drilling on the three sub-areas of the HPC described, the Company also intends to further explore existing property-scale targets such as the high-tenor soil geochemical anomaly at its King-East target, which lies 2 km to the east- northeast of the HPC, and possibly to undertake further diamond drilling at the Cole target, 3 km north of the HPC.