METALLIS RESOURCES ADVANCES HIGH-GRADE SILVER POTENTIAL AT GREYHOUND PROPERTY, IDAHO, USA
Metallis' VP of Exploration,
Compilation Work Highlights:
- Recent modeling has identified a vertical orientation to the mineralization which is untested to date and provides the Company its first potential near-term drill targets across several established showings;
- Preliminary metallurgical testing, carried out by a previous operator in 1988, resulted in very high silver recoveries of 95%; and
- Historical grades taken from the mineralized shoots compare favorably against developed silver deposits globally.
* A shoot is a mining term used to describe a segment of the mineralized shear zone which has a grade and width which has potential to be economic. Using a cut-off grade of 250 g/t Ag over a length of 7m as a minimum for a shoot, there are four lengths (shown on the long section above) where this threshold is met. The shoots are wider than most parts of the mineralized shear and their grade (especially after dilution of their grade in the narrow parts to a 1.5m minimum mining width) is significantly higher. As no economic studies have been completed on the property, Metallis cannot guarantee that any mineralization constitutes as ore.
Continued examination of historic geological reports has determined that the mineralized shoots encountered in the Lower Rufus Adit are controlled by dilatational zones in the left lateral Greyhound shear. These zones occur as flexures or intersections of the shear with northeast striking cross faults that likely predate the mineralization. This provides the framework for the vertically oriented shoots encountered to date. Shoot 1350' (36.9m of 1.85 g/t Au and 785 g/t Ag), has been described as correlating 170 m to surface where high-grade mineralization is identified, and has never been drill tested.
In the upcoming field program, the team is excited to test the vertical continuity at the historic showings as they provide immediate drill targets. These targets include, the Lower Rufus, Upper Rufus, Birdie,
Other compilation work has revealed strong silver recoveries in metallurgical testing reports from 1988 and demonstrates the viability of this prospect in producing excellent concentrates. Basic flotation tests were completed on two 50-pound bulk samples taken from the Lower Rufus Adit and, although the tests were preliminary and basic in nature, the reports are encouraging and demonstrated that up to 95% of the silver can be recovered from the sulfide ore.
The technical team has also been compiling information on the size and grade of various global silver deposits. Although the Greyhound property has a large amount of work to be completed before a resource could be calculated, it is encouraging to see that the systematic historic channel sampling on the property has returned grades that are on par if not better than several advanced projects and mines currently in production.
The Company also announces that, pursuant to the terms of the Company's stock option plan, the Board of Directors has approved the grant of an aggregate of 1,750,000 incentive stock options ("Options") to certain directors, officers, and consultants, at an exercise price of
Qualified Person
Note: The reader is cautioned that all measurements and metal grades are derived from previous reports and Metallis has not independently confirmed the results. The similarity of values and conservative approach does lend confidence to these values. |
About the Greyhound Property
The recently acquired Greyhound Property is in
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On behalf of the Board of Directors:
/s/ "Fiore Aliperti"
Chief Executive Officer, President, and Director
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