Metallis Outlines New Nickel and Gold Targets at Thunder North and Thunder South

VANCOUVER, Aug. 6, 2019 -  Metallis Resources Inc. (TSXV: MTS) ("Metallis" or the "Company") is pleased to provide updates on its Thunder North and Thunder South targets as Phase 1 exploration continues at its 100%-owned Kirkham Property in the heart of Northwest B.C.'s prolific Eskay Camp, contiguous to Garibaldi Resources' Nickel Mountain Project. 

Based on an evolving geological understanding of the Eskay Rift and recently conducted 3D geological modeling, the Company launched its 2019 field program at the end of June with a focus on mapping, trenching and soil sampling in preparation for an extensive drill program at Kirkham to commence later this month.  The 106 sq. km property is prospective for multiple deposit types.

Highlights: 

• Field investigations have confirmed the presence of gabbros at the "K9" target within the Thunder North area. Outcrops of gabbro were identified on the Kirkham Property along the southwestern extension of the >~12km trend known as the Nickel Mountain Gabbro Complex;
• Ground-based follow-up on nickel sulphide targets is focused on mafic intrusions at both the "K9" target and the southern flank of the Lehto Pluton which contains fragments of gabbro and may be the source of olivine gabbro boulders identified in the drainage. Mapping and prospecting have identified outcropping Nickel Mountain-type leucocratic gabbros at "K9" (Click here to View Map). Soil and selective rock-chip samples have been collected for geochemical and petrogenetic analysis. Depending on the results, Metallis geologists plan to carry out detailed studies aimed at establishing the source of the mafic igneous rocks and their potential to host magmatic nickel sulphide mineralization, and
• New gold target at Thunder South: Re-evaluation and mapping of the Hazelton stratigraphy has resulted in the discovery of a significant shear vein zone of at least 400m x 400m referred to as the Priority 1 Zone, part of a broader prospective area exposed by a receding glacier (Click Here to View Map).

Thunder South Gold Target

Follow-up field work from remote sensing and VTEM data led to the discovery of a broad shear zone exposed by a receding glacier at Thunder South.  The shear zone is characterized by intense folding, faulting and stringers of sulphides prospective for high-grade gold mineralization. The exploration team is currently mapping the structural fabric, shear patterns and orientation of the quartz-carbonate veins and have collected rock chip samples for geochemical analysis. As of now, the prospective area is approximately 1 km long by ½ km wide. The Company looks forward to updating shareholders in the near future regarding this exciting new target area.

Fiore Aliperti, Metallis' President and CEO, stated: "Two years of extensive work has put us in a position to reach a breakthrough summer at Kirkham. The gold target at Thunder South is a pleasant surprise while the nickel sulphide potential of Thunder North remains promising.  Further south at Kirkham, our geological team continues to greatly expand their understanding of the 7.5-km-long Hawilson monzonite and an associated large-scale porphyry system adjacent to high-grade gold mineralization discovered by drilling last year." 

Qualified Person

Technical aspects of this news release have been reviewed and approved by David Dupre, P.Geo., designated as a qualified person under National Instrument 43-101.

About the Kirkham Property

The 106 sq. km Kirkham Property totals 10,610 Hectares and is located about 65 km north of Stewart, B.C., in the heart of the Golden Triangle's prolific Eskay Camp. The northern border of Kirkham is contiguous to Garibaldi Resources' E&L Nickel Mountain Project. The northeast corner of Kirkham is within 12 km of the Eskay Creek mine while the eastern border is within 15 - 20 km of Seabridge Gold's KSM deposits and Pretium Resources' Brucejack mine.

About Metallis

Metallis Resources Inc. is a Vancouver-based company focused on the exploration of gold, copper, nickel and silver at its 100%-owned Kirkham Property situated in northwest British Columbia's Golden Triangle.  Metallis trades under the symbol MTS on the TSX Venture Exchange and currently has 33,497,079 shares issued and outstanding.

On behalf of the Board of Directors:

/s/ "Fiore Aliperti"
Chief Executive Officer, President and Director

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This Press Release may contain statements which constitute 'forward-looking' statements, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities' regulatory authorities, including quarterly and annual Management's Discussion and Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as intended, planned, anticipated, believed, estimated or expected. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX-V Stock Exchange has neither approved nor disapproved the contents of this news release.

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SOURCE Metallis Resources Inc.