Metallis Resources Stakes 81 Claims Over Prospective Geology At The Newly Acquired Greyhound Property

VANCOUVER, Feb. 29, 2024 - Metallis Resources Inc. (TSXV: MTS) (OTCQB: MTLFF) (the "Company" or "Metallis") is pleased to announce that it has staked 81 additional mining claims in the State of Idaho, increasing the size of the recently optioned Greyhound Property (the "Property") to 677 hectares (See News Release dated February 27, 2024). This extended package of lode claims now covers all historic mineralization at the past producing Greyhound and Bulldog silver/gold mines, as well as encompassing prospective geology in underexplored terrain parallel and along strike northward of the 3.6 km mineralized Greyhound Shear.

The new claims include a recently identified, important basin-like circular structure in the northwestern area of the Property, along with outcrops of intermediate to felsic intrusive rocks thought to be Laramide in age. A geological hypothesis is being explored that this circular feature is related to a mineralized porphyritic stock belonging to the Great Falls Tectonic Zone as seen in other major nearby deposits. Recent exploration successes in the region have demonstrated that silver dominated vein deposits can be spatially related to large copper porphyry systems. With this in mind, the team has identified a number of elevated historic copper grades from the northwesterly end of the property. This geological concept would not have been understood when the majority of the historical work took place and is something the Metallis technical team will continue to investigate with further data compilation and future boots on the ground exploration.

The team has also taken note of elevated antimony grades identified in historic assays from the Greyhound area. Multiple historic crude ore samples taken from the Greyhound Mine have returned 1-2 % antimony and suggest there may be potential for this unique strategic battery metal as countries seek to expand their sources of critical minerals and develop local supply chains. Just 36 km northwest, along strike from the Greyhound property, resides Perpetua Resources' Stibnite Mine, with mineral reserves of 5 million ounces of gold and significant antimony. Perpetua has recently been the recipient of multiple government grants totaling over US$40 million to develop and secure the antimony resource from their project.

Dave Dupre, Vice President of Exploration for Metallis commented, "The aim of staking these new claims was to ensure all exploration opportunities present on and around the Greyhound property are accounted for. Not only have historic assays demonstrated economic grades similar to producing mines in the region, the 3.6 km of untested strike length and indicators of other styles of mineralization has really excited the team. We have lots of work to do as we look to unlock the many opportunities this Property has to offer after it has sat idle for so many decades."

David Dupre, P.Geo, Vice President - Exploration and the Qualified Person, as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this release.

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.

The recently acquired Greyhound Property is in Custer County, Idaho, approximately 42 km northwest of the town of Stanley. This property was the center of an active silver mining camp in the early 1900's and at one point contained a smelter and two active mines situated along a 3.6 km mineralized shear zone. Since 1910, the property has seen limited exploration and only minor development when the Greyhound Mine was reactivated and mined from 1980-1991. The last remaining ore from this period was shipped to a smelter in 2000 and the property remains substantially underexplored.

Metallis Resources Inc. is a Vancouver-based company focused on the exploration for gold, copper and silver on its flagship 100%-owned Kirkham Property in Canada, situated in northwest British Columbia's Golden Triangle, and on its recently acquired Greyhound Property, a gold/silver target in Idaho, USA.

Metallis trades under the symbols MTS on the TSX Venture Exchange, MTLFF on the OTCQB Exchange, and 0CVM on the Frankfurt Stock Exchange.

On behalf of the Board of Directors:

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

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SOURCE Metallis Resources Inc.