Metallis Announces Impressive Gold/silver/antimony Assay Results At Greyhound

VANCOUVER, Sept. 17, 2024 - Metallis Resources Inc. (TSX-V: MTS; OTCQB: MTLFF) (the "Company" or "Metallis") is very pleased to announce that results from the Company's inaugural field exploration program (the "Program") have returned multiple high-grade silver, gold, lead, zinc, and antimony assays. The Program was carried out at the Company's Greyhound Property (the "Property"), a high-grade silver/gold/antimony project within a historic stibnite (antimony mineral) mining camp, located in central Idaho, USA. Work included detailed geological mapping, XRF survey, soil sampling and rock sampling, all of which has helped validate historic assays and provides a solid platform for further work.

Fiore Aliperti, Metallis' CEO and President, commented, "We are incredibly encouraged by the results from this first-stage of exploration at the Greyhound property, having achieved all of our objectives. Confirming the historic high-grade results from previous mining operations was a critical step in advancing the project, and the exceptional silver, gold, and antimony results reinforce the Property's significance and absolutely warrants Metallis moving forward." He added, "As we move into the next phase of exploration, we are actively evaluating options, including geophysics and drilling. Our priority is to unlock the incredible value of this promising asset."

Key Highlights:

• Remarkable Sample Results: Surface rock samples have returned exceptional assay grades of up to 67.02 g/t AuEq*, with multiple grab samples greater than 10 g/t AuEq.
• High Grade Antimony: Outstanding Sb results with 12% of the rock assays returning >1% Sb (See News Release September 4, 2024). The most elevated antimony grade was taken at the Bulldog Showing that delivered a significant 4.54% Sb.
• Advancing Targets: Successful mapping of high-grade mineralization at surface allows us to advance the property to the next phases, including geophysics and drilling.
• Discovery potential: The identification of a new showing, the Akita, has increased the potential for further discoveries across this underexplored property.

Rock Sampling

Impressive assay results have been returned across several metals and minerals from 133 rock samples comprising 64 continuous chip samples and 69 grab samples taken on the Property. Although historically a silver mine, elevated gold, lead, zinc, and antimony values have also been returned. These results demonstrate the high-grade nature of this historic mine as the company begins to evaluate the Property's full potential.

Of the grab samples taken on the property, a total of 21 returned values greater than 10 g/t AuEq* with numerous very high-grade results distributed along the entire length of the shear zones (map 1). Highlights include values up to 5,300 g/t Ag and 13.8 g/t Au, with the highest-grade sample returning 67.0 g/t AuEq taken from the Birdie Showing. Areas around the Republican and the Bulldog also produced consistently elevated assays. See table below of standout grab samples taken across the Property.

Continuous chip sampling comprising 64 samples at 9 different locations took place where historic trenching had exposed bedrock. The sampling returned values up to 6.4 g/t AuEq over 3 meters ("m") at the Bulldog showing with multiple zones demonstrating continuity of grades. Most of the mineralized zones are wider than described from the underground work with shears extending as wide as 10 m and veins identified up to 3 m. Chip samples were collected using a rock hammer or diamond bladed saw. Individual chip samples varied in length from 0.9 to 2m and were taken perpendicular to the vein/shear.

Vertical continuity of mineralized shoots was also demonstrated with positive results returned from the 1350 surface trench that lies 200 m above a very well mineralized zone (average 1.6 m thick) in the Lower Rufus Adit. Sampling from this trench returned 2 m of 2.70 g/t AuEq with 3 other mineralized blocks nearby returning grades > 10 g/t AuEq. Historical channel sampling along a 36.9 m length of the underground zone returned 1.85 g/t Au and 785 g/t Ag (10.6 g/t AuEq), further confirming the likelihood of a high-grade mineralized shoot existing in this area.

Soil Sampling

Soil sampling was successful in identifying a new, large Pb/Zn/As/Sb, anomaly 100 m to the east of the Idaho showing. With the use of a portable XRF for immediate analysis, the team was able to follow up the next day leading to the discovery of a new mineralized showing now termed "Akita". Two rock (grab) samples were taken from the newly identified outcrops (likely only revealed after recent forest fires) that returned 8.0 and 8.5 g/t AuEq. The widespread nature of the anomalous soils, upslope of the new showing, suggest there is more to be discovered at this location and further work is warranted with the possibility of parallel shears being discovered across the property. A total of 559 soil samples were taken at 25 m intervals along 200 m spaced lines.

Geological Mapping

Surface mapping indicates that the orogenic mineralization at Greyhound is hosted by complex arrays of quartz-sulfide veins within several parallel, steeply dipping shear zones. The sulphides comprise pyrite, galena, sphalerite, silver - rich tetrahedrite, arsenopyrite and stibnite. Numerous trenches, pits and multiple short adits show that the Greyhound shear zone is remarkably consistent over 3.6 km and remains open on either end. The shear/vein varies in thickness from < 1 m to 10 m with veins up to 3 m wide.

By comparison, Perpetua's Stibnite Project has an estimated total measured and indicated resource (43-101 Feasibility Study Technical Report - January 2021) of 132,269,000 tonnes at a grade of 1.42 g/t gold, 2.07 g/t silver and 0.07% antimony. The Yellow Pine and Hangar Flats sub-domains exhibit substantially elevated antimony-silver mineralization, defined as containing greater than 0.1% antimony, the total measured and indicated resources are 18,477,000 tonnes grading 2.07 g/t gold, 5.91 g/t silver and 0.48 g/t antimony.

Qualified Person

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.

QAQC

All the rock samples were kept under the control of Metallis staff until they were delivered directly to the ALS sample preparation facility in Twin Falls, Idaho. Analyses were then completed by ALS Laboratories Ltd. in Vancouver, an independent certified laboratory. Blanks and standards have been added to the samples stream by ALS along with internal QAQC protocol. All the samples were initially analyzed by the Ultra Trace technique. Results that returned values greater than a pre-determined threshold were then analyzed by element - specific methods as noted below.

• ME-MS 41: Ultra Trace Aqua Regia ICP-MS.
• ME-OC46: Ore Grade Elements - Aqua Regia
• Pb-OC46: Ore Grade Pb - Aqua Regia
• Zn-OC46: Ore Grade Zn - Aqua Regia
• ME-GRA21: Au Ag 30g FA - Gravity Finish
• Sb-ICP08: Sb - KCl/HCl digestion ICP-MS
• As-OC46: Ore Grade As - Aqua Regia

About the Greyhound Property

The Company acquired the Greyhound Property located in Custer County, Idaho, approximately 42 km northwest of the town of Stanley, in February 2024. The Company entered into an option to earn a 100% interest in Greyhound with staged payments and exploration expenditures over a ten-year period of US $670,000 and US $10,000,000, respectively. Full terms are disclosed in the annual and quarterly financial statements filed in 2024 and in a press release from the signing of the agreement on February 27, 2024. 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 sporadically from 1980-1991. The last remaining ore from this period was shipped to a smelter in 2000 and the property remains substantially underexplored.

About Metallis

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/antimony 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.