Vancouver, B.C., Metallic Minerals (TSX.V: MMG | US OTC: MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce completion of its 2020 field exploration programs in the Keno Hill silver district and earlier stage McKay and Silver Hill properties to the north of Keno Hill. Exploration on the Keno Silver project included a multi-phase drill program which began in August involving two drill rigs which completed a total of 5,318 meters (17,500 ft) in 42 drill holes.
The first phase of the drill program utilized a track-mounted reverse circulation (“RC”) drill to complete 30 drill holes within a number of the new multi-kilometer-scale anomalies discovered in 2019 at the East Keno and Central Keno target areas. The second phase consisted of 12 diamond drill holes totaling 2,674 meters (8,772 ft). These holes focused on expanding areas of known mineralization through step out drilling at the advanced-stage target areas in the West Keno area, including the Formo and Silver Queen targets. In addition, five reconnaissance reverse circulation drill holes were completed at the McKay Hill project targeting two recently identified major structural corridors within kilometric-scale soil and rock anomalies.
Metallic Minerals’ 166 square kilometer Keno Silver project is the second largest land position in the historic Keno Hill silver district, directly adjoining the operations of Alexco Resource Corp. Keno Hill is one of the world’s highest-grade silver districts, with nearly 300 million ounces of silver in past production1 and current M&I resources2, with excellent existing infrastructure, including grid power, road access and nearby community services.
Exploration Highlights
The 30 RC holes drilled by the Company this year are the first drill holes ever completed in the eastern continuation of the Keno Hill silver district and extend the area of prospective Keno style high-grade silver-lead-zinc mineralization by approximately 10 kilometers to the east.
Earlier-stage target refinement work over the past two years in the less explored portions of the district identified 12 new multi-kilometer-scale early-stage exploration targets through soil sampling and extensive surface and aerial geophysical surveys. The largest of these highly anomalous targets extends over 5 kilometers in length and up to 2 kilometers in width exceeding 100 g/t silver equivalent (“Ag Eq”) in soils and that directly overlie intense magnetic low features interpreted to be magmatic systems as potential sources of the mineralization.
Geologic observations from these first wide-spaced reconnaissance drill holes indicate the presence of multiple Keno style sulphide mineralized zones that occur within large-scale structural corridors. Assay results are pending and are anticipated to be received over coming weeks.
The second phase of drilling commenced in September and included 12 diamond core holes completed at the advanced-stage Formo and Silver Queen targets in the West Keno target area along extensions of the Bermingham and Elsa structural corridors3. This drilling was focused on expanding the areas of known mineralization in the historic resource area and was follow-up to underground channel samples at the Formo target area that show three high-grade mineralized shoots grading more than 1,000 g/t Ag Eq grade that remain open to expansion. These step out drill holes were successful in intercepting Keno style sulphide mineralization along the targeted structures and assay results are pending.
Metallic Minerals CEO & Chairman, Greg Johnson, stated, “We are very pleased to have been able to conduct the most robust drill focused program at the Keno Silver project in our relatively short history in a safe and healthy manner following all recommended protocols for COVID-19. With the confirmation in drilling of multiple zones of Keno style sulphides and significant structures in these first ever drill holes at Keno East, this program has opened a huge area of prospective stratigraphy for exploration to the east of the Keno Hill mine. In addition, results at the advanced-stage targets continue to expand the areas of known high-grade silver mineralization. All material from our 2020 program has been sent to labs for analysis and our technical team is beginning the work of compilation and interpretation. We expect initial results from drilling and surface sampling to be received by Q1 2021. We also anticipate announcement of results from our programs this year at the La Plata silver-gold-copper project in
Colorado, USA, as that program begins wrapping up the 2020 season.”
Metallic Minerals further announces that, further to the finders’ fees noted in the news release dated November 26, 2020, Canaccord Genuity Corp. was issued 51,948 FT common shares in connection with their engagement as a financial advisor in the non-brokered private placement private placement of 3,896,104 flow-through common shares.
About the Keno Silver Project
Exploration by Metallic Minerals at the Keno Silver project continues to systematically build on the Company’s 3D geologic database covering the east, central and western portions of the prolific Keno Hill silver district. The project includes eight high-grade, shallow past-producing mines that have yet to be subjected to modern exploration due to previously unconsolidated land ownership. Along the known, historically productive trends in the central and western parts of the district, the Company has advanced three targets to step-out drilling stage and several additional targets to drill-ready status. In addition, recent exploration has defined 12 new priority multi-kilometer-scale early-stage targets for reconnaissance drilling in the under-explored eastern and southern parts of the district where highly elevated silver, lead and zinc in soils and high-grade rock samples have been identified.
About Metallic Minerals
Metallic Minerals Corp. is a growth stage exploration company, focused on high-grade silver and gold in underexplored brownfields mining districts. Our objective is to create shareholder value through a systematic, entrepreneurial approach to exploration in the Keno Hill silver district, La Plata silver-gold-copper district, and Klondike gold district through new discoveries and advancing resources to development. All three districts have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits, as well as having large-scale development, permitting and project financing expertise.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Website: www.metallic-minerals.com Phone: 604-629-7800
Email: chris.ackerman@metallic-minerals.com Toll Free: 1-888-570-4420
