Dec 10 2013
Metallis Resources Inc. is pleased to announce that it has completed the acquisition of the Mt. Dunn Property previously disclosed in the news release issued on November 27, 2013. The Company received TSX-V Exchange approval on November 29, 2013.
The Mt. Dunn Property (the "Property") consists of 2 mineral claims, which cover approximately 1,822 hectares of land in northern British Columbia, about 65km from Stewart. It is situated 20 km southwest of Barrick Gold Corp's Eskay Creek Mine and about 40km from Pretium Exploration's Brucejack deposit.
In consideration for the Property, the Company paid $15,000 cash, issued and delivered 200,000 common shares. The property is subject to an underlying 2% NSR.
Fiore Aliperti, President of Metallis states: "The purchase of the Mt. Dunn Property was strategic in nature, as it is situated inside our Company's existing Kirkham Property and other claims staked by the Company. This new acquisition consolidates the Company's total property holdings in the "Golden Triangle" area of North-West British Columbia to over 14,000 hectares."
The Mount Dunn Property covers a 6 kilometer long altered and mineralized porphyritic monzonite intrusion. A very limited amount of drilling and trenching has identified copper and gold mineralization over a 3,500 meter section of the porphyry between 500 and 1200 meter elevation. This work also demonstrated that the copper and gold grades increase with depth - similar to the Red-Chris porphyry copper-gold project. Paget Minerals' 2009 5-hole drilling program confirmed the increase in grade with depth in drill hole MD-09-01, which averaged 0.22% copper and 0.28 grams per tonne gold over 92.67meters at the bottom of the drill hole.
In 2010, Paget discovered a zone of higher grade copper-gold mineralization of up to 1.34 grams per tonne gold (g/t Au) and 0.57% copper (Cu) extending up to 1.5 kilometres south of existing drilling. Fourteen rock chip samples of quartz-sericite-pyrite altered porphyry with quartz-chalcopyrite veins and stockworks averaged 0.44 g/t Au and 0.22% Cu, including values up to 1.34 g/t Au and 0.57% Cu. Twenty-two rock samples, including eight historical sample assays, from the 190 metre wide zone average 0.67 g/t Au and 0.35% Cu.
The newly-consolidated Kirkham Property was assembled because of its exploration potential for hosting Eskay Creek types of stratabound gold, silver, lead and zinc mineralization. In addition, the Mt. Dunn property is primarily underlain by a mineralized Monzonite. Precious metal bearing veins have also been identified on the Property. The Company is currently assessing and reviewing the results of an airborne EM/Mag/Spec survey it had conducted this past summer and shall disclose the scope of future work to be performed when information becomes available.
Source: Metallis Resources Inc.