METALLIS RETURNS TO GREYHOUND FOR PHASE 2 ANTIMONY PROGRAM, ATTENDS BOISE MINING CONFERENCE

VANCOUVER, BC, Oct. 22, 2024 /CNW/ - Metallis Resources Inc. (TSXV: MTS) (OTCQB: MTLFF) (the "Company" or "Metallis") announces that a 2^nd Phase field exploration program (the "Program") is currently underway at the Company's Greyhound Property (the "Property"), following up on several high-priority showings identified during the inaugural field exploration program this past summer. These showings returned multiple high-grade antimony assays along with high-grade silver, gold, lead, and zinc. (See news release September 17, 2024).

The Company also announces that members of the Metallis executive team (the "Team") will be attending the Boise Mining Conference October 28-29, with the goal of establishing working relationships with key stakeholders across government, interested public organizations, local communities, and industry. These relationships will be critical in expanding Metalllis' exploration work, and specifically the antimony potential that the Company has uncovered on the Greyhound Property.  The team encourages both new and existing investors attending the conference to contact the Company to arrange a meeting, subject to availability.

Fiore Aliperti, Metallis' CEO and President, commented, "As we look to build on our inaugural program, this next phase of exploration at Greyhound provides a key step in advancing this precious and critical metal project to the drilling stage. Results from the first phase of work have delivered robust antimony/silver/gold numbers and have highlighted several excellent showings that the team is keen to further test." he went on to add, "We are excited to be attending the Boise Mining Conference, where we'll have opportunities to engage with investors and establish partnerships with key stakeholders from government and industry, with a focus on advancing critical metal potential. Establishing these connections is crucial as we advance Greyhound".

Key Highlights:

• Planned field work includes focused structural mapping, soil sampling, and follow-up rock sampling at the high priority showings; and
• Sampling of historic concentrate (provided by the property owner) will be analyzed to aid in metallurgical understanding and provide antimony assays from the underground workings

Phase-Two Program Goals:

With positive results returned from the Company's inaugural field exploration program, the geological team has been tasked to advance several high-priority showings to a drill ready stage.  Further structural analysis and geological mapping will take place at the most advanced targets such as the 1350', Bulldog and Birdie. This will enable drill targeting as the team identifies the cross structures and orientation related to the mineralized shoots. At the newly discovered Akita showing, further work will outline its size and grade as the team is excited about the initial sampling in the area. Additionally, further soil sampling will be completed at narrower intervals of 100 m spacing between the previous soil lines as it has proved to be an efficient technique in discovering new mineralization on the Property.

Mining Conference:

The Boise Idaho Mining Conference will bring together a multitude of key partners in the Idaho mining community including drilling and other key subcontractors, local government, mineral exploration companies and major mining firms. Attending the conference provides an important step in solidifying the Greyhound as a key project in the Idaho silver/gold space as well as the highly sought after antimony market (Click HERE to view recent article on Reuters). The team will be establishing working relationships with environmental groups, the local community, governments and the US Department of Defense, which has recently invested in critical minerals including antimony. Two primary objectives are the creation of partnerships with interested stakeholders in the antimony market and building relationships with key mining and drilling subcontractors.  

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 the 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

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 because of numerous 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.sedarplus.ca. 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.

SOURCE Metallis Resources Inc.

For further information: Tel: [phone], Email: [email protected], Web: www.metallisresources.com