Category: Metallic Minerals

VANCOUVER, BC / ACCESSWIRE / February 28, 2023 / Metallic Minerals Corp. (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce final results from its 2022 exploration program at the La Plata copper-silver-gold-platinum group element (“Cu-Ag-Au-PGE”) project in southwestern Colorado. Two holes totaling 1,730 meters (“m”) were drilled to test lateral extensions of the existing 985-million-pound copper equivalent NI 43-101 mineral resource¹. Hole LAP22-04, drilled to the north of the resource area, intercepted the longest and highest-grade interval ever encountered at La Plata at 816 m of 0.41% Recovered Copper Equivalent (“CuEq”) (see Table 1 footnote). This is one of the top intersections for any North American copper project in the past several years. Significant high-grade gold-platinum-palladium (“Au+PGE”) mineralization associated with copper and silver represents the discovery of a new style of mineralization in the resource area that has not been previously recognized or explored for.

The porphyry style mineralization in LAP22-04 strengthens through the hole, transitioning from chalcopyrite dominated at surface to bornite-rich at depth. The hole ended in mineralization with the final 5.2 m of copper plus precious metals rich mineralization grading 5.39% CuEq (2.44% Cu, 18.7 grams per tonne (“g/t”) Ag and 5.0 g/t Au+PGE (see Figure 1) but did not reach full target depth due to mechanical issues. The last sample in the hole, representing the deepest material, graded 5.42% Cu, with 47.0 g/t Ag and 11.0 g/t Au+PGE for a total of 11.54% CuEq. Mineralization remains completely open to expansion of the current resource area and outward from drill hole LAP22-04 (see Figure 2). Both drill holes intercepted continuous porphyry style mineralization starting from surface and ending in mineralization at 914 and 816 meters depth, respectively. Hole LAP22-03 shows that the shallow porphyry style mineralization is weakening to the south and west of the resource but still open at depth (see Figure 3).

Drilling Highlights

• Drill hole LAP22-04 intersected 816 m of 0.41% CuEq (0.30% Cu, 2.47 g/t Ag, 0.186 g/t Au+PGE) from surface, with multiple higher-grade intercepts (See Table 1).
• The interval starting at 304.8 m returned 511.2 m at 0.51% CuEq (0.36% Cu, 2.83 g/t Ag, 0.275 g/t Au+PGE).
• Higher-grade zones include 0.90% CuEq over 55.8 m (0.70% Cu, 5.44 g/t Ag, 0.369 g/t Au+PGE and 1.5% CuEq over 29.57 m (0.69% Cu, 5.64 g/t Ag, 1.268 g/t Au+PGE).
• The drill hole bottomed in 5.39% CuEq over 5.2 m (2.44% Cu, 18.7 g/t Ag, 5.0 g/t Au+PGE).
• The precious metals component of LAP22-04 (silver, gold, platinum and palladium) adds 50% in value above the copper only values. The inclusion of Au+PGE values that were not previously analyzed for in historical drilling represents a significant future upside value opportunity for the project.
• The 2022 drilling will be incorporated into an updated NI 43-101 mineral resource estimate for the La Plata project, which is expected to expand significantly based on these results.

The Company will host a live webcast on March 2, 2023, at 10am PT | 1pm ET to discuss the La Plata project, along with a general overview and update on the Company. To register, click here.

Scott Petsel, President of Metallic Minerals, stated, “We have had no doubt about the strength of the mineralized system in the La Plata district, based on its 10 km² alteration footprint and high-grade past production from the surrounding epithermal silver and gold deposits. Our work since 2020 has rapidly demonstrated the significance of the porphyry system, with the definition of our inaugural copper-silver resource in early 2022. Now, with a major new high-grade discovery from step out drilling in hole LAP22-04, we are uncovering how richly mineralized that porphyry system is. The intensity of alteration and mineralization in this drilling indicates we are vectoring to a higher-grade portion of the La Plata porphyry system with overlapping mineralization styles and a transition to high-grade bornite-rich copper mineralization with associated high precious metals values.”

“While it is not uncommon to have elevated platinum group metals in alkalic porphyry systems associated with copper, silver and gold, the level of enrichment at La Plata, with wide intervals of greater than 0.8% copper and up to multi-gram gold, platinum and palladium values, is truly exceptional. The occurrence of other anomalous critical minerals, including tellurium and rare earth elements (“REE”s), is also an intriguing value-adding opportunity. Other major alkalic magmatic systems in the region include Rio Tinto’s Bingham Canyon and Newmont’s Cripple Creek mines, which also include enrichment in tellurium, PGEs and other critical minerals.”

2023 Prospectors and Developers Convention (PDAC) – Booth, Presentation & YMA Core Shack

Metallic Minerals will be attending PDAC 2023 and attendees are invited to visit the Company at Investors Exchange Booth #3024. Additionally, President Scott Petsel will be providing a corporate presentation at a Forum for Investors during the 2023 Prospectors and Developers convention in Toronto Monday March 6^th in the silver-focused session, Room 803, between 10:00 am and 12:00 pm at the Metro Toronto Convention Center. For more information, visit here.

The Company will also be participating in the inaugural Yukon Mining Alliance Invest Yukon Core Shack to be held in the Investors Exchange exhibit hall in Booth #3314, adjacent to the main PDAC Core Shack. Our technical team will be on hand to display core from La Plata (including Hole LAP22-04) and our Keno Silver project.

Table 1. La Plata Project 2022 Drill Results

Notes to reported values:

1. Recovered Copper Equivalent (CuEq) in Table 1 is determined as follows: CuEq% = [Cu% x recovery] + [Ag g/t x recovery / 31.103 x Ag price / Cu price / 2,204 x 100] + [Au g/t x recovery / 31.103 x Au price / Cu price / 2,204 x 100] + [Pt g/t x recovery / 31.103 x Pt price / Cu price / 2,204 x 100] + [Pd g/t x recovery / 31.103 x Pd price / Cu price / 2,204 x 100]
2. Copper equivalent is presented for comparative purposes using conservative long-term metal prices (all USD): $3.75/lb copper, $22/oz silver (Ag), $1,800/oz gold, $1,000/Oz platinum (Pt), $2,200/oz Palladium (Pd).
3. In the above calculations: 31.103 = grams per troy ounce, 2,204 = pounds per metric tonne, and 100 converts from g/t to %.
4. The following recoveries have been assumed for purposes of the above equivalent calculations: 90% for Cu and all other listed metals, based on recoveries at similar operations.
5. Intervals are reported as measured drill intersect lengths and may not represent true width.

Figure 1 – Drill core photo showing porphyry style mineralization in LAP22-04 from 806.2 to 815.95 m (9.75 m) grading 3.53% CuEq, 1.59% Cu, 12.46 g/t Ag, 0.338 g/t Au, 1.064 g/t Pt, 1.833 g/t Pd (3.235 g/t Au+PGE).

Figure 2 – La Plata 3D Long Section looking northwest, with significant drill intervals and mineralized grade shells Including, Hole LAP22-04. Shows nearly 1.5 kilometers of vertical mineralization open at depth and along trend to the north and east and to the west. Note 0.25% CuEq cut-off grade shell and higher-grade 0.4% CuEq shell.

Figure 3 – Plan map of the Allard Resource Area showing surface projections of the drill hole traces with CuEq% or Cu% in historic holes without precious metals assays.

La Plata Property Overview

Metallic Minerals’ La Plata project covers 44 square kilometers 20 km northwest of Mancos, Colorado, within the historic La Plata mining district, that is in the southwest portion of the prolific Colorado Mineral Belt. Copper mineralization with associated silver, gold, platinum and palladium is hosted by a large-scale, Late Mesozoic age, alkalic porphyry system with related silver, gold, telluride epithermal vein, breccia and replacement deposits hosted in adjacent sedimentary rocks.

The La Plata district has a long and rich history of mining with the first silver deposits discovered in the 1700s by Spanish explorers. High-grade silver and gold production has been documented from the 1870s through the early 1940s from mineralized deposits at over 90 individual mines and prospects². From the 1950s to 1970s, major miners including Rio Tinto (Bear Creek) and Freeport-McMoRan (Phelps Dodge) explored the district focusing on the significant potential for bulk-tonnage disseminated and stockwork hosted mineralization³. Freeport-McMoRan retained ownership of claims in the district until 2002 when they sold their holdings to the current underlying vendors during the lows of the last metal price cycle.

A total of 58 drill holes totaling 16,930 m have been drilled on the property from the 1950s to present, this drilling has demonstrated the presence of a large multi-phase porphyry system with copper, silver, gold with more recent discoveries highlighting the potential for significant PGEs, rare earth minerals and tellurium. This large-scale mineralized system is associated with a 10 km² strongly magnetic signature with intense hydrothermal alteration. Surrounding the central porphyry system is an associated high-grade silver and gold-rich epithermal system measuring at least 8 km by 2 km that hosts 56 identified vein, replacement, and breccia structures. Historical production from some of these high-grade structures included bonanza grades for silver and gold.

Exploration by Metallic Minerals and Allard Deposit NI 43-101 Resource Estimate

Metallic Minerals is conducting systematic exploration of the La Plata property since its acquisition in late 2019. This work has included drilling, underground sampling, mapping, geochemical soil sampling and 3-dimensional modeling. Comprehensive geophysical surveys have also been undertaken including airborne resistivity and magnetics, ground-based induced polarization surveys, and analysis of multi-spectral remote sensing data to establish mineralized anomalies and domains for the various styles of mineralization. This work has identified potential extensions of the main Allard deposit, as well as 16 untested potential porphyry signatures outside of the resource area, and has developed targets for high-grade epithermal silver, gold and tellurium.

Exploration in 2021 included 1,980 meters of diamond drilling, resampling of historical drill core, underground sampling from the Allard tunnel and mapping and sampling across the broader property. This work supported the development of an inaugural NI 43-101 resource in the Allard area. The April 2022 technical report defined the resource as 115.7 million tonnes at an average grade of 0.39% CuEq (0.35% Cu and 4.02 g/t Ag) using a 0.25% CuEq cut-off grade¹.

The 1,730-meter 2022 La Plata drill program was designed to test extensions of porphyry style mineralization beyond the resource area to provide vectors toward higher-grade parts of the mineral system. Results from that drilling demonstrate that mineralization remains open to significant expansion. Modelling work for an updated resource estimate, incorporating the 2022 drilling, has been initiated by SGS and is anticipated to be complete by mid-2023.

Critical Minerals

The Allard deposit at La Plata is a significant potential source of copper and silver, both important industrial metals used for modern technologies broadly and particularly in renewable and clean energy applications. Recent and historical work has also demonstrated that the broader La Plata district is also a potential source of other Critical Minerals identified by the U.S. Government as requirements for economic and national security⁴. Drilling by Metallic Minerals in 2022 returned multi-gram intervals of platinum group elements with individual grades up to 5.0 g/t Pt and 5.4 g/t Pd, as well as critical minerals such as vanadium, and rare earth elements. Tellurium, another element on the critical mineral list, was a by-product of historic high-grade gold and silver production in the district. The potential for these critical minerals to add additional economic value to the La Plata project will be evaluated as part of ongoing exploration.

USGS Earth MRI Program

The U.S. Geological Survey (“USGS”) is funding the Colorado Geological Survey for geological studies in the La Plata Mountains as part of the Earth Mapping Resources Initiative (“Earth MRI”). The work to be carried out by the Colorado Geological Survey includes geologic mapping as well as geochemical and mineralogical studies in the La Plata Mining District to generate a greater understanding of the area’s potential to host critical minerals. See USGS news release dated January 25, 2023.

Forest Service Plan of Operations Authorization

The U.S. Forest Service (“USFS”) has authorized Metallic Minerals’ Plan of Operations for proposed 2023 exploration drilling on USFS lands. The authorization of these drill sites allows for expanded drill testing opportunities near the Allard Cu-Ag-Au-PGE resource and for the drilling of several of the additional porphyry-style targets as defined by the Company’s geological team.

About Metallic Minerals

Metallic Minerals Corp. is a leading exploration and development stage company, The Company is focused on silver and gold in the high-grade Keno Hill and Klondike districts of the Yukon, and copper, silver and other critical minerals in the La Plata mining district in Colorado. Our objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources, and advancing projects toward development. Metallic Minerals has consolidated the second-largest land position in the historic Keno Hill silver district of Canada’s Yukon Territory, directly adjacent to Hecla Mining’s operations, with more than 300 million ounces of high-grade silver in past production and current M&I resources. Hecla Mining Company, the largest primary silver producer in the USA and third largest in the world, completed the acquisition of Alexco Resources and their Keno Hill operations in September 2022.

Metallic Minerals is also one of the largest holders of alluvial gold claims in the Yukon and is building a production royalty business by partnering with experienced mining operators, including Parker Schnabel of Little Flake Mining from the hit television show Gold Rush on the Discovery Channel. At the Company’s La Plata project in southwestern Colorado an inaugural NI 43-101 mineral resource estimate in April 2022 returned a significant porphyry copper-silver resource with results from the 2023 resource expansion pending.

All of the districts in which Metallic Minerals operates 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 in the region, as well as having large-scale development, permitting and project financing expertise. The Metallic Minerals team has been recognized for its environmental stewardship practices and is committed to responsible and sustainable resource development.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Website: www.mmgsilver.com Phone: 604-629-7800

Email: cackerman@mmgsilver.com Toll Free: 1-888-570-4420

Foot notes:

1) See Technical Report on the Inaugural Mineral Resource Estimate for the Allard Cu-Ag Porphyry Deposit, La Plata Project, Colorado, USA with an effective date of April 3, 2022. The Mineral Resource has been estimated in conformity with CIM Estimation of Mineral Resource and Mineral Reserve Best Practices Guidelines (2019) and current CIM Definition Standards – For Mineral Resources and Mineral Reserves (2014). The constrained Mineral Resources are reported at a base case cut-off grade of 0.25% CuEq, based on metal prices of $3.60/lb Cu and $22.50/oz Ag, assumed metal recoveries of 90% for Cu and 65% for Ag, a mining cost of US$5.30/t rock and processing and G&A cost of US$11.50/t mineralized material. (1) CuEq* calculations are based on 100% recovery of all metals using the same metal prices used for the resource calculation. All figures are rounded to reflect the relative accuracy of the estimate. The current Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured. However, based on the current knowledge of the deposits, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

2) Eckel, USGS Prof Paper 219, Geology and Ore Deposits of the La Plata Mining District, 1949.

3) Bear Creek Mining (now Rio Tinto), Humble Oil (now Exxon) and Phelps Dodge (now Freeport-McMoRan) company reports.

4) The US Geological Survey has released a list of 50 critical minerals that the US economy requires for economic and national security. Earth Mapping Resources Initiative.

Qualified Person

The disclosure in this news release of scientific and technical information regarding exploration projects on Metallic Minerals’ mineral properties has been reviewed and approved by Jeff Cary, CPG, who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Quality Assurance / Quality Control

All samples were prepared by Bureau Veritas Sparks, Nevada facility and analyzed at the Burnaby, B.C. facility. All samples were analyzed using the AQ-252 EXT procedure using a 30-gram multi-acid digestion with an ICP-ES/MS finish. Over-limit copper and silver samples were analyzed using the MA-401 procedure using a multi-acid digestion and atomic absorption spectrometry analysis. Select samples with elevated values of gold, platinum or palladium were re-analyzed using the FA330 procedure using a 30-gram fire assay fusion with an ICP-ES finish. All results have passed the QAQC screening by the lab and the company utilized a quality control and quality assurance program which included blank, duplicate, multiple standard reference samples and third-party umpire samples.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Metallic Minerals Corp.

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VANCOUVER, BC / ACCESSWIRE / January 12, 2023 / Metallic Minerals Corp. (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce initial assay results from the 2022 field program at the Keno Silver project located in the historic Keno Silver district of the Yukon; Canada’s most important silver mining district. These results cover the East Keno area and represent the first in a series of results to be released from the Company’s 2022 exploration program, which included 3,265 meters (m) of diamond core drilling in 23 drill holes focused on expansion of advanced stage, “resource-ready” targets in anticipation of an inaugural NI 43-101 mineral resource estimate in 2023.

Exploration in 2022 at East Keno focused on drilling of the Greater Fox area targets (Fox, UKHM and Zone 2) first discovered by the Company in 2020, through systematic exploration efforts including mapping, geochemical soil sampling, geophysics, and drilling (see Figure 1). This work outlined the first known occurrence of Ag-Pb-Zn sheeted veins and includes the widest intervals of continuous mineralization ever reported in the Keno Hill silver district at up to 177 meters thickness. The sheeted vein mineralization (spaced distinct parallel Ag-Pb-Zn veins) at Fox is found in geologic settings that may be repeated as significant additional targets across the property which, as yet remain undrilled. The East Keno target areas of Fox, UKHM and Zone 2 have become substantial advanced-stage targets, poised for further expansion drilling and near-term resource delineation.

2022 East Keno Exploration Highlights

• Mineralization was intercepted in each of the eight holes (1,386 m) drilled at East Keno in 2022 (see Table 1). Both bulk-tonnage and high-grade Ag-Pb-Zn vein-style mineralization was encountered.
• Drill intercepts at the Fox target in 2022 averaged 136 m of sheeted vein mineralization (including up to 177 m wide); a significant broadening of the identified mineralized zones encountered in 2020 and 2021 drilling at Fox.
• At the Fox target, hole FOX22-03, returned sheeted vein zones of 144.5 m @ 41.4 g/t silver equivalent (Ag Eq), including 27.66 m at 105.8 g/t Ag Eq.
• A total of 107 high-grade samples (over 100 g/t Ag Eq and greater than 0.5 m in width) were intercepted in in the 2022 East Keno drilling, including:
  • Z222-01, 0.5 m @ 222.7 g/t Ag Eq (182 g/t Ag, 1.10% Pb, 0.03% Zn)
  • FOX22-02, 0.5 m @ 806.9 g/t Ag Eq (555.0 g/t Ag, 3.24% Pb, 3.14% Zn)
  • FOX22-03, 0.59 m @764.0 g/t Ag Eq (463.0 g/t Ag, 0.23 g/t Au, 0.79% Pb, 5.41% Zn)
  • UKHM22-01, 0.55 m @1087.0 g/t Ag Eq (953.0 g/t Ag, 3.56% Pb, 0.28% Zn)

Metallic Minerals President, Scott Petsel, stated, “The 2022 drilling at Fox is indicative of the huge potential at East Keno and has significant implications for further exploration success and future resource development. The sheeted Ag-Pb-Zn vein system identified at Fox had not been recognized in the district prior to Metallic’s systematic exploration efforts and our team has since identified additional new areas as potential hosts of similar mineralization. We have now extended mineralization at the Fox deposit over 300 m along strike and 150 m down-dip starting from surface, where it remains open in all directions. A total of 18 drill holes define the Fox zone and show good continuity of the broader mineralized system with a relatively shallow dip. Resource modelling is currently underway focused on the large-scale bulk-tonnage resource potential for the Fox target area.”

“The Company expects to announce additional drill results from both the Keno Silver Project (Primarily at advanced stage targets Formo and Caribou) and the La Plata Cu-Ag Project over the coming weeks and we look forward to discussing these and other developments at events throughout Q1.”

2023 AMEBC Mineral Roundup Core Shack

Metallic is very pleased to announce that we have been invited to participate in this year’s AMEBC Mineral Roundup conference in Vancouver and will be displaying intervals of drill core from the Keno Silver project and our La Plata Project on Wednesday, January 25^th and Thursday, the 26^th. Key members of our management and technical teams will be on hand to discuss the project and opportunity. Visit us at booth #1016 in the Core Shack. For more information and to register, visit here.

Vancouver Resource Investment Conference – Presentation

Metallic President, Scott Petsel, will be providing a corporate update and participating in a moderated roundtable discussion during the upcoming Vancouver Resource Investment Conference on Sunday, January 29^th at 3:30 PM in the Yukon Pavilion. For more information, visit here.

Figure 1. Keno Silver District Geology and Deposits

East Keno Target Areas – Fox, Zone2 and UKHM

The East Keno area is represented by 15 multi-kilometer scale soil and geophysical anomalies which indicate additional potential for broad-scale mineralization in the least explored part of the Keno Hill silver district. Five of these anomalies have been drilled with initial positive results and an additional five other targets are drill ready. The Fox target, now with 2,748 meters drilled in 18 holes over three years, will be the focus of continued expansion and resource definition drilling in future programs.

Exploration of the East Keno area by Metallic Minerals began in 2018 with soil geochemical sampling and progressed to initial reverse circulation drilling in 2020 which returned several significant high-grade Ag-Pb-Zn sulfide vein intervals (KE20-01 0.77m @ 1,397 g/t Ag Eq) and numerous broad bulk-tonnage scale intervals (KE20-01, 28.2 @ 64 g/t Ag Eq and KE20-02, 22.1 m @ 48 g/t Ag Eq). The 2021 field program in East Keno combined additional reverse circulation drilling and initial diamond core drilling in warranting additional confidence in the target areas.

Drilling combined with extensive mapping and other geologic data has demonstrated a transition at East Keno from north to south from typical Keno style Ag-Pb-Zn mesothermal mineralization at Fox to mixed mesothermal and epithermal styles of mineralization at Zone 2 and UKHM. Epithermal mineralization is often associated with higher silver grades as demonstrated on the west side of the district at Silver King and Husky SW. The broad zones of mineralization at Fox, are now recognized as shallow dipping high-grade sheeted mesothermal Ag-Pb-Zn veins that appear to be associated with a regional scale thrust fault structures. This is a target concept that is broadly repeated across the district, and more specifically at multiple untested targets in the East Keno area.

Mineralized widths from the 2022 drilling on the Fox target returned the widest zones of continuous mineralization ever reported in the Keno Hill silver district and on a grade thickness basis are comparable in contained metal with some of the richest zones from the western part of district (see detailed 2022 results in Table 1 below). The Fox deposit sits within a multi-kilometer scale silver-in-soil anomaly leaving significant room to grow the footprint of mineralization for the Fox target both laterally and down dip. The westernmost drilling in the Fox target area, FOX22-05 and FOX22-06, demonstrates increasing widths of mineralization that will be tested in future programs along with untested areas of very high-level silver in soil values.

Drilling at the earlier stage Zone 2 and the UKHM targets have returned significant silver values including broad envelopes of mineralization similar to the Fox zone along with narrower high-grade silver intervals typical of the district. All drilling on these early-stage targets has been at shallow depths and these targets remain open for expansion with further drilling (see 2022 results in Table 1 below).

2022 East Keno Drilling

The focus of the 2022 drilling at Fox was extend known outlines of mineralization to enhance potential near-term resource opportunities. Single drill holes at UKHM and Zone 2 further confirmed these areas, both broad-scale mineralization and higher-grade epithermal style Ag-Pb-Zn veins, as priority targets for significant additional drilling and focus (See Figure 2).

Table 1 – Highlights of 2022 Drill Results from the East Keno Target Areas

Notes to reported values:

1. Ag equivalent is presented for comparative purposes using conservative long-term metal prices (all USD): $20/oz silver (Ag), $1.00/lb lead (Pb), $1.40/lb zinc (Zn).
2. Recovered Silver Equivalent in Table 1 is determined as follows: Ag Eq g/t = [Ag g/t x recovery] + [Au g/t x recovery x Au price/ Ag price] + [Pb % x 10,000 x recovery x Pb price / Ag price] + [Zn% x 10,000 x recovery x Zn price / Ag price].
3. In the above calculations: 1% = 10,000 ppm = 10,000 g/t.
4. The following recoveries have been assumed for purposes of the above equivalent calculations: 95% for precious metals (Ag/Au) and 90% for all other listed metals, based on recoveries at similar nearby operations.
5. Intervals are reported as measured drill intersect length.

Figure 2 – East Keno and Greater Fox target area with 2022 drill results and composite grade thickness values (Ag Eq¹)

About Metallic Minerals

Metallic Minerals Corp. is an exploration and development stage company, focused on silver, gold and copper in the high-grade Keno Hill and La Plata mining districts of North America. Our objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources and advancing projects toward development. Metallic Minerals has consolidated the second-largest land position in the historic Keno Hill silver district of Canada’s Yukon Territory, directly adjacent Hecla Mining’s operations, with more than 300 million ounces of high-grade silver in past production and current M&I resources. Hecla Mining Company, the largest primary silver producer in the USA and third largest in the world, completed the acquisition of Alexco in September 2022. In April 2022, Metallic announced the inaugural NI 43-101 mineral resource estimate for its La Plata silver-gold-copper project in southwestern Colorado. The Company also continues to add new production royalty leases on its holdings in the Klondike gold district in the Yukon. 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.mmgsilver.com Phone: 604-629-7800

Email: cackerman@mmgsilver.com Toll Free: 1-888-570-4420

Qualified Person

The disclosure in this news release of scientific and technical information regarding exploration projects on Metallic Minerals’ mineral properties has been reviewed and approved by Debbie James, Senior Geologist for TruePoint Exploration, who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Quality Assurance / Quality Control

All samples were assayed by 36 Element Aqua Regia Digestion ICP-MS methods at Bureau Veritas labs in Vancouver with sample preparation in Whitehorse, Yukon and geochemical analysis in Vancouver, British Columbia. Samples with over limit silver and gold were re-analyzed using a 30-gram fire assay fusion with a gravimetric finish. Over-limit lead and zinc samples were analyzed by multi-acid digestion and atomic absorption spectrometry. All results have passed the QAQC screening by the lab and the company utilized a quality control and quality assurance protocol for the project, including blank, duplicate, and standard reference samples.

Forward-Looking Statements

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Group Ten and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Metallic Minerals Corp.

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