Announcement • 6h
Metallis Resources Inc. Commences 2026 Drill Program At Greyhound Project In Idaho
Metallis Resources Inc. announced that diamond drilling is now underway at its Greyhound Property in central Idaho, marking the next phase of the Company's 2026 exploration program. Following the successful completion of mobilization activities announced last week, construction of the exploration camp has been completed, and the site is now fully operational. The diamond drill arrived at camp on July 8, and has since been commissioned, with the Company's geological team completing final drill collar surveying and staking in preparation for the season's first drill hole. The 2026 drill program will initially focus on the Rufus Zone, where the Company's 2025 exploration campaign confirmed a broad mineralized shear zone hosting multiple quartz-sulphide veins carrying anomalous gold, silver, lead, zinc and antimony mineralization. Geological interpretation completed over the winter has refined the structural model of the system and identified several priority targets designed to better define the geometry and continuity of interpreted higher-grade mineralized shoots. The first drill hole of the season, GH26-12, is targeting the 1350 Zone adjacent to the Lower Rufus Adit. The hole will test the principal Rufus Vein together with interpreted mineralized structures located both above and below the vein. Drilling at the 1350 Zone will evaluate the continuity, grade, thickness and structural geometry of the mineralized system and provide critical information to guide subsequent drilling throughout the Rufus zone. Following drilling at the 1350 Zone, the Company plans to advance testing of the 1100, 1000 and 500 Zones, targeting interpreted high-grade shoots identified from historical underground chip sampling and the Company's geological modelling which was updated following the 2025 exploration program. While drilling represents the primary focus of the current phase of exploration, geological mapping, trenching and surface geochemical sampling will continue throughout the field season. These programs are designed to further refine existing targets and continue advancing the Republican, Bulldog, Akita, Idaho, Ridge Cut and Birdie target areas toward future drill testing. The planned 2026 exploration program includes approximately 3,000 metres of diamond drilling, complemented by geological mapping, trenching and geochemical sampling. Together, these programs are designed to improve the Company's understanding of the Greyhound Shear Zone, expand known mineralization and identify additional drill-ready targets across the broader property. The Company expects drilling to continue throughout the summer exploration season, with assay results to be released as they become available. In February 2024, the Company optioned the Greyhound Property, located in Custer County, Idaho, approximately 42 km northwest of the town of Stanley and 35 km south of Perpetua Resources' Stibnite Mine. The 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 the 3.5 km Greyhound shear. In 2024, the Company staked additional land around Greyhound for a total current property size of 673 hectares. The mineralization is hosted by prominent shear zones with polymetallic quartz-sulphide veins containing elevated concentrations of gold, silver, antimony (a critical mineral), lead, and zinc. Greyhound shares certain geological characteristics with the Lucky Friday Mine in northern Idaho. Both properties exhibit vein mineralization occurring as fracture-fillings, disseminations, and tabular masses of galena and tetrahedrite along with accessory pyrite in a gangue of siderite, calcite, and quartz. The Lucky Friday zone is a singular, curved tabular body that dips almost vertically. The vein at Lucky Friday has a strike length of up to 450 m and a width that varies from centimeters to as much as 6 m. The average varies from 1.2 to 1.8 m over the full length (SLR, 2022). Metallis states that while the Lucky Friday Mine may share some geological similarities with the Greyhound Property, no representation is made that comparable results will be achieved at Greyhound. Historical results of rock and chip sampling in the lower Rufus adit cannot be confirmed but are believed to be valid and are presented for completeness of disclosure. 2024-2025 rock, chip, and soil samples were collected by company geologists under supervision from a P.Geo and delivered to an independent analytical laboratory (ALS Labs). Dave Nuttall, 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.
