Vancouver, British Columbia – May 16, 2022 – Metallica Metals Corp. (CSE:MM) (OTCQB:MTALF) (FWB:SY7P) (the “Company” or “Metallica Metals”) is pleased to announce interpretation results from its airborne MobileMTTM geophysical survey that was flown on the Ni-Cu-PGM Sammy Ridgeline Project (“Sammy Ridgeline” or the “Project”) in the Thunder Bay North District of Ontario, Canada in 2021. The geophysical survey collected MAG (magnetics), EM (electromagnetics) and VLF (very low frequency electromagnetics) data across the combined Sammy Ridgeline property (Figure 1). An in-depth structural analysis using this geophysical data was recently conducted by external geophysicist MB Geosolutions that has resulted in the generation of refined exploration targets for the Project.
Highlights:
- 11 Ni-Cu-PGM targets generated across the combined East and West blocks (see Figures 2 and 3).
- Of particular interest are targets displaying remanent magnetism, which can be a feature of PGM deposits, that are also located in proximity to important structures.
- Important geophysical signature identified by MobileMT technician on the East Block. The circular/oval feature that is observed on the East Block is interpreted as remanent magnetism of an ancient komatiitic flow in the area. Some of the world’s largest Ni deposits are known to be associated with komatiites, an ultramafic rock.
- Detailed structural analysis highlights important structures that continue through Clean Air Metal’s TBN property through to the Sammy Ridgeline blocks.
- Target generation work will allow Metallica Metals to complete a more focused surface exploration program with these important structures and areas of remanent magnetism in mind.
Aaron Stone, CEO of Metallica Metals commented, “The results of the MobileMT survey followed by the in-depth structural analysis and target generation work are very encouraging. These two blocks have never before seen surface exploration work conducted with a PGM focus in mind. These new generated targets will allow us to focus on areas that could potentially hold important PGM mineralization. The Company plans to complete an initial ground exploration program during the upcoming field season”.
The airborne MobileMT survey was flown by Expert Geophysics (EGL) of Newmarket, Ontario. The structural analysis and target generation work were completed by geophysicist MB Geosolutions of Fossambault-Sur-Le-Lac, Québec. MB Geosolutions have previous experience interpretating geophysics data over PGM deposits and are very encouraged by the geophysical signatures and structures present on the Project, particularly within the East Block.
With this strong set of data in hand, the Company plans to complete an initial ground-based exploration program (to include geological mapping, grab and soil sampling, trenching) during the 2022 field season.
Figure 1: Location of Metallica Metals’ Sammy Ridgeline Ni-Cu-PGM Project with respect to adjacent properties including Clean Air Metal’s Thunder Bay North Project and Impala Canada’s Lac des Iles Pt-Pd Mine (refer to notes below for MRMR sources shown on map).
Note: The Sammy Ridgeline Project is contiguous to the Clean Air Metals Thunder Bay North Project. The Thunder Bay North Project is host to two significant deposits, Current Lake and Escape Lake, which together comprise an underground-constrained mineral resource estimate with an Indicated Resource of 14.5 million tonnes at 1.58 g/t Pt and 1.54 g/t Pd (8.12 g/t PtEq) and an Inferred Resource of 8.1 million tonnes at 0.67 g/t Pt and 0.69 g/t Pd (4.07 g/t PtEq) (source: NI 43-101 Technical Report on the Thunder Bay North Project, Northern Ontario, Canada with an effective date of December 1, 2021 and filed on SEDAR under Clean Air Metals Inc.). The Sammy Ridgeline Project is also adjacent to the Impala Canada Lac des Iles PGM Mine. The Lac des Iles Mine contains proven and probable mineral reserves of 40.9 Mt at an average grade of 2.31 g/t Pd for 3.04 Moz of contained Pd (source: NI 43-101 Technical Report on the Feasibility Study for Lac des Iles Mine with an effective date of July 4, 2018 and filed on SEDAR under Impala Canada Ltd.). Readers are cautioned that mineralization and mineral resource and mineral reserve estimates on adjacent and/or nearby properties are not necessarily indicative of mineralization on the Sammy Ridgeline Project (please refer to additional cautionary statements below).
Figure 2: TMI (total magnetic intensity) of the Sammy Ridgeline East Block overlain by 1st and 2nd order structures and the 6 exploration targets generated by a detailed study. Note that Clean Air Metals’ Thunder Bay North project lies directly to the west of this block.
Figure 3: TMI (total magnetic intensity) of the Sammy Ridgeline West Block overlain by 1st and 2nd order structures and the 5 exploration targets generated by a detailed study. Note that Clean Air Metals’ Thunder Bay North project lies directly to the east of this block.
Qualified Person Statement and Data Verification
All scientific and technical information contained in this news release was prepared and approved by Paul Ténière, M.Sc., P.Geo., President and Director of Metallica Metals Corp., who is a Qualified Person as defined in NI 43-101. Mr. Ténière has verified all scientific and technical data disclosed in this news release including geophysical procedures and information on adjacent properties. No errors or omissions were noted during the data verification process.
This news release also contains scientific and technical information with respect to adjacent or similar mineral properties to the Sammy Ridgeline Project, which the Company has no interest in or rights to explore. Readers are cautioned that information regarding mineral resources and mineral reserves, geology, and mineralization on adjacent or similar properties is not necessarily indicative of the mineralization on the Company’s properties.
On behalf of the Board of Directors
METALLICA METALS CORP.
Aaron Stone, P.Geo.
Chief Executive Officer
astone@metallica-metals.com
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About Metallica Metals Corp.
Metallica Metals Corp. is a Canadian junior mining company listed on the Canadian Securities Exchange (“CSE”) and its common shares trade under the ticker symbol “MM”. The Company is focused on acquiring and exploring gold-silver and platinum group metal (PGM) properties across Canada. The Company is currently exploring and developing its Starr Gold-Silver Project, and Sammy Ridgeline and Richview Pine PGM projects, which are all located adjacent to advanced mining projects in the Thunder Bay Mining District of Ontario.
For more information, please visit the Company’s website at https://metallica-metals.com.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Information Statement
This news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the Company’s proposed acquisition, exploration program and the expectations for the mining industry. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in water disposal facility operations; competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.