Metallis discovers silver-gold veins, expands targets at Greyhound

Canada NewsWire

VANCOUVER, BC, Oct. 7, 2026 /CNW/ -- Metallis Resources Inc. (TSXV: MTS) (OTCQB: MTLFF) (the "Company" or "Metallis") is pleased to provide a mid-season update on the surface exploration component of its broader 2026 Exploration Program at the Greyhound Property ("Greyhound" or the "Project") in central Idaho.

Geological mapping, rock and soil sampling, and trenching completed as part of the 2026 surface exploration program are expanding the Company's understanding of the Greyhound vein system. To date, the program has identified several previously undiscovered veins, extended known veins and returned high-grade silver, gold and antimony values from multiple areas of the Property.

2026 Surface Exploration Highlights

• Systematic mapping has revealed an expanding exploration footprint, with identifying the Corso, Tanager and Shiba veins, extending the Akita vein, and demonstrating multiple, parallel veins and shears within alteration zones up to 80 metres ("m")  wide along the Greyhound Shear Zone.
• The newly identified Corso vein has been traced approximately 175 m along strike near Greyhound Ridge. Sampling returned 566 g/t Ag, 1.0 g/t Au, 0.46% Sb, 0.83% Pb and 0.17% Zn from a 2 m chip sample at the discovery outcrop, while a second grab sample 50 m along strike returned 447 g/t Ag, 1.1 g/t Au, 0.11% Sb and 1.1% Pb.
• The Ridge Cut vein was exposed in the new Ridge Trench, allowing its orientation to be measured and providing evidence for a potential extension to approximately 280 m of strike. A grab sample of float from an old trench along strike returned 1,425 g/t Ag, 0.10 g/t Au, 0.35% Sb and 2.10% Pb.
• The newly interpreted Shiba vein structure, located approximately 40 m west of Akita, is inferred from a track of vein float extending approximately 40 m north-south. A grab/float sample returned 243 g/t Ag, 0.22 g/t Au, 1.62% Sb and 1.76% Pb.
• The Akita vein has been extended approximately 50 m north along strike. Samples from the extended trend returned up to 998 g/t Ag, 0.11 g/t Au, 0.17% Sb, 0.69% Pb and 0.70% Zn, with additional sampling returning 284 g/t Ag, 0.75 g/t Au, 1.23% Sb, 1.51% Pb and 0.15% Zn.

Dave Nuttall, Vice President of Exploration, commented:

"The 2026 surface exploration program is providing important new information about the scale and complexity of the Greyhound system. This is the first program to systematically map the veins across the Property in detail, and the discovery of the new veins demonstrate the value of this work.

"At Greyhound Ridge, mapping and trenching are demonstrating that the Greyhound Shear Zone hosts multiple stacked veins within an alteration zone that reaches approximately 80 m in width. Corso is one of several areas where we are seeing strong silver, gold and antimony values while continuing to identify and extend prospective structures.

"The combination of mapping, trenching and expanded geochemical coverage is providing a stronger geological framework for prioritizing exploration targets. The surface program is continuing to identify and advance additional areas for future exploration and drill testing."

Expanding the Greyhound Vein System

The 2026 program represents the first detailed, systematic mapping campaign across the Greyhound Property. This work has identified new veins, established structural trends, and improved the understanding of vein stacking, dilation zones and areas of increased vein width.

At Greyhound Ridge, the Corso and Tanager veins have been traced approximately 175 m and 150 m along strike, respectively. Prior to trenching, the exposed portions of the veins extended approximately 130 m and 65 m. A 100 m long trench excavated along the ridge exposed extensions of the Corso, Tanager and Ridge Cut veins within a broad zone of clay-altered granodiorite.

To the northwest, the Corso vein trends toward the Idaho showing, where historical grab samples have returned up to 1775 g/t Ag, 1.03 g/t Au, 1.56% Pb, and 2.31% Zn. Situated between the northwest extend of the Corso vein and the Idaho showing is a 2024 grab sample from a quartz-sulphide vein which returned 277 g/t Ag, 1.16 g/t Au, 0.24% Sb, 0.28% Pb, and 0.44% Zn. These historical results have not been independently verified by the Qualified Person and are provided for geological context.

To the southeast, the Ridge trench exposed not only extensions of the Corso, Tanager and Ridge Cut veins, but also numerous smaller shears and linking structures. The exposure of the Ridge Cut vein allowed direct sampling and measurement of its orientation, whereas previous sampling had largely relied on float material associated with a poorly preserved historical excavation.

Approximately 130 m northwest along strike of the Ridge Cut vein, an old adit was identified extending approximately 10 m into the steep hillside and exposing a 30-50 cm wide vein. A 50-cm chip sample (K225244) collected from the adit returned 37g/t Ag, 0.58 g/t Au, and 0.2% Pb. Approximately 100 m southeast of the Ridge Cut vein, a grab sample of float vein material from an old trench returned 1,425 g/t Ag, 0.10 g/t Au, 0.35% Sb and 2.10% Pb, potentially extending the Ridge Cut vein to approximately 280 m of strike.

The Ridge trench indicates that the Greyhound Shear Zone can host multiple veins, shears, linking structures and localized disseminated sulphides within an alteration zone now known to be approximately 80 m wide. This expands the previous interpretation of the Greyhound Shear Zone as a narrower deformation zone, approximately 1 to 15 m wide, containing just a single vein.

Within the Akita trend, mapping extended the Akita vein approximately 50 m north. Sample K225277 returned 998 g/t Ag, 0.11 g/t Au, 0.17% Sb, 0.69% Pb and 0.70% Zn. Approximately 40 m west of Akita, a new Shiba vein structure is inferred from a track of vein float extending approximately 40 m north-south. Sample K225279 returned 243 g/t Ag, 0.22 g/t Au, 1.62% Sb and 1.76% Pb.

A total of 110 rock samples have been collected to date, of which analytical results have been received for 92 samples. Table 1 presents selected significant results received to date:

Table 1. Significant results for rock and chip sampling

Values reported are uncut. Sample widths are sample lengths and are not necessarily representative of true thickness. Grab and float samples are selective by nature and should not be considered representative of vein widths or grade continuity.

Expanded Geochemical Coverage and Ongoing Exploration

The Company has also expanded soil sampling beyond the existing geochemical grid toward the Property boundaries. The program is designed to identify geochemical signatures associated with known mineralized structures, as well as potential extensions and previously unrecognized areas for follow-up mapping and sampling. A total of 406 soil samples have been collected to date.

Surface exploration will continue with geological mapping, rock and soil sampling, trenching and follow-up evaluation of newly identified veins and structural targets. Results from the surface program will be integrated with the Company's existing geological, geochemical and geophysical datasets to refine the geological model, prioritize existing targets and identify additional areas for future exploration and drill testing.

About the Greyhound Property 

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 Greyhound 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.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Dave Nuttall, P.Geo., Vice President of Exploration of Metallis Resources Inc., who is a "Qualified Person" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Mr. Nuttall has reviewed the technical information and underlying data supporting the disclosure in this news release, including geological observations, sampling information and analytical results.

Quality Assurance / Quality Control

2026 rock and chip samples were collected by Company geologists under supervision from a P.Geo. and delivered to an accredited independent analytical laboratory (ALS Labs). Samples were bagged and sealed with security straps at the Greyhound site and shipped to ALS Labs in Twin Falls, Idaho.

At the laboratory, samples were crushed to 70% passing 2 mm, split by Boyd rotary splitter and pulverized to a 250 g aliquot at 85% passing 75 μm. Samples were analyzed for 48 elements using four-acid digestion and ICP-MS (ME-MS61), with gold analyzed from a 30 g sample by fire assay with gravimetric finish (ME-GRA21). Antimony overlimits were analyzed using KClO3/HCl digestion and ICP-AES (Sb-ICP08). Ore-grade lead and zinc were analyzed using four-acid digestion and ICP-AES finish (Pb-OG62 and ME-OG62).

References  

SLR, 2022 Technical Report Summary on the Lucky Friday Mine, Idaho, USA S-K 1300 Report Hecla Mining.

Historical results of rock and chip sampling 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). Grab samples are by their nature selective and may not represent average grades.

About Metallis 

Metallis Resources Inc. is a Vancouver-based company focused on the exploration for gold, copper and silver at its 100%-owned Kirkham Property in Canada, situated in northwest British Columbia's Golden Triangle, and at the Greyhound Property, a gold/silver/antimony property 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, and has 100,822,836 common shares issued and outstanding. 

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 of the contents of this news release. 

SOURCE Metallis Resources Inc.

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