Metallic Minerals drills 256 g/t silver over 46 metres at Formo Target, Keno Silver Project, Yukon

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Metallic Minerals Corp. [TSXV-MMG; OTCQB-MMNGF] reported results from its fall 2023 exploration drilling campaign at the 100%-owned, 171 km2 Keno Silver project, adjacent to Hecla Mining in the high-grade Keno Hill silver district of Canada’s Yukon Territory.

The 2023 exploration program included 1,112 metres in four diamond drill holes focused on expansion of the Formo target in the West Keno area, which is on trend with the 100 million-ounce (Moz) historic Hector-Calumet mine controlled by Hecla.

Drill hole FOR23-03 represents one of the best intercepts to date for the Keno Silver project, returning grades of 256 g/t silver equivalent recovered (AgEq) over 46 metres. This is also the deepest intercept to date on the Formo vein structure (only 275 m vertically from surface) and mineralization remains fully open down dip and along strike. Formo is anticipated to be one of the highest grade and largest contributors to the forthcoming inaugural NI-43-101 mineral resource estimate for the Keno Silver project, currently nearing completion by SGS Geological Services.

2023 West Keno Exploration Highlights: High-grade silver, lead, zinc and significant gold mineralization was encountered in all four 2023 drill holes which will contribute to the pending NI 43-101 Mineral Resource Estimate for the project.

Both high-grade Ag-Au-Pb-Zn vein-style mineralization and broader zones of bulk tonnage Ag-Au-Pb-Zn mineralization comprised of high-grade vein intervals and associated stringers and stockwork veining were encountered.

FOR23-03 returned 256.8 g/t AgEq (99.1 g/t Ag, 0.52 g/t Au, 0.65% Pb, 2.62% Zn) over 46.05 m with multiple internal higher-grade zones including, 3.3 m of 1,413.45 g/t Ag Eq (562.4 g/t Ag, 0.20 g/t Au, 2.35% Pb and 20.3% Zn). The bulk tonnage interval of this hole represents one of the highest gram-meter (g/t Ag Eq x interval thickness) intervals on the Keno Silver project to date, and extended mineralization by 140 metres from the nearest 2022 and historic drill holes.

FOR23-04, a large step-out hole, drilled nearly 250 m west of the nearest Formo vein drilling, returned four separate silver-dominant vein structures of considerable width providing additional confirmation of the potential for on-strike expansion of the Formo target.

The Formo target remains open to further expansion, down-dip and on-trend, and shows potential for new discoveries within the Formo property footprint.

Scott Petsel, president, stated, “The Formo target is an exciting, advanced exploration stage ‘resource-ready’ target with significant room to grow featuring both high-grade and bulk mineable widths that make it amenable to lower-cost mining methods. The Formo target is ideally located near infrastructure as it is adjacent to the Silver Trail highway (Highway 11) and power lines that feed the central Keno Hill mill. It also directly adjoins Hecla’s Keno Hill property, where Hecla is actively mining the nearby Bermingham mine. We are excited to be able to include these new drill results in our upcoming inaugural resource for the Keno Silver project as these results at Formo continue to demonstrate our ability to build a significant resource base for the project. The resource estimate is expected to be complete in Q1 2024.”

“In addition, the company looks forward to meeting with interested investors at the upcoming Vancouver Resource Investment Conference, AMEBC Mineral Roundup and Prospectors and Developers annual conferences where Metallic Minerals has been invited to display drill core from its 2023 exploration programs at La Plata and Keno Silver. We anticipate reporting additional results from the Keno Silver project and La Plata projects over the next few weeks.”

The Western Keno Hill district is host to the largest historic production and current resources in the prolific Keno Hill silver district. The Formo target is located at the intersection of a north-easterly structural zone extending from the Hector-Calumet mine, which was the largest producer in the district producing nearly 100 million ounces of silver and the Elsa structural trend, which was the second largest silver producer in the district.

Metallic Minerals sees considerable opportunity for resource growth from target expansion and new discovery with the further systematic application of exploration, including the expansion of detailed soil geochemical grids, “resource-ready” target expansion through drilling and reconnaissance drilling of early-stage targets.

In the Yukon Territory, Metallic Minerals consolidated the second-largest land position in the historic high-grade Keno Hill silver district, directly adjacent to Hecla Mining Company’s operations, with more than 300 Moz of high-grade silver in past production and current M&I resources. Hecla, the largest primary silver producer in the USA and third largest in the world, is anticipating full production at its Keno Hill operations by the end of 2023. An inaugural mineral resource estimate on the project is expected in early 2024, with an 1,112-metre expansion drill program completed at the Formo target during fall 2023.

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