Metallis shares up 27% on exploration update news in Idaho
Metallis Resources Ltd. [MTS-TSXV, MTLFF-OTCQB] rallied strongly Wednesday after the company released a mid-season update on the surface exploration component of its broader 2026 exploration program at the Greyhound Property in central Idaho.
The company said 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,’’ the company said in a press release.
The shares moved sharply higher on the news, rising 26.9% or $0.035 to 16.5 cents in early trading Wednesday. The shares trade in a 52-week range of 55 cents and 11.5 cents.
In February, 2024, the company optioned the Greyhound Property, which is located in Custer County, Idaho, approximately 42 kilometres northwest of the town of Stanley and 35 kilometres south of Perpetua Resources’ Corp.’s [PPTA-TSX, NASDAQ] Stibnite Mine. The property was the centre of an active silver mining camp in the early 1900s and at one point contained a smelter and two active mines situated along the 3.5 kilometre Greyhound shear. The property currently covers 675 hectares.
In a mid-July press release, the company said it had launched a drill program that would focus on the Rufus Zone, where the company’s 2025 exploration campaign confirmed a broad mineralized zone hosting multiple quartz-sulphide veins carrying anomalous gold, silver, lead, zinc and antimony mineralization. It said the first drill hole would target the 1350 Zone adjacent to the Lower Rufus Adit.
Greyhound mineralization is hosted by prominent shear zones, with polymetallic quartz-sulphide veins containing elevated concentrations of gold, silver, antimony and zinc.
The company said the 2026 program represents the first detailed, systematic mapping campaign across the property. It said this work has identified new veins, established structural trends, and improved the understanding of the vein stacking, dilation zones and areas of increased vein width.
In outlining the surface exploration program highlights, the company said 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 wide along the Greyhound Shear Zone.
The newly identified Corso vein has been traced approximately 175 metres along strike near Greyhound Ridge. Sampling returned 566 g/t silver, 1.0 g/t gold, 0.46% stibnite, 0.83% lead and 0.17% zinc from a 2.0 metre chip sample at the discovery outcrop, while a second grab sample 50 metres along strike returned 447 g/t silver, 1.1 g/t gold, 0.11% stibnite and 1.1% lead.
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 metres of strike. A grab sample of float from an old trench along strike returned 1,425 g/t silver, 0.10 g/t gold, 0.34% stibnite and 2.10% lead.