November 25, 2021 03:00 ET | Source: Metallica Metals Corp Metallica Metals Corp

Vancouver, British Columbia, November 25, 2021 (GLOBE NEWSWIRE) - Metallica Metals Corp. (CSE:MM) (OTC:MTALF) (FWB:SY7P) ("Company" or "Metallica Metals") is pleased to announce Analysis results of the first three diamond drill holes (STR21-001 to 003) completed by the Starr Gold and Silver Project ("Starr" or "Project") to verify high-grade gold mineralization in Thunder Bay, Ontario, Canada. The company has the right to obtain up to 100% interest from Benton Resources Inc. The project covers a large area (5,991 hectares), including several high-grade gold and silver deposits within a 20-km stretch of southwest. Part of the Shebandowan Greenstone Belt (Figure 1).

Paul Ténière, CEO and Director of Metallica Metals commented: "These first drilling results of the Starr project confirm the continuity and thickness of the high-grade gold mineralization that exists in the Starr Central target area and shallow depths. We also see the history The good correlation of drilling results is encouraging, as we continue to advance our 4,000-meter drilling plan and continue drilling in the Stahl and Powell areas. The second diamond rig has arrived at the property and has started drilling east Targets that have never been tested under the surface, such as CK, show that they contain up to 16.5 g/ton of gold and 349 g/ton of silver, from historical samples."

Figure 1: Metallic Metals' Starr gold and silver project relative to neighboring assets including the Moss Lake gold deposit (Source: 2013 NI 43-101 technical report and Moss Lake project and Kesselrun Resources' PEA news on October 7, 2020 Release) https://www.globenewswire.com/NewsRoom/AttachmentNg/930d5bde-f688-451a-bee3-e173c1ee2b30

Please note: The adjacent Moss Lake gold deposit has 39,797,000 tons of indicated mineral resources, with a grade of 1.1 g/ton of gold, containing 1,377,300 ounces of gold, and an inferred mineral resource of 50,364,000 tons, with a grade of 1.1 g/ton of gold, containing 60 ounces of gold and Currently under maintenance and maintenance (Source: NI 43-101 Technical Report and the PEA of the Moss Lake Project, effective date of May 31, 2013, and in Moss Lake Gold Mines Ltd. (now Wesdome Gold Mines Ltd.) Record on SEDAR. ). Readers are reminded that the mineralization and mineral resource estimates of adjacent and/or nearby assets do not necessarily indicate the mineralization of the Starr Project (see other warning statements below).

The summary and important test intercepts of the first three drill holes (STR21-001 to 003) that have been completed are shown in Table 1 and Table 2, respectively. Figures 2 and 3 show the drilling location and important intercepts. Figure 4 below shows a photo of mineralization in the STR21-001 hole drill core.

Table 1: Ring table for Starr Diamond drilling (holes STR21-001 to STR21-003)

Note: Approximate collar coordinates in UTM NAD83 Zone 15N

Table 2: Important gold intercepts of Starr Project diamond drill holes STR21-001 to 003

Note: The true width of these intervals is currently unknown. The displayed grade is not cut.

Metallica Metals has focused its diamond drilling program on the historic high-grade gold mine combination within the Starr project. The three main areas to be tested are the central (stahl and Powell area), the east (CK display plus additional targets), and the west (west and south displays) the Stahl target area. Drilling is testing several structural and geophysical targets based on the company's recently completed airborne magnetic and electromagnetic surveys, combined with all historical geochemical, geophysical and geological data for the project. Drilling supervision, core logging, and sampling were managed by Fladgate Exploration Consulting Corp. ("Fladgate") in Thunder Bay, and diamond drilling was performed by Timmins and Forage Fusion Drilling (FFD), Missina, in Hawkesbury, Ontario Completed by Bi Drilling Services Co., Ltd. All diamond core diameters are NQ size, and all holes are measured with downhole reflection measurement tools.

Drilling around the central part of the property (Starr Central) has been concentrated in the Starr Showing and Powell areas (Figure 2). The company uses existing historical data, recommendations from previous work reports, and newly completed geophysical and structural interpretation goals to plan boreholes in the area. Several boreholes will be used as fillers to test the continuity between known values, while other boreholes will test structures that have never been drilled before, and these structures also maintain the gold value of the surface.

Figure 2: Drilling holes completed in the central part of Starr assets (STR21-001 to 003)* The analysis of holes STR21-004 to 006 is pending. ** Cross-section indicated by AA' line https://www.globenewswire.com/news room/attachment Ng/246550e7-2450-4619-ab39-5cd937f9cba6

Figure 3: Drilling cross-sections (A-A') completed on Starr assets (STR21-001 to 003) so far * Analysis of holes STR21-004 to 006 pending https://www.globenewswire.com/NewsRoom /AttachmentNg /d136457d-73c7-42d3-9fa3-5f67fdaf09ca

Hole STR21-001 was drilled halfway between historical drill holes SAG-06-11 and 91-3. The purpose of this drilling is to confirm the continuity of the slope between the two historical holes. A summary of important mineralization intervals includes:

0.5-5.9 m: Mafic intrusive rocks: Intrusive rocks selectively have transverse planes and curved quartz veins related to the mineralization of local pyrite clusters. The host rock is very magnetic, and flaky metallic minerals are found in the veins of 0.9-1.35m, most likely hematite. The lithology changes, and hematite mainly appears in the 3-5.9m section. The altered area of ​​albite is 1.65-2.4m. The bottom contact is measured at 75° to the mandrel.

5.9-20.9 m: Mafic volcanic unit: The area of ​​5.9-15.2.2 m is petrified by a large amount of chlorite, which is green. There is a strong cross-cut area of ​​white/barren quartz veins at 10-15m. Albite alteration exists in 15.3-16.7m. The bottom contact is calculated at 70° to the core axis (Figure 4).

20.9-23.35 m: Granite intrusive rock: a unique unit of coarse-grained intrusive rock, severely altered by albite, potash feldspar and silica, 3% of pyrite and pyrrhotite are related to the intrusive quartz veins. Quartz veins are brecciated with tourmalines. The bottom contact is calculated at 70° measured relative to the mandrel.

23.35-25.65 m: felsic to intermediate intrusive rock: gradual contact with the upper unit. The area includes a transverse plane vein with altered halo. Pyrite and pyrrhotite associated with quartz veins. The bottom contact is calculated at 80° to the mandrel.

25.65-27.35 m: Mafic volcanic unit: chlorite black mafic volcano, including multiple barren/white quartz cut veins along 60° foliation. The bottom contact is calculated at 60° measured relative to the mandrel.

Figure 4: A photo of the drill core at the top of the STR21-001 hole, showing the grade and thickness (0 to 18.7 m) https://www.globenewswire.com/NewsRoom/AttachmentNg/d1efb455-98ec-46dd-867c-3f4a31d5d47d

Drill hole STR21-002 is planned to test the geology and mineralization between historical drill holes SAG06-11 and SR-97-12. Geological records indicate that the analysis in the wall is more continuous. A summary of important mineralization intervals includes:

63.15-68.7 m: Ultramafic: The lithology is widely changed, and the quartz-carbonate vein and pyrite selective zone are as high as 2% (65.6-66.35 m). 67.1-67.45 m of heavy-sheared quartz veinlets/with 2% pyrite. The large quartz-carbonate veins extending along the core axis range from 63.15-63.95 m. The contact angle with the bottom of the diabase vein below is 70°.

Drill hole STR21-003 is planned as a step of historical drill hole SR-97-12 to confirm the continuity of grade along the strike to the northeast. A summary of important mineralization intervals includes:

27.8-46.5 m: Moderately silicified-chlorite dark igneous rock, with large-grained feldspar and quartz eyes throughout. Feldspar has been strongly altered by chlorite and epidote, giving them a light green appearance. Light blue-white carbonate veins appeared sporadically throughout the process. There is almost no mineralization in this unit. In the lower part of the cell, the feldspar almost completely disappeared (37-46.51 m), the cell showed more intermediate components, and there were still small quartz eyes.

46.5-49.5 m: Moderately silicified chlorite volcanic rock, with quartz-carbonate veins about 1 cm wide appearing in chaotic directions. The veinlets are usually associated with moderate hematite alteration, and some veinlets are mainly composed of pink carbonate. The strong pyrite mineralization and alteration associated with the veins observed in the cell at the top of the hole have now completely disappeared. From 46.51-64.12 meters, this volcanic unit is often transected by porphyritic hematite altered rock veins. The distribution of pyrite in the whole unit varies from trace to 3%.

49.5-50.1 m: Severely altered hematite porphyry veins with fine-grained diorite blocks. The plot also has weaker calcite alteration. The mineralization consists of 0.5% pyrite, distributed throughout the area. The upper contact surface of the dyke is sharp, almost perpendicular to the core axis. The lower contact surface is shallow, wavy, almost parallel to the mandrel.

50.1-57.2 m: Weakly silicified and chlorite massive volcanic rock with chaotic quartz-carbonate veins running through it.

57.2-59.25 m: Cross section of a strong silicified alternate unit of mafic metamorphic volcanic rocks and porphyry dikes, with dikes being the main unit (~75%). Pyrite mineralization is distributed in two units, about 1%. The embankment has large feldspar phenocrysts (maximum width 1 cm) with pink variation. The foundation of the dam was changed by moderate calcite.

59.25-63.1 m: massive, moderately silicified and calcite altered wall rock, with frequent calcite, chlorite epidote, and k-spar (hard salmon meal mineral) filling cracks. In some areas, carbonate alteration is strong, and bubbling is quite strong. The mineralization consists of about 1% of disseminated pyrite. 63.1-64.1 m: chlorite-calcite altered basic volcanic rock veins, with well-developed large feldspar crystals and scattered calcite veins (1-2 cm wide). The composition of the dike is very similar to the parent mafic metamorphic volcano, but the contact between them is very sharp. Mineralization includes the entire (~1%) of disseminated pyrite, increasing (~4%) near the upper and lower contact points.

64.1-73.7 m: Intense chlorite alteration and moderately silicified basic volcanic rock, with pink calcite veinlets intersecting the host rock. Strong interstitial calcite alteration occurred at 64.12-66.14 m. Trace pyrite mineralization is distributed everywhere, with a slight preference along the fracture surface.

Metallica Metals and its geological consultant (Fladgate) implemented a robust Quality Assurance and Quality Control (QAQC) program for the Starr project, which complies with CIM exploration best practices, including sampling, chain of custody procedures, and analytical methods. In addition to the control samples inserted in the laboratory, on-site geologists usually insert certified gold reference standards, blank materials, and copies in the on-site core processing facility as part of the QAQC program. NQ-sized semi-core samples are marked and sealed in plastic sample bags and kept in a safe location on site until they are trucked to the Activation Laboratory ("ActLabs") in Thunder Bay, Ontario, where they are prepared and analyzed . ActLabs is independent of Metallica Metals.

Actlabs’ QAQC system has been registered as an international quality standard through ISO/IEC 17025:2017 (including ISO 9001:2015 and ISO 9002 specifications), and has been recognized by the Standards Council of Canada (SCC) testing laboratory certification requirements and guidelines, specific to minerals , Forensic and environmental testing laboratories.

Use Fire Assay-AA technology (1A2-Au-30) to analyze gold in core samples. Use the Fire Assay-Gravimetric method (1A3-Au-30) to analyze samples that return more than 5 g/ton of gold. The selected samples were also analyzed using the aqua regia "partial" digestion method for ICP-MS (Ultratrace 1-15). The company and its geological consultant confirmed that all the test results reported here have passed the QAQC agreement.

Qualified personnel declaration and data verification

All scientific and technical information contained in this press release was prepared and approved by Paul Ténière, M.Sc., P.Geo., CEO and director of Metallica Metals Corp., who is a qualified person as defined in NI 43-101. Mr. Ténière has verified all the scientific and technical data disclosed in this press release, including the core description, sampling procedures and analytical data behind the disclosed technical information. Specifically, Mr. Ténière looked at the detailed core logs generated by Fladgate during the drilling program, the certified analysis results from ActLabs, and the analysis composite table generated for each borehole. No errors or omissions were found during the data verification process, and Fladgate geologists also verified the disclosed information.

This press release also contains scientific and technical information on mineral properties adjacent to or similar to the Starr Project, and the company has no interest or right to explore. Readers are reminded that information about mineral resources, geology, and mineralization of adjacent or similar assets does not necessarily represent the mineralization of company assets.

Representative board

METALLICA METALS CORP. Paul Ténière, M.Sc., P.Geo. Chief Executive Officer and Director info@metala-metals.com

Metallica Metals Corp. is a Canadian junior mining company listed on the Canadian Stock Exchange ("CSE"). Its common stock trading code is "MM". The company focuses on the acquisition and exploration of gold, silver and platinum group metals (PGM) assets in Canada. The company is currently exploring and developing the Starr gold and silver project, the Sammy Ridgeline and the Richview Pine PGM project, all of which are located near the advanced mining project in the Thunder Bay mine in Ontario.

For more information, please visit the company website https://metala-metals.com.

Neither the Canadian Stock Exchange nor its regulatory service provider (as the term is defined in the policies of the Canadian Stock Exchange) accepts responsibility for the adequacy or accuracy of this press release.

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Forward-looking information is based on management's opinions and estimates at the date of the statement, and is subject to various risks and uncertainties and other factors that may cause actual events or results to differ materially from forward-looking expectations-look for information. Some risks and other factors that may cause results to differ materially from those expressed in forward-looking information include, but are not limited to: general economic conditions in Canada and the world; industry conditions, including government regulation and environmental regulation; failure to obtain industry access if necessary Consent and approval of partners and other third parties; obtaining capital on acceptable terms; requiring necessary approval from regulatory agencies; stock market fluctuations; liabilities inherent in the operation of water treatment facilities; among other things, competing technical staff and supplies; Misassessment of the value of the acquisition; geological, technical, processing, and transportation issues; changes in tax laws and incentive plans; failure to realize the expected benefits of acquisitions and disposals; and other factors. Readers should note that this list of risk factors should not be interpreted as exhaustive.

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