New Drill Targets Identified At The La Plata Project

VANCOUVER - Metallic Minerals Corp. reported on the drill campaign at the La Plata copper-silver-gold-Platinum Group Element (Cu-Ag-Au-PGE) project in southwestern Colorado, which finished in December. The exploration program included 4,530 meters (m) in four diamond drill holes with the dual objectives of expanding on the 1.21-billion-pound copper and 17.6-million-ounce silver inferred mineral resource, and defining the controls to higher-grade mineralization as seen in drill hole LAP22-04. Announced in February 2023, LAP22-04 was a continuously mineralized discovery drill hole that intercepted 816 m grading 0.41% recovered copper equivalent1 (CuEq), with significant widths exceeding 0.5% to 0.7% Cu. The intersection also included higher grade zones exceeding 1% Cu with precious metals grades of up to 11.5 g/t Au+PGE and 47 g/t Ag.

All four 2023 holes intersected porphyry-style mineralization starting from surface and continuing over their entire lengths (up to 1,350 m). Three of four holes intercepted continuous porphyry style Cu-Ag-Au-PGE mineralization over 500 m in width at 0.3% Cu including significant intervals exceeding 0.5% to 0.7% CuEq with associated Ag, Au and PGEs. Drill hole LAP23-05 intersected 909 m of continuous mineralization from surface grading 0.26% CuEq over the entire hole length, with a 550 m wide higher-grade zone. Intensity of mineralization in all drill holes varies within the individual porphyry intrusive units based on the density of veining and concentration of associated sulphides that carry the copper, silver, gold, platinum, and palladium.

Higher grades relate to specific intrusive phases of the porphyritic host rocks with intense potassic alteration and in zones of intense high-temperature argillic alteration, particularly with increased bornite content. The deposit remains open to expansion at depth and along trend. Defining the geometry of these higher-grade porphyry units and alteration zones is an important focus of follow up drilling at the Allard resource area in 2024. Drilling has extended mineralization vertically from surface to more than 1.5 kilometers (km) and 1 km along trend and is anticipated to allow for inclusion of both gold and platinum group elements in future mineral resource estimates along with copper and silver.

Scanning of 3,848 meters of drill core was completed by GeologicAI providing high-resolution RGB digital photography, laser profilometry using LIDAR, visible and near-infrared (VNIR) and short-wave infrared (SWIR) hyperspectral imagery and x-ray fluorescence, allowing for detailed characterization of mineralization and alteration within the Allard deposit. An advanced airborne hyperspectral survey covering 157 square kilometers (453-line km) was also completed by SpecTIR in the VNIR, SWIR and long-wave infrared spectra allowing for detailed mineral and alteration mapping across the entire district for comparison with the hyperspectral scanning of mineralization from drill core. The U.S. Geologic Survey (USGS) has identified the La Plata mining district as a potential critical minerals resource area under the Earth Mapping Resources Initiative program. The USGS completed detailed airborne radiometric and magnetic surveys in 2023 along with other studies that will complement surveys completed by the Company. An important objective in 2023 was to identify, advance and refine new priority targets outside of the Allard resource area to bring them to a drill testing stage in 2024. Significant high-grade results were received in surface rock samples taken from more than 20 different target areas during the 2023 field season as part of a district-scale surface mapping initiative. Three of these areas have advanced to a drill testing stage.