Metallic Minerals Corp.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

Metallic Minerals Corp. is a growth-stage exploration company, focused on high-grade silver and gold projects in underexplored, brownfields mining districts of North America. The Company’s objective is to create shareholder value through a systematic, entrepreneurial approach to exploration in the high-grade Keno Hill silver district of Yukon, Canada and the La Plata silver-gold-copper district in Colorado, USA and the Yukon’s Klondike gold district, through new discoveries and advancing resources to development. All three districts have seen significant mineral production and have existing infrastructure, including power and road access. In April, 2022, Metallic Minerals has released the first National Instrument 43-101 mineral resource estimate on the La Plata project in Colorado.

Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits, as well as having large-scale development, permitting and project financing expertise.

Metallic Minerals is a member of the Metallic Group of Companies, a collaboration of leading precious and base metals exploration companies focused on large, high-quality assets adjacent to world-class producers in North America.

Projects in Hand

Flagship Keno Silver Project, Yukon Territory (100%-owned, 166 sq. km)

The Keno Silver project is located in the historic, high-grade Keno Hill silver district of Canada’s Yukon Territory, directly adjacent to Alexco Resource Corp.’s operations, one of the world’s highest-grade primary silver operations. Keno Hill is one of the world’s highest-grade silver districts with nearly 300 million ounces of high-grade silver in past production and current Measured and Indicated resources, and features excellent existing infrastructure, including grid power, road access and nearby community services.

Metallic Minerals has consolidated the second largest land position in the Keno Hill silver district. The Keno Silver project includes eight shallow, high-grade past producing deposits, as well as the entire under-explored eastern portion of the district.

Exploration by Metallic Minerals at the Keno Silver project continues to systematically build on the Company’s 3D geologic database covering the east, central and western portions of the prolific Keno Hill silver district.

Along the known, historically productive trends in the central and western parts of the district, the Company has advanced three targets towards an initial resource estimate along with identifying 12 priority multi-kilometer-scale early-stage targets in the under-explored eastern and southern parts of the district where initial drilling has returned significant high-grade Keno-style mineralization as well as bulk-tonnage style silver mineralization.

La Plata Silver-Gold-Copper Project, Southwest Colorado (100%-owned, 33 sq. km)

• Long history of mining in the historic high-grade La Plata mining district
• High-grade silver and gold production from 90 different prospects and mines from 1870s to 1940s
• Exploration by Rio Tinto and Freeport-McMoran (previously Phelps Dodge) in 1950s to 1970s focused on bulk-tonnage disseminated and stockwork porphyry copper-silver-gold mineralization
• A total of 56 drill holes, totaling 15,200 m, have been drilled on the property since the 1950s which confirms the presence of a large-scale porphyry system with significant silver, gold and copper.
• Exploration at the La Plata project is targeting silver and gold enriched copper porphyry and adjacent high-grade silver and gold epithermal systems.
• The 2021 exploration program at the La Plata project was successful in its primary goal of confirming the tenor of mineralization as reported in drill results from Rio Tinto, Freeport and others at the main Allard porphyry target.
• SGS Geoscience has been engaged to complete inaugural NI 43-101 mineral resource estimate on the project expected in Q2 2022.

Klondike Gold District – Production Royalties (100%-owned, 43.5 sq. km)

• Metallic Minerals is developing an alluvial production royalty portfolio in the prolific Klondike Gold District of Yukon Territory
• Over 20 million ounces of gold have been produced from the Klondike gold district
• Australia Creek and Dominion Creek are the upstream continuation of the largest alluvial producers in the Yukon
• These are large-scale, open-pit operations producing 50% of the gold in the Yukon
• Metallic Minerals will receive a 10-15% production royalty on its Dominion Creek and Australia Creek holdings from experienced alluvial mining operators
• There is potential for up to 10 or 15 operations once fully developed
• Drill programs and bulk sample testing continuing

Management

Management and Directors

Greg Johnson, Chief Executive Officer & Board Chairman

Over 30 years experience in the discovery, development and financing of large-scale mining projects including raising over $650 million in project financing across 7 public companies

Founder of Metallic Group, original co-founder of NovaGold, former President & CEO of Wellgreen Platinum and South American Silver, exploration manager with Placer Dome (now Barrick Gold)

Key contributor to the discovery and advancement of several world-class precious and base metal deposits in the Americas, co-recipient of the Thayer Lindsay International Discovery and Robert E. Leckie Awards.

Peter Harris, Independent Director

Mining engineer with over 40 years of global mining industry experience

Douglas Warkentin, BSc, P.Eng., Independent Director

Metallurgist and process engineer with over 30 years of experience in the mining industry

Gregor Hamilton, BSc, MSc, Independent Director

25 years of experience in the mining sector as a geologist, investment banker and entrepreneur

Rebecca Moriarty, Chief Financial Officer

Chartered Professional Accountant with over 20 years experience in mining industry

Alicia Milne, Corporate Secretary

Over 20 years industry experience with past 15 years working with NYSE, TSX and TSX-Venture listed public companies

Technical Team and Advisory

Scott Petsel, P.Geo., President

Over 30 years of experience in global exploration, mine geology, project management, and advancement

Senior Exploration positions with Placer Dome (now Barrick Gold) & Echo Bay (now Kinross Gold) in North America and internationally

Craig Bow, PhD, P.Geo., Senior Technical Advisor

Over 40 years experience in global exploration, mine geology and project management, with a focus on precious metals

Curt Freeman, MSc, P.Geo., Senior Technical Advisor

Over 40 years experience as Professional Geologist and is recognized as one of the leading explorationists in Alaska and the Yukon, and is credited with several gold, silver, copper, nickel, platinum group, and rare metal discoveries

Stuart Morris, MSc, P.Geo., Senior Technical Advisor

Over 40 years of industry experience, focus in high-grade vein systems including Campbell Red Lake and Sunnyside Mines

Susan Craig, Senior Advisor, Government & Community Relations

Over 25 years experience on Yukon and BC-based projects with permitting, First Nations and Government relations

Bill Harris, Senior Advisor and Co-Founder

President and CEO of Midnight Mining

Over 40 years experience as a Yukon focused prospector and mining entrepreneur

News Update

On May 23, 2023, The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced on May 10, 2023.

Number of units: 15,838,593 units

Purchase price: 40 cents per unit

Warrant: 11,878,944 share purchase warrants to purchase 11,878,944 shares

Warrant purchase price: 55 cents for three years from the date of issuance, subject to accelerated expiry

Number of placee: one place

On May 18, 2023, Metallic Minerals Corp. has completed a 9.5-per-cent strategic equity investment by a wholly owned subsidiary of Newcrest Mining Ltd. Pursuant to the placement, Metallic Minerals issued 15,838,593 units at a price of $0.40 per unit for gross proceeds of approximately $6.3 million.

Metallic Minerals CEO and Chairman, Greg Johnson, stated, "We are pleased to welcome Newcrest as a cornerstone shareholder and look forward to collaborating with their technical team to advance the La Plata project. Preparations are underway for a first phase resource expansion drill campaign targeted to start in June focused on extending the high-grade copper and precious metals mineralization announced in February of this year."

On May 10, 2023, Metallic Minerals Corp. has arranged for a strategic equity investment by a wholly owned subsidiary of Newcrest Mining Ltd. in the form of a non-brokered private placement, with the goal of advancing the company's La Plata copper-silver-gold-platinum group element alkalic porphyry project in Colorado, United States.

Pursuant to the private placement, Newcrest will complete a financing of $6.34-million, consisting of 15,838,593 units of Metallic Minerals at a price of 40 cents per unit, with each unit comprising one common share and 0.75 of a common share purchase warrant. This represents a 13-per-cent premium to the 20-day volume-weighted average price of Metallic Minerals' shares on the TSX Venture Exchange on May 9, 2023.

Following closing of the investment, Newcrest will hold 9.5 per cent of the issued and outstanding common shares of Metallic Minerals on a non-diluted basis and, including the warrants, 15.5 per cent of the issued and outstanding common shares on a partially diluted basis.

On April 10, 2023, Metallic Minerals Corp. has released the final results from the 2022 exploration program at its 100-per-cent-owned, high-grade Keno silver project in the historic Keno silver district of Yukon, Canada. A total of 642 metres were drilled in six holes at the Caribou target in the Central Keno area to test extensions of known high-grade and bulk-tonnage mineralization. This work was completed as part of a larger, 3,265-metre drill program focused on target extension drilling at the company's advanced-stage, resource-ready targets (Caribou, Formo and Fox) in anticipation of an inaugural National Instrument 43-101 mineral resource estimate for the Keno silver project in 2023. Highlights:

• Drilling at the Caribou target continues to successfully extend high-grade silver mineralization both down dip and south along strike of the known extent of the Caribou structure, with a total of 71 intercepts in 5,980 metres of drilling to date.
• Hole CH22-01 intersected two separate higher-grade vein intervals within a broad zone of bulk-tonnage mineralization. From 91.5 m to 92 m, a 0.5 m interval contained 348 grams per tonne silver equivalent (see an attached table), and from 125.2 m to 125.7 m, the hole intercepted 0.5 m of 1,201 g/t AgEq bounding a zone of 34.2 m grading 38 g/t AgEq.
• The southernmost drilling at the Caribou target, first drilled in 2021, continues to demonstrate strong potential for further extension with 1,310 g/t AgEq encountered over 0.5 m at a near-surface depth of 44 m in hole CH22-05.
• The company has retained SGS Geological Services to complete the inaugural resource estimate, and modelling work is under way.

On February 28, 2023, Metallic Minerals Corp. has released final results from its 2022 exploration program at the La Plata copper/silver/gold/platinum group element project in southwestern Colorado. Two holes totalling 1,730 metres were drilled to test lateral extensions of the existing 985-million-pound-copper-equivalent National Instrument 43-101 mineral resource. Hole LAP22-04, drilled to the north of the resource area, intercepted the longest and highest-grade interval ever encountered at La Plata at 816 metres of 0.41 per cent recovered copper equivalent. This is one of the top intersections for any North American copper project in the past several years. Significant high-grade gold-platinum-palladium (Au+PGE) mineralization associated with copper and silver represents the discovery of a new style of mineralization in the resource area that has not been previously recognized or explored for. It drills 816m of 0.41% CuEq at La Plata.

On Feb. 13, 2023, 1.75 million common share purchase warrants of Metallic Minerals Corp. (held by 2176423 Ontario Ltd., a corporation Eric Sprott beneficially owns) expired unexercised, representing a decrease in control of approximately 3.5 per cent of the outstanding common shares on a partially diluted basis since the date of the last early warning report. Prior to the expiry of these warrants, Mr. Sprott beneficially owned and controlled 21,539,000 shares and 1.75 million warrants, representing approximately 14.3 per cent of the outstanding shares on a non-diluted basis and 15.3 per cent on a partially diluted basis assuming the exercise of such warrants. As a result of the warrant expiry, Mr. Sprott now owns and controls 21,539,000 shares, representing approximately 14.3 per cent of the outstanding shares on a non-diluted basis.

The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

On January 30, 2023, Metallic Minerals Corp. has released additional results from the 2022 field program at the Keno silver project in the historic Keno Hill silver district of the Yukon, Canada's most important silver mining district. These results cover the West Keno area and represent the second in a series of results to be released from the Company's 2022 exploration program, which included 3,265 meters ("m") of diamond core drilling in 23 drill holes focused on expansion of advanced stage, "resource-ready" targets in anticipation of an inaugural NI 43-101 mineral resource estimate in 2023. It drilled 20.9 m of 230 g/t AgEq at Keno.

On January 24, 2023, Metallic Minerals Corp. has signed a production royalty agreement on five one-half miles of alluvial gold claims at its Australia Creek property in the Klondike gold district of Canada's Yukon, with Little Flake Mining, a company owned and operated by Parker Schnabel of Discovery Channel's top-rated television series Gold Rush.

Under the terms of the agreement, Little Flake will be granted exclusive rights to extract gold from the Australia Creek property, with Metallic Minerals receiving a percentage of the production as a royalty. This partnership will combine Metallic Minerals' expertise in mineral exploration and Little Flake's experience in gold mining to maximize production and profitability for both groups in the region. Mr. Schnabel is recognized as a highly experienced miner and, in December, 2022, was awarded the Robert E. Leckie Award for excellence in environmental stewardship by the Yukon government for reclamation work in the Klondike goldfields.

On January 12, 2023, Metallic Minerals Corp. announced that the initial assay results from the 2022 field program at the Keno Silver project located in the historic Keno Silver district of the Yukon; Canada's most important silver mining district. These results cover the East Keno area and represent the first in a series of results to be released from the Company's 2022 exploration program, which included 3,265 meters (m) of diamond core drilling in 23 drill holes focused on expansion of advanced stage, "resource-ready" targets in anticipation of an inaugural NI 43-101 mineral resource estimate in 2023. The company intercepts 144.5 Meters of 41.4 g/t Ag Eq as Bulk-Tonnage Ag-Pb-Zn Zone Emerges as Resource Target at Fox in East Keno, Keno Silver Project, Yukon, Canada.

On December 19, 2022, The TSX Venture Exchange has accepted for filing documentation with respect to the arm's-length acquisition of a property comprising six federally patented mineral claims within Colorado, known as the Morning Star property, pursuant to a property purchase agreement between the company and the vendors dated Sept. 28, 2022. By way of consideration, the vendors will receive a one-time cash payment totalling $35,000 (U.S.) and an aggregate of 275,000 common shares at a deemed price of 30.5 cents per share.

On November 10, 2022, Metallic Minerals Corp. announced that it has acquired a 100% interest in six (6) patented mineral claims (78.2 acres), known as the Morning Star property, within the La Plata mining district of southwestern Colorado. The claims are surrounded by, and contiguous with, unpatented mining claims held by the Company within the greater La Plata property claim outline, which now totals over 33 square kilometers (km2) in size. The Morning Star claims have the potential to host porphyry-style Cu-Ag-Au mineralization as both an extension of the nearby Allard resource or as a new porphyry center. In addition, the claims host potential for high-grade Au-Ag-Te epithermal mineralization.

On September 07, 2022, Metallic Minerals Corp. announced that it has acquired 100% interest in 5 square kilometres (“km2”) of new mineral properties in the Keno Hill silver district of Canada’s Yukon Territory, bringing the Company’s total district hard-rock land position to 171 km2. Each of these newly acquired properties have demonstrated the presence of high-grade Keno-style silver-lead-zinc mineralization and are adjacent to, or contiguous with, Metallic Minerals’ Keno Silver property and the Keno Hill properties now owned by Hecla Mining following the completion of the acquisition of Alexco Resources.

On July 27, 2022, Metallic Minerals Corp. announced the start of its 2022 exploration and drill campaign at the La Plata silver-gold-copper project, located in southwest Colorado. This is the Company’s second diamond core drill program at La Plata and follows the establishment of a new NI 43-101 compliant mineral resource estimate announced earlier this year (see news release dated April 26, 2022).

On June 13, 2022, Metallic Minerals Corp. reported that, further to its news release dated April 26, 2022, it has filed on SEDAR a National Instrument 43-101 technical report, entitled, "Technical Report on the Inaugural Mineral Resource Estimate for the Allard Cu-Ag Porphyry Deposit, La Plata Project Southwestern Colorado USA", has an effective date of April 3rd, 2022.

Scott Petsel, President of Metallic Minerals, stated, "The inaugural resource, which defined 889 million pounds of copper and 15 million ounces of silver (Inferred) at the Allard Cu-Ag Porphyry deposit, was a major milestone for the Company. The project team is currently working to finalize the next phases of exploration to include additional ground and airborne geophysical surveys, resource expansion drilling and the testing of newly identified targets representing both potential porphyry centers and high-grade silver-gold-telluride epithermal targets. We look forward to meeting with existing and potential shareholders this week during PDAC 2022 in Toronto June 13-15, as well as during the Yukon Mining Alliance Property Tours and Conference June 20-24 in Dawson City to discuss the exciting potential we see for both our flagship projects."

On June 09, 2022, the TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced May 18, 2022.

Number of shares: 9.6 million flow-through shares

Purchase price: 42 cents per flow-through share

Warrants: 4.8 million share purchase warrants to purchase 4.8 million shares

On June 09, 2022, Metallic Minerals Corp. has closed its previously announced non-brokered private placement financing for aggregate proceeds of $4,032,000 through the issuance of 9.6 million units at a price of 42 cents per flow-through unit. Each unit consists of one flow-through common share and one-half purchase warrant where each whole warrant is exercisable into a flow-through common share for 30 months at a price of 50 cents on the TSX Venture Exchange.

Proceeds from the private placement will be used toward eligible Canadian exploration expenses, within the meaning of the Income Tax Act (Canada). The private placement is subject to the final approval of the TSX-V. The flow-through shares will be subject to a hold period of four months and one day from their date of issuance under applicable Canadian securities law.

On May 26, 2022, Metallic Minerals Corp. has released the final set of assay results from its 2021 drilling completed at the company's 100-per-cent-owned 166-square-kilometre Keno silver project located within the historic high-grade Keno Hill silver district in Canada's Yukon. These drill tests were targeted at extending high-grade silver-gold-lead-zinc mineralization at the Formo deposit in the West Keno target area, one of several advanced stage targets moving toward an initial NI 43-101 mineral resource estimate for the Keno Silver project. Highlights:

Drilling in 2021 and 2020 by Metallic Minerals at the Formo deposit intercepted both high-grade Keno-style Ag-Au-Pb-Zn veins and broader zones of potentially bulk mineable mineralization.

FOR21-05 returned three intervals at over 1,000 g/t silver equivalent ("Ag Eq") from 92.7 m to 115.5 m for a total of 22.8 m grading 219.5 g/t Ag Eq including 0.5 m of 1,657.8 g/t Ag Eq with up to 17 g/t Au, 0.7 m of 1,408.8 g/t Ag Eq and 0.5 m of 1,649.9 g/t Ag Eq.

FOR21-06 intercepted multiple zones of mineralization with 4.6 m of 938.3 g/t Ag Eq including 3,229.9 g/t Ag Eq over 1.0 m within a broader zone of 11.4 m grading 413.7 g/t Ag Eq.

On May 18, 2022, Metallic Minerals Corp. has arranged a non-brokered private placement offering of 9.6 million flow-through units at a price of 42 cents per unit for aggregate gross proceeds of $4,032,000, representing a premium to the May 17 closing price of the company's common shares on the TSX Venture Exchange. The units consist of a flow-through share and a one-half warrant, and are being issued as part of a charity arrangement structured by Peartree Securities Inc.

All net proceeds from the Offering are planned to be used to incur Canadian Exploration Expenses ("CEE") under the Income Tax Act (Canada) primarily at Metallic Minerals' Keno Silver project in the historic, high-grade Keno Hill Silver District in Canada's Yukon Territory.

On May 04, 2022, Metallic Minerals Corp. has created a dedicated community and first nations relations team for the Metallic Group of Companies and appointed Lindsay Wilson to the role of manager, community and investor relations. Ms. Wilson will be working alongside Lauren Blackburn, the Company's Yukon-based Regulatory & Permitting Manager, in further strengthening our relationships with First Nations, local communities and governments.

On April 26, 2022, Metallic Minerals Corp. has released the first National Instrument 43-101 mineral resource estimate on its La Plata project in Colorado, which focuses on the central Allard copper-silver porphyry deposit. The Company acquired the project in 2019 and with confirmatory drilling and sampling has quickly generated a NI 43-101 compliant resource estimate consisting of 115.7 million tonnes at an average grade of 0.39% copper equivalent ("CuEq") (0.35% Cu and 4.02 g/t Ag), 985 million pounds of CuEq, using a 0.25% CuEq cut-off grade.

On April 12, 2022, Metallic Minerals Corp. announced further results from the 2021 field program at the Company’s flagship Keno Silver project located in Yukon, Canada.

Metallic Minerals expanded targets at East Keno with multiple intersections of broad, bulk tonnage silver mineralization. Hole KS21-71 intersected 112.8 m of 36.5 g/t AgEq and Hole KS21-72 intersected 88.4 m of 28 g/t Ag Eq.

On March 30, 2022, Metallic Minerals Corp. announced that it has granted 1,590,000 stock options to certain insiders, directors and employees of the Company.

On March 29, 2022, Metallic Minerals Corp. announced the appointment of Mr. Scott Petsel as President of the Company. Mr. Petsel has been Vice President of Exploration for Metallic Minerals since 2016.

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