Combined inferred resource between underground and in-pit total 18.2 Moz silver-equivalent.

Metallic Minerals Corp. Feb. 26 announced an inaugural mineral resource estimate for its Keno Silver project in the iconic Keno Silver District in Canada's Yukon, culminating in 18.16 million ounces of contained silver-equivalent.

Consisting of 171 square kilometers (66 square miles) within the historic Keno Hill Silver District, Metallic Minerals holds 100% of this promising target that lies adjacent to Hecla Mining Company's Keno Hill silver mine.

Covering the eastern portion of the district, along with sections on the western and southern sides, Metallic Minerals' land package hosts eight of the 35 historical silver mines that have returned some of the highest grades in the district – with five averaging production grades above 5,000 grams per metric ton silver.

Last year, Metallic conducted a program comprised of 1,112 meters of drilling focused on expanding its Formo target in the West Keno area. This drilling was to establish its inaugural NI 43-101 compliant resource estimate which the company originally intended for fourth-quarter 2023.

However, this resource was delayed in order to include the promising values from the final results at Formo.

Highlights from drilling at Formo reported in January include:

• 0.69 meters averaging 3.6 grams per metric ton silver and 6.2 g/t gold from a depth of 148.74 meters in hole FOR23-001.

• 1.05 meters averaging 3.5 g/t silver and 0.79 g/t gold from 172.3 meters in FOR23-002.

• 2.46 meters averaging 43.7 g/t silver, 0.11 g/t gold, 0.33% lead, and 0.43% zinc from 122 meters in FOR23-004.

• 46.05 meters averaging 99.1 g/t silver, 0.52 g/t sold, 0.65% lead, and 2.62% zinc from 239.35 meters in FOR23-003.

"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," said Metallic Minerals President Scott Petsel.

According to the inaugural calculation for Keno Silver, four deposits – Formo, Fox, Caribou and Homestake – host 2.5 million metric tons averaging 233 g/t silver-equivalent (which is the value of all metals expressed through silver), equating to roughly 18.16 million oz of contain silver-equivalent.

Metallic Minerals Corp.

Broken down between its targets and resource types, the underground inferred mineral resource comes from the Formo deposit, which comprises 1.08 million metric tons averaging 369 g/t (7.11 million oz) silver, 0.08 g/t (3,000 oz) gold, 1.52% (36 million pounds) of lead, and 2.79% (66.1 million lb) zinc for a total of 12.77 million oz of silver-equivalent.

Split between its Caribou, Fox, and Homestake deposits, the in-pit inferred mineral resource comprises 1.46 million metric tons averaging 115 g/t (2.7 million oz) silver, 0.12 g/t (5,500 oz) gold, 0.28% (8.86 million lb) lead, and 1.02% (32.95 million lb) zinc.

"We are very pleased to achieve this major milestone of an inaugural resource estimate for the Keno Silver project, which we see as having clear potential for major expansion within this world-class silver district, directly adjacent to one of the world's highest grade silver mines," said Petsel. "Since the first acquisitions of Keno properties in 2016, the company has worked diligently towards this announcement through a series of systematic advancements including successfully consolidating the current 171-square-kilometer property package, district-wide data compilation, target development and drill testing."

Metallic anticipates significant resource expansion with further drilling as each of these deposits are contained within 250 meters depth from surface and are open along strike in all directions and at a depth where grades typically trend higher.

"With 42 early-stage targets developed on the property, 11 targets that have been drill tested with significant results, and now four target areas that have advanced to inferred resources, we see this milestone as a foundation from which there are very clear opportunities to quickly and efficiently grow the 2024 resource estimate with additional drilling, while continuing to advance early-stage targets to new discoveries," added Petsel.

In the works, subsequent campaigns which the company expects to begin sometime this year will focus on expansion through the drilling of extensions of the current resource deposits, definition drilling of very prospective early-stage drilled targets, and targeting of new discoveries at high-priority targets that have yet to be drill tested.

So far, the 2024 resource estimate is held within four of 11 target areas that have returned positive results from initial drill testing to date. However, this leaves a potential 42 additional targets that have yet to be drill tested since its acquisition in 2016.

"Metallic Minerals' combined inferred mineral inventory, now including both the Keno Silver and La Plata projects, consists of 35.76 million ounces of silver and 1.2 billion pounds of copper," finished the mining president. "Further updates are expected in the coming weeks, including first drill results from the ongoing campaign at La Plata in Colorado which continue to be processed."