Metallic Minerals Launches 10,000+ meter Drill Program at Keno Silver Project in Yukon, Canada

VANCOUVER, June 9, 2021 - Metallic Minerals (TSX.V:MMG | OTCQB:MMNGF) ("Metallic Minerals", or the "Company") announces the mobilization of its exploration team for the start of the 2021 drilling and exploration campaign at the Company's 100% owned, 166 square kilometer Keno Silver project, located adjacent to Alexco Resource Corp.'s high-grade mining operations in the historic Keno Hill silver district of Canada's Yukon Territory. A multi-rig drill program of at least 10,000 meters is planned with a focus on expansion drilling at advanced-stage targets in addition to follow-up drilling at recent discoveries and initial reconnaissance drilling at several earlier-stage multi-kilometer-scale soil and geophysical targets.

The planned 2021 drill campaign will be the largest conducted on the Keno Silver project to date, with an expected 50-75 holes to be completed at multiple priority targets in each of the East, Central and West Keno areas. Expanded soil and geophysical surveys are also planned to aid in refinement and prioritization of reconnaissance drill targets in several untested target areas.

East Keno Target Area

The 2021 program has been designed to build on the success of the 2020 program, which effectively expanded the known extent of drill-defined mineralization by 10 kilometers to the east and demonstrated the potential for major new discoveries in this underexplored part of the district. As announced in February, results from discovery drilling at East Keno included initial tests of multi-kilometer-scale soil anomalies that correspond with large geophysical magnetic low features the Company believes may represent magnetite destructive alteration zones or proximal, buried mineralizing intrusive bodies. Mineralization and structure were intercepted in 26 of 30 holes and revealed the presence of high-grade Keno-style, vein-hosted silver within broad continuous zones of potential bulk-tonnage silver mineralization.

This geologic setting is potentially similar to that hosting some of the world's largest bulk-tonnage silver deposits, including Newmont's Peñasquito, Fortuna's Caylloma, and SSR's Chinchillas deposits, which are hosted in breccia, fracture, and stockwork structural zones, as well as higher-grade sheeted veins and structures, and are associated with proximal source intrusives and volcanics. The results from the shallow East Keno drilling completed to date are similar in tenor to the silver grades of these model deposits and share a number of common geologic characteristics.

Figure 1 - East Keno Long Section

Drilling in 2021 will follow up on the results from the first phase of wide-spaced RC drilling at East Keno stepping out along strike and down dip of those significant drill-based discoveries to begin to determine the potential width, depth and extensions along these new trends as well as potentially investigate the source of mineralization. The initial shallow drill holes completed in 2020 tested just a small portion of the multi-kilometer soil and geophysical anomalies with additional drill holes planned along this mineralized trend within broad areas of brecciation and pervasive silicification.

West Keno - Formo Target Area

In April, the Company announced the results from drilling at the advanced-stage Formo target, in the West Keno area, where diamond drill holes intercepted very high-grade Keno-style silver mineralization that remains open to expansion in all directions. Highlight results include 4.1m at 2,536 g/t silver equivalent ("Ag Eq") at 96 m depth including 3m at 3,425.9 g/t Ag Eq (1,568 g/t Ag, 29.45% Pb and 15.35% Zn). Formo is located at the intersection of a north-easterly structural zone extending from the Hector-Calumet mine, which was the largest producer in the district producing nearly 100 million ounces of silver¹, and the Elsa structural trend, which was the second largest silver producer in the district. The historical Formo mine produced silver at various times since the 1930s from high-grade vein structures that graded an average of 5,092 g/t silver¹. The majority of this historic production came from an open pit located alongside of the Silver Trail highway between the Elsa townsite and Keno City.

In addition to the mineralization at the known Formo deposit, two new surface targets have been identified along the same structural corridors within parallel greenstone sills. The 2021 drill program at Formo will aim to significantly expand the known mineralization defined from underground sampling and historic and recent drilling, as well as to potentially define new high-grade deposits along the main mineralized structural corridor.

Figure 2 - Formo Long Section

Central Keno - Caribou & Homestake

In addition to work at Formo, continued expansion drilling at the advanced stage Caribou and Homestake targets is a top priority to support potential development of an initial resource estimate at the Keno Silver project. Highlight results from the Caribou deposit include 1.6 m @ 2,851 g/t Ag Eq (1,405 g/t Ag, 26% Pb, 3.7% Zn, and 0.28 g/t Au) and 1.4 m @ 2,257 g/t Ag Eq (1,696 g/t Ag, 9.4% Pb, 0.94% Zn and 0.85 g/t Au). There are more than 50 mineralized intersections at Caribou and the deposit remains open to expansion to the south, north and down dip. In addition, drilling will test the newly developed high-level silver-in-soil anomaly that extends for 2 km south of the drill defined mineralization.

Metallic Minerals Chairman & CEO, Greg Johnson, commented: "We are excited to launch our 2021 field programs in the Keno Hill silver district with our largest exploration campaign to date on the project at over 10,000 meters. This multi-rig drill program will focus on expansion drilling at several advanced-stage targets and follow-up drilling at recent discoveries, along with initial reconnaissance drilling at several priority untested multi-kilometer-scale soil and geophysical targets. The Keno Hill silver district stands out as one of the world's highest-grade, near-surface silver producing regions with operating mines, roads, power and infrastructure in place within a top-rated mining jurisdiction. Metallic Minerals is well-positioned to make significant new discoveries and to build high-grade silver resources on its district scale land position during this period of rising silver prices within this major new bull market commodity cycle. With the early start of this year's drill program, assay results should be released throughout the summer as they become available. We look forward to the exciting exploration season ahead as well as providing additional updates including with respect to exploration at our La Plata silver-gold-copper project in Colorado, USA and our alluvial gold royalty portfolio in the Klondike gold district."

COVID-19 Protocols

Metallic Minerals has worked closely with the Yukon government to develop a COVID-19 safety plan that enables the Company to implement an effective work plan while maintaining the highest degree of safety of our workers and surrounding communities. The Company strictly adheres to mandates put in place by health authorities at the Federal and Territorial government level and hold the health and safety of our workers, and the citizens of the communities in which work in the highest regard.

About the Keno Silver Project

Keno Hill is one of the world's highest-grade silver districts, with nearly 300 million ounces ("Moz") of silver in past production and current M&I resources^1,2 and featuring excellent existing infrastructure, including grid power, road access and nearby community services. 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, and includes 8 high-grade, shallow past-producing mines that have yet to be subjected to modern exploration due to previously unconsolidated land ownership. The Company has advanced three targets in the central and western parts of the district to step-out drilling stage and several additional targets to drill-ready status along the known historically productive trends. In addition, recent exploration has refined and expanded 12 new priority multi-kilometer-scale early-stage targets for reconnaissance drilling in the under-explored eastern and western parts of the district where highly elevated silver, lead and zinc in soils and high-grade rock samples have been identified.

About Metallic Minerals

Metallic Minerals Corp. is a growth stage exploration company, focused on high-grade silver and gold in underexplored brownfields mining districts. Our objective is to create shareholder value through a systematic, entrepreneurial approach to exploration in the Keno Hill silver district, La Plata silver-gold-copper district, and 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. 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.

About the Metallic Group of Companies

The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfields assets in established mining districts adjacent to some of the industry's highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon's high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana, and Granite Creek Copper in the Yukon's Minto copper district. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry's leading explorer/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Website: www.metallic-minerals.com
Phone: 604-629-7800

Email: chris.ackerman@metallic-minerals.com
Toll Free: 1-888-570-4420

Forward-Looking Statements

Forward Looking Statements: This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Group Ten and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Metallic Minerals Corp.