Metallic Minerals Enters into Option Agreement with Argyle Resources

Metallic Minerals Corp. has announced an option agreement with Argyle Resources Corp. granting Argyle an opportunity to acquire a 100% interest in the McKay Hill property in Yukon. The total consideration amounts to $2.25 million, comprising cash payments, common shares, and exploration expenditures. The agreement supports Metallic's strategy to focus on core projects, while allowing for future returns via equity and royalty.

The deal allows Argyle to complete its commitments over three years or accelerate the process. Upon completion, Metallic will maintain an equity stake in Argyle and a 3.5% Net Smelter Returns royalty. McKay Hill, located near the Keno Hill Silver District, offers potential for silver-gold-copper-lead-zinc mineralization.

Recent exploration has identified multiple kilometer-scale targets and high-grade polymetallic structures, setting the stage for further exploration and potential expansion of discovered resource clusters.