West Keno

Property Overview

The Western Keno Hill district is host to the largest historic production and current resources in the prolific Keno Hill silver district. The Formo target 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 silver and the Elsa structural trend, which was the second largest silver producer in the district (see Figure 2).

The Formo property, which include the Formo Mine, also known as the Yukeno Mine, was acquired by Metallic Minerals in 2017. The historic Formo mine produced high-grade silver at various times since the 1930s from high-grade vein structures that graded over 1,000 g/t silver1. Significant underground exploration drifts were developed in the 1950s with most of the historic production from an open pit located alongside of the Silver Trail highway between the Elsa townsite and Keno City and last mined in the 1980s.

Figure 2 – West Keno Plan Map

Figure 3 – Formo Vein Long Section (looking NW)

The primary Formo vein structure is exposed at surface in an open cut. Multiple veins have been encountered in the target area that demonstrate an association with Triassic greenstones in the Earn group schist, similar to the Sadie Ladue deposit which produced 12.7 Moz silver at a grade of 1,620 g/t Ag1. In addition to the mineralization at the known Formo deposit, two new surface targets have been identified through soil and rock sampling along the same structural corridors that show potential to host high-grade and bulk tonnage Keno-style Ag-Pb-Zn veins on the Formo property.

Since 2020 Metallic Minerals has drilled 26 holes (~4500 m) at the Formo Target to compliment the six core holes and 54 percussion holes drilled by previous owners between 1980 and 1981. The Formo Target is open to significant expansion opportunities and is poised to lead the Company’s efforts to establish resources on the Keno Silver project in Q1 2024.

1)Cathro, R. J. (Bob). Great Mining Camps of Canada 1. The History and Geology of the Keno Hill Silver Camp, Yukon Territory. Geoscience Canada, [S.l.], Sept. 2006. ISSN 1911-4850

References to adjoining properties are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent or nature of mineralization or potential future results of the Company’s projects

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