Metallic Minerals Drilling Extends Known Extent of Mineralization at Keno Hill Silver District by 10 km

Includes New Discoveries of High-Grade Silver Veins within Bulk Tonnage Silver Intercepts

VANCOUVER, February 18, 2021 - Metallic Minerals (TSX.V:MMG) (OTCQB:MMNGF) ("Metallic Minerals" or the "Company") is pleased to announce results from the first drilling program ever completed on the eastern part of the Keno Hill silver district. Soil sampling and geophysical surveys over the past two years at East Keno identified 12 multi-kilometer-scale anomalies which indicated potential for large-scale mineralization in an underexplored part of the district. The largest of these target areas extend up to five kilometers in length and two kilometers in width with values exceeding 100g/t silver equivalent ("AgEq") in soils. A total of 30 shallow reverse circulation ("RC") holes totaling 2,644 meters (8,674 ft) were drilled in 2020, testing just a small fraction of these recently defined targets, with results confirming the presence of high-grade Keno-style mineralization within broad continuous zones of potential bulk-tonnage silver mineralization. These results expand the known extent of drill-defined Keno-style mineralization by 10 kilometers to the east and south of the historic Keno Hill mine and open this major new area of prospective stratigraphy for exploration.

2020 East Keno Exploration Program

Metallic Minerals' 166km² Keno Silver project is the second largest land position in the historic Keno Hill silver district, directly adjoining Alexco Resource Corp.'s mining operations. Keno Hill is one of the world's highest-grade silver districts, with nearly 300 million ounces of silver in past production¹ and current M&I resources², as well as excellent existing infrastructure including grid power, road access, and nearby community services.

This initial drill campaign at targets in the East Keno area has confirmed both the continuation of the geologic and structural setting for high-grade Keno-style vein structures from the more developed western part of the district, as well as the potential for shallow bulk-tonnage silver mineralization which has never previously been recognized in this part of the district. The occurrence of mineralization within broad areas of brecciation and pervasive silicification has expanded the potential favorable host rock settings beyond the main Keno Hill quartzite and greenstones in this area. In addition, the identified multi-kilometer-scale soil anomalies spatially correspond with large geophysical magnetic low features that may represent magnetite destructive alteration zones or proximal, buried mineralizing intrusive bodies.

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. They are typically associated with proximal source intrusives and volcanics, which often have a strongly contrasting magnetic signature. These large-scale deposits have bulk silver grades from 25 to 100 g/t and up to a few percent combined lead and zinc over bulk-tonnage widths. The results from the shallow 2020 East Keno drilling program are similar in tenor to the silver grades of these model deposits and share a number of common geologic characteristics. These initial shallow drill holes (<100 m depth) test only a small portion of these multi-kilometer soil and geophysical anomalies and are believed to define the surface expression of major structural corridors. Follow-up RC and diamond core drilling will be initiated in 2021 to determine the potential width, depth and extensions along these new trends.

2020 East Keno Reconnaissance Drilling Highlights

• Silver mineralization and structure were successfully intercepted in 26 of 30 reconnaissance RC drill holes testing broad scale soil and geophysical anomalies, with six holes intersecting silver mineralization over 10 to 28 meters of continuous width with 30 separate higher-grade drill intervals exceeding 100 g/t AgEq, including seven intervals of over 500 g/t AgEq (see complete results in Table 1 below).
• KE-20-01 in the Fox target area, part of a five-kilometer-long by two-km-wide soil and geophysical target, intersected multiple higher-grade zones including 0.77 m at 1,416.9 g/t Ag Eq (1,145 g/t Ag, 2.19% Pb and 3.72% Zn) and additional intervals of 0.76 m of 343.2 g/t AgEq and 0.76 m at 318.6 g/t AgEq within a 28.2 m interval of continuous mineralization from 41.2 to 69.3 m grading 70.1 g/t AgEq.
• KE-20-02 also at the Fox target area, intersected three separate zones of mineralization with 22.1 m of continuous mineralization from 48 to 70 m grading 52.3 g/t AgEq including 0.76 m of 683.5 g/t AgEq.
• KE-20-11 in the Zone 2 target area, 1.2 kilometers south of Fox, intersected multiple higher-grade zones including 0.76 m 571.3 g/t AgEq, 1.52 m of 174.5 g/t AgEq, 5.34 m of 134 g/t AgEq within 18.3 m of continuous mineralization from 22.86 to 41.15 m assaying 63 g/t AgEq.
• KE-20-12 in the UKHM target area, 1.1 kilometers south of Zone 2, intersected 4.6 m of continuous mineralization containing 254.7 g/t AgEq and including 0.76 m of 509.9 g/t AgEq and 0.76 m of 809 g/t AgEq.
• KE-20-16 in the Cobalt Hill target area, 4.7 kilometers northeast of Fox, intercepted multiple higher-grade zones including 3.81 m of 594.3 g/t AgEq within 12.2 m of continuous mineralization grading of 27.9 g/t AgEq.

Greg Johnson, Chairman and CEO of Metallic Minerals, stated, "The results from this first phase of wide-spaced RC drilling at East Keno has successfully demonstrated proof of concept with the discovery of multiple high-grade Keno-style mineralized zones, as well as identified broad continuous zones of bulk-tonnage styles of silver mineralization in a previously untested part of the historic Keno Hill silver district. These new drill-based discoveries, with 26 of 30 holes yielding significant intercepts, have confirmed the effectiveness of our systematic geochemical and geophysical exploration techniques and opened a huge area of prospective stratigraphy for exploration to the east of the Keno Hill mine. We believe there is excellent potential to build and extend on these results through step out core and RC drilling based on the scale of the geochemical and geophysical signatures, and we look forward to an expanded program to follow up on this work. Subsequent news releases will report additional drill results from the advanced stage West Keno area where an additional 12 diamond core holes totaling 2,674 meters (8,772 ft) were completed at the Formo and Silver Queen targets in 2020."

2021 Keno Silver Exploration Drilling Program

Exploration in 2021 will continue to evaluate these areas for their potential to host both bulk tonnage and high-grade Keno-style vein targets. Planning is underway on an expanded exploration program focusing on follow up step out core and RC drilling to test more of these multi-kilometer-wide targets down dip and along trend, as well as to complete additional reconnaissance drilling on the remaining untested multi-kilometer-scale targets at East Keno. The program will also expand the soil and geophysical surveys to cover the remaining untested areas.

Live Webinar

Metallic Minerals will be hosting a live webinar event on Monday, February 22 at 1:00pm PST / 4:00pm EST during which Chairman & CEO, Greg Johnson, will discuss the results from the first phase of 2020 drilling and the Company's plans moving into Q2, including the upcoming 2021 exploration season. Click here to register.

Figure 1 - East Keno 2020 Drill Hole Locations and Soil Geochemical Results

Figure 2 - East Keno Target Area Magnetic Survey and Drill Hole Locations

Table 1. Significant drill results from the East Keno Target areas of the Keno Silver Project

Hole	Area	From (m)	To (m)	Width (m)	Ag Eq g/t	Ag g/t	Au g/t	Pb %	Zn %
KE20-01	Fox	41.15	69.34	28.19	70.1	44	0.011	0.14	0.39
	incl	41.15	41.91	0.76	318.6	64	0.133	0.23	4.83
		54.1	54.86	0.76	343.2	236	0.003	2.01	0.63
		67.81	68.58	0.77	1416.9	1145	0.029	2.19	3.72
KE20-02	Fox	22.86	23.62	0.76	70.1	40	0.002	0.24	0.42
		48	70.1	22.1	52.3	18	0.012	0.05	0.63
	incl	48	48.77	0.77	165.9	48	0.057	0.05	2.27
		63.24	64	0.76	683.5	301	0.132	0.68	7.14
		83.82	84.58	0.76	79.5	37	0.163	0.05	0.50
KE20-03	Fox SW	21.33	22.1	0.77	149.2	88	0.006	0.02	1.22
		78.48	82.29	3.81	74.4	5	0.006	0.00	1.41
	incl	81.53	82.29	0.76	305.7	20	0.006	0.01	5.91
KE20-04	Fox SW	18.29	19.05	0.76	98.1	62	0.004	0.41	0.41
		99.82	100.58	0.76	126.2	28	0.029	0.00	1.93
KE20-08	Fox N	41.91	42.67	0.76	387.2	293	0.010	0.03	1.89
		70.86	71.62	0.76	108.9	19	0.003	0.04	1.80
KE20-10	Fox W	1.52	19.81	18.29	25.8	6	0.017	0.01	0.32
		18.29	19.81	1.52	91.1	18	0.057	0.03	1.36
KE20-05	Zone 2	16.76	17.53	0.77	65.7	59	0.004	0.15	0.02
		57.15	58.67	1.52	62.7	57	0.001	0.13	0.01
	incl	57.91	58.67	0.76	86.4	80	0.001	0.14	0.01
		76.96	83.82	6.86	37.5	22	0.004	0.05	0.26
	incl	80.01	80.77	0.76	165.3	76	0.026	0.09	1.70
		94.48	95.25	0.77	78.5	48	0.000	0.48	0.23
KE20-06	Zone 2	61.72	62.48	0.76	250.1	153	0.015	1.56	0.75
		83.82	94.48	10.66	52.1	26	0.003	0.19	0.37
	incl	84.58	85.34	0.76	228.0	130	0.005	1.04	1.19
		99.06	99.82	0.76	108.7	82	0.033	0.59	0.02
KE20-11	Zone 2	22.86	41.15	18.29	63.0	54	0.02	0. 19	0.01
		22.86	24.38	1.52	174.5	161	0.051	0.23	0.00
		35.81	41.15	5.34	134.0	113	0.026	0.47	0.01
	incl	35.81	36.57	0.76	188.3	153	0.031	0.81	0.02
		38.86	39.62	0.76	571.3	493	0.074	1.82	0.02
KE20-07	UKHM	56.39	57.91	1.52	97.0	84	0.035	0.13	0.09
		57.15	57.91	0.76	143.8	130	0.045	0.14	0.07
Hole	Area	From (m)	To (m)	Width (m)	Ag Eq g/t	Ag g/t	Au g/t	Pb %	Zn %
KE20-09	UKHM	115.06	115.82	0.76	370.9	353	0.038	0.23	0.10
KE20-25	UKHM	21.33	23.62	2.29	125.3	117	0.015	0.16	0.01
		22.86	23.62	0.76	316.3	301	0.042	0.26	0.02
		30.48	31.24	0.76	126.7	80	0.005	0.25	0.74
KE20-12	UKHM	85.34	89.91	4.57	254.7	139	0.018	0.89	1.63
		86.1	86.86	0.76	509.9	246	0.005	2.53	3.45
		89.15	89.91	0.76	809.0	462	0.094	2.18	5.15
KE20-16	Cobalt	15.24	27.43	12.19	27.9	1	0.000	0.03	0.52
	incl	16	16.76	0.76	145.7	9	0.001	0.10	2.77
		64.77	68.58	3.81	594.3	28	0.002	0.52	11.41
KE20-18	Cobalt	9.91	13.72	3.81	45.0	5	0.000	0.08	0.77
	incl	12.95	13.72	0.77	73.1	5	0.000	0.135	1.31
		22.1	22.86	0.76	130.9	5	0.000	0.09	2.56

Silver equivalent (Ag Eq) values assume Ag $18/oz, Pb $1.00/lb, Zn $1.25/lb, Au $1,800/oz and 100% recovery. Sample intervals are based on measured drill intercept lengths.

About the Keno Silver Project

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's Keno Hill operations, which rank as one of the world's highest grade primary silver mines. Metallic Minerals has consolidated the second largest land position in the district, with its holdings including eight shallow, high-grade past producing deposits as well as the entire eastern portion of the district which had only seen limited exploration due to previously fragmented land ownership, vegetation cover, and lack of road access. Six advanced-stage targets along the main productive trends are progressing towards initial mineral resources and 12 new multi-kilometer-scale targets have been identified on the greenfields areas to the east. Drilling by Metallic in 2020 has confirmed the discovery of both high-grade Keno-style vein structures and potential bulk-tonnage silver similar in style to systems like Newmont's Peñasquito deposit. Recent reconnaissance drill tests of the first of these very large soil and geophysical targets at East Keno have expanded the Keno Hill silver district by at least 10 kilometers to the east, opening a major new area of prospective terrain controlled by Metallic Minerals in this prolific high-grade silver district. Planning is underway for a significantly expanded exploration program in 2021 to drill the remaining untested targets as well as to extend these newly discovered zones through step out core and RC drilling.

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.

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

Footnote References

1) Cathro, R. J., Great Mining Camps of Canada 1. The History and Geology of the Keno Hill Silver Camp, Yukon Territory. Geoscience Canada, Sept. 2006. ISSN 1911-4850. 2) Alexco Resource Corp, NI 43-101 Technical Report "Prefeasibility Study of the Keno Hill Silver District Project, Yukon, Canada", Feb.13, 2020. 3) Alexco Resource Corp news release, January 21, 2019, "Alexco 2018 reconnaissance drilling confirms continuation of Bermingham mineralization at depth and identifies an offset extension, identifies gold targets"

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.

Qualified Person

The disclosure in this news release of scientific and technical information regarding exploration projects on Metallic Minerals' mineral properties has been reviewed and approved by Scott Petsel, P.Geo., Vice President, Exploration, who is Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

Quality Assurance / Quality Control

All samples were assayed by 36 Element Aqua Regia Digestion ICP-MS methods at Bureau Veritas labs in Vancouver. with sample preparation in Whitehorse, Yukon and geochemical analysis in Vancouver, British Columbia. Samples with over limit silver and gold were re-analyzed using a 30-gram fire assay fusion with a gravimetric finish. Over-limit lead and zinc samples were analyzed by multi-acid digestion and atomic absorption spectrometry. All results have passed the QAQC screening by the lab and the company utilized a quality control and quality assurance protocol for the project, including blank, duplicate, and standard reference samples.

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.