Metallica Metals Announces New Discoveries on Eastern Side of Starr Project Including 0.86 g/t Au over 13.3 m & 17.2 g/t Ag over 3.6 m at Brandi Zone and 1 g/t Au & 105 g/t Ag over 0.7 m at CK Showing

Vancouver, British Columbia--(Newsfile Corp. - June 13, 2022) - Metallica Metals Corp. (CSE: MM) (OTCQB: MTALF) (FSE: SY7P) (the "Company" or "Metallica Metals") is pleased to announce the remaining drilling assay results from its Starr Gold-Silver Project ("Starr" or the "Project") in the Thunder Bay Mining District of Ontario, specifically for diamond drill holes STR21-016 to STR21-030 completed in the Eastern Starr target area. Drilling intersected significant gold and silver mineralization within the newly-discovered Brandi Zone and CK Showing targets (Figure 1). The Project, which the Company has the right to earn up to a 100% interest from Benton Resources Inc. covers a large land position (5,991 ha) that includes several high-grade gold and silver occurrences within a 20 km long segment of the southwestern section of the Shebandowan Greenstone Belt (Figure 2).

Highlights:

• Drill holes STR21-016 to STR21-021 and STR21-030 were collared in the newly-discovered and newly-named Brandi Zone target in Eastern Starr. This is the first time this target has been drilled and hole locations were determined based on the MobileMT airborne geophysics survey completed by the Company in 2021, in combination with historical surface grab samples and a historical IP survey. STR21-017 reported a thick zone of gold and silver mineralization including 0.86 g/t Au over 13.3 m from a shallow depth of 12.6 m. STR21-030 reported high grade silver mineralization from surface including 7.33 g/t Ag over 9.15 m.
  
  
• Drill holes STR21-022 to STR21-027 were collared in the CK Showing target in Eastern Starr, previously explored at surface by Benton Resources in 2009, but never before drilled. STR21-022 reported high-grade gold and silver mineralization including 1.02 g/t Au over 0.7 m and 7.97 g/t Ag over 12.25 m including 105 g/t Ag over 0.7 m.
  
  
• Some excellent gold and silver metal factors (g/t Au x m and g/t Ag x m) have been uncovered with a gold factor of 11.44 from the intercept 0.86 g/t Au over 13.3 m in hole STR21-017 and a silver factor of 97.63 from the intercept of 7.97 g/t Ag over 12.25 m in hole STR21-022.
  
  
• A summary of significant assay intercepts for gold and silver are shown below in Tables 2 and 3.
  
  
• Assay results from drill holes completed in Brandi Zone uncovered the shallow gold and silver mineralization in this newly-discovered target area, and these results indicate further drilling is warranted to determine the lateral extent of mineralization. Assay results from drill holes completed at the CK Showing discovered the silver-rich mineralization at shallow depths including some high-grade zones at very shallow depths over 100 m southwest of the showing itself, which may indicate a significant lateral extent for mineralization that needs to be followed up with further drilling.

Aaron Stone, CEO of Metallica Metals commented, "The Starr Project continues to indicate a large potential for additional significant discoveries based on the latest assay results. These were the first drill holes completed on the Brandi Zone and CK Showing targets, and we believe that these drill holes have intersected the outskirts of an extensive mineralized system, which warrants follow-up work. The Starr Project has already proven that it is capable of hosting high-grade gold and silver mineralization based on the recent assay results from the Starr Central target. Metallica Metals is excited to return to these new discoveries to expand on their mineralization potential."

Figure 1: Location of Starr Central and Eastern Starr showings and target areas for drilling

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Figure 2: Location of Metallica Metals' Starr Gold-Silver Project with respect to adjacent properties including the Moss Lake gold deposit(sources: 2013 NI 43-101 Technical Report and PEA for the Moss Lake Project and Kesselrun Resources October 7, 2020 news release - see figure notes below for further details on mineral resource estimate reference)

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Figure Notes: The adjacent Moss Lake gold deposit hosts an Indicated Mineral Resource of 39,797,000 tonnes grading 1.1 g/t Au for 1,377,300 contained ounces of gold and an Inferred Mineral Resource of 50,364,000 tonnes grading 1.1 g/t Au for 1,751,600 contained ounces of gold, and is currently under care and maintenance (source: NI 43-101 Technical Report and PEA for the Moss Lake Project with an effective date of May 31, 2013 and filed on SEDAR under Moss Lake Gold Mines Ltd., now Wesdome Gold Mines Ltd.). Readers are cautioned that mineralization and mineral resource estimates on adjacent and/or nearby properties are not necessarily indicative of mineralization on the Starr Project (please refer to additional cautionary statements below).

Technical Overview of Drilling Program

A collar table for diamond drill holes STR21-016 to STR21-030 completed in the Eastern Starr area is shown below in Table 1. Significant assay intercepts for gold and silver are shown in Tables 2 and 3, respectively. Figure 3 indicates the drill hole locations in the Brandi Zone and CK Showing. Figures 4 and 5 indicate the significant drill assay intercepts from the Brandi Zone and CK Showing drill holes, respectively.

Table 1: Collar table for Eastern Starr diamond drill holes

Note: Surveyed collar coordinates in UTM NAD83 Zone 15N

Table 2: Significant Gold (Au) Intercepts for Eastern Starr drill holes

Notes:

1. Numbers may not add up due to rounding.
2. True widths for these intervals are unknown at this time. Grades are uncut.
3. Metal factor is defined as the gold (Au) grade in grams per tonne (g/t) multiplied by the core length in metres (m).

Table 3: Significant Silver (Ag) Intercepts for Eastern Starr drill holes

Notes:

1. Numbers may not add up due to rounding.
2. True widths for these intervals are unknown at this time. Grades are uncut.
3. Metal factor is defined as the silver (Ag) grade in grams per tonne (g/t) multiplied by the core length in metres (m).

Figure 3: Location of Brandi Zone and CK Showing drill holes

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Figure 4: Significant Drilling Assay Results at Brandi Zone

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Figure 5: Significant Drilling Assay Results at CK Showing

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Summary of Drilling Results

Metallica Metals focused its recent diamond drilling program on a combination of historical high-grade gold mineral occurrences within the Starr Project. The three main areas that have been tested are the Starr Central (Starr and Powell Zones) and Starr Eastern (CK Showing, Brandi Zone, and Megan Vein) target areas (Figure 1). Drilling has tested several structural and geophysical targets determined from the Company's recently completed MobileMT airborne mag-EM survey, in combination with all historical geochemical, geophysical, and geological data from the Project. Drilling supervision, and core logging and sampling was managed by Fladgate Exploration Consulting Corp. ("Fladgate") of Thunder Bay. Diamond drilling was completed by Forage Fusion Drilling (FFD) and Missinaibi Drilling Ltd. using track-mounted drilling rigs. All diamond drill core was NQ-size diameter and all holes were downhole surveyed using a Reflex survey tool and drill collars were surveyed by Fladgate personnel using an APS surveying device.

In total between September 2021 and January 2022, Metallica Metals completed 30 NQ-sized diamond drill holes totaling 4,351 m on the Starr Project. A description of the drilling program and core logging and sampling results in the Eastern Starr area is shown below.

Brandi Zone

Prior exploration activities completed at the newly named Brandi Zone included historical prospecting, soil sampling and various geophysics surveys and the 2021 MobileMT survey flown by Expert Geophysics for the Company. A structural interpretation carried out by MB Geophysics highlighted a number of cross-cutting 1st and 2nd structural features in this target area. Grab samples in the Brandi Zone returned gold values from 1.0 to 3.0 g/t that were associated with large sections of hematite-stained faulting hosted in quartz-feldspar porphyries and mafic volcanics. The placement of drill holes in the Brandi Zone target area by Metallica Metals was mainly based off 1st and 2nd order structures highlighted in the 2021 geophysics interpretation and prospecting grab samples (Figure 3).

Drill holes completed by Metallica Metals in the Brandi Zone (STR21-016 to STR21-021 and STR21-030) were all collared into a felsic to intermediate rock unit consisting of disseminated pyrite mineralization (~1%) and abundant euhedral quartz eyes. Patches of strong hematization and silicification occurred throughout and varied from ~40 cm to 2 m wide. Sections lacking hematization hosted 1-5 cm wide, vuggy, quartz-carb veins hosting blebby pyrite (~1%). In this unit, sections with increased brittle deformation hosted relatively stronger disseminated pyrite mineralization (~3%). This unit was commonly found interbedded with a light tan coloured granitic unit (tonalite). Quartz vein material occurring throughout had a rough 'stockwork-like' appearance in sections spatially associated with brittle deformation. These conditions hosted ~2% disseminated pyrite and trace chalcopyrite on average. Further down hole, deformation becomes more ductile in this unit giving weak banding observed in milky white quartz vein hosting 0.5% pyrite and trace chalcopyrite. Mafic volcanics in this area contained sharp upper and lower contacts with a weak foliation throughout. Pervasive chlorite alteration and fracture-controlled epidote alteration dominated the mafic volcanics in this area. Sulphide mineralization, when present, was found associated with centimetre scale quartz-carbonate veining. Significant drilling assay results from the Brandi Zone are shown in Figure 4.

CK Showing

Prospecting completed in 2009 by Benton Resources had revealed a new gold and silver showing on the southern shore of Cunniah Lake, referred to as the "CK Showing" (or the "Keats Zone" in some literature). At surface, gold and silver mineralization was found within a sulphide mineralized quartz system that trended generally to the northeast and dipped sub-vertically. The quartz vein is pyrite mineralized with up to 5% coarse grained pyrite in localized sections with localized sections of fine-grained and blebby galena (up to 5%). The inclusion of galena, along with pyrite, was found to correlate with higher concentrations of gold and silver. There was also a presence of fine grained molybdenite in localized sections of the vein (1-5%) but the correlation to gold/silver concentrations was not evident.

The CK Showing drill holes completed by Metallica Metals (STR21-022 to STR21-027) were collared near the massive to semi-massive quartz veining that was discovered in the 2009 prospecting program (Figure 3). Core samples consisted predominantly of medium- to coarse grained, heavily hematized granite along with a coarse grained tonalite. Sulphide mineralization encountered in these drill holes occurred as 0.5-5% fine- to medium-grained disseminated pyrite with variable galena. This was found spatially associated with localized intervals of increased albite-silicate alteration. Visible gold was noted in some of these units as very fine-grained inclusions along the contact of cumulophyric pyrite blebs. Massive to semi-massive quartz veining occurred throughout the drill holes and was commonly brecciated with hematite staining occurring at its contacts. Significant drilling assay results from the CK Showing are shown in Figure 5.

Megan Vein

Historical trenching and channel sampling over the Megan Vein had returned gold values ranging from 1.0 g/t over 0.8 m to 61 g/t over 0.25 m, and indicated the Megan Vein had a variable width of 0.25 to 2 m and an approximate strike length of 75 m. Historical drilling done by Benton Resources in 2009 did intersect the 'stockwork like' vein at depth but only anomalous gold values were returned. Sulphide mineralization was only observed at the vein contact with the mafic volcanic unit and was only trace to 2% pyrite.

With the 2009 Benton Resources drill holes being drilled directly into the Megan Vein trench, the two drill holes completed by Metallica Metals (STR21-028 and STR21-029) were planned further to the west. The goal was to test a high IP target outlined in the MB Geosolutions report along with multiple anomalous gold values from prospecting. Lithologically, both drill holes contained mafic volcanics with local sericitized brecciation interbedded with coarse-grained quartz-feldspar-porphyry. Massive white quartz veining, 0.10 to 0.75 m in width, was intersected locally within the mafic metavolcanics. Disseminated fine-grained, cubic pyrite was observed throughout the quartz-feldspar porphyry at roughly 0.5%. Higher concentrations of sulphide mineralization were noted interstitially to massive quartz veining, commonly hosted within the mafic metavolcanics, but drilling assay results only returned anomalous gold and silver assay values.

Analytical and QAQC Procedures

Metallica Metals implemented a robust Quality Assurance and Quality Control (QAQC) program for the Starr Project drilling program that complied with CIM exploration best practices for sampling, chain of custody procedures, and analytical methods. Certified gold reference standards, blank material, and duplicates were routinely inserted by the site geologists at the on-site core processing facility as part of the QAQC program in addition to the control samples inserted by the laboratory. The NQ-sized half core samples were labeled and sealed in plastic sample bags and held on site in a secure location until transported by truck to Activation Laboratories ("ActLabs") in Thunder Bay, Ontario, where they were prepared and analyzed. ActLabs is independent of Metallica Metals.

Actlabs' QAQC system is registered to international quality standards through the ISO/IEC 17025:2017 (including ISO 9001:2015 and ISO 9002 specifications) and is accredited to the Standards Council of Canada (SCC) Requirements and Guidance for the Accreditation of Testing Laboratories, specific to mineral, forensic and environmental testing laboratories.

Core samples were analyzed for gold using Fire Assay-AA techniques (1A2-Au-50), and silver using Ag Aqua Regina-ICP-MS (1E-Ag). Samples returning over 5 g/t gold were analyzed using Fire Assay-Gravimetric methods (1A3-Au-30) and 8-AR-ICP Assay (8-AR-Ag), respectively. Selected samples were also analyzed with Aqua Regia "Partial" Digestion methods for ICP-MS (Ultratrace 1-15). The Company and its geological consultants confirm all assay results reported herein have passed QAQC protocols.

Qualified Person Statement and Data Verification

All scientific and technical information contained in this news release was prepared and approved by Paul Ténière, M.Sc., P.Geo., President and Director of Metallica Metals Corp., who is a Qualified Person as defined in NI 43-101. Mr. Ténière has verified all scientific and technical data disclosed in this news release including the core descriptions, sampling procedures, and analytical data underlying the technical information disclosed. Specifically, Mr. Ténière reviewed the detailed core logs produced by Fladgate during the drilling program, the original certified assay results from ActLabs, and the assay composite tables produced for each drill hole. Mr. Ténière noted no errors or omissions during the data verification process and a Fladgate geologist also verified the information disclosed. The Company and Mr. Ténière do not recognize any factors of drilling, sampling, or recovery that could materially affect the accuracy or reliability of the assay data disclosed in this news release.

Cautionary Statement

This news release also contains scientific and technical information with respect to adjacent or similar mineral properties to the Starr Project, which the Company has no interest in or rights to explore. Readers are cautioned that information regarding mineral resources, geology, and mineralization on adjacent or similar properties is not necessarily indicative of the mineralization on the Company's properties.

On behalf of the Board of Directors

METALLICA METALS CORP.
Aaron Stone, P.Geo., Chief Executive Officer
astone@metallica-metals.com

Head Office:
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Ph: (604) 687-2038

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Toronto, ON M5V 0R2 Canada

About Metallica Metals Corp.

Metallica Metals Corp. is a Canadian junior mining company listed on the Canadian Securities Exchange ("CSE") and its common shares trade under the ticker symbol "MM". The Company is focused on acquiring and exploring gold-silver and platinum group metal (PGM) properties across Canada. The Company is currently exploring and developing its Starr Gold-Silver Project, and Sammy Ridgeline and Richview Pine PGM projects, which are all located adjacent to advanced mining projects in the Thunder Bay Mining District of Ontario.

For more information, please visit the Company's website at https://metallica-metals.com.

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

Forward-looking Information Statement

This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the Company's proposed acquisition, exploration program and the expectations for the mining industry. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in water disposal facility operations; competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

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