Please, read this:
c# - Error - Unable to access the IIS metabase - Stack Overflow[
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So, you can fix this error in a 4 ways:
1) Launch Visual Studio with Administrator priviledges (right-click > run as Administrator...)
2) Change IIS 6 Management Compatibility -> IIS Metabase and IIS 6 configuration compatibility in Control Panel
3) Permanently grant the IIS Metabase folder permissions to the current user.
4) Change project properties
Good luck!