iMetal Commences Exploration at Gowganda

Newsfile Corp.
·5 min read

Vancouver, British Columbia--(Newsfile Corp. - April 21, 2021) - iMetal Resources Inc. (TSXV: IMR) (OTC Pink: ADTFF) (FSE: A7V2) ("iMetal" or the "Company") is pleased to announce planning for the 2021 Phase I exploration program has been completed and the program will commence before the end of the month. The Riverside Resources Technical team has spent the last few months reviewing the historic iMetal sampling, geophysical and drilling data and has recommended a surface ground truthing program of geological mapping and trenching to confirm drill targets prior to a late H1 drill program.

"While the prior iMetal drill programs were successful in intersecting shorter intervals, including 2.95 g/t gold over 2.5 metres and 1.43 g/t gold over 4.6 metres, associated with longer intervals of +0.25 g/t gold, the Technical Team feels additional surface mapping and trenching is a prudent approach before further drilling is undertaken," commented iMetal CEO Saf Dhillon. "The two-week mapping and trenching program will focus on extending the mineralization footprint at both Zone 1 and Zone 3. Equally importantly, the program will ground truth high priority targets generated from the 2019, Zone 1 and Zone 3 IP survey," he concluded.

About Gowganda West

The Gowganda West property covers approximately 147 sq km in the Shining Tree volcano-sedimentary succession of the southwestern Abitibi Greenstone Belt contiguous to the north and west of Aris Gold Corp.'s (formerly Caldas Gold Corp.) Juby Gold deposit, a series of four mineralized alteration zones along the Tyrrell Shear Zone. Gold mineralization at Juby is associated with narrow quartz-carbonate-pyrite veins hosted within 20 to 330 metre wide zones of ankerite-albite-silica-sericite alteration and variable amounts of fine-grained, disseminated pyrite and also with multiple lenses containing narrow (<5m), higher grade quartz-carbonate-pyrite veins hosted within 5 to 50 metre zones of ankerite-albite-silica-sericite alteration and variable amounts of fine-grained, disseminated pyrite. The Juby Deposits host indicated resources of 774,000 ounces at 1.13 g/t Au and inferred resources of 1,488,000 ounces at 0.98 g/t Au. iMetal cautions investors mineralization at Juby is not necessarily indicative of similar mineralization at Gowganda West.

Source: Technical Report on the Updated Mineral Resource Estimate for the Juby Gold Deposit for Caldas Gold Corp. (named currently changed to Aris Gold Corp.) Dated 2020-Oct-05 By: J. Campbell, A. Sexton, D. Studd, and A. Armitage.

iMetal acquired Gowganda West in 2016, discovering Zone 1 and Zone 3 through focused exploration proximal to the Aris property border, and subsequently completing programs of prospecting, channel sampling, airborne VTEM, ground IP and limited diamond drilling.

Zone 1 has excellent access and has been traced over 500m south from the Juby property boundary. Two distinct outcrop areas approximately 300m apart have been sampled, Zone 1 and Zone 1 South. Highlight grab samples include: 6.47 g/t Au from Zone 1 and 39.3 g/t Au, and 16.9 g/t Au from Zone 1 South. Six holes were subsequently drilled at Zone 1, focusing on a short 150 strike length of Zone 1S. Highlight drill intersections included: 2.95 g/t Au over 2.5 metres, 1.43 g/t Au over 4.6 metres and longer intervals of 0.37 g/t au over 29.4 metres and 0.32 g/t au over 30.25 metres. Zone 3 consists of two distinct areas, 3A and 3B approximately 6 kilometres due south of Zone 1, separated by 225 metres. Highlight Zone 3A grab sample results include 56.59 g/t Au and 34.81 g/t Au, while highlight Zone 3B grab sample results include 14.74 g/t Au and 12.7 g/t Au. Zone 3A and Zone 3B remain undrilled.

About iMetal Resources Inc.

A Canadian based junior exploration company focused on the exploration and development of its portfolio of resource properties in Ontario and Quebec. iMetal is focused on advancing its Gowganda West Project that borders the Juby Project, an advanced exploration-stage gold project located within the Shining Tree area in the southern part of the Abitibi greenstone belt about 100 km south-southeast of the Timmins gold camp.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by R. Tim Henneberry, PGeo (British Columbia), a Director of iMetal, and a "qualified person" as defined in National Instrument 43-101.

ON BEHALF OF THE BOARD OF DIRECTORS,
Saf Dhillon
Chief Executive Officer
iMetal Resources Inc.
saf@imetalresources.ca
Tel. (604-484-3031)
Suite 510, 580 Hornby Street, Vancouver, British Columbia, V6C 3B6.
https://imetalresources.ca

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.

This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Forward-looking statements in this news release include, but are not limited to: statements with respect to the issuance of shares to the underlying property vendors; and statements with respect to future exploration and drilling of the Company. Although the Company 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 forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/81128