GOWGANDA WEST

Drill Results

Drilling in 2019
The Zone 1-South Area was drill tested with 5 diamond drill holes totaling 1,258 meters were completed with approximately 251 meters per hole in February 2019.

Assay results for this drill hole program indicate that the gold mineralization encountered to date appears to be part of, proximal to and within an extensive large near surface hydrothermal alteration and gold mineralizing system.

iMetal Resources believes that this gold bearing hydrothermal system was allowed to percolate through a large volume of favourable host rock and develop a strong alteration assemblage (as witnessed in drill core analysis) and also to have widespread deposition of disseminated pyrite and with associated gold mineralization established.

The nature of the Indian Lake Group meta-sedimentary lithological sequence near Zone 1 & Zone 3 exhibits a strong to extensive presence of a coarse clastic sedimentary polymictic conglomerate unit. This pebble to boulder conglomerate that also includes red jasper clasts appears to have acted as a superb permeable and porous favorable host rock for hydrothermal fluid migration, alteration and eventual deposition of disseminated pyrite and gold.

The drill results back this up. We see locally extensive core lengths of geochemically anomalous to low grade gold mineralization from the results that have been returned to date from the drill testing on the Zone 1-South Area.

Especially noteworthy are the extensive intersections seen in DDH’s IMGW 19-01 and IMGW 19-04. Refer to press release dated May 16th 2019 for complete assay results .

• Hole IMGW 19-01 intersected 0.37 g/t gold over 29.4 metres starting 191 metres down hole.
• Hole IMGW 19-04 intersected 0.48 g/t gold over over 19.5 metres starting 202.0 metres down- hole.
• One of the higher-grade intervals occurred in hole IMGW 19-04 which cut 1.07 g/t gold over 6.65 metres starting 89.35 metres down hold.

All drill holes intersected the Archean aged I.L.G. clastic meta-sedimentary lithologies including mudstone, arenite and conglomerate that have been intruded by intermediate composition hornblende porphyry aplite dikes and by felsic composition feldspar quartz porphyry dikes. Early Proterozoic narrow diabase dikes with finely disseminated magnetite and exhibiting a moderate to strong magnetic signature cut the meta-sedimentary lithological sequence locally.

The drill holes that carry variable gold mineralization tends to be associated with fine grained disseminated trace-5% pyrite and occasionally with trace chalcopyrite locally. This mineralization occurs within all of the meta-sedimentary lithologies and is especially associated within all of the meta-sedimentary lithologies that exhibit strong pervasive hydrothermal alteration. This alteration consists of pervasive bleaching and silicification, flecks wisps and filament lamellae of sericite and fuchsitic sericite imparting a ‘green carbonate’ alteration locally, ankerite veinlets, chlorite healed micro-fractures and stringers, quartz stringers and veinlets, quartz ankerite stringers and veinlets, and locally pervasive interstitial calcite and calcite stringers. Peripheral to the moderate to strong hydrothermal alteration zones are the more flanking and more distal weaker alteration zones that consist predominantly of calcite stringers and veinlets as well as locally pervasive to patchy interstitial calcite, and locally weak epidote.