Vancouver, March 18 th, 2020 – iMetal Resources, Inc. (TSX.V: IMR) (“iMetal” or the “Company”) announced today followup drilling in Zone 1 and results of the first diamond drill hole on Grid Zone 3 on the Company’s Gowganda West property. The project is located 20 km from Gowganda, Ontario and 90 km from Kirkland Lake, Ontario.
Drilling Results and Continuation
The first test drill hole at Zone 3, targeted a high priority chargeability and resistivity anomaly labeled GZ3-04 identified by Abitibi Geophysics, Inc (“Abitibi”, see press release, Oct 4th , 2019). This IP anomaly extends from near surface to depths of > 400 meters and is more than 2 km long. This 752 meter drill hole intersected an extensive alteration zone from 160 meters down to 663 meters with fine-grained 1-3 % disseminated pyrite mineralization for over 500 meters, having an apparent horizontal width of 255 metres. The drill hole also intersected multiple quartz-feldspar porphyry dikes which are interpreted as the heat engine driving the large gold-bearing hydrothermal system at Gowganda West, Zone 3. The results indicate that the drill hole intersected a broad zone of geochemically anomalous values of gold within an extensive hydrothermal alteration system. On this basis additional drilling is warranted and plans to drill further to the west and to the north from the first drill hole are in preparation.
In mid February this year iMetal moved the Framboise Drilling Inc.’s drill rig, that remained on the property to Zone 1. In where, last year, DDH IMGW-19-04 intersected 6.65m of 1.07g/t gold, (see press release May 16th, 2019). Other significant intercepts from this program included 2.95 g/t gold over 2.5 meters and 1.43 g/t gold over 4.6 meters. This hole was drilled before the Abitibi survey and did not intercept an Abitibi priorty target.
The new drill hole DDH IMGW 20-01 was drilled to a depth of 302 meters. This hole was targeted to test a first priority chargeability and resitivity I.P. anomaly, labeled GZ1-03b by Abitibi. This hole is 350 meters south from DDH IMGW-19-04 that was drilled last year, well before the I.P. ground survey. A preliminary examination of the drill core from DDH IMGW 20- 01 indicates a series of intervals that cumulatively total 119.45 meters. A total of 156 core saw cut samples will be sent for gold assay.
The intervals occur in a hydrothermal alteration zone within the Indian lake Group of intercalated meta-sedimentary rocks coupled with felsic intrusive rocks. The intervals primarily consists of arenite greywacke to mudstone, conglomerate, intermediate dikes and quartz feldspar porphyry dikes. The intervals also exhibit pervasive silicification that hardens and bleaches, locally hematized to brick red with hematite-altered conglomerate and hematitealtered and silicified feldspar porphyry dikes and contains fine grained disseminated 1-5% pyrite plus rare blebs of coarse chalcopyrite locally.
A table with analytical data from all above mentioned drill holes can be found at
https://imetalresources.ca/wp-content/uploads/2020/03/Table-1A.pdf
Johan Grandin, President and CEO, commented: “Given the increase in the price of gold, we look forward to drill testing significant IP anomalies currently identified on the Gowganda West property. These targets are concentrated within a small portion of the property and we view them as highly significant and it is our intention to drill test most of these 11 priority 1 targets defined by the Abitibi IP survey on Gowganda West in Zone 1 and in Zone 3.”
Dave Gamble, P. Geo and QP, commented: “The drill hole in Zone 3, has intersected significant pyrite mineralised zones of highly silicified altered rocks. The recognition of the Gowganda West gold-bearing mineralized system characterized by extensive hydrothermal alteration and driven by quartz-feldspar porphyry dikes interpreted as a potential heat source that drives the alteration system encourages iMetal to continue geophysical surveys and drill testing targets in the >7 km long north-south gold trend from Zone 1 to Zone 3. The width of the interesting area is over 3-4 km. Both drill holes IMGW 19-06 on Grid # 3, and IMGW 20-01 on Grid #1 have clearly identified the geological explanation for such anomalous I. P. target responses of both the high resistivity values that are clearly attributed to pervasive silicification and bleaching, and high chargeability values attributed to fine grained disseminated pyrite. A number of these well identified Abitibi I.P.targets will require further drill testing.”
iMetal Completes Acquisition of the Gowganda West Property
iMetal Resources has finalized all option payments on their Gowganda West property acquiring 100% of the 150 km2 project. Ongoing positive exploration results over the past 24 months from activities on the Gowganda West property with encouraging geological and geophysical surveys coupled with recent drill data underscores the potential for significant multiple zones of gold mineralization on the property.
We seek safe Harbor
Quality Assurance/Quality Control
iMetal Resources employed a rigorous quality assurance/quality control program to ensure best practices for drilling at Gowganda West. Activation Laboratories Ltd. (Actlabs), ISO certified, carried out the sample analysis in its Timmins, Ont., facility. Samples were prepared using Actlabs’ RX1 sample preparation which consists of crushing the entire sample to 80 per cent and riffle splitting and pulverizing one 350-gram split to 95 per cent. A 50-gram subsample of the pulverized sample was subjected to Actlabs’ 1A2-50 analysis (fire assay with AA finish) and any analysis over 3,000 parts per billion was reassayed using Actlabs’ 1A3-50 analysis (fire assay with gravimetric finish). Actlabs is independent of the company and has used internal quality assurance/quality control protocols.
The technical content of this news release has been reviewed and approved by Dave Gamble P.Geo., a qualified person as defined under NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS,
Johan Grandin
President & CEO,
iMetal Resources Inc.
[email protected]
Tel. (604-739-9713)
588-580 Hornby St., Vancouver, BC, V6C 3B6.