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iMetal Makes New Gold Discovery at Gowganda West | iMetal Resources
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Home E 2023 E iMetal Makes New Gold Discovery at Gowganda West

iMetal Makes New Gold Discovery at Gowganda West

Jun 6, 2023

VANCOUVER, British Columbia – June 6th, 2023 – iMetal Resources Inc. (TSX.V: IMR) (OTCQB: IMRFF) (FRANKFURT: A7V) (“iMetal” or the “Company”) is pleased to announce results from phase 1 of its 2023 drilling at the Company’s Gowganda West (“GW”) project. Drilling included seven holes totaling 2,490m. All seven holes intersected gold mineralization. Highlights include:

  • 48.5m of 0.85 g/t Au starting at 316.5m
    • Including 20m of 1.56 g/t Au, which includes 8.0m of 2.97 g/t Au
  • Intersection is 350m west of previously known mineralization

“This discovery rewards our faith in Gowganda West and strongly suggests the area hosts significantly more gold than just the bordering Juby deposits. We will be mobilizing for further drilling in the immediate future and permits are already in place to follow up on this result,” commented iMetal President and CEO Saf Dhillon.

“Our discovery lies wholly within the Timiskaming metasediments, making that entire rock package prospective for gold. Our technical team is now laying out an exploration program focusing closely on the large volume of potentially gold-hosting metasediments within the property boundaries. This discovery also confirms our belief in the potential of one of the most underexplored areas within the Abitibi,” he continued.

Figure 1 – Plan Map of Gowganda West showing 2023 drilling

iMetal Resources TSXV - IMR OTCQB - IMRFF FSE - A7V News Release June 6, 2023 Fig 1

The GW property contains a large package of Timiskaming metasediments, approximately 7 km in strike and up to 5 km in width. This package hosts all the gold mineralization thus far discovered on the property. The results in IMGW-23-04 indicate the whole package of sediments is prospective for gold, and so future work programs will focus not only on drilling off the new discovery, but in further investigating the full rock package.

Table 1 – Significant Results

Hole #

From

To

Length

Au (g/t)

IMGW-23-01

97.00

98.00

1.00

1.08

IMGW-23-01

223.35

223.65

0.30

0.47

IMGW-23-02

131.10

132.50

1.40

0.61

IMGW-23-03

51.50

52.50

1.00

0.43

IMGW-23-03

66.58

67.85

1.27

0.73

IMGW-23-03

153.00

154.50

1.50

1.04

IMGW-23-03

229.60

230.76

1.16

0.65

IMGW-23-03

269.15

272.28

3.13

0.50

IMGW-23-04

42.00

43.00

1.00

2.26

IMGW-23-04

122.00

126.10

4.10

0.77

IMGW-23-04

221.00

222.00

1.00

0.63

IMGW-23-04

226.50

228.00

1.50

0.51

IMGW-23-04

231.00

232.50

1.50

0.69

IMGW-23-04

297.00

298.28

1.28

0.71

IMGW-23-04

300.10

301.03

0.93

0.57

*IMGW-23-04

316.50

365.00

48.50

0.85

*including

334.50

354.50

20.00

1.56

*including

346.50

354.50

8.00

2.97

*including

350.00

351.50

1.50

7.80

IMGW-23-05

93.50

94.04

0.54

0.25

IMGW-23-06

27.35

27.95

0.60

0.46

IMGW-23-06

175.00

176.00

1.00

0.51

IMGW-23-07

311.50

312.40

0.90

0.38

The interval in IMGW-23-04* and three intervals with asterisk’s above in Table 1 are characterized by a coarse-grained to boulder-sized conglomerate, with moderate to pervasive silica alteration associated with a large intermediate-mafic dyke. The strongest silica alteration is associated with the highest-grade interval shown in Photo 1.

Photo 1 – Mineralized core from hole IMGW-23-04

iMetal Resources TSXV - IMR OTCQB - IMRFF FSE - A7V News Release June 6, 2023 Fig 2

Gowganda West is an exploration-stage gold project about 100 km south-southeast of Timmins, Ontario; contiguous to Aris Mining’s Juby Project in the Shining Tree Camp of the southern part of the Abitibi Greenstone Gold Belt; and also contiguous to the Knight project that is part of the Strategic Partnership between Orefinders Resources Inc. and Agnico Eagle Mines Ltd. iMetal recently completed a 2,611 m drilling program in the fall of 2022 which intersected a new gold trend. The Property also has multiple-ounce grab samples from trends that have yet to be drill tested.

QA/QC Protocols

iMetal adheres to a strict QA/QC program for core handling, sampling, sample transportation and analyses. Drill core was securely transported to the rented core facility near Cobalt which has gate only access. Samples were sawn in half, labelled, placed in sealed, securitized bags and shipped directly to ALS Laboratories in Sudbury for analysis. ALS Geochemistry Sudbury is a Standards Council of Canada (SCC) accredited facility that conforms with both CAN-P-1579 and CAN-P-4E ISO/IEC 17025.

QA/QC control procedures included the systematic insertion of duplicate, blank, and certified reference materials (CRM) at a rate of approximately one CRM per 16 samples into the sampling stream. Geochemistry analyses consisted of gold by fire assay and atomic absorption spectrometry (Au-AA26) with overlimit values subsequently analyzed using the gravimetric finish (Au-GRA22) technique. No anomalies were noted in the QA/QC.

The scientific and technical information contained in this news release has been reviewed and approved by Scott Zelligan, P. Geo (Ontario), VP Exploration of iMetal and a qualified person as defined in National Instrument 43-101.

Drilling Results

Table 2 – Drillhole Locations (UTM NAD83 Zone 17N)

Hole #

Easting

Northing

Azimuth

Dip

IMGW-23-01

502891

5270110

46

-48

IMGW-23-02

502891

5270110

50

-58

IMGW-23-03

502883

5270111

25

-42

IMGW-23-04

502503

5269991

226

-44

IMGW-23-05

503103

5269942

229

-45

IMGW-23-06

503109

5269943

165

-90

IMGW-23-07

503311

5269964

85

-46

Table 3 – Results

Hole #

From

To

Length

Au (g/t)

IMGW-23-01

97.00

98.00

1.00

1.08

IMGW-23-01

223.35

223.65

0.30

0.47

IMGW-23-02

131.10

132.50

1.40

0.61

IMGW-23-03

51.50

52.50

1.00

0.43

IMGW-23-03

66.58

67.85

1.27

0.73

IMGW-23-03

153.00

154.50

1.50

1.04

IMGW-23-03

229.60

230.76

1.16

0.65

IMGW-23-03

269.15

272.28

3.13

0.50

IMGW-23-04

42.00

43.00

1.00

2.26

IMGW-23-04

122.00

126.10

4.10

0.77

IMGW-23-04

221.00

222.00

1.00

0.63

IMGW-23-04

226.50

228.00

1.50

0.51

IMGW-23-04

231.00

232.50

1.50

0.69

IMGW-23-04

297.00

298.28

1.28

0.71

IMGW-23-04

300.10

301.03

0.93

0.57

IMGW-23-04

316.50

318.00

1.50

0.25

IMGW-23-04

318.00

319.50

1.50

0.88

IMGW-23-04

319.50

321.00

1.50

0.42

IMGW-23-04

321.00

321.80

0.80

0.52

IMGW-23-04

321.80

323.00

1.20

0.27

IMGW-23-04

323.00

323.92

0.92

0.05

IMGW-23-04

323.92

325.42

1.50

0.55

IMGW-23-04

325.42

327.00

1.58

0.21

IMGW-23-04

327.00

327.75

0.75

0.32

IMGW-23-04

327.75

329.25

1.50

0.29

IMGW-23-04

329.25

330.00

0.75

0.01

IMGW-23-04

330.00

331.50

1.50

0.01

IMGW-23-04

331.50

333.00

1.50

0.60

IMGW-23-04

333.00

334.50

1.50

0.05

IMGW-23-04

334.50

336.00

1.50

1.49

IMGW-23-04

336.00

337.50

1.50

0.61

IMGW-23-04

337.50

339.00

1.50

0.04

IMGW-23-04

339.00

340.50

1.50

0.93

IMGW-23-04

340.50

342.00

1.50

0.38

IMGW-23-04

342.00

343.50

1.50

0.63

IMGW-23-04

343.50

345.00

1.50

0.32

IMGW-23-04

345.00

346.50

1.50

0.59

IMGW-23-04

346.50

347.65

1.15

1.39

IMGW-23-04

347.65

348.35

0.70

1.96

IMGW-23-04

348.35

350.00

1.65

1.57

IMGW-23-04

350.00

351.50

1.50

7.80

IMGW-23-04

351.50

353.00

1.50

2.42

IMGW-23-04

353.00

354.50

1.50

1.90

IMGW-23-04

354.50

356.00

1.50

0.27

IMGW-23-04

356.00

357.50

1.50

0.26

IMGW-23-04

357.50

359.00

1.50

0.52

IMGW-23-04

359.00

360.50

1.50

0.21

IMGW-23-04

360.50

362.00

1.50

0.47

IMGW-23-04

362.00

363.50

1.50

0.37

IMGW-23-04

363.50

365.00

1.50

0.47

IMGW-23-05

93.50

94.04

0.54

0.25

IMGW-23-06

27.35

27.95

0.60

0.46

IMGW-23-06

175.00

176.00

1.00

0.51

IMGW-23-07

311.50

312.40

0.90

0.38

About iMetal Resources Inc.

iMetal is a Canadian based junior exploration company focused on the exploration and development of its portfolio of resource properties in Ontario and Quebec. One of its Flagship properties Gowganda West, is an exploration-stage gold project that borders the Juby Deposit and is located within the Shining Tree Camp area in the southern part of the Abitibi Greenstone Gold Belt about 100 km south-southeast of the Timmins Gold Camp. The 665-hectare Kerrs Gold deposit comprises a series of gold-bearing pyritized quartz vein replacement breccias with a 2011 historic resource, 90 kilometres ENE of Timmins. The 220-hectare Ghost Mountain property, 42 kilometres NE of Kirkland Lake, lies 5 kilometres W of Agnico Eagle’s Holt and Holloway Mine.

ON BEHALF OF THE BOARD OF DIRECTORS,

Saf Dhillon

President & CEO

iMetal Resources Inc.

[email protected]

Tel. (604-484-3031)

Suite 550, 800 West Pender Street, Vancouver, British Columbia, V6C 2V6.

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. 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 results of exploration, variations in results of mineralization, relationships with local communities, 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.

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