Vancouver, British Columbia–(Newsfile Corp. – May 11, 2021) – iMetal Resources, Inc. (TSXV: IMR) (OTC Pink: ADTFF) (FSE: A7V2) (“iMetal” or the “Company“) is pleased to provide an update on exploration activities at its flagship Gowganda West property in the Shining Tree District of the Abitibi Greenstone Gold Belt of Northern Ontario. The Riverside Resources Inc. (TSXV: RRI) technical team spent 10 days on site reviewing the main mineralized structures and drill core from the 2019/2020 program and ground truthing the 2019 IP survey. Highlights:
Samples were taken from Zone 1, Zone 3 and the Elkhorn “Window” and submitted to ALS Minerals in Thunder Bay, an ISO/IEC 17025:2017 accredited facility. Assays will be released once received and reviewed.
Gold mineralization in the core appears to be associated with shear zones associated with lithologic boundaries
Gold mineralization on surface is associated with zones of brecciation exhibiting sericitic alteration and silica flooding.
“The 10-day review program has considerably improved the geological understanding of the Gowganda West mineralized system,” commented iMetal CEO Saf Dhillon. “We’re incorporating the new data to direct the upcoming trenching program to get set for a drilling campaign the Company feels holds considerable promise,” he continued. “We are very pleased with our collaboration with Riverside Resources as we are seeing immediate results and benefit from their technical expertise,” he concluded.
The western section of the property abuts Aris Gold Corp.’s (TSX: ARIS) Juby deposit and is underlain by moderately to steeply northeast dipping sediments of the Porcupine assemblage to the north and a sheared and folded package of strongly altered and mineralized fine to coarse clastic sediments and feldspar + quartz porphyry dykes to the south. These units have been intruded by a series of north to northwest trending diabase dykes that appear to lie in mineralized shear structures.
The eastern section of the property is underlain by the younger post mineral Gowganda Formation and the Elkhorn “Window” of Archean rocks. The Elkhorn Window is important as it appears it is on strike with the Tyrrell Shear Zone which hosts the Juby deposits.
The Company plans to initiate a program of mechanical trenching along Zone 1 and Zone 3 to expose both structures to the north and south to tighten up drill targets prior to an H2 drilling campaign.
About Gowganda West
The Gowganda West property covers approximately 147 sq km in the Shining Tree volcano-sedimentary succession of the southwestern Abitibi Greenstone Gold 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.
The Company is also focused on the Oakes Gold Project which forms part of a portfolio of projects it recently acquired from Riverside Resources Inc. who is now a strategic investor/partner. The Oakes Gold Project is located in the Oakes Township just north of Canadian National Highway 11 and about 2km north of the town of Long Lac, Ontario. The Oakes Township is part of the well-endowed Beardmore-Geraldton Greenstone Belt region, located northeast of Thunder Bay, Ontario and the region has a long and rich mining history that has produced 4.1 million ounces of gold over the past 100 years including the combined MacLeod-Cockshutt Mine, which produced 1.5 million ounces of gold . More recently, the Hardrock Project held 50% by Equinox Gold Corp. has elevated attention to the area by announcing their intention to mine their gold resource near Geraldton, Ontario.
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,
President & Chief Executive Officer
iMetal Resources Inc.
Suite 510, 580 Hornby Street, Vancouver, British Columbia, V6C 3B6.
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 future exploration and drilling of the Company; statements with respect to the release of assays and exploration results; and statements with respect to the Company’s geological understanding of its mineral properties. 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.