VANCOUVER, BC / July 13, 2022 / iMetal Resources, Inc. (TSXV:IMR) (OTC PINK:ADTFF) (FRANKFURT:A7V) (“iMetal” or the “Company“) is pleased to announce receipt of a three-year drill and exploration permit to carry out the next phase of exploration at its 100% owned Gowganda West gold property. The property is located in the Shining Tree District of the Abitibi Greenstone Gold Belt in Northern Ontario. The permit includes:
- 15 line km’s of induced polarization (IP) surveying;
- Trenching to refine gold targets at up to 25 locations, totalling 2500 linear metres;
- greater than 20 drill pads, with multiple drill collars at each pad
“The 3-year permit renewal at Gowganda is a significant milestone for the Company as we prepare for the fully funded 2022 follow-up drill program of 2,500 metres,” commented iMetal President & CEO Saf Dhillon. “I recently visited our priority gold targets at Gowganda West with Tim Henneberry our Q.P and director along with Brian Madill our Mining Land Management Consultant and we are very excited to commence the 2022 exploration program.
iMetal has completed a series of exploration programs at Gowganda West since acquisition in 2016, including prospecting, grab and channel sampling and preliminary diamond drilling, along with airborne VTEM and magnetics and ground IP. These programs defined a 6 kilometre north-south trending zone of anomalous gold mineralization and alteration, highlighted by Zone 1 in the north and Zone 3 in the south.
Zone 1 has excellent access and is located 500 metres south of the Juby gold deposit. Zone 1 is showcased by two distinct outcrop areas and consists of a prominent alteration zone up to 10 metres wide and shearing carrying quartz veinlets. Grab sampling highlights include 27.2 g/t Au and 16.4 g/t Au (see press release dated June 10, 2021). Five diamond drill holes over 150 metres of strike length were subsequently drilled in 2019. Drill highlights 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 (see press release dated, April 20, 2020).
Zone 3, located 6 km south of Zone 1, consists of two distinct gold target areas (Zone 3A and Zone 3B) separated by 225 metres.. Grab samples at the target include 67.9 g/t Au, 29.6 g/t Au and 11.3 g/t Au (see press release dated June 10, 2021). Both zones have gold hosted in near north striking, sub-vertical quartz-carbonate veins with associated disseminated sulphides (pyrite and chalcopyrite). Both targets are yet to be drill tested and are a priority target for the 2022 drill program.
Connecting Zone 1 and 3, located at either end of a 6 km long gold trend identified through systematic mapping and sampling in 2019 and 2021, will be a 2022 priority. The 2022 exploration program will include refined mapping and drill target identification along this trend. New targets will be assessed and considered for the 2022 drill program.
Gowganda West July 2022
The Company’s technical team is now finalizing drill targets for the upcoming drill program.
The scientific and technical information contained in this news release has been reviewed and approved by R. Tim Henneberry, P. Geo (British Columbia), a director of iMetal and a qualified person as defined in National Instrument 43-101.
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 advanced 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,
President & CEO
iMetal Resources Inc.
Suite 550, 800 West Pender Street, Vancouver, British Columbia, V6C 2V6.
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.