Vancouver, BC, May 16th, 2019 – iMetal Resources Inc. (TSXV: IMR) (“iMetal” or the “Company”) is pleased to announce it has received the final interpretive report from a 589 line kilometre helicopter-borne versatile time domain electromagnetic (VTEM™ plus), and horizontal magnetic gradiometer geophysical surveys completed in December 2018. The survey covers the northern 50% of the Gowganda West Project. The project is located 20 km from Gowganda, Ontario and 90 km from Kirkland Lake, Ontario and is accessible year-round by all-weather road and serviced by excellent infrastructure.
VTEM SURVEY RESULTS – 7 EXPLORATION TARGETS IDENTIFIED
The final interpretation based on the magnetic and electromagnetic data identifies 7 areas deemed prospective for gold mineralization and suitable suitable for ground follow-up on the property. The geophysical surveys have increased the number of target areas from 3 targets announced on April 8th, 2019 based on initial exploration data. The new targets are close to regional scale fault zones and related second order structures and are hosted in Archean basement rocks and Huronian Gowganda Formation sedimentary rocks. The zones are characterized by high chargeability responses.
The inversion of magnetic data indicates the 7 prospect areas have linear trends parallel to northwest-southeast-trending district scale fault zones. These fault zones are parallel to and may be a continuation of the South Corridor Gold Trend, a metallogenetic feature adjacent to the Juby gold deposit trend. As such the fault zones and related secondary structures represent potential sites of hydrothermal fluid flow and the development of observed large scale gold-mineralized alteration zones on the property. Gold zones Z-1, Z-1S and Z-3 (see news releases, Oct 30th, 2017, March 1, 2019 and Nov 22nd, 2017) are adjacent to these district scale faults and potentially along the numerous second-order faults.
The geophysical interpretation also indicates the likely depth of burial for the source of the geophysical anomalies is from zero to between 75-100 metres below surface.
Descriptions of the exploration targets
Final interpretation of VTEM results have resulted in 4 high priority target areas being identified for immediate follow-up (Z1A, Z1B, Z1C and Z1D), with an additional 3 areas identified as secondary targets (Z1E, Z1F, Z1G).
The selected potential polymetallic vein gold mineralization prospective zones are:
· in close proximity to regional-scale shear/fault zones in the Archean basement rocks and in the Huronian Gowganda Formation sediments
· close to strong chargeability responses
· having higher-order known or inferred faults splayed off the district-scale share/fault zones
Z1A and Z1B
Potential exploration targets Z1A and Z1B are located short distances off an inferred district-scale fault trending in an approximately NW-SE direction, possibly in the extension of the South Corridor Gold Trend. The northern end of Z1A covers the Z-1 and Z1 South Au zones. There are strong chargeability responses north of the Z1A and south of Z1B in the lower lying areas or drainages.
Potential target Z1C is located south of an inferred regional scale fault. The northern part of the target zone covers the Z-2 Cu-Au zone. There are strong chargeability responses north of the target zone, in drainages.
Potential target Z1D is located north of an inferred district-scale fault. The Z-3C Cu-Au zone is located to the south. There are strong chargeability responses north of Z1D.
Potential target Z1E is located just north of an inferred district-scale fault (same one for Z1C).
Potential target Z1F is located just north of an inferred regional-scale fault, east of Soot Lake. There are strong chargeability responses in the Soot Lake, possibly associated with hydrothermal clays.
Potential target Z1G is located just east of the Spider Lake, where there are some strong chargeability responses possibly associated with hydrothermal clays. There are high Au geochemical anomalies west of the Spider Lake.
Current work program
Prospecting, including grab and channel sampling has already commenced on several of the new target areas and ground IP will commence shortly on as many targets that can be reached in order to define drill targets for the summer exploration program.
Dave Gamble, iMetal’s QP commented “The well-defined zones correspond well with our field observations to date at Gowganda West. The VTEM survey was very successful, with multiple parallel mineralized zones traversing the property. We have only scratched the surface.”
Johan Grandin, iMetal’s CEO commented “The final interpretation of the VTEM survey clearly demonstrates the potential of Gowganda West to host near surface gold mineralization. We are
now rapidly advancing the ground work to define new drill targets along trend from Zone 1S and at the other high priority target areas. I would like to thank our shareholders for their continued support as we advance the exploration of Gowganda West and prepare for a fully financed, aggressive exploration drill campaign this summer.”
The location of the VTEM anomalies with a scalable map can be found on www.imetalresources.ca/vtem/
We seek safe Harbor.
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,
President & CEO, iMetal Resources Inc. firstname.lastname@example.org
Tel. (604)-739-9713 510-580 Hornby St., Vancouver, BC, V6C 3B6 / https://imetalresources.ca
iMetal Resources Inc. is a Canadian based exploration company focused on the acquisition and exploration of prospective resource properties. iMetal is focused on advancing its Gowganda West Project in Ontario, Canada. iMetal trades on the TSX Venture Exchange under the ticker symbol IMR. For further information, please call 604- 739-9713 or visit iMetal’s website at www.imetalresources.ca.
Neither 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.