iMetal to start phase 1 exploration at Gowganda

Apr 21, 2021

2021-04-21 07:20 ET – News Release

Mr. Saf Dhillon reports

IMETAL COMMENCES EXPLORATION AT GOWGANDA

Planning for iMetal Resources Inc.’s 2021 phase 1 exploration program has been completed, and the program will commence before the end of the month. The Riverside Resources technical team has spent the past few months reviewing the historic iMetal sampling, geophysical and drilling data and has recommended a surface ground truthing program of geological mapping and trenching to confirm drill targets prior to a late first half drill program.

“While the prior iMetal drill programs were successful in intersecting shorter intervals, including 2.95 grams per tonne gold over 2.5 metres and 1.43 g/t gold over 4.6 metres, associated with longer intervals of plus 0.25 g/t gold, the technical team feels additional surface mapping and trenching is a prudent approach before further drilling is undertaken,” commented iMetal chief executive officer Saf Dhillon. “The two-week mapping and trenching program will focus on extending the mineralization footprint at both zone 1 and zone 3. Equally importantly, the program will ground truth high-priority targets generated from the 2019, zone 1 and zone 3 IP survey,” he concluded.

About Gowganda West

The Gowganda West property covers approximately 147 square kilometres in the Shining Tree volcanosedimentary succession of the southwestern Abitibi greenstone 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-metre-wide 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 (less than five metres), higher-grade quartz-carbonate-pyrite veins hosted within five-metre 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 grams per tonne gold 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.

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 (versatile time domain electromagnetic), ground IP (induced polarization) and limited diamond drilling.

Zone 1 has excellent access and has been traced over 500 metres south from the Juby property boundary. Two distinct outcrop areas approximately 300 m 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 m 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 six 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.

iMetal is a Canada-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 kilometres south-southeast of the Timmins gold camp.

Qualified person

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.

We seek Safe Harbor.

https://www.imetalresources.ca/