iMetal’s IP survey finds drill targets at Oakes

Sep 22, 2021

2021-09-22 07:26 ET – News Release

Mr. Saf Dhillon reports

IMETAL RESOURCES DEFINES NEW DRILL TARGETS AS IP SURVEY EXTENDS HG SHEAR ZONE TO OPEN 2300 METRES AT THE OAKES GOLD PROJECT

iMetal Resources Inc. has released the results of the previously announced IP (induced polarization) survey at the Oakes gold project located in the Beardmore-Geraldton greenstone belt (BGGB) of Northern Ontario, northeast of Thunder Bay. The IP survey has successfully confirmed the company’s premise that the gold-bearing HG shear zone is a significant structure shown to extend over two kilometres in strike length as evident from the chargeability anomaly shown in an image on the company’s website.

The IP survey was conducted to the east and west of the historic (2010) grid and has confirmed the extension of the HG shear from about 800 metres to 2,300 metres, remaining open in both directions. A second previously unknown parallel structure located at the bottom of the grid represents a second potential gold-bearing shear zone (Crib target). The chargeability map also indicates a potential east-west structure lying between the HG and Crib targets. This new parallel anomaly is interpreted to be an additional shear zone and is important because it appears to project into the parallel structure on the western end of the grid and into the HG shear zone just to the east of the grid. The increased chargeability noted at these two locations enhances these junction areas as shear junctions represent excellent exploration targets for gold mineralization.

The company plans to ground truth these new target areas, concurrent with a proposed drill program along the main HG shear zone.

The Oakes project is an orogenic, shear-hosted gold project and is an integral part of the BGGB property package, which the company proposes to acquire from Riverside Resources Inc. (see news release of Feb. 10, 2021). The Oakes project is 5,544 hectares and hosts several gold-bearing shear zones, including the HG shear zone. Riverside channel sampling in 2019 at the HG shear zone returned values of 31.9 grams per tonne gold, 19.7 g/t gold and 6.9 g/t gold over 0.5 to 1.0 m intervals.

“The IP survey exceeded our expectations in confirming and delineating the HG shear zone, as well as defining two parallel structures, the Crib target and the Bricklow target,” commented iMetal president and chief executive officer Saf Dhillon. “We view the pending acquisition of Oakes as an important project in the growth of iMetal as it provides shareholders with a new significant gold asset in the rapidly developing Beardmore-Geraldton greenstone belt,” he continued.

The Oakes gold project is currently controlled by Riverside Resources, and exploration work conducted on the project is overseen by Riverside. As previously disclosed, the company proposes to acquire the Oakes project as part of a larger package of properties located in Northern Ontario. Completion of the acquisition remains subject to the approval of the TSX Venture Exchange, available financing and the satisfaction of customary closing conditions. Readers are cautioned that there is no guarantee that the outstanding conditions will be satisfied and that the company will acquire an interest in the Oakes project.

About Oakes

The Oakes project is located in Long Lac, Ont., east of Equinox Gold Corp.’s Hardrock deposit. At Oakes, early exploration by Hardrock Mining and Noranda Exploration focused on base metals. Exploration for gold began in the 1990s with a successful two-hole drill program. Recent soil geochemistry, VLF (very low frequency) and IP geophysics programs defined three east-west-oriented mineralized shear zones. Trenching and sampling along the HG shear zone returned high-grade gold values of 19.7 g/t, 31.9 g/t and 6.9 g/t gold over 0.5 to 1.0 m channel samples perpendicular to strike, while sampling along the strike extension returned grab gold values of 46 g/t and seven g/t, demonstrating a strike length of at least 600 metres.

About iMetal Resources Inc.

iMetal Resources 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/