Imperial Provides Update on 2022 Production and Red Chris Exploration Program
Imperial Provides Update on 2022 Production and Red Chris Exploration Program
Vancouver | January 24, 2022 | Imperial Metals Corporation (the “Imperial”) (TSX:III) reports that 2022 metals production
from all operations totalled 26.49 million pounds copper and 31,176 ounces gold, up from the 19.63 million pounds copper,
18,048 ounces gold produced in 2021. Production in 2022 includes production at Mount Polley (with first production in late
June 2022) and Imperial’s 30% allocation from Red Chris operations.
Red Chris Mine
Copper and gold production (100%) in 2022 was 67.6 million pounds copper and 63.7 thousand ounces of gold, an increase
of 3.3% and 5.8% respectfully, compared to 65.4 million pounds copper and 60.2 thousand ounces gold produced in 202 1.
The increase in 2022 metal production was a result of higher copper and gold grades , and slightly higher tonnes milled,
partially offset by lower recoveries. Gold head grades are expected to decrease through the first half of 2023.
Red Chris production (100%) for the 202 2 fourth quarter was 13.1 million pounds copper and 1 4.5 thousand ounces gold
compared to 14.7 million pounds copper and 1 3.6 thousand ounces gold in the 2021 fourth quarter. Lower mining rates
and unscheduled maintenance on an overland conveyor belt resulted in reduced mill throughput in the fourth quarter.
Red Chris Mine Production Three Months Ended December 31 Year Ended December 31
2022 2021 2022 2021
Ore milled - tonnes 2,390,084 2,124,732 9,457,303 9,324,304
Ore milled per calendar day - tonnes 25,979 23,095 25,910 25,546
Grade % - copper 0.339 0.387 0.421 0.403
Grade g/t - gold 0.386 0.334 0.382 0.358
Recovery % - copper 73.4 81.2 77.0 79.1
Recovery % - gold 49.0 59.6 54.8 56.0
Copper – 000’s pounds 13,107 14,723 67,604 65,426
Gold – ounces 14,518 13,610 63,658 60,160
Imperial’s 30% portion of Red Chris production for 2022 was 19.6 million pounds copper and 18.0 thousand ounces gold.
Newcrest has maintained its guidance for Red Chris mine production (100%) for the period July 2022 to June 2023 at about
60 million pounds of copper and about 40 thousand ounces of gold.
Mount Polley Mine
During the fourth quarter 1,084,016 tonnes ore were treated, producing 3.785 million pounds copper and 6,995 ounces
gold. Operations in the 2022 fourth quarter were negatively impacted by a period of very cold weather in December.
The permit allowing for discharge of treated water from the Mount Polley mine site to Quesnel Lake, was amended to allow
for discharge to continue until June 2025.
News Release
Mount Polley Production Three Months Ended Year Ended*
December 31, 2022 December 31, 2022
Ore milled – tonnes 1,084,016 2,068,830
Ore milled per calendar day – tonnes 11,783 11,244
Grade % - copper 0.230 0.214
Grade g/t - gold 0.325 0.306
Recovery % - copper 68.9 63.5
Recovery % - gold 61.8 59.4
Copper – 000’s pounds 3,786 6,206
Gold – ounces 6,995 12,078
*production from restart of operations in late June to December 31, 2022
During the first 15 days of January 2023, concentrator availability averaged 97% and 235,000 tonnes were processed.
Concentrator availability for this period showed a marked increase from the fourth quarter average availability of 68%.
Metal production was 1.02 million pounds of copper and 1432 ounces of gold. Metal recoveries improved with the steadier
operation, and copper recovery averaged 81% and gold recovery was 72% from grades averaging 0.241% copper and
0.265g/t gold during the first 15 days of the new year.
The 2023 production target for Mount Polley is 30 – 33 million pounds copper and 35-40 thousand ounces gold.
Red Chris Exploration Update
At East Ridge, drilling continues to expand the zone, which is outside of the current Mineral Resource estimate. To date 71
holes have been completed and five are in progress. Assays were received from 12 holes during the quarter. The follow up
drilling is being completed on a nominal 100 metre by 100 metre g rid to determine the footprint, characterize the
mineralization and to demonstrate the extent of continuity of the higher-grade mineralization. Drilling to date has tested a
corridor 900 metres long, 250 metres wide and to a vertical extent of 1,000 metres .
Drilling has returned the deepest higher-grade intercept at the project to date with RC857 intersecting 266 metres grading
0.57% copper and 0.43 g/t gold from 1,534 metres, including 34 metres grading 1.6% copper and 1.1 g/t gold from 1,706
metres. These results have extended the higher-grade mineralization, which remains open at depth, by a further 100 metres
to a depth of more than 700 metres vertical on Section 36N (see Figure 27). Hole RC848 drilled on Section 38N (see Figure
29) intercepted 248 metres grading 0.46% copper and 0.33 g/t gold from 1,320 metres, including 34 metres grading 0.86%
Cu and 1.0 g/t gold from 1,510 metres. RC853 drilled on Section 32N (see Figure 25) intercepted 460 metres grading 0.39%
copper and 0.21 g/t gold from 942 metres. All three of the above noted drill holes are the deepest holes on their respective
sections and extend the East Ridge mineralization to depth.
Hole RC 843 intercepted 202 metres of 0. 64% copper and 0. 47 g/t gold from 810 metres , that included a higher grade
intercept of 78 metres grading 1.0% copper and 0.83 g/t gold from 864 metres. RC843 is about 100 met res above RC745
(previously reported) and expands the z one upward on Section 37N (see Figure 28). The intercept is approximately 700
metres below surface, making it one of the shallowest higher-grade intercepts at East Ridge.
Hole RC858 collared at the western edge of the Main Zone pit, intersected 276 metres grading 0.31% copper and 0.36 g/t
gold from 500 metres, including a 68 metre higher grade interval grading 0.70% copper and 0.65 g/t gold from 700 metres.
This hole continues to expand the Main Zone mineralization west towards the Gully Zone.
Drill Holes From (m) To (m) Width (m) Copper (%) Gold (g/t)
RC843 810 1012 202 0.64 0.47
including 864 942 78 1.0 0.83
including 908 940 32 1.3 1.2
RC848 1320 1568 248 0.46 0.33
including 1492 1544 52 0.82 0.84
including 1510 1544 34 0.86 1.0
RC853 942 1402 460 0.39 0.21
RC857 1534 1800 266 0.57 0.43
including 1640 1656 16 0.69 0.62
including 1694 1750 56 1.2 0.83
including 1706 1740 34 1.6 1.1
RC858 306 472 166 0.16 0.20
including 406 416 10 0.32 0.51
including 500 776 276 0.31 0.36
including 700 768 68 0.70 0.65
During the quarter, there were up to seven diamond drill rigs in operation at Red Chris. A further 13,854 metres of drilling
has been completed during the quarter from 18 drill holes, with all drill holes intersecting mineralization. Diamond drilling
continues to define the extent and continuity of this higher-grade mineralization. A further 25 diamond drill holes at
minimum are planned to test and close out the target mineralization. This program is expected to be completed by the
second quarter of 2023.
Block Cave development continues with the exploration decline at 2,685 metres as of January 18, 2023, and the first
ventilation raise bore is on schedule for completion within the first quarter of 2023.
The Feasibility Study is now expected to be completed in the second half of 2023 to allow optimization opportunities to be
evaluated and further defined, with no impact to the project development timeline expected . Inflation and global supply
chain interruptions continue to be assessed as part of the Feasibility Study and value engineering is underway with the
objective to offset inflationary cost pressures.
Jim Miller-Tait, P.Geo., Imperial VP Exploration, is the designated Qualified Person as defined by National Instrument 43 -
101 for the Red Chris exploration program and has reviewed and approved this news release. Red Chris samples for the
2022 drilling reported were analysed at Bureau Ve ritas Mineral Laboratories in Vancouver. A full QA/QC program using
blanks, standards and duplicates was completed for all diamond drilling samples submitted to the labs. Significant assay
intervals reported represent apparent widths. Insufficient geologi cal information is available to confirm the geological
model and true width of significant assay intervals.
Cross section, plan view maps and drillhole data are available on imperialmetals.com.
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About Imperial
Imperial is a Vancouver based exploration, mine development and operating company with holdings that include the Mount
Polley mine (100%), the Huckleberry mine (100%), the Red Chris mine (30%). Imperial also holds a portfolio of 23 greenfield
exploration properties in British Columbia.
Imperial Contacts
Brian Kynoch | President | 604.669.8959
Darb Dhillon | Chief Financial Officer | 604.488.2658
Jim Miller-Tait | Vice President Exploration | 604.488.2676
Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this news release are not statements of historical fact and are “forward -looking” statements.
Forward-looking statements relate to future events or future performance a nd reflect Imperial management’s expectations or
beliefs regarding future events and include, but are not limited to statements regarding: expected gold head grades; production
expectations for Red Chris and Mount Polley mine production; Imperial’s expectations and timing with respect to current and
planned drilling programs at Red Chris , including plans with respect to the completion of the Feasibility Study; and the expected
completion of the first ventilation raise bore at the Red Chris mine.
In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”,
“is expected”, “outlook”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or
“believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”,
“might” or “will be taken”, “occur” or “be achieved" or the negative of these terms or comparable terminology. By their very
nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Imperial to be materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements.
In making the forward-looking statements in this release, Imperial has applied certain factors and assumptions that are based on
information currently available to Imperial as well as Imperial’s current be liefs and assumptions. These factors and assumptions
and beliefs and assumptions include, the risk factors detailed from time to time in Imperial’s interim and annual financial
statements and management’s discussion and analysis of those statements, all of which are filed and available for review on SEDAR
at www.sedar.com. Although Imperial has attempted to identify important factors that could cause actual actions, events or
results to differ materially from those described in forward -looking statements, t here may be other factors that cause actions,
events or results not to be as anticipated, estimated or intended, many of which are beyond Imperial’s ability to control or predict.
There can be no assurance that forward -looking statements will prove to be a ccurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward
looking statements and all forward-looking statements in this news release are qualified by these cautionary statements.
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