Imperial Reports Production and Red Chris Exploration Update for 2023 Second Quarter
imperialmetals.com
News Release
Imperial Reports Production and Red Chris Exploration Update for 2023 Second Quarter
Vancouver | July 24, 2023 | Imperial Metals Corporation (“Imperial” or the “Company”) (TSX:III) reports quarterly
copper and gold production from Mount Polley and Red Chris mines . Imperial’s p roduction for the second
quarter was 11,181,595 pounds copper and 14,289 ounces gold, of which 7,062,836 pounds copper and 10,185
ounces gold were produced at Mount Polley and 4,118,759 pounds copper and 4,104 ounces gold f rom
Imperial’s 30% share of Red Chris mine production. Total p roduction increased this quarter compared to
10,155,001 pounds copper and 13,129 ounces gold produced in the previous quarter (6,678,094 pounds copper
and 9,980 ounces gold coming from Mount Polley and 3,476,907 pounds copper and 3,149 ounces gold coming
from its 30% share of Red Chris mine production).
Mount Polley metal production was up by 5.8% for copper and 2.1% for gold for this quarter due to higher copper
and gold grades, and slightly higher throughput. The throughput averaged 15,724 tonnes per day compared to
15,440 tonnes per day in the previous quarter; copper recovery was 79.9% compared to 81.1% in the first quarter
and gold recovery was 68.3% compared to 71.5% in the previous period. A lightning strike damaged a mill motor
during the quarter, which inhibited the ability to increase throughput while maintaining the excellent metals
recoveries that are being achieved. The motor is out for repair and expected to be returned to operation in
August.
Red Chris copper and gold production (100%) for the quarter was 13,729,195 pounds copper and 13,680 ounces
gold, an increase of 18% and 30% respectively from the prior quarter (11,589,689 pounds copper and 10,496
ounces gold) largely driven by higher mill throughput and higher head grades (0.35% copper and 0.34g/t gold
compared to 0.33 % copper and 0.31g/t gold in the previous quarter) and improved gold recovery (52.6%
compared to 50.2%).
The Red Chris Block Cave Feasibility Study is expected to be completed in the second half of 2023 . Several
optimization opportunities to unlock further value are being assessed as part of the Feasibility Study including
options for the initial extraction level of the first block cave and alternative plant expansion options. Newcrest
is reviewing various options to offset any inflationary cost pressures on future capital expenditure and operating
costs. Progress towards block cave mining is advancing with the exploration decline at 3,245 metres as of July 20,
2023, and the ventilation fans have been commissioned in the first ventilation raise.
The exploration program at Red Chris is focused on the discovery of additional zones of higher -grade
mineralization within the Red Chris porphyry corridor . During the quarter, there were up to four diamond drill
rigs in operation, and a further 6,947 metres of drilling was completed during the quarter from 11 drill holes.
At East Ridge, located adjacent to the East Zone, 85 holes have now been completed. Assay results were received
for 8 holes during the quarter, with assay results from 1 hole pending. The drilling was undertaken on a nominal
100 metre by 100 metre grid to determine the footprint, understand the mineralization, geotechnical and
metallurgical characteristics and to determine the extent and continuity of the higher -grade mineralization
within the East Ridge. Drilling to date has tested a corridor 1,000 metres long, 450 metres wide and to a vertical
extent of 1,000 metres. Mineralization remains open at depth and to the east.
imperialmetals.com
In March 2023, an updated East Ridge Exploration Target (“Exploration Target”) , was issued with ranges from a
lower case of approximately 400 million tonnes at 0.49% copper and 0.42 g/t gold for 4.2 billion pounds copper
and 5.4 million ounces gold and an upper case tonnage of approximately 500 million tonnes at 0.47% copper
and 0.39 g/t gold for 5.1 billion pounds copper and 6.1 million ounces gold (previously reported in the March 13,
2023 news release) . The updated Exploration Target is not included in the current Mineral Resource. The
potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient
exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation
of a Mineral Resource. The grades and tonnages in the Exploration Target are estimates based on continuity of
mineralization defined by exploration diamond drilling results (previously reported including relevant sections
and plans) within the Redstock I ntrusive with the lower range estimate in the area with a nominal drill hole
spacing of 100 metres by 100 metres and the upper range estimate extended into the area with a nominal drill
hole spacing of 100 metres by 200 metres.
East Ridge is outside the current Red Chris Mineral Resource estimate. Geotechnical and metallurgical studies
are underway on the East Ridge with the aim to include the East Ridge in an updated Red Chris Mineral Resource
estimate in 2023.
A series of three diamond holes drilling from sout h to north, the opposite direction to most of the drilling to
date, has commenced. The aim of the drilling is to assess the continuity of the mineralization and test for any
bias from the original drill orientation. The results from the first hole RC875 returned an intercept of 406 metres
grading 1.0% copper and 1.1g/t gold from 486 metres, that includes 248 metres grading 1.4% copper and 1.6g/t
gold from 644 metres. Note that this result is a partial intercept and additional assays are pending. This result
indicates continuity of the higher -grade mineralization across the vertical extent of the deposit. The south to
north drilling was halted this spr ing due to poor access conditions . The plan is to restart this program in the
upcoming winter when access conditions improve.
Drilling east of the East Ridge Exploration Target returned a higher -grade intercept. Hole RC876, drilled 100
metres east of hole RC860 (previously reported in the April 26, 2023 news release), returned an interval of 274
metres grading 0.45% copper and 0.67g/t gold from 998 metres. This 274 metre intercept included higher grade
intervals of 42 metres grading 1.1% copper and 1.5g/t gold from 1,080 metres, 14 metres grading 0.63% copper
and 1.7g/t gold from 1,144 metres and 26 metres grading 0.5% copper and 1.1g/t gold from 1,170 metres. This
intersection, located approximately 200 metres east of the Exploration Target, demonstrates the prospectivity
of this area for further discoveries. This new discovery, at Far East Ridge, has the potential to become the fifth
zone of mineralization along the Red Chris porphyry corridor. Follow up drilling is planned for 2024.
A regional exploration program commenced during the quarter, with a program of geological mapping, and
geochemical sampling on targets generated from the application of the knowledge gained from the Red Chris
discoveries. Approximately 4,000 metres of growth-related drilling targeting higher-grade mineralization within
the Red Chris porphyry corridor at Far West and Gully Zone is planned for the September 2023 quarter using
one drill rig.
Jim Miller-Tait, P.Geo., Imperial Metals Vice President Exploration, is the designated Qualified Person as defined
by National Instrument 43-101 for the Red Chris exploration program and has reviewed this news release. Red
Chris samples for the 202 2/2023 drilling reported were analysed at Bureau Veritas 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 re present apparent widths. Insufficient
geological 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.
imperialmetals.com
---
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%), and the Red Chris mine (30%). Imperial also holds a portfolio of 23
greenfield exploration properties in British Columbia.
Company Contacts
Brian Kynoch | President | 604.669.8959
Darb S. 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 and reflect Imperial management’s expectations or
beliefs regarding future events and include, but are not limited to, statements regarding Imperial’s ex pectations and timing with
respect to current and planned drilling programs at Red Chris, including plans to expand and define the extent and continuity of
mineralization at the East Ridge zone; the progress and advancement of the exploration decline; the timing regarding completion
of the Feasibility Study; options to offset inflationary pressures; the timing regarding repair of a damaged mill motor; the potential
grade, quantity, continuity and prospectivity of the Exploration Target ; the potential for a fifth porphyry centre and other new
discoveries; the estimation of a Mineral Resource and timing thereof; and the potential for further discoveries.
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 re sults "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 news release, Imperial has applied certain factors and assumptions that are
based on information currently available to Imperial as well as Imperial’s current beliefs 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, there may be other factors that cause
actions, imperialmetals.com 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 accurate, 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.