Imperial Reports Red Chris Production and Exploration Update for 2021 Second Quarter
imperialmetals.com
News Release
Imperial Reports Red Chris Production and Exploration Update for 2021 Second Quarter
Vancouver | July 21, 2021 | Imperial Metals Corporation (the “Company”) (TSX:III) reports Red Chris metal production (100%)
for the second quarter of 2021 was 17.6 million pounds copper and 15,451 ounces gold, compared to 15.9 million pounds
copper and 15,850 ounces gold produced during the first quarter of 202 1. Improved t hroughput and recover y for the
quarter were offset by lower head grades of 0.40% copper and 0.35 g/t gold compared to 0.43% copper and 0.42g/t gold in
the first quarte r. Imperial’s 30% portion of the first quarter production was 5.3 million pounds copper and 4,635 ounces
gold.
The newly installed cleaner column was commissioned during the quarter and is now operating. Early results have shown
improved gold recovery over results prior to the installation of this cleaner column cell.
The portal site excavation has been completed and the exploration decline is progressing, having advanced 21 metres as of
July 14, 2021 . The East Zone high grade pod is being drilled at a tighter spacing to provide the information required to
consider “early mining” as part of the Red Chris Block Cave Pre -Feasibility Study . Mining of this particularly high-grade
section of the East Zone prior to the block cave mining may increase initial cash flow and help fund the development of
block caving operations. The Pre-Feasibility Study is expected to be released by the end of September 2021.
Exploration Update
Drilling continues to expand the higher-grade mineralization at East Ridge, the recently discovered extension of the Red
Chris deposit. Drill hole RC700 intersected 366 metres grading 1.1g/t gold and 0.93% copper from a depth of 738 metres,
including 146 metres grading 2.1g/t gold and 1.6% copper from a depth of 780 metres. The discovery of such wide zones of
high-grade mineralization, which are comparable to some of the better intercepts from the East Zone, clearly illustrates the
potential for the East Ridge to develop into an important new development area. Hole RC700 was drilled 100 metres above
the previously reported hole RC688. Drill hole RC692 targeted the 100 m etre down-plunge projection of mineralization
intersected in hole RC684. Hole RC692 successfully intersected 274 metres of 0.40g/t gold and 0.41% copper from 1090
metres to 1364 metres.
Brian Kynoch, President of Imperial Metals Corporation, said “RC700 has yielded the highest grades to date from the East
Ridge. This intercept is similar to those encountered in the high -grade pods in the East Zone and shows that this eastern
extension of mineralization at Red Chris has the potential to contain high -grade pods similar to those in the East Zone.”
Red Chris - Significant results since June 9, 2021 drilling update:
Hole ID From (m) To (m) Width (m) Gold (g/t) Copper (%)
RC700 738 1104 366 1.1 0.93
including 774 1000 226 1.6 1.3
including 780 926 146 2.1 1.6
RC692 1090 1364 274 0.40 0.41
including 1242 1336 94 0.61 0.49
During the second quarter there were up to eight drill rigs in operation, completing 26 drill holes for a total of about 30,055
drilled metres. All the holes, except six geotechnical drill holes, intersected mineralization. Since the commencement of
the Joint Venture in 2019, 137 drill holes totalling about 166,686 metres have been drilled.
Drilling is ongoing at East Ridge to further define the extent and continuity of this zone, with ten holes completed and three
in progress. The follow up drilling is being completed on a nominal 100 x 100 metre grid to determine the footprint of the
mineralization and demonstrate the continuity of the higher-grade mineralization. The East Ridge is open in all directions
and has extended the eastern limit of copper and gold mineralization.
Approximately 50,000 metres of growth-related drilling is planned this calendar year.
imperialmetals.com
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
2021 drilling reported were analysed at Bureau Veritas Mineral La boratories 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 geological information is available to confirm the geological
model and true width of significant assay intervals.
Cross section and plan view maps are available on imperialmetals.com.
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About Imperial
Imperial is a Vancouver based exploration, mine development and operating company. The Company, through its
subsidiaries, owns a 30% interest in the Red Chris mine, and a 100% interest in both the Mount Polley and H uckleberry
copper mines in British Columbia.
Company 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 and reflect Company manageme nt’s expectations
or beliefs regarding future events and include, but are not limited to, statements and inferences regarding the potential for
continued improved gold recovery from the newly installed cleaner column, the Company’s expectations and timing with
respect to the Red Chris Block Cave Pre -Feasibility Study, current and planned drilling programs at Red Chris, including mining
of the East Zone high grade pod and plans to define the extent and continuity of the mineralization in the East Ridge and t he
potential importance of the East Ridge as a development area, and statements regarding cash flow and the funding of block
caving operations.
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 the Company 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, the Company has applied certain factors and assumptions that are
based on information currently available to the Company as well as the Company’s current beliefs and assumptions. These
factors and assumptions and beliefs and assumptions include, t he risk factors detailed from time to time in the Company’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 the Company 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, events or results not to be as anticipated, estimated or intended, many of which are beyond
the Company’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. Such information is given only as of the date of this news release. The Company does not assume
any obligation to update its forward -looking information to reflect new information, subsequent events or otherwise, except as
required by law.