Imetal Announces New Drilling and Results from Their Gowganda WEST GOLD Project
iMETAL ANNOUNCES NEW DRILLING AND RESULTS FROM
THEIR GOWGANDA WEST GOLD PROJECT
Vancouver, March 18th, 2020 – iMetal Resources, Inc. (TSX.V: IMR) (“iMetal” or the
“Company”) announced today followup drilling in Zone 1 and results of the first diamond drill
hole on Grid Zone 3 on the Company’s Gowganda West property. The project is located 20 km
from Gowganda, Ontario and 90 km from Kirkland Lake, Ontario.
Drilling Results and Continuation
The first test drill hole at Zone 3, targeted a high priority chargeability and resistivity anomaly
labeled GZ3-04 identified by Abitibi Geophysics, Inc (“Abitibi”, see press release, Oct 4th,
2019). This IP anomaly extends from near surface to depths of > 400 meters and is more than
2 km long. This 752 meter drill hole intersected an extensive alteration zone from 160 meters
down to 663 meters with fine-grained 1-3 % disseminated pyrite mineralization for over 500
meters, having an apparent horizontal width of 255 metres. The drill hole also intersected
multiple quartz-feldspar porphyry dikes which are interpreted as the heat engine driving the
large gold-bearing hydrothermal system at Gowganda West, Zone 3. The results indicate that
the drill hole intersected a broad zone of geochemically anomalous values of gold within an
extensive hydrothermal alteration system. On this basis additional drilling is warranted and
plans to drill further to the west and to the north from the first drill hole are in preparation.
In mid February this year iMetal moved the Framboise Drilling Inc.’s drill rig, that remained on the
property to Zone 1. In where, last year, DDH IMGW-19-04 intersected 6.65m of 1.07g/t gold,
(see press release May 16th, 2019). Other significant intercepts from this program included
2.95 g/t gold over 2.5 meters and 1.43 g/t gold over 4.6 meters. This hole was drilled before
the Abitibi survey and did not intercept an Abitibi priorty target.
The new drill hole DDH IMGW 20-01 was drilled to a depth of 302 meters. This hole was
targeted to test a first priority chargeability and resitivity I.P. anomaly, labeled GZ1-03b by
Abitibi. This hole is 350 meters south from DDH IMGW-19-04 that was drilled last year, well
before the I.P. ground survey. A preliminary examination of the drill core from DDH IMGW 20-
01 indicates a series of intervals that cumulatively total 119.45 meters. A total of 156 core saw
cut samples will be sent for gold assay.
The intervals occur in a hydrothermal alteration zone within the Indian lake Group of
intercalated meta-sedimentary rocks coupled with felsic intrusive rocks. The intervals primarily
consists of arenite greywacke to mudstone, conglomerate, intermediate dikes and quartz
feldspar porphyry dikes. The intervals also exhibit pervasive silicification that hardens and
bleaches, locally hematized to brick red with hematite-altered conglomerate and hematite-
altered and silicified feldspar porphyry dikes and contains fine grained disseminated 1-5%
pyrite plus rare blebs of coarse chalcopyrite locally.
A table with analytical data from all above mentioned drill holes can be found at
https://imetalresources.ca/wp-content/uploads/2020/03/Table-1A.pdf
Johan Grandin, President and CEO, commented: “Given the increase in the price of gold, we
look forward to drill testing significant IP anomalies currently identified on the Gowganda West
property. These targets are concentrated within a small portion of the property and we view
them as highly significant and it is our intention to drill test most of these 11 priority 1 targets
defined by the Abitibi IP survey on Gowganda West in Zone 1 and in Zone 3.”
Dave Gamble, P. Geo and QP, commented: “The drill hole in Zone 3, has intersected
significant pyrite mineralised zones of highly silicified altered rocks. The recognition of the
Gowganda West gold-bearing mineralized system characterized by extensive hydrothermal
alteration and driven by quartz-feldspar porphyry dikes interpreted as a potential heat source
that drives the alteration system encourages iMetal to continue geophysical surveys and drill
testing targets in the >7 km long north-south gold trend from Zone 1 to Zone 3. The width of
the interesting area is over 3-4 km. Both drill holes IMGW 19-06 on Grid # 3, and IMGW 20-01
on Grid #1 have clearly identified the geological explanation for such anomalous I. P. target
responses of both the high resistivity values that are clearly attributed to pervasive silicification
and bleaching, and high chargeability values attributed to fine grained disseminated pyrite. A
number of these well identified Abitibi I.P.targets will require further drill testing.”
iMetal Completes Acquisition of the Gowganda West Property
iMetal Resources has finalized all option payments on their Gowganda West property
acquiring 100% of the 150 km2 project. Ongoing positive exploration results over the past 24
months from activities on the Gowganda West property with encouraging geological and
geophysical surveys coupled with recent drill data underscores the potential for significant
multiple zones of gold mineralization on the property.
We seek safe Harbor
Quality Assurance/Quality Control
iMetal Resources employed a rigorous quality assurance/quality control
program to ensure best practices for drilling at Gowganda West.
Activation Laboratories Ltd. (Actlabs), ISO certified, carried out the
sample analysis in its Timmins, Ont., facility. Samples were prepared using
Actlabs' RX1 sample preparation which consists of crushing the entire sample
to 80 per cent and riffle splitting and pulverizing one 350-gram split to 95
per cent. A 50-gram subsample of the pulverized sample was subjected to
Actlabs' 1A2-50 analysis (fire assay with AA finish) and any analysis over
3,000 parts per billion was reassayed using Actlabs' 1A3-50 analysis (fire
assay with gravimetric finish). Actlabs is independent of the company and
has used internal quality assurance/quality control protocols.
The technical content of this news release has been reviewed and approved by Dave Gamble
P.Geo., a qualified person as defined under NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS,
Johan Grandin
President & CEO,
iMetal Resources Inc.
Tel. (604-739-9713)
588-580 Hornby St., Vancouver, BC, V6C 3B6.
https://imetalresources.ca
iMetal Resources Inc. is a Canadian based exploration company focused on the acquisition and exploration of prospective resource
properties. iMetal is focused on advancing its Gowganda West Project in Ontario, Canada. iMetal trades on the TSX Venture
Exchange under the ticker s ymbol IMR. For further information, please call 604 - 739-9713 or visit iMetal’s website
at www.imetalresources.ca.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.