IMR.V · 2023-05-31 12:00:00

iMetal Resources Discovers New Parallel Graphite Zones at Carheil Project in Quebec

Drill Results

iMetal Resources Discovers New Parallel Graphite Zones at

Carheil Project in Quebec

VANCOUVER, BC / May 31, 2023 / iMetal Resources Inc. (TSX.V:IMR)

(OTCQB:IMRFF) (FRANKFURT:A7V) ("iMetal" or the "Company") announces the receipt

of assay results from drilling at the Company's Carheil Project (the, "Project" or "Carheil"),

which lies in the Northern Abitibi Greenstone Belt in Québec. Each of the three holes (totaling

1,053 metres) hit multiple horizons of graphitic sediments as highlighted below:

Hole CA-23-01

• 3.90 m at 7.08% Cg, from 151.1 metres, including 11.5% Cg over 1.9 m (ZONE A)

• 8.45 m at 2.53% Cg, from 237.6 m, including 7.05% Cg over 1.5 m (ZONE C)

Hole CA-23-02

• 4.65 m at 5.11% Cg, from 138.8 m, including 12.9% Cg over 1.2 m (ZONE A)

• 10.55 m at 2.89% Cg, from 196.5 m (ZONE B)

• 5.30 m at 4.25% Cg, from 242.9 m, including 7.90% Cg over 1.2 m (ZONE C)

Hole CA-23-03

• 4.90 m at 1.93% Cg, from 156.1 m (ZONE A)

• 4.70 m at 2.76% Cg, from 263.3 m, including 4.70% Cg over 2.1 m (ZONE C)

Saf Dhillon, President & CEO, stated: "We are extremely pleased with these graphite results in

this follow-up campaign. Our team predicted previous drilling may have missed the second

graphitic horizon and that interpretation has borne out in these results. Québec is one of the most

mining friendly jurisdictions in the world and we are eagerly planning more work at Carheil to

follow these results and expand our understanding of this highly prospective property."

Drilling encountered a graphite-bearing sedimentary unit sandwiched between volcanic units.

This sedimentary unit contained several multi-meter graphite-rich horizons, one on the hanging-

wall contact (ZONE A), one on the footwall contact (ZONE C), and at times an interior horizon

(ZONE B). ZONE A corresponds with graphite results from the 2016 drilling program on the

property, while ZONE B and ZONE C have not been previously assayed. Graphite horizons have

thus far been delineated over 50-100m of strike and 50-100m of down-dip extent and remain

open in all directions. The next phase of drilling should aim to expand the strike extent and

follow the horizons closer to surface.

Carheil is an exploration-stage project with multi-metal potential and previous graphite results.

The Project is about 170 km north of Rouyn-Noranda in the Northern Abitibi Greenstone Belt.

The Project is under 20 km distance to the west from the past-producing Selbaie Copper-Zinc-

Silver-Gold mine (1.1 billion lbs Cu, 2.4 billion lbs Zn, 71 million oz Ag, 1 million oz Au

produced from 1981-2004[i]), under 20 km distance to the north from Hecla's Casa Berardi Mine

(127.5 Koz Au and 28.2 Koz Ag produced in 2022[ii]), and under 40 km to the southeast from

Agnico Eagle's Detour Lake mine (713 Koz Au produced in 2021[iii]). Directly bordering the

property to the north is Midland Exploration/Probe Metals' La Peltrie project, which recently

intersected a 345.5 m of Cu-Mo-Au-Ag mineralization grading 0.21 CuEq[iv]. iMetal cautions

investors the presence of mineralization at Selbaie, Casa Berardi, and Detour Lake is not

necessarily indicative of similar mineralization on the Carheil property.

Figure 1: Carheil, Graphite Horizon Interpretation

QA/QC control procedures included the systematic insertion of certified blanks, and two

different graphite certified reference materials (CRM) at regular intervals (one QAQC sample for

every 20 core samples) into the sampling stream. All samples were submitted to ALS

Geochemistry in Rouyn-Noranda for assay preparation and subsequently shipped to ALS

Vancouver for analysis. Geochemistry analyses consisted of Graphitic carbon by IR

Spectroscopy (C-IR18), which uses an HCl leach to remove carbonates and roasting to remove

organic carbon in order to only identify carbon in graphitic form in the samples. Select samples

were checked for gold by fire assay and atomic absorption spectrometry (Au-AA26) with

overlimit values subsequently analyzed using the gravimetric finish (Au-GRA22) technique.

The scientific and technical information contained in this news release has been reviewed and

approved by Scott Zelligan, P. Geo (Ontario), VP Exploration of iMetal and a qualified person as

defined in National Instrument 43-101.

Drilling Results

Table 1 - Drillhole Locations (UTM NAD83 Zone 17N)

Hole # Easting Northing Azimuth Dip

CA-23-01 5514185 624061 25 -44

CA-23-02 5514191 624018 24 -45

CA-23-03 5514191 624018 25 -53

Table 2 - Significant Results (True width is unknown at this time)

Hole # From To Length Cg (%)

CA-23-01 151.1 152 0.9 9.42

CA-23-01 152 153 1 13.3

CA-23-01 153 154 1 4.50

CA-23-01 154 155 1 1.32

CA-23-01 155 156.45 1.45 0.45

CA-23-01 237.6 239 1.4 1.14

CA-23-01 239 240.5 1.5 1.62

CA-23-01 240.5 242 1.5 1.34

CA-23-01 242 243.2 1.2 1.75

CA-23-01 243.2 244 0.8 1.98

CA-23-01 244 245.5 1.5 7.05

CA-23-01 245.5 246.05 0.55 1.97

CA-23-02 138.8 140 1.2 12.9

CA-23-02 140 141.05 1.05 4.09

CA-23-02 141.05 142 0.95 1.79

CA-23-02 142 143.45 1.45 1.57

CA-23-02 196.45 198 1.55 3.92

CA-23-02 198 199.5 1.5 2.80

CA-23-02 199.5 201 1.5 3.49

CA-23-02 201 202.5 1.5 3.42

CA-23-02 202.5 204 1.5 2.97

CA-23-02 204 205.5 1.5 2.35

CA-23-02 205.5 207 1.5 1.27

CA-23-02 241.4 242.9 1.5 0.28

Hole # From To Length Cg (%)

CA-23-02 242.9 244 1.1 1.21

CA-23-02 244 245 1 2.09

CA-23-02 245 246 1 4.04

CA-23-02 246 247 1 5.60

CA-23-02 247 248.2 1.2 7.90

CA-23-03 156.1 157.5 1.4 0.93

CA-23-03 157.5 159 1.5 3.79

CA-23-03 159 160 1 1.40

CA-23-03 160 161 1 1.05

CA-23-03 263.3 264 0.7 0.04

CA-23-03 264 265 1 0.11

CA-23-03 265 266.5 1.5 0.42

CA-23-03 266.5 267.5 1 0.09

CA-23-03 267.5 269 1.5 0.89

CA-23-03 269 270.1 1.1 1.63

CA-23-03 270.1 271 0.9 5.13

CA-23-03 271 272.2 1.2 4.37

About iMetal Resources Inc.

iMetal is a Canadian based junior exploration company focused on the exploration and

development of its portfolio of resource properties in Ontario and Quebec. One of its Flagship

properties Gowganda West, is an exploration-stage gold project that borders the Juby Deposit

and is located within the Shining Tree Camp area in the southern part of the Abitibi Greenstone

Gold Belt about 100 km south-southeast of the Timmins Gold Camp. The 665-hectare Kerrs

Gold deposit comprises a series of gold-bearing pyritized quartz vein replacement breccias with

a 2011 historic resource, 90 kilometres ENE of Timmins. The 220-hectare Ghost Mountain

property, 42 kilometres NE of Kirkland Lake, lies 5 kilometres W of Agnico Eagle's Holt and

Holloway Mine.

ON BEHALF OF THE BOARD OF DIRECTORS,

Saf Dhillon

President & CEO

iMetal Resources Inc.

[email protected]

Tel. (604-484-3031)

Suite 550, 800 West Pender Street, Vancouver, British Columbia, V6C 2V6.

https://imetalresources.ca

Neither the 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.

This news release may include forward-looking statements that are subject to risks and

uncertainties. All statements within, other than statements of historical fact, are to be considered

forward looking. Although the Company believes the expectations expressed in such forward-

looking statements are based on reasonable assumptions, such statements are not guarantees of

future performance and actual results or developments may differ materially from those in

forward-looking statements. Factors that could cause actual results to differ materially from

those in forward-looking statements include results of exploration, variations in results of

mineralization, relationships with local communities, market prices, continued availability of

capital and financing, and general economic, market or business conditions. There can be no

assurances that such statements will prove accurate and, therefore, readers are advised to rely

on their own evaluation of such uncertainties. We do not assume any obligation to update any

forward-looking statements except as required under the applicable laws.

(https://www.hecla.com/operations/casa-berardi-quebec-canada)

Mines Limited, 2023

(https://www.agnicoeagle.com/English/operations/operations/Detour-Lake-Mine/default.aspx)

[iv] Midland Exploration news release dated December 6, 2022

SOURCE: iMetal Resources, Inc.

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