Imperial Metals Corp.: Red Chris Production and Exploration Update

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Imperial Metals Corp.: Red Chris Production and Exploration Update

by ahnationtalk on October 29, 202028 Views

Vancouver | October 28, 2020 | Imperial Metals Corporation (the “Company”) (TSX:III) reports Red Chris metal production for the 2020 third quarter was 22.2 million pounds copper and 18,052 ounces gold, as compared to 26.5 million pounds copper and 22,057 ounces gold produced in the 2020 second quarter.

Imperial’s 30% portion of Red Chris third quarter production was 6.66 million pounds copper and 5,415 ounces gold.

Newcrest Red Chris Mining Limited is operator of the Red Chris Joint Venture (Newcrest 70%; Imperial 30%).

Metal production was lower than the prior quarter reflecting a higher proportion of lower grade stockpile material being fed to the mill due to unseasonal rainfall. This impacted the availability of higher grade mill feed from the pits, and resulted in lower recoveries. Lower grades and recoveries were partially offset by a 13% increase in mill throughput.

To date, Red Chris has not experienced any COVID-19 related disruptions to the supply of goods or services, to its workforce or to its operations.

Red Chris – Exploration Update

Results from the East Zone drilling program continue to confirm the presence of multiple discrete high grade pods of mineralization. Infill resource definition hole RC634 returned 514 metres grading 1.3 g/t gold and 0.77% copper from 650 metres, including 166 metres^^ grading 3.0 g/t gold and 1.5% copper from 806 metres. Hole RC638 returned 488 metres grading 0.61 g/t gold and 0.50% copper from 536 metres, including 104 metres grading 1.0 g/t gold and 0.76% copper from 646 metres. A total of 86,366 metres of drilling from 69 drill holes has been completed since August 2019.

Drilling during the third quarter continued to confirm the footprint of the western high grade pod, which was first intersected in RC616. Results from a program of 100 metre spaced holes, designed to confirm the lateral and vertical extent of this zone, include results from holes RC625 (previously reported) and RC637.

Final results for step-out hole RC625, located 100 metres south west of RC616, returned 426 metres^^ grading 0.62 g/t gold and 0.48% copper from 640 metres, including 60 metres^^ grading 2.2 g/t gold and 1.3% copper from 736 metres. Results continued to confirm the high grade mineralization with RC637, located 100 metres above RC625, returning 446 metres grading 0.51 g/t gold and 0.45% copper from 618 metres, including 60 metres grading 1.5 g/t gold and 1.1% copper from 694 metres. Drilling to define the extent and continuity of this high grade pod is ongoing. These discrete pods sit within the larger footprint of the overall porphyry system.

The Brownfields Exploration program has been expanded with drilling underway across the East Zone, Main Zone and Gully Zone, and will follow up on historic drilling results along a 3 kilometre segment of the porphyry corridor in search for zones of mineralization which could support additional mining fronts.

A property wide Airborne Electro-Magnetic (AEM) and gravity survey have been completed. A high-resolution airborne magnetics survey was also completed over a portion of the property to provide complete coverage. The survey aims to generate drill targets across the entire claim package.

Significant Red Chris Intercepts:

Hole ID From (m) To (m) Width (m) Gold (g/t) Copper (%)
RC634 522 628 106^^ 0.33 0.41
and 650 1164 514^ 1.3 0.77
including 802 1004 202^^ 2.7 1.3
including 806 972 166^^ 3.0 1.5
including 888 914 26^^ 8.8 3.4
including 890 902 12^^ 12 4.4
including 988 1000 12^^ 1.5 0.93
including 1016 1160 144^ 0.64 0.48
including 1022 1032 10^^ 1.0 0.71

imperialmetals.com

RC637 618 1064 446 0.51 0.45
including 692 826 134 1.0 0.80
including 694 754 60 1.5 1.1
RC638 536 1024 488 0.61 0.50
including 646 750 104 1.0 0.76
including 668 722 54 1.3 0.96
including 778 878 100 1.3 1.0
including 778 864 86 1.5 1.1

** partial intercept, assays pending; ^ updated intercept; ^^ previously reported Sept 9, 2020 news release

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 this news release. Red Chris samples for the 2020 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 represent apparent widths. Insufficient geological information is available to confirm the geological model and true width of significant assay intervals.

Plan view map and cross sections are available on imperialmetals.com.

About Imperial

Imperial is a Vancouver 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 Huckleberry copper mines in British Columbia. Imperial also holds a 45.3% interest in the Ruddock Creek lead/zinc property.

Company Contacts

Brian Kynoch | President | 604.669.8959

Darb Dhillon | Chief Financial Officer | 604.488.2658

Sabine Goetz | Shareholder Communications | 604.488.2657 | [email protected]

NT4

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