TSX-V: IPG $0.16 -0.01 Gold $US 1,781.15oz + 5.22 Silver $US 26.13oz + 0.16 Copper $US 4.31lb

News & Media

2021

Highlights:

  • Assay results from the first four drillhole continue to return impressive intercepts of 111.9 m (367.0’) grading 298 g/t scandium oxide (Sc2O3), including 40.5 m (132.8’) grading 336 g/t Sc2O3 and 34.77 m (114.0') grading 321 g/t Sc2O3.
  • Elevated levels of total rare earth oxides plus yttrium (TREO+Y) of up to 0.38 % characterize the scandium-bearing horizon.
  • At current prices for the magnet rare earths (Nd, Pr, Dy, Tb) the rare earth mineralization will provide the project with important bulk concentrate value for the potential operation.

MONTREAL, QUEBEC – May 27, 2021Imperial Mining Group Ltd. ("Imperial") (TSX VENTURE: IPG; OTCQB: IMPNF) is pleased to announce that it continues to receive strong scandium and rare earth assays from Crater Lake drilling the TG scandium mineralized Zone (the “Zone”). Assay results continue to return substantial intersection widths of scandium-bearing olivine ferrosyenite (Table 1) reported earlier (see Imperial press release – April 28, 2021). The drilling program was completed on May 9th, with a total of 14 drillholes having tested the Zone. Sufficient drill data has now been collected to undertake a 43-101 preliminary Resource Estimate of the TG zone for delivery in June.

“The winter drilling results at the Crater Lake property continue to build an important scandium and TREO+Y resource at the TGZ target,” said Peter Cashin, Imperial’s President & Chief Executive Officer. “Drilling has now defined the Zone on 50 m sections between  Sections 350N and 650N and mineralization has been traced by drilling over 650 m in total strike length down to a vertical depth of up to 200 m. Importantly, the zone is getting thicker and higher grade with depth and to the north of Section 500N.”

Current Drilling

To date, 14 drillholes for 2,084.8 m have been completed (Table 2, Figures 1, 2 and 3). All drillholes have intersected the target mafic intrusive host rock. The drilling indicates that the TG scandium zone is doubly dipping between 830 west to 700 east, with a north-northeast strike direction. The widths of the mineralized zone vary between 55 and 135 m (180-443’) in true thickness. Mineralization is open at depth below the 200 m vertical level and along strike and appears as a thickening, conical-shaped body in cross-section.

Table 1 – Best Drillhole Assay Results, Crater Lake Project, Quebec

Hole #

From (m)

To (m)

Interval (m)

Sc (g/t)

Sc2O3 (g/t)

TREO+Y (%)

CL21044

46.85

132.33

85.48

177

271

0.3396

Incl.

75.64

98.23

22.59

202

310

0.3565

And

160.17

168.84

8.67

172

264

0.3590

 

 

 

 

 

 

 

CL21045

18.70

86.90

68.20

165

253

0.3141

Incl.

38.50

73.27

34.77

209

321

0.3744

 

 

 

 

 

 

 

CL21047

14.90

31.40

16.50

130

199

0.2684

And

36.85

61.48

24.63

129

198

0.2633

And

69.07

98.40

29.33

181

278

0.3310

Incl.

69.07

84.00

14.93

198

304

0.3455

 

 

 

 

 

 

 

CL21048

50.57

162.50

111.93

194

298

0.3547

Incl.

70.00

84.00

14.00

203

311

0.3707

And incl.

94.00

134.50

40.50

219

336

0.3785

NOTES: - 1 ppm of Sc metal equals 1.5338 ppm scandium oxide (Sc2O3) ; 1 g/t equals 1 ppm. TREO+Y includes oxides of La, Ce, Pr, Nd, Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb and Lu plus Y.

SECTION 350N DRILLING

CL21050 – The hole intersected a cumulative thickness of 55.6 m of Sc-bearing mafic Olivine Ferrosyenite  (OLFESYN) intrusive with individual intersections of up to 20.0 m in core length.

SECTION 600N DRILLING

CL21052 - This hole intersected a cumulative 154.9 m (508.1’) of Sc-bearing OLFESYN commencing at 56.5 m in the hole. The azimuth of this hole was reversed from the other holes on Section to confirm our initial inverted cone geometry of the zone. The largest intersection returned 142.5 m (467.4’) of OLFESYN, starting at 56.5 m in the hole. Of interest was 6.7 m thick interval of pegmatite containing very coarse amphibole aggregates with several inclusions of zircon and up to 10% of fluorite at the contact between the OLFESYN and the footwall felsic syenite. The high fluorite commonly carries high rare earth grades elsewhere on the property.

SECTION 650N DRILLING

CL21051 - The hole intersected a cumulative thickness of 54.2 m (177.8’) interval of favourable OLFESYN starting at 73.5 m in the hole.

CL21053 -  The hole was a shallow overcut to hole CL21051 and intersected a cumulative interval of 19.3 m (63.3’) interval of favourable OLFESYN commencing at 22.2 m in the hole.

The mineralization on this Section has further confirmed that the system is building with depth and that the mineralization has a steep northern plunge geometry.

The core samples from holes CL21046 and CL21049 to CL21053 have been sent out for analyses and have been delivered to Activation Laboratories late last week. Results are anticipated to be delivered within three weeks of receipt of this remaining shipment.

Table 2 – Borehole Location Table – Crater Lake Project, Quebec

Borehole Number

Section

Easting

Northing

Elevation (m)

Azimuth

Dip

Length (m)

CL21040

550N

440895

6133765

548

305

-47

117.0

CL21041

500N

440823

6133748

550

305

-45

50.3

CL21042

550N

440937

6133733

542

305

-50

213.9

CL21043

550N

440867

6133786

551

305

-47

69.9

CL21044

450N

440826

6133687

543

305

-47

186.8

CL21045

450N

440792

6133711

548

305

-45

108.0

CL21046

400N

440783

6133660

543

305

-47

190.0

CL21047

400N

440757

6133678

547

305

-45

126.0

CL21048

600N

440960

6133782

545

305

-47

208.0

CL21049

600N

440930

6133802

548

305

-45

133.8

CL21050

350N

440745

6133608

541

305

-47

151.0

CL21051

650N

440987

6133824

545

305

-47

182.9

CL21052

600N

440841

6133853

561

125

-55

229.0

CL21053

650N

440951

6133855

553

305

-47

118.2

 

 

 

 

 

 

Total

2084.8

* Borehole Coordinate Datum : NAD83 Zone 20N

QA-QC Protocol

Strict QA/QC protocols have been implemented for the Crater Lake Project, including the insertion of certified reference materials (standards), duplicates and blanks at regular intervals throughout the sequence of samples.

A total of 611 samples, including 36 QA-QC samples, were sent to an analytical laboratory. All sample preparation and analytical work was carried out by Actlabs at their facilities in Ancaster, Ontario. Several analytical techniques were used to characterize the samples, which are combined at Actlabs into the analytical package “8-REE”. This package includes whole-rock and trace element analytic techniques. Whole Rock analyses are done via a lithium metaborate/tetraborate fusion inductively coupled plasma (ICP) finish. Trace elements are also analyzed by fusion ICP/MS.

The technical content in this press release was prepared, reviewed and certified by Pierre Guay, P. Geo., Imperial's Vice-President, Exploration, a Geologist and Qualified Person as defined by NI43-101.

ABOUT IMPERIAL MINING GROUP LTD.

Imperial is a Canadian mineral exploration and development company focused on the advancement of its technology metals projects in Québec. Imperial is publicly listed on the TSX Venture Exchange as “IPG” and on the OTCQB Exchange as “IMPNF” and is led by an experienced team of mineral exploration and development professionals with a strong track record of mineral deposit discovery in numerous metal commodities.

For further information please contact:

Peter J. Cashin
President and Chief Executive Officer
Phone: +1 (514) 360-0571
Email: info@imperialmgp.com
CHF Capital Markets
Iryna Zheliasko, Manager-Corporate Communications
Phone: +1 (416) 868-1079 x229
Email: iryna@chfir.com

Website: www.imperialmgp.com Twitter: @imperial_mining Facebook: Imperial Mining Group

This press release may contain forward-looking statements relating to the Company’s operations or to its business environment. Such statements are based on the Company’s operations, estimates, forecasts, and projections, but are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or control. Several factors could cause actual outcomes and results to differ materially from those expressed. These factors include those set forth in the corporate filings. Although any such forward-looking statements are based upon what management believes to be reasonable assumptions, the Company cannot guarantee that actual results will be consistent with these forward-looking statements. In addition, the Company disclaims any intention or obligation to update or revise any forward-looking statements, for any reason. We also do not commit in any way to guarantee that we will continue reporting on items or issues that arise. Investors are cautioned that this press release contains quoted historical exploration results. These are derived from filed assessment reports and compiled from governmental databases. The Company and a QP have not independently verified and make no representations as to the accuracy of historical exploration results: these results should not be relied upon. Selected highlight results may not be indicative of average grades.

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.

Figure 1 – Crater Lake Drillhole Location Map

Figure 2 – Diamond Drill Cross-Section 450N, TG Zone, Crater Lake Project, Quebec

Figure 3 – Diamond Drill Cross-Section 600N, TG Zone, Crater Lake Project, Quebec

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