MONTREAL, QUEBEC – April 7, 2021 – Imperial Mining Group Ltd. ("Imperial") (TSX VENTURE: IPG; OTCQB: IMPNF) is pleased to announce that early Crater Lake drilling on the TG scandium mineralized zone has confirmed the substantial intersection widths of scandium-bearing olivine ferrosyenite. This rock type is geologically similar to scandium-mineralized units observed during the 2019 TG Zone winter program (see Imperial Press Releases: May 22 and June 18, 2019). The drilling continues towards collecting sufficient drill data to undertake a 43-101 preliminary Resource Estimate of the Zone later in the spring.
“These early results confirm the significant potential of the TG mineralized zone, defined over a minimum strike length of 600 m, to a depth of 200 m and up to 110 m in true thickness,” said Peter Cashin, Imperial’s President & CEO. “The new drilling shows good continuity of the scandium mineralized olivine ferrosyenite unit over intersection widths of up to 158 m (515 feet). We have now brought the zone to surface on two drill sections and will be defined to a vertical depth of 125 m and over a strike length of 600 m. This will provide us with sufficient data to satisfy the minimum tonnage threshold required for our subsequent PEA study work.”
WINTER DEFINITION DRILLING PROGRAM
A definition diamond drill program on the TG Zone commenced in early March with 17 to 22 diamond drillholes planned, for a total of approximately 2,500 m (Figure 1). A drill hole spacing pattern of 50-100 m is in the process of being completed with the objective of outlining a minimum Inferred Mineral Resource of at least 10 million tonnes. This size of resource should satisfy a minimum 20- to 25-year operation model, scalable to the rate of potential market demand growth. There is good potential to expand TG Zone resources with further drilling of the resource area being drilled and on drill evaluation of additional scandium occurrences elsewhere on the property. This drilling round is anticipated to be completed in early May. The drilling contractor for the program is Cartwright Drilling Inc. of Goose Bay, NL.
To date, four drillholes for 453.2 m have been completed (Table 1). The drilling indicates that the mineralized zone dips between sub-vertical to 700 east, with a north-northeast strike direction. The widths of the mineralized zone vary between 55 and 110 m (180-360’) in true thickness. The zone is open at depth below the 200 m vertical level and along strike.
SECTION 500N DRILLING (Figure 2)
CL21041 – The drillhole was a shallow overcut to hole CL-19035 (Figure 2), which previously returned 95.5 m (313.2’) grading 314 g/t Scandium Oxide (Sc2O3) and 0.37% Total Rare Earth Oxides + Yttrium (TREO+Y) including 16.3 m grading 353 g/t Sc2O3 and 0.38% TREO+Y. The hole projected the TG Zone to surface on the section and was collared into bedrock at 9.9 m and intersected the scandium host rock to 28.5 m for a total of 18.5 m of host olivine ferrosyenite.
SECTION 550N DRILLING (Figure 3)
CL21040 – Drilling intersected the TG horizon at a vertical depth of 80 m and returned 80.1 m (262.7’) of mineralized section from 20.9-101.0 m in the hole. The mineralization is hosted by highly to moderately magnetic scandium-bearing olivine ferrosyenite showing strong geologic similarity to previous scandium-rich drill sections from 2019 drilling of the zone.
CL21042 – This hole was a deeper undercut to CL21040 which intersected 156.9 m (514.7’) of Sc-bearing olivine ferrosyenite from 47.0 to 203.9 m in the hole at a vertical depth of 110 m.
CL21043 – This hole was a shallow overcut to 21040 to bring the projection of the TG to surface. The hole collared into mineralized olivine ferrosyenite at 9.4 m down to 32.4 m for 23.0 m in core length.
Table 1 – Drillhole Locations
The samples from CL21040 and CL21041 have been delivered to the analytical laboratory and results are anticipated within the next three weeks. The analysis of the drillcore is being undertaken by Activation Laboratories Ltd (Actlabs) of Ancaster, ON. The results will be announced as soon as they become available but, given the current COVID circumstances, delivery delays can be expected.
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 141 samples, including 9 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 provided and certified by Pierre Guay, P. Geo., Imperial's Vice-President, Exploration, and Qualified Person as defined by National Instrument 43-101.
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
CHF Capital Markets
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.
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Figure 1 – Crater Lake Drillhole Location Map
Figure 2 – TG Zone Drill Section 500N – Crater Lake Project
Figure 3 – TG Zone Drill Section 550N – Crater Lake Project