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.

Imperial Mining Group Ltd. (TSX-V: 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. 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

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.

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 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.

Figure 1 – Crater Lake Drillhole Location Map

https://www.globenewswire.com/NewsRoom/AttachmentNg/339b595c-b856-415a-9c6f-09d321dba712 

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

https://www.globenewswire.com/NewsRoom/AttachmentNg/2b15915c-cdb7-43b0-9f24-4612b206de5f 

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

https://www.globenewswire.com/NewsRoom/AttachmentNg/5be7ed52-17a4-4deb-bba8-7af779621169