Imperial Metals Corporation (TSX:III) reports on the exploration program focused on the discovery of additional zones of higher grade mineralization within the Red Chris porphyry corridor.

Eight drill holes totaling 12,652 metres have been completed since September. All drill holes intersected mineralization, except two that were dedicated geotechnical holes. A total of 99,018 metres of drilling from 77 drill holes has been completed since August 2019.

At the East Zone, drilling has confirmed the potential for additional high grade mineralization south of the South Boundary Fault. This is a significant discovery that has the potential to expand the known area of the Red Chris Porphyry system as the South Boundary Fault has historically been assumed to define the southern extent of mineralization. Results from RC646, which extended across the fault, returned 606 metres grading 0.37 g/t gold and 0.33% copper from 488 metres, including 70 metres grading 0.58 g/t gold and 0.51% copper from 710 metres. This interval also includes 22 metres grading 1.0 g/t gold and 0.62% copper from 858 metres which is located to the south of the fault. Drilling to define the extent and continuity of this mineralization on the southern side of the South Boundary Fault is underway.

Drilling continues to confirm the footprint of the western high grade pod in the East Zone, which was first intersected in RC616. A program of 100-metre spaced holes has been designed to confirm the lateral and vertical extent. Results for step-out hole RC645, located 100 metres below RC625, returned 442 metres grading 0.55 g/t gold and 0.45% copper from 714 metres, including 142 metres grading 0.94 g/t gold and 0.72% copper from 882 metres. Results from step-out hole RC658, located 100 metres above RC616, returned 538 metres grading 0.41 g/t gold and 0.31% copper from 558 metres, including 88 metres grading 0.85 g/t gold and 0.57% copper from 632 metres. Drilling to define the extent and continuity of this high grade pod is now complete and awaiting final results. These discrete pods sit within the East Zone.

A second campaign of drilling in the Gully zone was also completed. The results from the Gully Zone indicate that this zone could ultimately support additional mine development. Results from RC641, which tested the continuity in mineralization between historic shallow and more recent deeper drilling, returned 854 metres grading 0.43 g/t gold and 0.30% copper from 66 metres, including 120 metres grading 0.82 g/t gold and 0.87% copper from 612 metres. Results from RC650, located 100 metres above RC603, returned 112 metres grading 0.57 g/t gold and 0.45% copper from 530 metres, including 100 metres grading 0.62 g/t gold and 0.50% copper from 532 metres. Once all results have been received and reviewed, further follow up will be considered for this zone, which is located about 500 metres west of the Main Zone. Drilling is underway in this 500 metre gap between the Main Zone and the Gully Zone to test this largely unexplored area at depth.

Significant Red Chris intercepts include:

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.

Cross sections and plan view map are available on imperialmetals.com.

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

“Newcrest Mining Limited has implemented and maintained measures to reduce and mitigate the risks of the COVID-19 pandemic to its project workforce and key stakeholders. Potential impacts of the COVID-19 pandemic on the drilling activity at all of Newcrest’s exploration projects are being actively managed. There have been no confirmed cases of COVID-19.”
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About Imperial

Imperial is a Vancouver based 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.