iMetal Announces Successful Results Of The 2022 Annual General Meeting

iMetal Resources (TSXV:IMR) is a Canadian gold exploration and development company targeting highly prospective regions across Canada. The company owns properties in the mining-friendly provinces of Ontario and Quebec, including its wholly owned flagship Gowganda West project. Ontario and Quebec were ranked second and third respectively among Canadian provinces in the Fraser Institute’s 2019 survey of mining companies.

iMetal Resources’ Gowganda West gold project is located west of the Ontario town of Gowganda and southwest of Kirkland Lake, a prominent gold region. Recent geological data indicates similarities between the project location and the prolific mining camps near Kirkland Lake, Timmins and Val D’or. The company specifically intends to follow up on exploration work that has identified similar Archean-aged metasediments to those associated with deposits discovered near Kirkland Lake and Timmins. This project is accessible year-round via a paved highway and is surrounded by nearby mines and infrastructure, including property owned by Caldas Gold Corp. (TSXV:CGC).

The Gowganda West project is in the Abitibi Greenstone Belt, which runs from the Kapuskasing structural zone to the Quebec border. The Abitibi Greenstone Belt is home to more than 180 million ounces of gold that have been discovered since the first mining camps were established in the area in the 1980s. Initial exploration work conducted on the property in 2019 returned intervals of 0.41g/t gold over 19.5 meters.

The Gowganda West gold project is located in an area with promising mineralization that has seen limited historical exploration. The area was originally thought to be underlaid by barren meta-sediments covered by glacial overburden; however, prospecting and sampling have already identified numerous gold targets on the property.

The Gowganda land package follows the projected eastward extension of the structural trend that enabled Caldas Gold Corp.’s Juby project, which holds an estimated 2.2 Moz of gold in the inferred and indicated categories. The neighboring Juby open pit mine is close to the border as well, which could provide additional yields if that mine’s resources overlap with iMetal Resources Inc.’s Gowganda West gold project.

“The gold zones that include the Juby deposit as defined by Temex occur along and within the Tyrell Shear Zone that trends south-easterly and appears to strike onto iMetal’s ground. We look forward to following up this mineralized trend and drill testing this anomaly further,” said Johan Grandin, President and CEO of iMetal. “This area requires further exploration surface work this summer with the potential of further I.P. geophysical surveys and further drill testing of IP defined targets of which there is certainly no shortage of targets to drill test.”

iMetal Resources began an exploration program that included stripping and sampling on a target area that had previously been identified by the technical team. Sampling conducted in 2011 returned 18.71 g/t gold within 2,000 meters of the Juby zone, causing iMetal to recover several additional samples in 2020 that have been sent to the lab with assay results pending.

iMetal Resources’ Company Highlights

• Flagship Gowganda West property is both highly prospective and underexplored, with initial results from 0.3 g/t gold up to 6.0 g/t gold
• Gowganda project hosts multiple shallow polymetallic gold vein systems associated with extensive hydrothermal alteration
• Five-hole drill program has confirmed extensive near-surface gold mineralization
• Gowganda West location is easily accessible via Highway 560 with prospects that are easy to reach using a network of newly built forest roads and logging routes
• iMetal owns a 100 percent interest in the Gowganda West property
• Led by a team of experienced mineral exploration financiers, professional geologists, geologic consultants and former top executives in the international mining industry
• Members of the board offer diverse experiences across all phases of exploration, development and production

iMetal Resources’ Gowganda West Gold Project

The Gowganda West gold project is located 17 kilometers southwest of the Ontario town of Gowganda and 90 km southwest of Kirkland Lake. The project is also a few hundred kilometers south of Caldas Gold Corporation’s Juby gold deposit. The Gowganda West gold project includes 14 high priority targets that the company intends to continue to define through exploration work.

Exploration

In 2019, iMetal Resources conducted a five-hole drill program that identified multiple high-priority drill targets. The following highlights were included among the results:

• IMGW 19-01, 29.4 meters at 0.37 g/t gold from 191 meters to 220.4 meters, including 142 meters at 4.77 g/t gold from 143.5 meters to 1.5 meters
• IMGW 19-02, 0.3 meters at 4.6 g/t gold from 119.3 meters to 119.6 meters
• IMGW 19-03, 0.9 meters at 1.55 g/t gold from 219 meters to 219.9 meters
• IMGW 19-04, 30.2 meters at 0.32 g/t gold from 165.4 meters to 195.6 meters, including 19.5 meters at 0.41 g/t gold from 202 meters to 221.5 meters
• IMGW 19-05, 1 metre at 6.13 g/t gold from 103 meters to 104 meters

In early September 2020, iMetal conducted the MacCallum stripping and sampling program on the Gowganda West property. The program was designed to follow up on work conducted on the property in 2011, which returned 18.71 g/t gold within the structural Tyrell Zone that hosts the Juby Main Zone. The program’s focus was to explore three additional areas of interest on the property, including the extensive common eastern border with Caldas and areas south of the Juby Main Deposit.

“We are very excited about this year’s ongoing exploration program as we are working to identify which areas should be prioritized. The appointment of Mr. Dhillon as President and the recently announced financing will enable iMetal to complete additional exploration work such as ground geophysics and VTEM in key unexplored areas along with the drilling of multiple high priority targets,” said Johan Grandin, CEO of iMetal Resources Inc. “We are also very excited regarding the new developments at Ghost Mountain, where Kirkland Lake Gold and Newmont just announced a US$75 million exploration program, with the focus being the Holt Complex.”

iMetal Resources released another round of drill results in April 2020 from the Gowganda property, including 1.39 g/t gold over 3.35 meters. Moving forward, iMetal is now working towards prioritizing drill targets and the preparation of a second airborne VTEM survey to cover the lower half of the Gowganda property. During the second phase of the drill program, the company intends to drill over 5,000 meters in 10 drill holes, with additional holes if necessary.

Ghost Mountain Project

In May 2017 iMetal Resources acquired the Ghost Mountain property in Kirkland Lake, Ontario, on the prolific Destor-Porcupine Fault. The property consists of seven claim units encompassing 11 square kilometers of land.

Gold was first discovered near Timmins in 1907. Since then, the Destor-Porcupine gold camp has proven itself to be one of the most prolific gold mining districts in North America. Total gold production in the area has exceeded 70 million ounces. The Ghost Mountain property shares a common border on three sides with Kirkland Lake Gold (TSX:KL) and is located only a few hundred meters north of their Lightval target.

The Ghost Mountain property became available in November 2015 during the acquisition of the St. Andrew Goldfields on behalf of Kirkland Lake Gold. iMetal is currently in the process of planning a comprehensive exploration program to evaluate the full geological potential of the Ghost Mountain area.

iMetal Resources’ Management Team

Johan Grandin—Chief Executive Officer and Director

Johan Grandin is an experienced mineral exploration financier and exploration company executive. Having worked with public companies for over 25 years, he has a proven track record of raising venture capital and offers extensive expertise in corporate financial restructuring and capital markets. Through his past positions as officer and director for various public issuers, he has the industry expertise required to streamline growth initiatives and increase shareholder value. Johan holds an M.Sc. degree in Business Economics and Engineering Physics from Uppsala University, Sweden.

Saf Dhillon—President and Director

Saf Dhillon has helped develop companies listed on the TSX Venture Exchange for more than 20 years. He has held a variety of positions across senior management and board directorships. Saf is currently an advisory board member for the following companies: Glacier Lake Resources Inc., Equitorial Exploration Corp., Earl Resources Ltd. and ESI Environmental Sensors Inc.

Joyce Liu — Chief Financial Officer and Corporate Secretary

Joyce Liu joins the Company from Corex Management Inc., a full-service accounting group that provides financial and support services for public companies including accounting, regulatory compliance, audit management and financial reporting. Ms. Liu is a Chartered Professional Accountant (CPA) with more than 9 years of financial reporting and accounting experience and has served in a senior accounting capacity for a number of publicly traded companies on the TSX Venture Exchange including Riverside Resources Inc. (RRI) and Capitan Mining Inc. (CAPT), with a focus on the resource sector. She has an extensive background in financial management, reporting, corporate transactions and has worked with international jurisdictions including the U.S. and Mexico

Mark Fedikow—VP Exploration, Qualified Person and Director
Mark Fedikow is a graduate of the Department of Geology, University of Windsor (Honours B.Sc. in geology and a M.Sc. in geophysics and geochemistry). Subsequently he received a Natural Sciences and Engineering Research Council of Canada Scholarship and completed a Ph.D. in Exploration Geochemistry. During his 40 plus year career, he has worked for a variety of junior and major mining exploration companies. He has received the Provincial Geologists gold medal, a Canadian national award for excellence in geosciences.

Dave Gamble—P.Geo, Senior Consulting Geologist and Qualified Person
Dave Gamble is a professional geologist with experience at senior level in mineral exploration with supervision and management skills from small to large exploration projects, as a corporate employee with B.P. Resources Canada Ltd and as a consulting geologist with Dave Gamble Geoservices Inc. Dave is a well-respected experienced geologist with more than 40 years of professional experience in the industry, and he is familiar with the geological setting of the Gowganda West property. Dave’s mineral exploration responsibilities have included managing and maintaining industry standard quality control and security of sampling procedures from initial sample collection through to assay lab procedures to geological interpretation.

He was directly responsible for the original discovery of the Grevet Township Cu-Zn-Ag massive sulphide deposit near Lebel sur Quevillion, Quebec, in 1978 for Selco Mining Corporation Ltd., and was also directly responsible for the volcanogenic Cu-Zn-Co-Ag massive sulphide discoveries at the Potter Mine in Munro Township in Northeastern Ontario in 1997-2008.

Scott Davis— Director
Scott Davis is a partner of Cross Davis & Company LLP Chartered Professional Accountants, a firm focused on providing accounting and management services for publicly listed companies. His experience includes CFO positions of several companies listed on the TSX Venture Exchange and his past experience consists of senior management positions, including four years at Appleby as an Assistant Financial Controller. Prior to that, he spent two years at Davidson & Company LLP Chartered Professional Accountants as an Auditor and five years with Pacific Opportunity Capital Ltd. as an Accounting Manager.

R. Timothy Henneberry — Director

Timothy Henneberry, a Dalhousie University graduate, is a Professional Geoscientist registered in British Columbia with over 40 years of experience in domestic and international exploration and production for base and precious metals and industrial minerals. He was a founding Director, President and Chief Executive Officer of First Vanadium Corp. from 2006 to 2011, founding Director, President and Chief Executive Officer of Indigo Exploration Inc. from 2009 to 2011 and a founding Director, President and Chief Executive Officer of Carebook Technologies Inc. from 2018 to 2020. He was a former Director and Interim Chief Executive Officer of Arcwest Exploration Inc. and a former Director of Broadway Gold Mining Ltd.

Currently, Mr. Henneberry serves as Chief Executive Officer and a Director of Golden Independence Mining Corp., a Director of Raindrop Ventures Inc. and a Director of Silver Sands Resources Corp. He sits on the Advisory Boards of Max Resource Corp., Resolve Ventures Corp. and Universal Copper Ltd.