iMetal Options 100% of the Advanced Kerrs Gold Deposit in Ontario's Prolific Abitibi Greenstone Gold Belt

iMetal Options 100% of the Advanced Kerrs Gold Deposit in Ontario's Prolific Abitibi Greenstone Gold Belt

iMetal Resources, Inc. (TSX.V:IMR)(OTC PINK:ADTFF)(FRANKFURT:A7V2) ("iMetal" or the "Company") is pleased to announce it has entered into an agreement pursuant to which it has been granted the option to acquire the 665 hectare Kerrs Gold Deposit, 90 kilometres east-northeast of Timmins, Ontario, in the Abitibi Greenstone Gold Belt

The Kerrs Gold Deposit is comprised of a series of gold-bearing pyritized quartz vein replacement breccias enveloped by quartz fuchsite carbonate vein breccias averaging 10 metres in thickness. The deposit hosts an historical resource estimate of 7,041,460 tonnes grading 1.71 g/t gold yielding 386,467 ounces at a 0.5 g/t gold cut-off. Drilling subsequent to the historic estimate appears to have extended the mineralized zone along strike and down dip.

"The Kerrs Gold Deposit is a significant advanced gold asset located in one of the premier mining camps in Canada," commented iMetal CEO Saf Dhillon. "The Company leapt at the chance to complement our existing Ontario gold portfolio with the Kerrs Deposit. Once the technical team completes a thorough review of the historical database, iMetal will concentrate on both bringing the historical resource current as well as formulating a development plan to further expanding it." he continued.

The Kerrs Gold historical resources estimate was disclosed in "NI 43-101 Resource Estimation on the Kerrs Gold Deposit, Matheson, Ontario" prepared for Sheltered Oak Resources Inc. by Garth Kirkham, P. Geo of Kirkham Geosystems Ltd. and dated June 10, 2011. The Company considers the resource estimate relevant as it will drive further exploration by the Company and reliable, as it was completed by a competent Qualified Person to the standards of the day. The resource estimation methods and parameters were as follows:

  • Forty-one drill holes were utilized to interpolate the KBX Zone.
  • Composite length of 2 m was chosen and composites were weighted by length.
  • Sectional interpretations were wire-framed to create 3-D solids of the zones.
  • Zones were coded to the composites, and the block model, to constrain the modeling process.
  • Composites for the mineralized zone were used to interpolate into the blocks for each zone.
  • Ordinary kriging was used as the interpolator.
  • Relative elevation modeling was used to guide the ellipse orientation that accounts for the variation in dip due to the synclinal structure.
  • A minimum of two composites were used for each block and a maximum of two composites were used per drill hole; a maximum of 12 composites were used per hole.
  • A cutting factor was applied for gold with outlier composites limited to 10 g/t Au based on cumulative frequency plots. A zero cut-off grade was used for the manual polygonal method.
  • Minesight™ Software was used to perform the block modeling and estimations.

The Kerrs historic estimate is an inferred resource as defined in National Instrument 43-101. The Company is not aware of any more recent resource estimates, though there was further drilling completed after the historic estimate was released. The Company will need to review the historical drilling and analyses and will need to twin a number of the historic holes to bring the historic estimate current. The Company's Qualified Person has not done sufficient work to classify the historic estimate as a current mineral resource.

iMetal is not treating the historical estimate as a current mineral resource.

The Kerrs Gold Deposit

Figure 1. Kerrs Gold Deposit

The road accessible Kerrs Gold Deposit consists of 36 units totaling approximately 665 hectares and lies 90 kilometres east-northeast of Timmins, Ontario in the Abitibi Greenstone Gold Belt.

The Deposit was discovered by Noranda in the late 1970's early 1980's by following glacial dispersion trains up-ice to the source. Drilling continued into the late 1980's, with further drilling in the early to late-2000's and early 2011's. The drilling database was used to calculate the 2011 historic resource estimate, with further drilling completed subsequent to the release of the estimate. The Kerrs Gold Deposit consists of a series of gold-bearing pyritized quartz vein replacement breccias enveloped by quartz fuchsite carbonate vein breccias averaging approximately 10 metres and alteration envelopes varying up to 40 metres in thickness. Gold is directly related to pyrite content which ranges to 10% and is commonly found as disseminations and crystal aggregates in the sheeted, quartz vein replacement breccias. These breccias, averaging 31% quartz, exhibit reasonable correlation conforming to volcano-stratigraphic contacts as well as moderate to good continuity in grade correlations at the lower and upper boundaries of the vein breccia and alteration envelope assemblages.

The Kerrs Gold Deposit is stratabound, occurring at the contact of a thick, mafic pillow flow sequence overlying an ultramafic, magnetite-rich flow sequence. Quartz feldspar porphyry sills are spatially located above and below the breccia zones. This stratigraphy is synclinally folded with the deposit lying 350 m to 425 m below surface. Drilling has traced the main zone 800 metres and remains open in both directions and at depth.

The Company plans an immediate review of the historical database to define target areas to both significantly expand the historic resource and to test for additional structures. The Company has yet to verify the historical data.

The Kerrs Agreement

iMetal entered into a purchase option agreement (the "Option Agreement"), dated January 24th, 2022, with Gravel Ridge Resources Ltd. and 1544230 Ontario Inc. (collectively, the "Vendors") pursuant to which it will be granted the right to acquire the Kerrs Gold Deposit.

To acquire the Deposit, the Company is required to issue 3,500,000 common shares (the "Consideration Shares") and complete a series of four cash payments totaling $210,000 to the Vendors as follows:

  • A cash payment of $60,000 and the issuance of the Consideration Shares, upon receipt of the approval (the "Exchange Approval") of the TSX Venture Exchange (the "Exchange").
  • A further cash payment of $50,000 upon the one-year anniversary of the Exchange Approval.
  • A further cash payment of $40,000 upon the two-year anniversary of the Exchange Approval.
  • A final cash payment of $60,000 upon the three-year anniversary of the Exchange Approval.

Following completion of the above cash payments and share issuances, the Company will acquire the Deposit and will grant to the Vendors a three percent royalty (the "Royalty") on net smelter returns from the Deposit. The Company may acquire two percent of the Royalty from the Vendors at any time by completing a one-time cash payment of $2,000,000.

The Company is at arms-length from each of the Vendors. No finders' fees or commissions are payable in connection with the acquisition of the Project. Consummation of the Option Agreement, and the issuance of the Consideration Shares, remains subject to receipt of the Exchange Approval. Upon issuance, the Consideration Shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.

Private Placement

The Company also announces that it will conduct a non-brokered private placement (the "Placement") of up to 18,500,000 units (each, a "Unit") at a price of $0.11 per Unit for gross proceeds of up to $2,035,000. Each "Unit" will consist of one common share of the Company and one common share purchase warrant exercisable to acquire an additional common share at a price of $0.20 for a period of twenty-four (24) months (each, a "Warrant"). The Warrants will be subject to accelerated expiry in the event the closing price of the common shares of the Company exceeds $0.35 for ten (10) consecutive trading days.

Proceeds from the Placement will be used for the development of the Company's Gowganda West Project, as well as development of the Kerrs Gold Deposit in the event the Option Agreement is consummated and for general working capital purposes. Completion of the Placement is not contingent on the Option Agreement being consummated, and the Company will proceed with the Placement even if the Option Agreement is not consummated.

In connection with the Placement, the Company may pay finders' fees to eligible third-parties who have introduced subscribers to the Company. All securities issued in connection with the Placement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws. Completion of the Placement remains subject to the approval of the Exchange.

The scientific and technical information contained in this news release has been reviewed and approved by R. Tim Henneberry, P. Geo (British Columbia), a director of iMetal and a qualified person as defined in National Instrument 43-101.

About iMetal Resources Inc.

A Canadian based junior exploration company focused on the exploration and development of its portfolio of resource properties in Ontario and Quebec. iMetal is focused on advancing its Gowganda West Project that borders the Juby Project, an advanced exploration-stage gold project located within the Shining Tree Camp area in the southern part of the Abitibi Greenstone Gold Belt about 100 km south-southeast of the Timmins Gold Camp.

ON BEHALF OF THE BOARD OF DIRECTORS,

Saf Dhillon
President & CEO

iMetal Resources Inc.
saf@imetalresources.ca
Tel. (604-484-3031)
Suite 550, 800 West Pender Street, Vancouver, British Columbia, V6C 2V6.

https://imetalresources.ca

Neither the 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.

This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include results of exploration, variations in results of mineralization, relationships with local communities, market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.

SOURCE: iMetal Resources, Inc.



View source version on accesswire.com:
https://www.accesswire.com/685318/iMetal-Options-100-of-the-Advanced-Kerrs-Gold-Deposit-in-Ontarios-Prolific-Abitibi-Greenstone-Gold-Belt

News Provided by ACCESSWIRE via QuoteMedia

IMR:CA
The Conversation (0)
iMetal Resources Closes Flow-Through Private Placement

iMetal Resources Closes Flow-Through Private Placement

iMetal Resources, Inc. (TSXV:IMR)(OTCQB:IMRFF)(FRANKFURT:A7V) ("iMetal" or the "Company") announces it has completed a non-brokered private placement (the "Offering") of 5,200,000 flow-through common shares (each, an "FT Share") at a price of $0.07 per FT Share for gross proceeds of $364,000

Proceeds from the sale of FT Shares will be used to incur "Canadian exploration expenses" as defined in subsection 66.1(6) of the Income Tax Act and "flow through mining expenditures" as defined in subsection 127(9) of the Income Tax Act. In connection with completion of the Offering, the Company paid $25,480 and issued 364,000 share purchase warrants (each, a "Finders' Warrant") to an arms-length third-party who assisted in introducing the subscriber to the Offering. Each Finders' Warrant is exercisable to acquire a common share of the Company at a price of $0.07 until December 13, 2025.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
iMetal Resources Receives Mag Survey Results for Pigeon Lake

iMetal Resources Receives Mag Survey Results for Pigeon Lake

iMetal Resources Inc. (TSXV:IMR)(OTCQB:IMRFF)(FRANKFURT:A7V) (" iMetal " or the " Company ") has received results from a recent Airborne Magnetic survey at the Company's Pigeon Lake block, lying to the northwest of the Gowganda West project, which is located within the prolific Abitibi Greenstone Gold Belt. The aeromag results outlined the magnetic structure of the area and provided the company with important information regarding geological areas requiring further examination, including a large alteration zone

Saf Dhillon, Chief Executive Officer, stated: "iMetal continues to pursue and execute on important ground-laying technical work on all of our properties. The Pigeon Lake block lies within a prolific area hosting numerous mineralized occurrences, past-producing mines, and large deposits. Our programs this year continue to have success, most notably our June 6 th discovery of 48.5 metres at 0.85 g/t gold at Gowganda West. This historically underexplored property continues to hold promise and we will continue our work towards more discoveries on it."

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
iMetal Resources Receives Encouraging Mag Survey Results for Pear Lake

iMetal Resources Receives Encouraging Mag Survey Results for Pear Lake

iMetal Resources Inc. (TSXV:IMR)(OTCQB:IMRFF)(FRA:A7V) ("iMetal" or the "Company") has received results from a recent Airborne Magnetic survey at the Company's Pear Lake block, lying at the northwest end of the Gowganda West project, which lies within the prolific Abitibi Greenstone Gold Belt. The aeromag results outline two gold target areas that form part of an interpreted faultdyke system, which is highly prospective for gold in this area

Saf Dhillon, Chief Executive Officer, stated: "Our recent exploration has been successful in outlining promising new areas with previously undiscovered gold occurrences, first at the Shining Tree block and now at the Pear Lake block, complementing our June 6th discovery of 48.5 metres at 0.85 g/t gold at Gowganda West. Pear Lake is a small satellite area close to the nearby Juby deposit and it is likewise encouraging that such favourable geology is present. This historically underexplored property continues to yield promising results for us."

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
iMetal Resources Extends Digitally Enhanced Prospecting Survey on Its Gowganda West Project

iMetal Resources Extends Digitally Enhanced Prospecting Survey on Its Gowganda West Project

iMetal Resources Inc. (TSXV:IMR)(OTCQB:IMRFF)(FRANKFURT:A7V) (" iMetal " or the " Company ") announces an extension of the Digitally Enhanced Prospecting (DEP) survey at the Company's Gowganda West project, which lies within the prolific Abitibi Greenstone Gold Belt. This extension will push further to the west of the known zones of mineralization into previously unexplored areas, supplementing the recently completed 2,385 hectares of LiDAR and sampling which identified a new gold zone (See News Release dated 2023-October-27

Saf Dhillon, Chief Executive Officer, stated: "We are excited by the prospects our recent DEP survey has uncovered, including a 5.6 g/t Au grab sample in a new area with high geological prospectivity. Our recent drill intersection of 48.5m of 0.85 g/t Au in hole IMGW-23-04 announced on June 6 th of this year, strongly support our belief mineralization increases toward the southwest. As a result, we have extended our DEP program to the western portion of our claims in a further effort to increase our mineralization footprint. We continue to believe in the potential for new discoveries at this historically underexplored property."

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
iMetal Resources Discovers New Gold Showing at Gowganda West

iMetal Resources Discovers New Gold Showing at Gowganda West

 

iMetal Resources Inc. (TSXV:IMR)(OTCQB:IMRFF)(FRANKFURT:A7V) (" iMetal " or the " Company ") is excited to report the discovery of a new gold showing at the Company's Gowganda West project, which lies within the prolific Abitibi Greenstone Gold Belt. Sampling of outcrops located during the recently announced Digitally Enhanced Prospecting (DEP) (See 2023-Sep-26 News Release) has returned 5.58 gt gold from an outcrop chip sample, among numerous anomalous gold hits

 

Saf Dhillon, Chief Executive Officer, stated: "We are thrilled with another new gold discovery in a previously unexplored area at Gowganda West. We recently announced 48.5m of 0.85 g/t Au in hole IMGW-23-04 from a new zone during our Spring drill program, continuing to demonstrate the prospectivity of the Property. Clearly our DEP survey has resulted in an increase of our mineralization footprint, as we had hoped. This and other results will help guide future exploration-targeted drill programs on the Property."

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Gold bars with text: "5 Top Canadian Mining Stocks This Week."

Top 5 Canadian Mining Stocks This Week: Avanti Gold Gains 158 Percent on Misisi Settlement

Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.

Statistics Canada released its June Labour Force Survey on Friday (July 11). The data indicated that 83,000 new jobs were added to the workforce, led by 34,000 new employees in the wholesale and retail trade category and a 17,000 worker rise in the healthcare and social assistance category.

In other positive news for the Canadian job market, the overall employment rate rose by 0.1 percent to 60.9 percent, while the unemployment rate declined by 0.1 percent to 6.9 percent.

Keep reading...Show less
Gold bar on nuggets with "5 Top Australian Mining Stocks" text overlay.

Top 5 Australian Mining Stocks This Week: Yandal Shares Double on Arrakis Drilling Results

Welcome to the Investing News Network's weekly round-up of Australia’s top-performing mining stocks on the ASX, starting with news in Australia's resource sector.

This week's top-performing stocks list is dominated by oil and gas companies, alongside gold and lithium companies.

In Australian mining news, the Fair Work Commission ruled that BHP (ASX:BHP,NYSE:BHP,LSE:BHP) must raise the wages of 2,200 workers at three coal mines in Queensland. The workers in question were employed indirectly through a hiring firm and were being paid significantly less than their peers working directly under BHP.

The case was brought by two worker's unions and based on the Same Job, Same Pay reforms made by the government last year. To align wages, the FWC ruled BHP must raise the labour hire employees' wages by AU$30,000 each.

Keep reading...Show less
Pilbara region, Western Australia, Australia.

Pilbara 2.0: Inside Australia’s Newest Gold Frontier

The Central Pilbara region of Western Australia is undergoing a quiet revolution that is rapidly reshaping the global gold exploration landscape.

Once dismissed as a technically challenging and geologically inconsistent terrain, Pilbara is now emerging as one of the world’s most exciting new gold frontiers and drawing serious attention from institutional investors, driven by transformative discoveries, a maturing geological model and a wave of junior explorers tapping into underexplored intrusive-hosted systems.

Anchored by the multimillion-ounce Hemi discovery — one of the most significant gold finds in Australia in over a decade — this region is not just proving its geological potential, but also demonstrating the kind of scale, consistency and margin profile that modern gold investors seek. As the discovery window remains wide open and valuations are still accessible, the Central Pilbara presents a rare opportunity for early exposure to what may become one of Australia’s next tier-one gold districts.

Keep reading...Show less
A mining truck within the outline of Australia's map on a clear day.

Is Australia on the Brink of a New Mining Super Cycle?

Mining remains as a cornerstone of Australia’s GDP and export earnings, but current global challenges such as trade disputes and price changes may be straining its foundations.

A recent FocusEconomics report tackled Australia’s resource wealth, tracing from the gold rushes of the 1850s to the iron ore and coal booms of the 21st century.

Keep reading...Show less
Kobo Resources Confirms Additional High-Grade Gold Mineralization at Kossou with 15.5 m at 2.3 g/t Au, incl. 8.3 m at 3.43 g/t Au; Outlines Next Phase of Exploration at Kossou

Kobo Resources Confirms Additional High-Grade Gold Mineralization at Kossou with 15.5 m at 2.3 g/t Au, incl. 8.3 m at 3.43 g/t Au; Outlines Next Phase of Exploration at Kossou

 
  •   High-grade gold intercepts highlighted by 15.5 m at 2.30 g/t Au, incl. 8.3 m at 3.43 g/t Au at the Road Cut Zone  
  •  
  •   Initial drilling on the gap between Jagger and Road Cut Zone confirms target structure, warrants further testing  
  •  
  •   Current drill phase complete; Geological modelling and planning underway for 15,000 m drill program expected to begin in H2 2025  
  •  

 

 Kobo Resources Inc. (" Kobo" or the " Company ") ( TSX.V: KRI ) is pleased to report additional diamond drill results from the Road Cut Zone at its 100%-owned Kossou Gold Project (" Kossou ") in Côte d'Ivoire. Results from these holes continue to strengthen the Company's understanding of the key structural controls that define this prospective target area.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×