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Imperial Mining Intersects 308 g/t Sc2O3 over 98.6 m, Including 322 g/t over 52.8 m at Crater Lake, Quebec

Imperial Mining Group Ltd.
Imperial Mining Group Ltd.

Figure 1

Diamond Drill Longitudinal Section, TG Zone, Crater Lake Project, Quebec
Diamond Drill Longitudinal Section, TG Zone, Crater Lake Project, Quebec

Highlights:

  • Assay results from the three additional drillholes continue to return impressive grades of 98.6 (323.4’) grading 308 g/t scandium oxide (Sc2O3), including 52.8 m (173.2’) grading 322 g/t Sc2O3 and 113.7 m (372.9) grading 278 g/t Sc2O3, including 335 g/t Sc2O3 over 10.5 m (34.4’) and including 301 g/t over 16.75 m (54.9’).

  • These are the deepest cuts (150 m vertical) into the TG Zone and confirm a thickening and grade increase to the mineralization at depth.

  • Elevated levels of total rare earth oxides plus yttrium (TREO+Y) of up to 0.479% characterize the scandium-bearing horizon.

  • At a gold price of $1,775US/oz and a scandium oxide price of $1,500US/kg, the intersections represent a gold-equivalent value of 7.3 to 8.8 g/t Au.

MONTREAL, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Imperial Mining Group Ltd. ("Imperial") (TSX VENTURE: IPG; OTCQB: IMPNF) is pleased to announce that it has received additional assays from the Crater Lake summer drilling program on the TG scandium-rare earth mineralized zone. Assay results have confirmed the substantial intersection widths of scandium-bearing olivine ferrosyenite (Table 1 and 2) reported earlier (see Imperial Mining Press Release - OCT 20, 2022). The drilling program was completed in early September. Once all results have been received from the Lab and compilation of the data completed, Imperial plans to undertake an updated 43-101 Resource Estimate for the Zone. The new data plans to convert the Inferred Category Resources reported late last year (see Imperial Mining Press Release - SEP 23, 2021) into Indicated/Measured Resources.

“The summer drilling results for the Crater Lake property continue to exceed all expectations, as they continue to confirm wide intervals of scandium and TREO+Y 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 600N and mineralization has been traced by drilling over 600m in total strike length from surface to a vertical depth of 150 m (Figure 1). Importantly, the zone appears to get wider and higher grade with depth. We anticipate that the resource will likely increase from what was previously reported for the TG.”

CURRENT DRILLING

To date, assays for three additional holes for 648.0 m have been received (Table 2, Figure 1). 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 - Crater Lake Drilling Best Assay Results:

Hole #

From (m)

To (m)

Interval (m)

Sc (g/t)

Sc2O3 (g/t)

TREO+Y (%)

CL22056

34.00

47.20

13.2

180

276

0.383

 

73.95

79.0

5.05

179

275

0.230

 

 

 

 

 

 

 

CL22058

28.6

61.75

34.43

177

271

0.440

Incl.

46.6

61.75

15.15

201

308

0.473

And

107.0

157.5

50.5

191

293

0.353

Incl.

107.0

127.0

20.0

196

301

0.359

and Incl.

131.0

157.5

26.5

206

317

0.382

 

 

 

 

 

 

 

CL22059

85.8

201.3

115.5

177

271

0.320

Incl.

85.8

98.54

12.74

211

323

0.457

and Incl.

111.35

164.15

52.8

210

321

0.372

and Incl.

168.25

201.3

33.05

183

281

0.307

 

 

 

 

 

 

 

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.

Table 2 – Borehole Location Table – Crater Lake Project, Quebec

Borehole

Section

Easting

Northing

Elevation

Azimuth

Dip

Length (m)

CL22056

400N

440730

6133700

551

305

-45

147.0

CL22058

100N

440685

6133363

533

305

-50

234.0

CL22059

600N

440992

6133751

542

305

-49

267.0

CL22060

550N

440967

6133713

541

305

-50

267.0

CL22061

400N

440815

6133629

541

305

-48

240.0

CL22062

350N

440780

6133586

541

305

-52

231.0

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 500 drillcore samples, including 35 QA-QC samples, were sent to Activation Laboratories Ltd. All sample preparation and analytical work will be carried out 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.

For further information please contact:

Peter J. Cashin
President and Chief Executive Officer
Phone: +1 (514) 360-0571
Email: info@imperialmgp.com

Website: www.imperialmgp.com           Twitter: @imperial_mining         Facebook: Imperial Mining Group

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.

Neither 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.

Figure 1 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4d468d89-ee7f-4707-b744-1fcb294fd58d