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Imperial Mining Receives Final Crater Lake Drill Results: Data Sent to Engineers for 43-101 Resource Estimation on TG Zone

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Figure 1

Crater Lake Drillhole Location Map
Crater Lake Drillhole Location Map
Crater Lake Drillhole Location Map

Figure 2

Diamond Drill Cross-Section 400N, TG Zone, Crater Lake Project, Quebec
Diamond Drill Cross-Section 400N, TG Zone, Crater Lake Project, Quebec
Diamond Drill Cross-Section 400N, TG Zone, Crater Lake Project, Quebec

Figure 3

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

Highlights:

  • Assay results from the first four drillholes continue to return impressive intercepts of 99.8 m (327.3’) grading 299 g/t scandium oxide (Sc2O3), including 24.2 m (79.4’) grading 331 g/t Sc2O3 and 77.3 m (253.5') grading 313 g/t Sc2O3.

  • Elevated levels of total rare earth oxides plus yttrium (TREO+Y) of up to 0.46 % characterize the scandium-bearing intercepts.

  • All drill assays have been received and the data has been transferred to our engineering group to complete the 43-101 resource estimation work on the TG Zone.

MONTREAL, June 23, 2021 (GLOBE NEWSWIRE) -- Imperial Mining Group Ltd. ("Imperial") (TSX VENTURE: IPG; OTCQB: IMPNF) is pleased to announce that it has received the final batch of assays from the winter definition drill program on the Crater Lake TG scandium mineralized Zone (the “Zone”). Assay results continue to return substantial intersection widths of scandium- and rare earth-bearing olivine ferrosyenite (Table 1) reported earlier (see Imperial press releases – April 28th and May 27th, 2021). A delay on delivery of the final results from the laboratory will push the date of the completion of the resource estimation into July but remains within anticipated delivery expectations.

“The final drilling results at the Crater Lake property continue to show consistently high grade and wide scandium and rare earth intersections over the entire TGZ mineralized system,” said Peter Cashin, Imperial’s President & Chief Executive Officer. “We are now in the process of delivering the project data to our consultants to commence 43-101 resource estimation work. Having drilled the northern lobe on 50 m centres, we believe that a portion of the resource will provide indicated as well as inferred category resources. With the resource estimation in hand, likely in July, and completion of our metallurgical flowsheet, we will commence work on delivering a Preliminary Economic Assessment (PEA) for the project some time this fall, as originally scheduled.”

DRILLING PROGRAM

In total, 14 drillholes for 2,084.8 m have been completed (Table 2, Figures 1, 2 and 3). All drillholes intersected the target mafic intrusive host rock which show a high degree of grade homogeneity. 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

Hole #

From (m)

To (m)

Interval
(m)

Sc (g/t)

Sc2O3 (g/t)

TREO+Y
(%)

CL21046

107.15

160.60

53.45

172

264

0.3258

Incl.

107.15

125.65

18.50

187

287

0.3382

CL21049

38.00

115.43

77.43

204

313

0.3441

Incl.

49.00

76.00

27.00

215

330

0.3478

And incl.

83.50

98.50

15.00

220

337

0.3580

CL21050

45.63

53.30

7.67

170

261

0.3305

And

91.74

111.92

20.18

183

281

0.3873

Incl.

96.70

107.66

10.96

214

328

0.4555

CL21051

90.45

98.65

8.20

177

271

0.3197

And

104.64

121.80

17.16

182

279

0.3218

And

131.00

156.71

25.71

208

319

0.3481

incl.

131.00

137.95

6.95

240

368

0.3942

CL21052

55.95

155.75

99.80

195

299

0.3417

incl.

100.50

117.00

16.50

217

333

0.3710

And incl.

119.30

143.50

24.20

216

331

0.3665

CL21053

44.56

53.28

8.72

188

288

0.3720

And

58.40

63.67

5.27

196

301

0.4239

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.

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 726 samples, including 43 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.

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

Borehole
Number

Section

Easting

Northing

Elevation
(m)

Azimuth

Dip

Length (m)

CL21040

550N

440895

6133765

548

305

-47

117.0

CL21041

500N

440823

6133748

550

305

-45

50.3

CL21042

550N

440937

6133733

542

305

-50

213.9

CL21043

550N

440867

6133786

551

305

-47

69.9

CL21044

450N

440826

6133687

543

305

-47

186.8

CL21045

450N

440792

6133711

548

305

-45

108.0

CL21046

400N

440783

6133660

543

305

-47

190.0

CL21047

400N

440757

6133678

547

305

-45

126.0

CL21048

600N

440960

6133782

545

305

-47

208.0

CL21049

600N

440930

6133802

548

305

-45

133.8

CL21050

350N

440745

6133608

541

305

-47

151.0

CL21051

650N

440987

6133824

545

305

-47

182.9

CL21052

600N

440841

6133853

561

125

-55

229.0

CL21053

650N

440951

6133855

553

305

-47

118.2

Total

2084.8

* Borehole Coordinate Datum : NAD83 Zone 20N

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

CHF Capital Markets
Iryna Zheliasko, Manager-Corporate Communications
Phone: +1 (416) 868-1079 x229
Email: iryna@chfir.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 – Crater Lake Drillhole Location Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/87dbf4ed-6acf-45ed-a836-e3ac4ac3294c

Figure 2 – Diamond Drill Cross-Section 400N, TG Zone, Crater Lake Project, Quebec
https://www.globenewswire.com/NewsRoom/AttachmentNg/877f253a-0ab5-496c-bfa3-6af214c141ba

Figure 3 – Diamond Drill Cross-Section 600N, TG Zone, Crater Lake Project, Quebec
https://www.globenewswire.com/NewsRoom/AttachmentNg/f87dd3ff-c72f-428b-8a81-55461626c861