iMetal completes phase I drilling at Gowganda West

Executive Summary

• iMetal Resources Inc. has completed its 2025 Phase I drilling program at the Gowganda West project, expanding the mineralized footprint of the IMGW23-04 discovery hole.
• The program successfully intersected host rocks with alteration patterns and mineralization similar to the 2023 discovery, including polymictic conglomerate and zones of hematization/potassic alteration.
• Core logging and sampling are underway, with samples being sent to ALS Minerals in Val d'or for assay results.

Key Details

• Drilling Completion: A total of 2,640 metres were completed in six holes, exceeding the original plan of 2,500 metres based on geological team recommendations.
• Target Area: Drilling focused on the area of IMGW23-04, the location of the spring 2023 discovery hole which reported 48.5 metres of 0.85 g/t gold starting at 316.5 metres.
• Geological Context: The drilling aimed to expand the mineralized footprint along strike and up/down dip. It also investigated the area where McFarlane Lake Mining Ltd. identified the "826 zone," a parallel zone to its Juby zone within the regional Ridout-Tyrrell deformation zone.
• Lithology and Alteration: Dominant lithology included polymictic conglomerate of the Indin Lake group, along with local mafic and felsic dikes. Observed alteration included moderate to pervasive hematization/potassic alteration, sericitization, and silicification.
• Mineralization: Intersections included disseminated and clast-replacement-controlled pyrite, with some holes intersecting local chalcopyrite vein fractures or plurimillimetric clusters.
• Quality Assurance/Quality Control (QA/QC):
  • Certified standards and blanks inserted every 30 samples.
  • Every 30th sample is duplicated.
  • Samples shipped to ALS Minerals Val d'Or.
  • Analysis utilizes Au-AA24 procedure (50-gram gold fire assay with AAS finish).
  • Intervals of visible chalcopyrite undergo ME-ICP41 procedure.
• Project Location: Gowganda West is an exploration-stage gold project located approximately 100 km south-southeast of Timmins, Ontario, in the Shining Tree camp of the southern Abitibi greenstone gold belt.
• Strategic Positioning: The property is contiguous to McFarlane Lake Mining’s Juby deposits and the Knight project (a partnership between Orecap Invest Corp. and Agnico Eagle Mines Ltd.).

Notable Quotes

• "We are happy with the progress we have made during this drill program," commented iMetal president and chief executive officer Saf Dhillon. "With the run-up in the price of gold over the past two years, the increased liquidity in the overall metals and mining markets in general and the developments with our bordering neighbours, we anxiously anticipate the return of the assays from the lab."