iMetal Resources Inc. announced completion of drilling at the Company's Carheil project, which lies in the Northern Abitibi Greenstone Belt in Québec. This Phase was completed on January 25, 2023 and included 4 holes for 1,100 metres and this was a follow up to Phase 1 drilling from Spring 2023. The Company engaged DIAFOR Inc. of Malartic, Québec for this phase of Carheil drilling.

DIAFOR executed the program efficiently and safely and the Company is very pleased to continue that relationship. The program targeted the three previously encountered graphite horizons, focusing on defining the extent of the graphite along strike and down dip. A regional structure was also tested in order to probe the property for further mineral potential.

Observed graphite horizons and structures in the core matched or exceeded expectations geologically. Samples are being submitted to ALS Geochemistry in Rouyn-Noranda for assaying and results will be released when available. Carheil is an exploration-stage project with multi-metal potential and previous graphite results.

The project is about 170 km north of Rouyn-Noranda in the Northern Abitibi Greenstone Belt. The project is under 20 km distance to the west from the past-producing Selbaie Copper-Zinc- Silver-Gold mine (1.1 billion lbs Cu, 2.4 billion lbs Zn, 71 million oz Ag, 1 million oz Au produced from 1981-2004), under 20 km distance to the north from Hecla's Casa Berardi Mine (127.5 Koz Au and 28.2 Koz Ag produced in 2022), and under 40 km to the southeast from Agnico Eagle's Detour Lake mine (713 Koz Au produced in 2021). Directly bordering the property to the north is Midland Exploration/Probe Metals' La Peltrie project, which recently intersected a 345.5 m of Cu-Mo-Au-Ag mineralization grading 0.21 CuEq.

iMetal cautions QA/QC control procedures included the systematic insertion of certified blanks, and two different graphite certified reference materials (CRM) at regular intervals (one QAQC sample for every 20 core samples) into the sampling stream. Geochemistry analyses consisted of Graphitic carbon by IR Spectroscopy (C-IR18), which uses an HCl leach to remove carbonates and roasting to remove organic carbon in order to only identify carbon in graphitic form in the samples. Select samples were checked for gold by fire assay and atomic absorption spectrometry (Au-AA26) with overlimit values subsequently analyzed using the gravimetric finish (Au- GRA22) technique.

Additionally, select samples were assayed for multi-element potential using four acid digestion with an inductively coupled plasma mass spectrometry finish (ME-MS61). The scientific and technical information contained in this news release has been reviewed and approved by Scott Zelligan, P. Geo (Ontario), VP Exploration of iMetal and a qualified person as defined in National Instrument 43-101.