The technical team is now firming up the geological model in advance of a Q1 2022 drill program.
'We continue to reap the benefits of our continuing joint efforts with the
The trenching / stripping program concentrated at Zone 1,300 metres to the south of the boundary with
Mineralization consists predominantly of pyrite (1-2%) with traces of pyrrhotite and chalcopyrite within veins that range from several centimeters to about 70cm. Channel sampling in 2018 returned values of 5.1 g/t gold over 0.80m and 8.7 g/t gold over 0.30m. Trenching highlights in 2021 included: 3.29 g/t gold over 1.8m, 10.85 g/t gold over 0.35m and 2.93 g/t gold over 2m. The higher grades appear to be associated with the quartz veins and fuchsite. Equally import, the vein envelopes typically show quartz carbonate veining and sericite alteration that often returns significant (0.2 to 2 g/t) gold values.
Initial drilling in 2019 returned drill intersections including: 2.95 g/t gold over 2.5 metres, 1.43 g/t gold over 4.6 metres and longer intervals of 0.37 g/t gold over 29.4 metres and 0.32 g/t gold over 30.25 metres.
Regional Context
The shear zone hosting Zone 1 is a large secondary north-south structure that appears to be traced 6 kilometres to Zone 3, related to the Rideout-Tyrell Fault which strikes at roughly 110 degrees. At the Juby Deposit 800m to the north of 'Zone 1 North' the Rideout-Tyrell Fault forms a prominent boundary to the Archean-aged volcanic and
The Rideout-Tyrell Fault that forms the southern boundary to the Juby deposit trends eastward through the northern portion of the Gowganda West property and has seen minimal exploration as efforts by iMetals has been focused on the clear-cut, easily accessible areas in the Zone 1 - Zone 3 corridor.
At
Next Step
Drill permits and First Nations agreements are currently in place to allow Q1, 2022 drilling at Zone 1. The focus of the drilling will be locating gold mineralization at depth at the Zone 1 South and along the 300m section between Zone 1 South and Zone 1 North, where surface sampling and trenching has returned positive results.
Surface exploration in 2022 will focus in two areas: the Zone 1 - Zone 3 shear corridor and the strike extension of the Rideout-Tyrell Fault onto the Gowganda West property.
Creditor Settlement
The Company has reached an agreement with an arms-length service provider in which it has agreed to settle an outstanding payable totaling
Private Placement Update
The Company will not proceed with further tranches of its non-brokered private placement of units and flow-through shares originally announced on
Property Acquisition
The Company also announces that it does not intend to proceed with the acquisition of a portfolio of gold projects from
About Gowganda West
The Gowganda West property covers approximately 147 sq km in the Shining Tree volcano-sedimentary succession of the southwestern
iMetal acquired Gowganda West in 2016, discovering Zone 1 and Zone 3 through focused exploration proximal to the Aris property border, and subsequently completing programs of prospecting, channel sampling, airborne VTEM, ground IP and limited diamond drilling. Zone 1 has excellent access and is located 500m south from the Juby deposit. Two distinct outcrop areas approximately 300m apart have been sampled, Zone 1 that returned: 6.47 g/t Au and 39.3 g/t Au, and 16.9 g/t Au. Five holes were subsequently drilled in 2019. The best drill intersections included: 2.95 g/t Au over 2.5 metres, 1.43 g/t Au over 4.6 metres and longer intervals of 0.37 g/t au over 29.4 metres and 0.32 g/t au over 30.25 metres. Zone 3 consists of two distinct areas separated by 225 metres, 6 kilometres due south of Zone 1. Highlights from Zone 3A grab sample results include 56.59 g/t Au and 34.81 g/t Au, while highlight Zone 3B grab sample results include 14.74 g/t Au and 12.7 g/t Au. Zone 3A and Zone 3B remain undrilled.
About
A Canadian based junior exploration company focused on the exploration and development of its portfolio of resource properties in
Contact:
Tel: 604-484-3031
Email: saf@imetalresources.ca
Web: https://imetalresources.ca
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. Forward-looking statements in this news release include but, are not limited to: statements with respect to future exploration and drilling of the Company; statements with respect to the release of assays and exploration results and statements with respect to the Company's geological understanding of its mineral properties. 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.
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