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Imperial Mining Intersects Strong Scandium and Rare Earth Grades over 92.5 m at Crater Lake, Quebec

Highlights:

  • Assay results from the first four drillhole continue to return impressive grades of 92.5 m (303.4’) grading 291g/t scandium oxide (Sc2O3), including 51.3 m (168.3’) grading 344 g/t Sc2O3 and 80.2 m (263.1') grading 287 g/t Sc2O3, including 325 g/t Sc2O3 over 34.5 m (113.2’).
  • Elevated levels of total rare earth oxides plus yttrium (TREO+Y) of up to 0.42% characterize the scandium-bearing horizon.
  • At a gold price of $1,750US/oz and a scandium oxide price of $1,250US/kg, the intersections represent a gold-equivalent value of 6.5 to 8.0 g/t Au.

MONTREAL, April 28, 2021 (GLOBE NEWSWIRE) -- Imperial Mining Group Ltd. ("Imperial") (TSX VENTURE: IPG; OTCQB: IMPNF) is pleased to announce that it has received assays from the first four holes for the Crater Lake definition drilling program on the TG scandium mineralized zone. Assay results have confirmed the substantial intersection widths of scandium-bearing olivine ferrosyenite (Table 1) reported earlier (see Imperial press release – April 7, 2021). The drilling is currently completing the 11th hole of the program which continues towards collecting sufficient drill data to undertake a 43-101 preliminary Resource Estimate of the Zone by this June.

“The winter drilling results for the Crater Lake property continue to exceed all expectations, as they 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 up to 200 m. Importantly, the zone appears to get wider and higher grade with depth.”

CURRENT DRILLING

To date, 10 drillholes for 1,403.7 m have been completed (Table 2, Figures 1, 2 and 3). 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 (%)
CL2104020.85101.580.21872870.320
Incl.42.5157.014.492143280.352
and Incl.60.9795.5034.52123250.350
       
CL210419.928.4718.572283500.420
       
CL2104246.9581.3834.431983040.380
Incl.48.571.022.52153300.410
And111.34203.8692.51902910.320
Incl.117.5168.8051.32243440.368
       
CL210439.432.4023.01993050.390
Incl.9.428.0418.62193360.393
       
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.  


SECTION 450N DRILLING   
  
CL21044 –The hole intersected a cumulative thickness of 100.3 m of Sc-bearing mafic Olivine Ferrosyenite (OLFESYN) intrusive with narrow intersections of Pyroxene-rich ferrosyenite (PXFESYN), historically observed to contain higher scandium grades.  
  
CL21045 –The hole was a shallow overcut to CL21044. Drilling intersected 68.3 m (224’) of continuous OLFESYN containing narrow intersections of higher-grading PXFESYN from 18.7 to 87.0 m in the hole.  

SECTION 400N DRILLING  
 

CL21046 This hole intersected a cumulative 71.5 m (234.5’) of Sc-bearing OLFESYN commencing at 43.0 m in the hole. Narrow intersection of magnetite-rich PXFESYN from 83.0 to 92.0 m were observed in the hole. This material has historically returned the very highest scandium grades observed on the property.
  
CL21047 This hole was an overcut to 21046 to bring the projection of the TG Zone to surface. The hole intersected a cumulative thickness of 66.5 m of OLFESYN, starting at 13.2 m in the hole.
  
SECTION 600N DRILLING
  
CL21048 The hole intersected a continuous 116.5 m (382’) interval of favourable OLFESYN from 50.5 to 167.0 m.
  
CL21049 The hole was an overcut to hole CL21048 and intersected a continuous 78.0 m (255.8’) interval of favourable OLFESYN from 37.0 to 115.0 m.

Drilling of hole CL21050 on Section 350N is currently in progress.

The core samples from holes CL21044 to CL21049 have been sent out for analyses and are expected to be delivered to Activation Laboratories later this week. Results are anticipated to be delivered within three weeks of receipt of this shipment.

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

Borehole NumberSectionEastingNorthingAzimuthDipFinal Length
CL210405504408956133765305-47117.0
CL210415004408236133748305-4550.3
CL210425504409376133733305-50213.9
CL210435504408676133786305-4769.9
CL210444504408266133687305-47186.8
CL210454504407926133711305-45108.0
CL210464004407836133660305-47190.0
CL210474004407576133678305-45126.0
CL210486004409606133782305-47208.0
CL210496004409306133802305-45133.8
CL210503504407456133608305-47In Progress

* Borehole coordinates Datum : NAD83 Zone 20N

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 364 samples, including 23 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.

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/f35c6912-bb5d-4054-827a-b3fcd51bde2f

Figure 2 – Diamond Drill Cross-Section 500N, TG Zone, Crater Lake Project, Quebec
https://www.globenewswire.com/NewsRoom/AttachmentNg/a7418059-1b08-461a-a6f6-99f39d8ef862

Figure 3 – Diamond Drill Cross-Section 550N, TG Zone, Crater Lake Project, Quebec
https://www.globenewswire.com/NewsRoom/AttachmentNg/99dd28d1-cfcd-439a-9e98-32b610b126f6


Figure 1

Crater Lake Drillhole Location MapFigure 2

Diamond Drill Cross-Section 500N, TG Zone, Crater Lake Project, QuebecFigure 3

Diamond Drill Cross-Section 550N, TG Zone, Crater Lake Project, Quebec
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