Imperial provides update on production and Red Kris exploration, The Canadian Business Journal

VANCOUVER, British Columbia, October 26, 2022 (GLOBE NEWSWIRE) — Imperial Metals Corporation (the “Company”) (TSX:III) states that Red Chris’ metal production (100%) for the third quarter of 2022 was 19.2 million pounds of copper and 17,513 ounces of gold, with an increase of 13% from 22 million pounds of copper and 10% of gold. % decreased. 19,540 ounces of gold produced in the second quarter of 2022.

Gold production of 17,513 oz was down from the previous quarter due to lower recoveries and lower throughput. Recovery is expected to improve in the December 2022 quarter as various improvement initiatives, including a cleaner column expansion project, near completion. Gold head grade was similar to the previous quarter. Copper production was down 13% due to lower throughput and grades. Copper and gold mining grades are expected to decline as mining is now completed in Phase 5.

Thirty percent of Imperial’s second quarter output was 5.75 million pounds of copper and 5,254 ounces of gold.

Third quarter production at Mount Polley was 2.4 million pounds of copper and 5,084 ounces of gold. 984,814 tonnes were milled in the third quarter. Throughput increased steadily from 7,268 tonnes per day in July to 11,079 tonnes per day in August and to 13,868 tonnes per day in September. The trunnion machining required to repair Pebble Mill 3 prevented further throughput gains. This work was completed and Pebble Mill 3 went live in her early October. All eight of his mills in the grinding circuit are now in operation and we look forward to increasing the mill’s capacity.

Red Kris Expedition Update

Up to seven diamond drill rigs were in operation during the quarter. A further 20,926 meters of drilling have been completed from 27 boreholes, all of which intersect mineralization. Approximately 50,000 meters of drilling is planned from eight drilling rigs in the second half of 2022. Two of the rigs are drilling from underground stations along the exploration descent. Drilling from below ground will reduce the number of meters needed to further test East Ridge and the surface disturbance needed to build the drill pad and road.

East Ridge drilling is ongoing with 63 holes completed and 6 holes in progress. Drilling to date has tested a corridor of 900 meters in length and 1,000 meters of vertical extent and has identified high-grade mineralized zones within it. Drilling will be completed on a nominal 100m x 100m grid to determine the extent and continuity of the East Ridge Zone and further define the high-grade mineralization of the East Ridge Zone. The East Ridge Zone is not included in current Mineral Resource estimates.

Drilling continues to expand the vertical extent of East Ridge mineralization. The latest drilling results from holes RC819, RC820 and RC835 extend high-grade mineralization an additional 100 meters in depth and over 600 meters vertically. In these sections the zone remains open to depth.

RC819 was drilled in section 37N to test the downward extension of the East Ridge Zone. RC819 returned 334 meters of 0.50% copper and 0.35 g/t gold from 1,276 meters. This includes 56 meters of 0.80% copper and 0.83 g/t gold (see Figure 32, section 37N).

RC820 was drilled in section 36N to test the downward extension of mineralization encountered on RC750W (previously released). RC820 returned 312 meters of 0.49% copper and 0.49 g/t gold from 1,296 meters and 278 meters of 0.44% copper and 0.74 g/t gold from 1,658 meters. These intervals are separated by 50 meters of late-stage barren porphyry (Phase 3 porphyry). Both intervals included higher grade intervals. Upper intervals include 1,562 meters to 16 meters for 1.2% copper and 1.7 g/t gold, and lower intervals include 1,882 meters to 22 meters for 1.8% copper and 3.3 g/t gold (see Figure 31, section 36N).

RC835, Section 34N was drilled and returned 0.63% copper and 0.75 g/t gold from 1,295 to 284 meters. This includes 1,459 meters of 1.2% copper and 1.7 g/t gold. This is the deepest hole down dip of section 34N and extends the zone with depth (see Figure 29, section 34N).

Drilling within East Ridge continues to confirm zonal continuity. As an example, RC808, located in section 38N and 100 meters above RC786 (previously reported), intercepted 222 meters of 0.61% copper and 0.44 g/t of gold from 818 meters. Copper from 936 meters and 1.5 g/t gold (see Figure 33, section 38N).

Drilling completed between the Main Zone Pit and the Gully Zone included RC813 located approximately 100 meters west of the Main Zone Pit on Section 16N. This hole is crossed by 298 meters of 0.31% copper and 0.26 g/t gold from 446 meters, with a higher grade spacing of 52 meters of 0.75% copper and 0.51 g/t gold from 458 meters, 0.33% of 346.4 meter intervals were included. Copper and 0.31 g/t gold from 852 meters (see Figure 26, section 16N).

The East Ridge mineralized corridor (>0.4% copper and >0.4 g/t gold) reaches over 900 meters in length, 1,000 meters in height and 125 meters in width, containing high-grade (>0.8% copper and >0.8 g/t gold). ) in several small pods in an area of ​​500 meters high, 400 meters long and 100 meters wide.

These results further support the upper range of exploration targets defined in the June 2022 Newcrest Quarterly Exploration Report dated 21 July 2022. The potential quantity and grade of exploration targets are conceptual in nature. Exploration is insufficient to estimate Mineral Resources, and it is unknown whether further exploration will lead to estimates of Mineral Resources.

Important results since the last release:

Hall ID	from (m)	up to (m)	width (m)	Copper (%)	Gold (g/t)
RC808	818	1040	222	0.61	0.44
include	936	964	28	1.6	1.5
RC813	446	744	298	0.31	0.26
include	458	510	52	0.75	0.51
When	852	1198.4	346.4	0.33	0.31
include	910	944	34	0.58	0.37
RC819	1276	1610	334	0.50	0.35
include	1574	1596	twenty two	0.93	1.1
RC820	1296	1608	312	0.49	0.49
include	1406	1588	182	0.64	0.64
include	1562	1578	16	1.2	1.7
When	1658	1936	278	0.44	0.74
include	1870	1936	66	1.1	1.7
include	1882	1904	twenty two	1.8	3.3
RC835	1295	1579	284	0.63	0.75
include	1459	1545	86	1.2	1.7

Jim Miller-Tait, P.Geo. Vice President of Exploration for Imperial Metals, a Designated Qualified Person as defined by National Instrument 43-101 for the Red Chris Exploration Program, confirmed this news release. He reported that a Red Criss sample from the 2022 drilling was analyzed by the Vancouver Bureau He at the Veritas Mineral Institute. A complete QA/QC program using blanks, standards and duplicates was completed on all diamond drilled samples submitted to the lab. Reported critical assay intervals represent apparent widths. Insufficient geological information is available to confirm the true width of geological models and critical analysis intervals.

¹ Sections, plan views and drill hole data are available at imperialmetals.com.

About Imperial

Imperial is a Vancouver-based exploration, mine development and operation company that owns Mount Polley Mine (100%), Huckleberry Mine (100%) and Red Chris Mine (30%). Imperial also has a portfolio of 23 greenfield exploration properties in British Columbia.

company contact

Brian Kinnock | | president | | 604.669.8959
Darb Dillon | | CFO | | 604.488.2658
Jim Miller Tate | | Vice President Exploration | | 604.488.2676

Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this news release is a “forward-looking” statement rather than a statement of historical fact. Forward-looking statements relate to future events or future performance, reflect our management’s expectations or beliefs regarding future events, and reflect RedChris’ current and planned including, but not limited to, statements regarding our expectations regarding drilling programs; Defines the extent and continuity of mineralization in the East Ridge Zone. Potential quantities and grades of exploration targets, including uncertainties in mineral resource estimates. Expected recoveries, throughputs and grades mined for copper and gold.

In some cases, forward-looking statements are referred to as “planned,” “anticipated,” “not expected,” “anticipated,” “outlook,” “budget,” “planned,” “projected.” , “predict,” “intend,” “predict,” “do not predict,” or “believe,” or that a particular action, event, or outcome “could,” “could” variations of the word or phrase or statement “will”, “may”, “will be taken”, “occurs”, “achieves”, or the negative forms of these terms or their equivalents term. Forward-looking statements, by their nature, involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to differ in the future. may differ materially from future results, performance or achievements expressed or implied by our forecasts. The statement you are looking for.

In making forward-looking statements in this release, we apply certain factors and assumptions that are based on information currently available to us and our current beliefs and assumptions. These factors and assumptions, beliefs and assumptions include risk factors detailed from time to time in our interim and annual financial statements, and management’s discussion and analysis of those financial statements. All of these are submitted on SEDAR (www.sedar) for review. .com. Although we have attempted to identify important factors that could cause our actual actions, events or results to differ materially from those set forth in the forward-looking statements, the actions, events or results There may be other factors that cause the results to be expected, estimated or different. Many of which are beyond our ability to control or predict. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements, and all forward-looking statements in this news release are qualified by these cautionary statements. Such information is provided only as of the date of this news release. We undertake no obligation to update any forward-looking information to reflect new information, subsequent events or otherwise, except as required by law.

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