MONTREAL, Jan. 16, 2019 (GLOBE NEWSWIRE) -- Imperial Mining Group Ltd. (TSX VENTURE: IPG) is pleased to announce the start of its 2019 winter drilling program on the Carheil Copper-Zinc Project in the Abitibi region of northwestern Québec (the “Project”). The $1.0 million program operated by SOQUEM, will involve a minimum of 3,500 meters of diamond drilling to test high potential copper (Cu), zinc (Zn) and gold (Au) targets on the new B26 basemetal horizon, south of the past-producing Selbaie Mine (historical production 53.0 Mt @ 1.9% Zn, 1.0% Cu, 40.7 g/t Ag 0.6 g/t Au).
The program will test previously-defined Ore Vision™ 3-D induced polarization (3D-IP) anomalies (see Imperial Press Release, April 18, 2018) interpreted to represent SOQUEM’s "B26" Cu-Zn-Ag-Au deposit horizon (SOQUEM 43-101 mineral resource 2018 - Indicated Resource of 6.97Mt @ 1.32% Cu, 1.80% Zn, 43.0 g/t Ag and 0.60 g/t Au and an Inferred Resource of 4.41Mt @ 2.03% Cu, 0.22% Zn, 9.0 g/t Ag and 1.07 g/t Au) as well as to further evaluate known historical base metal mineralized drill intersections on the property.
The Project is located in Brouillan and Carheil townships (Figure 1), 5 km southwest of the past-producing Selbaie Mine. The property consists of 113 contiguous claims covering approximately 53.7 km2. Imperial holds a 100% interest in the Project that is now subject to an option agreement entered into in 2017 where SOQUEM can earn a 50% interest in the Project by carrying out exploration work totaling $3,750,000 over four (4) years. On completion of their 2019 exploration intentions, SOQUEM will have incurred a total of $1.75 million in exploration expenditures on the property.
Diamond Drilling Targets
SOQUEM will complete a 3,500 m diamond drilling program to test two areas on Imperial's property that straddle the western extension of SOQUEM’s "B26" base metal deposit.
The first target area is located at the northwest end of the property (Figure 2) to test Ore Vision™ 3D-IP geophysical targets. The survey identified numerous geophysical anomalies at the western part of the Carheil property believed related to gold and copper-zinc mineralization requiring further evaluation. Diamond drilling will test high-chargeability and locally coincident low-resistivity anomalies on the western continuation of the “B26” basemetal horizon. Previous diamond drilling in this area identified favourable geology and strong basemetal-style alteration.
A second area, the Puiseaux Target (Figure 3), is located at the northeast end of the property. Historical diamond drilling on adjacent claims returned strongly basemetal mineralized intersections (up to 0.32% Cu over 11.0m) related to favourable geology and strong alteration.
The diamond drill program will commence at the end of this month and is expected to be completed by mid-March. Spektra Drilling of Val d’Or, Québec, is the contractor for the drill program. Samples collected from drilling will be submitted to SGS Canada Inc. of Val d'Or, Québec for geochemical analysis upon completion of the program.
The technical content in this press release was reviewed and certified by Pierre Guay, Imperial's VP Exploration, a Professional Geoscientist and Qualified Person as defined by NI 43-101.
ABOUT IMPERIAL MINING GROUP LTD.
Imperial is a new Canadian mineral exploration and development company focussed on the advancement of its copper-zinc, gold and technology metals properties in Québec. Imperial is publicly listed on the TSX Venture Exchange as “IPG” 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.
ABOUT SOQUEM INC.
SOQUEM, a subsidiary of Ressources Québec, is a leading player in mineral exploration in Québec. Its mission is to explore, discover and develop mining properties in Québec. SOQUEM has participated in more than 350 exploration projects and contributed to major discoveries of gold, diamonds, lithium and other minerals.
For further information please contact:
Peter J. Cashin
President and Chief Executive Officer
Tel: +1 (514) 360-0571
Email: info@imperialmgp.com
URL: www.imperialmgp.com
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.
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