Highlights:
- A minimum of 3,500 m of diamond drilling will test seven high-priority copper-zinc-silver-gold targets areas across the Carheil property.
- Downhole geophysics and follow-up drilling will test important results returned from the AG1 (1.58% zinc, 524.1 g/t silver over 10.5 m) and Puiseaux (3.06% copper, 18.2 g/t silver over 4.9 m) target areas.
MONTREAL, Jan. 14, 2020 (GLOBE NEWSWIRE) -- Imperial Mining Group Ltd. (TSX VENTURE: IPG) is pleased to announce the start of its Fall 2019 and Winter 2020 exploration program on the Carheil Copper-Zinc project in the Abitibi region of northwestern Québec (the “Project”). The $1 million program, operated by SOQUEM, will involve downhole Time-Domain Electromagnetic (TDEM) surveys, 28 line-km of induced polarization (IP) geophysics and a contingent 52 line-km of IP survey depending on the Winter 2020 diamond drill results. A minimum of 3,500 meters of diamond drilling is planned to test several high potential Copper (Cu), Zinc (Zn), Silver (Ag) and Gold (Au) targets west of the previously-defined B26 basemetal horizon, located south of the past-producing Selbaie Mine (historical past-production 53.0 Mt @ 1.9% Zn, 1.0% Cu, 40.7 g/t Ag 0.6 g/t Au).
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 subject to an option agreement signed in 2017 where SOQUEM can earn a 50% interest in the Project by carrying out exploration work totaling $3.750 million over four (4) years. On completion of their 2020 exploration intentions, SOQUEM will have incurred approximately $2.75 million in cumulative exploration expenditures on the property.
Downhole TDEM Survey
A downhole Time-Domain EM (TDEM) survey commence this month and is expected to be completed by mid-December 2019. Abitibi Geophysics of Val d’Or, Québec, is the contractor for this program. The downhole TDEM survey will be conducted in two different areas to search for off-hole conductive bodies potentially related to a volcanogenic massive sulphide (“VMS”) body.
The first area, the AG1 polymetallic Zone, is located at the southeast end of the property (Figure 2). Previous drilling in this zone identified a Zn, Ag, Cu and Au mineralized VMS system with intersections grading up to 1.58% Zn and 524.1 g/t Ag over 10.5m. However, limited downhole geophysics was performed in those boreholes. A total of four (4) holes will be surveyed at the AG1 Zone to explore for potential extensions of the mineralization.
The second area, the Puiseaux Area, is located at the northeastern end of the property (Figure 2). During the 2019 Winter drill program, Soquem drilled a total of five holes along the southern limit of the property. Two boreholes intersected VMS style mineralization and alteration with the best intersection grading up to 3.06% Cu, 18.2 g/t Ag, 0.1 g/t Au over 4.9m related to a sulphide stringer mineralized zone. A total of three (3) holes will be completed at the Puiseaux Area.
Linecutting and 3D-IP Geophysical Surveys
SOQUEM will conduct a total of approximately 28 line-km of grid preparation for an IP survey planned for February 2020. An additional 52 line-km of grid and IP survey could be performed if excellent results are obtained from the drilling on Zones 1 and 2 (see Diamond Drill Program). Contractors for these surveys have not been selected yet.
The IP surveys will cover two different areas. The first area is located at the Puiseaux Area where VMS style mineralization and alteration were encountered (Figure 3). A total of 28 line-km of IP will be conducted to cover an exhalative horizon interpreted to be the westward extension of the B26 horizon. The second area, located east of the previously surveyed 2018 IP grid, shows strongly favorable VMS related geochemistry and geology. A total of 52 line-km of IP could be performed to cover a little-explored area.
Diamond Drilling Program
SOQUEM also plans to initiate a 3,500 to 5,500-m diamond drill program in January 2020. The contractor for the drill program has not been selected yet.
A total of nine (9) diamond drill targets, located within six (6) zones, have been selected for its geological, geochemical and geophysical characteristics favourable for Cu-Zn VMS deposit formation. The diamond drilling will evaluate a total of six (6) zones within the previously surveyed 2018 IP grid (Figure 2).
Zones 1 and 2
Drilling will test favourable geology, strong base-metal style alteration and anomalous pathfinder element enrichments associated with favourable geophysics. Historical drilling in these zones intersected Cu-Zn VMS exhalative horizons, interpreted to be the western extension of the B26 deposit horizon (SOQUEM 43-101 Mineral Resource Estimate - March 4, 2018 - Indicated resource of 6.97 Mt grading 1.32 % Cu, 1.80 % Zn, 0.60 g/t Au and 43 g/t Ag and Inferred resource of 4.41 Mt grading 2.03 % Cu, 0.22 % Zn, 1.07 g/t Au and 9 g/t Ag).
Zone 3
Drilling will evaluate a strong IP anomaly believed to be the western continuation of Zones 2 listed above. Historical drilling in this area has intersected minor disseminated sulphide mineralization but did not explain the target IP anomaly.
Zone 4
Drilling will test a high chargeability IP and a low resistivity anomaly southeast of Zones 1 & 2. Nearby historical drilling intersected Cu mineralization in sedimentary-exhalative units favourable for base metal deposits.
Zone 5
Drilling will evaluate a 2.0 km long first-priority IP anomaly which is potentially the eastern extension of the D2 gold-silver zone. Previous drilling on the D2 (see Press Release – April 18, 2018) returned 31.4 g/t gold (Au) and 132.52 g/t silver (Ag) over 1.45 m and 8.92 g/t Au over 5.1 m. Historical drilling in this area intersected massive sulphide horizons that were never followed-up.
Zone 6
Drilling on this Zone will test a high chargeability IP and adjacent anomalous magnetic anomalies. These geophysical anomalies and their relationship to geology are very similar to the geophysical anomalies encountered at the B26 Deposit.
Contingency Drilling
Drilling on this zone will be contingent on the receipt of favourable results from planned downhole and surface geophysical surveys.
Qualified Person
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 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 Phone: +1 (514) 360-0571 Email: info@imperialmgp.com | CHF Capital Markets Cathy Hume, CEO Phone: +1 (416) 868-1079 x231 Email: cathy@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.
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