Imperial Mining Receives Final Crater Lake Drill Results: Data Sent to Engineers for 43-101 Resource Estimation on TG Zone

June 23, 2021 8:30 AM EDT

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Highlights:

  • Assay results from the first four drillholes continue to return impressive intercepts of 99.8 m (327.3’) grading 299 g/t scandium oxide (Sc2O3), including 24.2 m (79.4’) grading 331 g/t Sc2O3 and 77.3 m (253.5') grading 313 g/t Sc2O3.
  • Elevated levels of total rare earth oxides plus yttrium (TREO+Y) of up to 0.46 % characterize the scandium-bearing intercepts.
  • All drill assays have been received and the data has been transferred to our engineering group to complete the 43-101 resource estimation work on the TG Zone.

MONTREAL, June 23, 2021 (GLOBE NEWSWIRE) -- Imperial Mining Group Ltd. ("Imperial") (TSX VENTURE: IPG; OTCQB: IMPNF) is pleased to announce that it has received the final batch of assays from the winter definition drill program on the Crater Lake TG scandium mineralized Zone (the “Zone”). Assay results continue to return substantial intersection widths of scandium- and rare earth-bearing olivine ferrosyenite (Table 1) reported earlier (see Imperial press releases – April 28th and May 27th, 2021). A delay on delivery of the final results from the laboratory will push the date of the completion of the resource estimation into July but remains within anticipated delivery expectations.

“The final drilling results at the Crater Lake property continue to show consistently high grade and wide scandium and rare earth intersections over the entire TGZ mineralized system,” said Peter Cashin, Imperial’s President & Chief Executive Officer. “We are now in the process of delivering the project data to our consultants to commence 43-101 resource estimation work. Having drilled the northern lobe on 50 m centres, we believe that a portion of the resource will provide indicated as well as inferred category resources. With the resource estimation in hand, likely in July, and completion of our metallurgical flowsheet, we will commence work on delivering a Preliminary Economic Assessment (PEA) for the project some time this fall, as originally scheduled.”

DRILLING PROGRAM

In total, 14 drillholes for 2,084.8 m have been completed (Table 2, Figures 1, 2 and 3). All drillholes intersected the target mafic intrusive host rock which show a high degree of grade homogeneity. 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 – Best Drillhole Assay Results, Crater Lake Project, Quebec

Hole #From (m)To (m)Interval(m)Sc (g/t)Sc2O3 (g/t)TREO+Y(%)
CL21046107.15160.6053.451722640.3258
Incl.107.15125.6518.501872870.3382
       
CL2104938.00115.4377.432043130.3441
Incl.49.0076.0027.002153300.3478
And incl.83.5098.5015.002203370.3580
       
CL2105045.6353.307.671702610.3305
And91.74111.9220.181832810.3873
Incl.96.70107.6610.962143280.4555
       
CL2105190.4598.658.201772710.3197
And104.64121.8017.161822790.3218
And131.00156.7125.712083190.3481
incl.131.00137.956.952403680.3942
       
CL2105255.95155.7599.801952990.3417
incl.100.50117.0016.502173330.3710
And incl.119.30143.5024.202163310.3665
       
CL2105344.5653.288.721882880.3720
And58.4063.675.271963010.4239

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.

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 726 samples, including 43 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.

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

BoreholeNumberSectionEastingNorthingElevation(m)AzimuthDipLength (m)
CL21040550N4408956133765548305-47117.0
CL21041500N4408236133748550305-4550.3
CL21042550N4409376133733542305-50213.9
CL21043550N4408676133786551305-4769.9
CL21044450N4408266133687543305-47186.8
CL21045450N4407926133711548305-45108.0
CL21046400N4407836133660543305-47190.0
CL21047400N4407576133678547305-45126.0
CL21048600N4409606133782545305-47208.0
CL21049600N4409306133802548305-45133.8
CL21050350N4407456133608541305-47151.0
CL21051650N4409876133824545305-47182.9
CL21052600N4408416133853561125-55229.0
CL21053650N4409516133855553305-47118.2
      Total2084.8

* Borehole Coordinate Datum : NAD83 Zone 20N

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. CashinPresident and Chief Executive OfficerPhone: +1 (514) 360-0571Email: info@imperialmgp.comCHF Capital Markets Iryna Zheliasko, Manager-Corporate Communications Phone: +1 (416) 868-1079 x229Email: 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 Maphttps://www.globenewswire.com/NewsRoom/AttachmentNg/87dbf4ed-6acf-45ed-a836-e3ac4ac3294c

Figure 2 – Diamond Drill Cross-Section 400N, TG Zone, Crater Lake Project, Quebechttps://www.globenewswire.com/NewsRoom/AttachmentNg/877f253a-0ab5-496c-bfa3-6af214c141ba

Figure 3 – Diamond Drill Cross-Section 600N, TG Zone, Crater Lake Project, Quebechttps://www.globenewswire.com/NewsRoom/AttachmentNg/f87dd3ff-c72f-428b-8a81-55461626c861

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Figure 1

Crater Lake Drillhole Location Map
Figure 2

Diamond Drill Cross-Section 400N, TG Zone, Crater Lake Project, Quebec
Figure 3

Diamond Drill Cross-Section 600N, TG Zone, Crater Lake Project, Quebec
Source: Imperial Mining Group Ltd.


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