iMetal Resources Inc. Reports High Grade Gold Assays from its Zone 3 Gold Target, Gowganda West property, ~90km southwest of Kirkland Lake, Ontario
November 09, 2017
iMetal Resources Inc. Reports High Grade Gold Assays from its Zone 3 Gold Target, Gowganda West property, ~90km southwest of Kirkland Lake, Ontario
iMetal Resources Inc. (IMR – tsxv) – (“iMetal” or the “Company”) is pleased to provide details of new high-grade gold mineralization recently discovered on Zone 3, located on its expanded Gowganda West property.
Zone-3 Gold Target (UTM 5264146N, 502791E)
Recent prospecting in new outcrop areas exposed by overburden stripping and outcrop sampling has resulted in the discovery of previously unrecognized high-grade gold mineralization. “Zone 3” is located 5.2 km south of Zone 1 where high-grade gold mineralization was discovered 500m south of Tahoe Resource’s ~4-million ounce Juby gold Deposit (see October 30, 2017 IMR news release). Tahoe has reported that the JUBY gold deposit has Indicated resources of 1.09 million ounces of gold (26.6 million tonnes at 1.28 g/t Au) and Inferred resources of 2.91 million ounces of gold (96.2 million tonnes at 0.94 g/t Au). Zone 1 is interpreted as analogous to the geology and mineralization at the Juby deposit. A location map for both zones is available at iMetal Ownership Map PDF and on iMetal’s website. The 5.2 km distance between Zone 1 and Zone 3 is largely unexplored. It represents an important target trend, which is now being prospected.
Zone 3 comprises two areas of gold mineralization arbitrarily called Zone 3A and 3B Assay Results - Zones 3A and 3B
Assay results for both mineralized zones are summarized in Tables 1 and 2. Strongly elevated and intercorrelated gold, silver and copper is present in multiple samples from the vein material in both Zone 3A and 3B. This includes maximum values of 56.59 grams per metric tonne (g/mt) gold and 15 g/mt silver in sample 5238 and 1.337% copper with 7.35 g/mt gold in sample 3511 in Zone 3A. Zone 3B maximum assay values includes 19.4 g/mt gold and 2.582% copper in sample 3514 and 21.9 g/mt silver in sample 5219.
Table 1. Summary of assay results for gold, silver and copper from 14 representative grab samples of vein material, Zone 3A. UTM datum is NAD83 Zone 17. “FA-GRAV” refers to Fire Assay-Gravimetry. NA-not available.
| Sample | UTM East | UTM North | Au g/mt | Au g/mt | Ag g/mt | Cu % |
|---|---|---|---|---|---|---|
| FA-GRAV* | ||||||
| 3511 | 502792 | 5264199 | 7.35 | NA | 1.337 | |
| 3512 | 502790 | 5264150 | 1.24 | |||
| 5207 | 502812 | 5264163 | 13.49 | 34.81 | 5.9 | 0.092 |
| 5227 | 502793 | 5264158 | 4.7 | - | 0.9 | 0.101 |
| 5228 | 502793 | 5264158 | 14.34 | 15.23 | 4.5 | 0.342 |
| 5229 | 502793 | 5264158 | 1.11 | - | 0.2 | 0.041 |
| 5230 | 502793 | 5264158 | 1.17 | - | 0.2 | 0.061 |
| 5231 | 502788 | 5264162 | 1.35 | - | < 0.2 | 0.005 |
| 5232 | 502784 | 5264152 | 0.67 | - | < 0.2 | 0.012 |
| 5233 | 502780 | 5264155 | 0.03 | - | < 0.2 | 0.003 |
| 5235 | 502781 | 5264151 | 0.33 | < 0.2 | 0.003 | |
| 5236 | 502780 | 5265155 | 5.7 | 6.03 | 0.001 | |
| 5237 | 502781 | 5264152 | 0.03 | - | < 0.2 | 0.001 |
| 5238 | 502792 | 5264158 | 42.72 | 56.59 | 15 | 0.133 |
Table 2. Summary of assay results for gold, silver and copper from 32 representative grab samples of vein material, Zone 3B. UTM datum is NAD83 Zone 17. * “FA-GRAV” refers to Fire Assay-Gravimetry. NA-not available.
| Sample | UTM East | UTM North | Au g/mt | Au g/mt | Ag g/mt | Cu % |
|---|---|---|---|---|---|---|
| *FA-GRAV | ||||||
| 3513 | 502943 | 5264306 | 4.34 | |||
| 3514 | 502943 | 5264306 | 19.4 | NA | 2.582 | |
| 3515 | 502943 | 5264306 | 0.02 | |||
| 3516 | 502943 | 5264306 | 0.02 | |||
| 3518 | 502943 | 5264311 | 11.3 | 0.2924 | ||
| 3519 | 502942 | 5264318 | 0.03 | 0.0057 | ||
| 5208 | 502948 | 5264300 | 0.02 | - | < 0.2 | 0.006 |
| 5209 | 502946 | 5264310 | 0.63 | - | 0.3 | 0.163 |
| 5210 | 502946 | 5264315 | 1.00 | - | 4 | 0.357 |
| 5211 | 502945 | 5264312 | 1.25 | - | 1.4 | 0.458 |
| 5212 | 502944 | 5264310 | 12.70 | 11 | 5.9 | 0.545 |
| 5213 | 502944 | 5264311 | 2.06 | - | 1.6 | 0.515 |
| 5214 | 502945 | 5264312 | 2.59 | - | 2.1 | 0.476 |
| 5215 | 502945 | 5264310 | 14.74 | 13.66 | 4 | 0.603 |
| 5216 | 502946 | 5264308 | 0.34 | 0.7 | 0.195 | |
| 5217 | 502947 | 5264308 | 0.21 | - | 0.2 | 0.08 |
| 5218 | 502947 | 5264309 | 0.64 | - | 0.7 | 0.187 |
| 5219 | 502946 | 5264308 | 0.16 | - | 21.9 | 0.09 |
| 5220 | 502946 | 5264308 | 0.28 | - | < 0.2 | 0.038 |
| 5221 | 502945 | 5264309 | 1.19 | - | 2 | 0.96 |
| 5222 | 502944 | 5264309 | 3.65 | - | 3.5 | 0.729 |
| 5223 | 502947 | 5264310 | 0.64 | - | 3.1 | 0.603 |
| 5224 | 502942 | 5264300 | 0.75 | - | 0.6 | 0.164 |
| 5225 | 502940 | 5264299 | 5.59 | - | 6.7 | 0.922 |
| 5226 | 502941 | 5264309 | 0.49 | - | 0.7 | 0.248 |
| 5239 | 502941 | 5264299 | 0.05 | - | < 0.2 | 0.002 |
| 5240 | 502939 | 5264293 | 0.02 | - | < 0.2 | 0.006 |
| 5241 | 502938 | 5264295 | 0.42 | - | 0.4 | 0.09 |
| 5242 | 502938 | 5264299 | 0.02 | - | < 0.2 | 0.019 |
| 5243 | 502943 | 5264298 | 0.02 | - | < 0.2 | 0.004 |
| 5244 | 502940 | 5264298 | 0.46 | - | 1.4 | 0.081 |
| 5245 | 502938 | 5264296 | 0.36 | - | 0.8 | 0.259 |
| 5246 | 502949 | 5264297 | 0.02 | - | < 0.2 | 0.005 |
| 5247 | 502965 | 5264280 | 0.26 | - | < 0.2 | 0.004 |
| 5248 | 502952 | 5264292 | 0.07 | - | 0.2 | 0.044 |
| 5249 | 502952 | 5264292 | 0.07 | - | < 0.2 | 0.003 |
| 5250 | 502947 | 5264294 | 0.28 | - | < 0.2 | 0.004 |
Ongoing Exploration
Preliminary exploration on the Gowganda West property has defined two distinctive quartz-carbonate and quartz vein systems mineralized with pyrite, chalcopyrite and in the case of Zone 3 malachite. Each of these vein sets are exposed in outcrop and characterized by high grade and intercorrelated gold, silver and copper in multiple samples.
Zone 3 is the second area of high grade gold mineralization recently discovered by prospecting on the 105 sq km Gowganda West property. Exploration at Zone 1 on the property (see IMR October 30, 2017 news release) has defined an area of high grade gold mineralization in a geological setting reminiscent of the JUBY gold deposit of Tahoe Resources. Zone 1 occurs just ~300m from the south boundary of Tahoe Resources Inc.’s claim block that hosts its JUBY gold deposit.
The discovery of Zones 1 and 3 underscore the precious and base metal potential on the Gowganda West property in highly productive geological environments. Ongoing exploration including geophysical surveys and diamond drilling is planned for these two newly discovered areas and in new target areas defined by iMetal Resources’ exploration team. All results will be made available in news releases as they become available.
Geology and Mineralization
The area of Zone 3 is underlain by Archean Timiskaming clastic metasedimentary rocks including arenite, wacke, argillite, arkose and conglomerate. The sequence and mineralized and altered zones are intruded by a strongly magnetic Matachewan diabase dike.
Zone 3A
In this zone mineralization is characterized by 0.5 - 2 m quartz-carbonate veins striking 700 west and dipping 75-800 degrees north for 15 metres in outcrop. Disseminated 0.5-1% fine grained pyrite and chalcopyrite are present in these veins. Host rocks include green-grey medium grained arkose that have been moderately silicified.
Zone 3B
A second mineralized zone exposed in two segments occurs approximately 220 m northeast of Zone 3A at UTM coordinate 5264311 North and 502943 East. Both segments are characterized by mineralized quartz veins with trace to 2% pyrite, chalcopyrite and malachite. Host rocks have been moderately to intensely silicified.
Quartz veins in the northern segment are 5-20cm wide, can be traced in outcrop for 10m and strike 200 north and dip 500 west. The southern segment continues for 8-10 metres and varies from 10 cm to 40 cm with a 200 north strike and 75-800 east dip.
The technical content of this news release has been reviewed and approved by Mark Fedikow, Ph.D. P.Geo., a qualified person as defined under Ni 43-101.
This Press Release was prepared by iMetal Resources Inc. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange) has reviewed nor accepts responsibility for the adequacy or accuracy of this release.
We Seek Safe Harbor.
ON BEHALF OF THE BOARD OF DIRECTORS,
Brian Fagan
President & CEO, iMetal Resources Inc.
510-580 Hornby St., Vancouver, BC, V6C 3B6 / https://imetalresources.ca / Tel: 360-224-7141