Imperial Metals Corporation (the “Company”)
(TSX:III) reports Red Chris metal production for the 2020 third
quarter was 22.2 million pounds copper and 18,052 ounces gold, as
compared to 26.5 million pounds copper and 22,057 ounces gold
produced in the 2020 second quarter.
Imperial’s 30% portion of Red Chris third
quarter production was 6.66 million pounds copper and 5,415 ounces
gold. Newcrest Red Chris Mining Limited is operator of the Red
Chris Joint Venture (Newcrest 70%; Imperial 30%).
Metal production was lower than the prior
quarter reflecting a higher proportion of lower grade stockpile
material being fed to the mill due to unseasonal rainfall. This
impacted the availability of higher grade mill feed from the pits,
and resulted in lower recoveries. Lower grades and recoveries were
partially offset by a 13% increase in mill throughput.
To date, Red Chris has not experienced any
COVID-19 related disruptions to the supply of goods or services, to
its workforce or to its operations.
Red Chris - Exploration
Update
Results from the East Zone drilling program
continue to confirm the presence of multiple discrete high grade
pods of mineralization. Infill resource definition hole RC634
returned 514 metres grading 1.3 g/t gold and 0.77% copper from 650
metres, including 166 metres^^ grading 3.0 g/t gold and 1.5% copper
from 806 metres. Hole RC638 returned 488 metres grading 0.61 g/t
gold and 0.50% copper from 536 metres, including 104 metres grading
1.0 g/t gold and 0.76% copper from 646 metres. A total of 86,366
metres of drilling from 69 drill holes has been completed since
August 2019.
Drilling during the third quarter continued to
confirm the footprint of the western high grade pod, which was
first intersected in RC616. Results from a program of 100 metre
spaced holes, designed to confirm the lateral and vertical extent
of this zone, include results from holes RC625 (previously
reported) and RC637.
Final results for step-out hole RC625, located
100 metres south west of RC616, returned 426 metres^^ grading 0.62
g/t gold and 0.48% copper from 640 metres, including 60 metres^^
grading 2.2 g/t gold and 1.3% copper from 736 metres. Results
continued to confirm the high grade mineralization with RC637,
located 100 metres above RC625, returning 446 metres grading 0.51
g/t gold and 0.45% copper from 618 metres, including 60 metres
grading 1.5 g/t gold and 1.1% copper from 694 metres. Drilling to
define the extent and continuity of this high grade pod is ongoing.
These discrete pods sit within the larger footprint of the overall
porphyry system.
The Brownfields Exploration program has been
expanded with drilling underway across the East Zone, Main Zone and
Gully Zone, and will follow up on historic drilling results along a
3 kilometre segment of the porphyry corridor in search for zones of
mineralization which could support additional mining fronts.
A property wide Airborne Electro-Magnetic (AEM)
and gravity survey have been completed. A high-resolution airborne
magnetics survey was also completed over a portion of the property
to provide complete coverage. The survey aims to generate drill
targets across the entire claim package.
Significant Red Chris Intercepts:
Hole ID |
From (m) |
To (m) |
Width (m) |
Gold (g/t) |
Copper (%) |
RC634 |
522 |
628 |
106^^ |
0.33 |
0.41 |
and |
650 |
1164 |
514^ |
1.3 |
0.77 |
including |
802 |
1004 |
202^^ |
2.7 |
1.3 |
including |
806 |
972 |
166^^ |
3.0 |
1.5 |
including |
888 |
914 |
26^^ |
8.8 |
3.4 |
including |
890 |
902 |
12^^ |
12 |
4.4 |
including |
988 |
1000 |
12^^ |
1.5 |
0.93 |
including |
1016 |
1160 |
144^ |
0.64 |
0.48 |
including |
1022 |
1032 |
10^^ |
1.0 |
0.71 |
RC637 |
618 |
1064 |
446 |
0.51 |
0.45 |
including |
692 |
826 |
134 |
1.0 |
0.80 |
including |
694 |
754 |
60 |
1.5 |
1.1 |
RC638 |
536 |
1024 |
488 |
0.61 |
0.50 |
including |
646 |
750 |
104 |
1.0 |
0.76 |
including |
668 |
722 |
54 |
1.3 |
0.96 |
including |
778 |
878 |
100 |
1.3 |
1.0 |
including |
778 |
864 |
86 |
1.5 |
1.1 |
|
|
|
|
|
|
** partial intercept, assays pending; ^ updated intercept; ^^
previously reported Sept 9, 2020 news release
Jim Miller-Tait, P.Geo., Imperial VP
Exploration, is the designated Qualified Person as defined by
National Instrument 43-101 for the Red Chris exploration program
and has reviewed this news release. Red Chris samples for the 2020
drilling reported were analysed at Bureau Veritas Mineral
Laboratories in Vancouver. A full QA/QC program using blanks,
standards and duplicates was completed for all diamond drilling
samples submitted to the labs. Significant assay intervals reported
represent apparent widths. Insufficient geological information is
available to confirm the geological model and true width of
significant assay intervals.
Plan view map and cross sections are available
on imperialmetals.com.
About Imperial
Imperial is a Vancouver exploration, mine
development and operating company. The Company, through its
subsidiaries, owns a 30% interest in the Red Chris mine, and a 100%
interest in both the Mount Polley and Huckleberry copper mines in
British Columbia. Imperial also holds a 45.3% interest in the
Ruddock Creek lead/zinc property.
Company Contacts
Brian Kynoch | President |
604.669.8959Darb Dhillon | Chief Financial Officer
| 604.488.2658Sabine Goetz |
Shareholder Communications | 604.488.2657
| investor@imperialmetals.com
Cautionary Note Regarding
Forward-Looking Statements
Certain information contained in this news
release are not statements of historical fact and are
“forward-looking” statements. Forward-looking statements relate to
future events or future performance and reflect Company
management’s expectations or beliefs regarding future events and
include, but are not limited to, statements regarding the Company’s
expectations with respect to current and planned drilling programs
at Red Chris to identify additional zones of higher grade
mineralization, including plans for further drilling in the East
Zone, Main Zone and Gully Zone.
In certain cases, forward-looking statements can
be identified by the use of words such as "plans", "expects" or
"does not expect", "is expected", "outlook", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases
or statements that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved" or the negative of these terms or comparable terminology.
By their very nature forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements.
In making the forward-looking statements in this
release, the Company has applied certain factors and assumptions
that are based on information currently available to the Company as
well as the Company’s current beliefs and assumptions. These
factors and assumptions and beliefs and assumptions include, the
risk factors detailed from time to time in the Company’s interim
and annual financial statements and management’s discussion and
analysis of those statements, all of which are filed and available
for review on SEDAR at www.sedar.com. Although the Company has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be as anticipated,
estimated or intended, many of which are beyond the Company’s
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.
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