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Imperial Metals Corp T.III

Alternate Symbol(s):  IPMLF

Imperial Metals Corporation is a Canada-based exploration, mine development and operating company. The Company’s holdings include the Mount Polley mine (100%), the Huckleberry mine (100%), the Red Chris mine (30%). The Company also holds a portfolio of about 23 greenfield exploration properties in British Columbia. The Mount Polley copper/gold mine in south-central British Columbia is owned 100% by Mount Polley Mining Corporation, a wholly owned subsidiary of the Company. The property encompasses about 24,096 hectares (ha) consisting of seven mining leases and 52 mineral claims. The Huckleberry copper mine in west-central British Columbia is 100% owned by Huckleberry Mines Ltd., a wholly owned subsidiary of the Company. The property encompasses about 25,767 ha, consisting of two mining leases and 49 mineral claims. Red Chris Development Company Ltd., a subsidiary of the Company, owns a 30% beneficial interest in the Red Chris copper/gold mine in northwest British Columbia.


TSX:III - Post by User

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Post by impeon Jan 29, 2020 7:13pm
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Post# 30616842

Imperial Provides Update on Red Chris 2019 Production

Imperial Provides Update on Red Chris 2019 Production

 

ORIGINAL: Imperial Provides Update on Red Chris 2019 Production and Exploration Programs

 

2020-01-29 19:06 ET - News Release

 

VANCOUVER, British Columbia, Jan. 29, 2020 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports the 2019 metals production at the Red Chris mine was 71.9 million pounds copper, 36,471 ounces gold, and 133,879 ounces silver.

Red Chris production for the fourth quarter of 2019 was 21.7 million pounds copper, 12,155 ounces gold, and 45,508 ounces silver. These results represent 100% of production at Red Chris. All metals production increased in the fourth quarter compared to the third quarter of 2019.  Mill throughput for the quarter averaged 27,784 tonnes per calendar day.

Imperial’s 30% portion of Red Chris production for the fourth quarter of 2019 was 6.5 million pounds copper, 3,646 ounces gold, and 13,652 ounces silver. For the year ended December 31, 2019, Imperial’s portion of Red Chris production, representing 100% for the period January 1 through August 14, 2019 and 30% of production for the period August 15 through December 31, 2019, was 50.3 million pounds copper, 25,177 ounces gold, and 90,577 ounces silver.

Metal production guidance (100%), provided by Newcrest for the period August 15, 2019 to June 30, 2020 (to conform to their annual year end of June 30, 2020) is in the range of 63-79 million pounds  copper and 36,000-50,000 ounces gold.

Exploration Update

There are two drilling campaigns presently underway at Red Chris. The first is the East Zone Resource Definition Programme, designed to obtain geological, geotechnical and metallurgical data to support future studies for underground block cave mining. The second is the Brownfields Exploration Programme, which is searching for additional zones of higher grade mineralization within the Red Chris porphyry corridor. Drill activity increased during the 2019 fourth quarter with six diamond drill rigs in operation. Seven drill holes have been completed, with a further five holes in progress for a total of 14,742m drilled to December 31, 2019.

The East Zone Resource Definition Programme comprises 16 holes; two holes have been completed and a further five holes are in progress. To date, assay results for portions of two of the holes have been received.

  • RC591R returned 474m @ 0.63 g/t Au and 0.43 % Cu from 325m, including
    • 178m @ 0.74 g/t Au and 0.41 % Cu from 391m, including
    • 46m @ 1 g/t Au and 0.64 % Cu from 519m, and
    • 112m @ 1.1 g/t Au and 0.71 % Cu from 685m, including
    • 62m @ 1.4 g/t Au and 0.86 % Cu from 733m
       
  • RC591R also returned 64m @ 1.6 g/t Au and 1.1 % Cu from 847m, including
    • 62m @ 1.7 g/t Au and 1.1 % Cu from 847m, including
    • 56m @ 1.8 g/t Au and 1.2 % Cu from 851m
       
  • RC595 returned 720m @ 0.59 g/t Au and 0.56 % Cu from 394m (partial result; assays pending), including
    • 386m 0.82 g/t Au and 0.73 % Cu from 668m, including
    • 126m @ 1.1 g/t Au and 0.85 % Cu from 800m

Newcrest intends to construct, at the completion of the East Zone Resource Definition Programme, a new Resource Model incorporating both historical Imperial Metals’ and 2019 Newcrest drilling data.

The Brownfields Exploration Programme has identified an additional higher grade zone and expanded the footprint of the Gully mineralization:

  • RC603 returned 124m @ 0.58 g/t Au and 0.42 % Cu from 466m, including
    • 94m @ 0.71 g/t Au and 0.51 % Cu from 470m, including
    • 10m @ 1.4 g/t Au and 0.71 % Cu from 518m
  • RC603 also returned 304m @ 0.44 g/t Au and 0.2 % Cu from 802m, including
    • 52m @ 1.1 g/t Au and 0.47 % Cu from 948m, and
    • 16m @ 0.92 g/t Au and 0.16 % Cu from 1016m

Additional drilling at Gully is planned to map out the extent of high grade mineralization.

Significant Red Chris Intercepts:

Drill Holes From (m) To (m) Width (m) Gold (g/t) Copper (%)
RC589 664 868 204 0.35 0.29
including 814 866 52 0.65 0.62
RC590 592 1064 472 0.29 0.19
including 846 880 34 0.58 0.46
RC591R* 325 799 474 0.63 0.43
including 391 569 178 0.74 0.41
including 519 565 46 1.0 0.64
including 685 797 112 1.1 0.71
including 733 795 62 1.4 0.86
RC591R* 847 911 64 1.6 1.1
including 847 909 62 1.7 1.1
including 851 907 56 1.8 1.2
RC595 394 1114 720** 0.59 0.56
including 668 1054 386 0.82 0.73
including 800 926 126 1.1 0.85
RC603 466 590 124 0.58 0.42
including 470 564 94 0.71 0.51
including 518 528 10 1.4 0.71
RC603 802 1106 304 0.44 0.2
including 948 1000 52 1.1 0.47
including 1016 1032 16 0.92 0.16
RC604 264 522 258 0.2 0.2

*drilling in progress, **partial intercept, assays pending

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 programs, and has reviewed this news release.  Red Chris samples for the 2019 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 48% interest in the Ruddock Creek lead/zinc property.

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