Mining Penny Stock Watchlist (IMRFF, NGD, HYMC, KGC) iMetal Resources Inc.
iMetal, a Canadian junior exploration company with a keen focus on resource properties in Ontario and Quebec, has recently unveiled a pivotal development that has the potential to reshape its fortunes. The heart of this news centers on iMetal's flagship property, Gowganda West, an exploration-stage gold project located within the Abitibi Greenstone Gold Belt, about 100 kilometers south-southeast of the Timmins Gold Camp.
At the core of this announcement lies the completion of Phase 1 of a Digitally Enhanced Prospecting (DEP) survey, a significant milestone that has far-reaching implications for the company's future prospects. The survey encompassed three key areas: the region of current exploration focus, which lies to the south of Aris Mining's Juby Project (Zone 1 to Zone 3), as well as the satellite areas of Pear Lake and Pigeon Lake.
Saf Dhillon, the Chief Executive Officer of iMetal Resources, expressed enthusiasm about the recent drill results at Gowganda West, notably the discovery of 48.5 meters of 0.85 g/t Au in hole IMGW-23-04, announced in June of this year. These findings have reignited the company's interest in the area, prompting the decision to conduct the DEP survey. The primary objectives are to expand the mineralization footprint and facilitate future drilling endeavors through comprehensive mapping and sampling. Gowganda West, despite its undeniable prospects, remains an underexplored treasure trove, and this survey marks the company's initial foray into realizing its full potential.
Waring Minerals Inc. carried out the DEP survey, utilizing cutting-edge technology such as UAV LiDAR to identify outcrops for sampling and mapping. The resulting data from the DEP survey will be combined with previously acquired information, including IP, VTEM, and drilling results, to chart the course for the next phase of exploration, which will include follow-up drilling programs. Surface samples have already undergone rigorous examination by company geologists, with select samples sent to ALS Laboratories in Sudbury for detailed analysis.
Expanding the scope of exploration, drone magnetics were employed at satellite properties Pear Lake and Pigeon Lake. These surveys are currently undergoing interpretation, with results eagerly awaited upon the receipt of the final interpretation report.
The strategic significance of Gowganda West cannot be overstated. Situated within the Abitibi Greenstone Gold Belt, it shares contiguous boundaries with Aris Mining's Juby Project, underscoring its importance within the broader context of gold exploration. Furthermore, it aligns with the Knight project as part of the Strategic Partnership between Orefinders Resources Inc. and Agnico Eagle Mines Ltd.
Last year, iMetal Resources completed a 2,611-meter drilling program in the fall of 2022, a venture that intersected a new gold trend and led to the announcement of its inaugural 'Discovery Hole' on June 6th, 2023. Additionally, the property boasts multiple-ounce grab samples from trends that have yet to be drill tested, adding further intrigue to the company's exploration journey.
In conclusion, iMetal Resources Inc.'s completion of the DEP survey at the Gowganda West project signifies a major step forward in their quest for exploration excellence. The company is in a position to take full advantage of this strategic move, supported by cutting-edge technology and a dedication to meticulous mapping and analysis, within the Abitibi Greenstone Gold Belt. As the company continues to unveil the region's geological secrets, investors and stakeholders alike eagerly anticipate the next chapter in this exciting journey.