iMetal Resources reached a 52-week high of 17 cents on volume of 6 million shares
iMetal (TSXB:IMR)
iMetal Expands Drill Program at Gowganda West.
IMR reached a 52-week high of 17 cents on volume of 6 million shares
“These are exciting times for iMetal shareholders as we target a new discovery in the Gowganda Camp.”
– JOHAN GRANDIN, iMetal President and CEO
Highlights
- 100% owned Gowganda West Property, parallel to the PAN AMERICA SILVER”S (TSX: PAAS) 4 million oz Juby Gold deposit
- Juby deposit only 500 meters from Zone 1 South
- Timiskaming Forrest Alliance commenced a major multi-year logging operation that has helped expose key new high-grade outcrop areas, as well as a new road access from highway 560. This has easily saved the company millions of exploration costs
- High Gold and Copper showing at Gowganda West up to nearly 2 ounces per tonne of Gold and 2.6% of copper over a broad area
- Drilling has commenced, and is being expanded for 2019
“…Gowganda in general has been very under-explored and offers potential for Kirkland Lake-style mineralization and deposits.”
GARY GRABOUSKI, Former district geologist for Ontario’s Ministry of Northern Development and Mines on recent samples
Closer look
The property is located ~17km west-southwest from the town of Gowganda, Ontario, which is ~90km southwest of the city of Kirkland Lake. The Kirkland Lake district is part of the Destor-Porcupine Gold camp, one of the most prolific Gold mining districts in North America, with past production exceeding 70-million ounces of Gold. Mining and exploration have been going on in this district since Gold was first discovered near Timmins in 1907.
IMR is immediately adjacent to Juby, a 4-million-ounce Gold deposit. IMR prospectors and geologists have traced high-grade Gold showings over a northeast-trending area in excess of 2 km in rocks similar to those seen in the Kirkland Lake Gold Camp. The drill program will be very interesting and could identify a new high-grade Gold system that is parallel to the Juby deposit.
Recently, major clear-cutting and logging operations have revealed highly mineralized outcrops over much of the property that was previously hidden to past explorers. Clear-cutting at Gowganda West has helped to expose areas such as Zone 1 South as well as Zones 3A, 3B and 3C that occur several kilometers farther south where chip samples returned high-grade Gold and copper results.
A total of 14 chip sample assays from Zone 1 South have returned values ranging from 39.3 grams per tonne Au (sample No. 5901) to 0.60 g/t Au. Nine of the 14 samples exceeded two g/t and also included 16.5 g/t and 11.5 g/t. Zone 1 South, as defined to date, features a 50-metre-wide package of rusty-weathered and silicified jasper pebble conglomerate and green carbonate-altered diabase, exposed over a length of 60 meters before disappearing under cover. The zone strikes north-south. Gowganda West logging has helped to expose areas such as Zone 1 South as well as zones 3A, 3B and 3C that occur several kilometres farther south where chip samples returned values as high as 2 ounces per tonne of Gold and 2.6% of copper.
Preparations continue for near-term maiden drilling at Gowganda West.
Taking a closer look at Gowganda West with Tom O’Connor
About iMetal Resources Inc
iMetal Resources Inc. is a publicly listed company whose principal business activities are the exploration and development of mineral properties. The Company has properties located in Ontario and Quebec, Canada. The Company is a reporting issuer in British Columbia and Alberta, and trades on the Tier 2 on the TSX Venture Exchange under the symbol “IMR” and on the Frankfurt, Berlin and Bremen exchanges under the symbol “A7V”.
About Momentum PR
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Media Relations
MomentumPR
- Published in Gold, iMetals Resources Inc., Mining