A total of 12.8-line kilometres were cut to expand the IP grid to the east and to the west in preparation for a late summer drill program at Oakes.
The Oakes Project, an orogenic, shear hosted gold project, is an integral part of the GBGB property package which the Company proposes to acquire from Riverside Resources Inc.
“The acquisition of the Oakes project would provide iMetal with a key position in a second significant greenstone belt that is fast becoming a gold district, highlighted by the recent takeover of Premier Gold Mines Limited by Equinox Gold Corp.,” commented iMetal President & CEO Saf Dhillon.
Readers are cautioned that there is no guarantee that the outstanding conditions will be satisfied and that the Company will acquire an interest in the Oakes Project.
Trenching and sampling along the HG Shear Zone returned high-grade gold values of 19.7 g/t, 31.9 g/t and 6.9 g/t gold over 0.5-1.0 m channel samples perpendicular to strike, while sampling along the strike extension returned grab gold values of 46 g/t and 7 g/t, demonstrating a strike length of at least 600 metres.
The Gowganda West property covers approximately 147 sq km in the Shining Tree volcano-sedimentary succession of the southwestern Abitibi Greenstone Gold Belt contiguous to the north and west of Aris Gold Corp.’s , higher grade quartz-carbonate-pyrite veins hosted within 5 to 50 metre zones of ankerite-albite-silica-sericite alteration and variable amounts of fine-grained, disseminated pyrite.
The best drill intersections included: 2.95 g/t Au over 2.5 metres, 1.43 g/t Au over 4.6 metres and longer intervals of 0.37 g/t au over 29.4 metres and 0.32 g/t au over 30.25 metres.
A Canadian based junior exploration company focused on the exploration and development of its portfolio of resource properties in Ontario and Quebec.
The scientific and technical information contained in this news release has been reviewed and approved by R.
Forward-looking statements in this news release include, but are not limited to: statements with respect to future exploration and drilling of the Company; statements with respect to the release of assays and exploration results; and statements with respect to the Company’s geological understanding of its mineral properties.