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Jan. 29, 2020, 7:07 p.m. EST

Imperial Provides Update on Red Chris 2019 Production and Exploration Programs

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VANCOUVER, British Columbia, Jan 29, 2020 (GLOBE NEWSWIRE via COMTEX) -- Imperial Metals Corporation (the "Company") /zigman2/quotes/201189899/delayed CA:III +1.16% 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

-- 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

-- 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

-- 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:

/zigman2/quotes/201189899/delayed
CA : Canada: Toronto
$ 1.75
+0.02 +1.16%
Volume: 9,900
May 22, 2020 3:45p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$224.86 million
Rev. per Employee
$442,559
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