Investor Alert

New York Markets After Hours

March 10, 2020, 6:31 p.m. EDT

Red Chris Drill Hole Returns 1.7% Copper and 3.3 g/t Gold Over 276 Metres

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Imperial Metals Corp. (III)

or Cancel Already have a watchlist? Log In

VANCOUVER, British Columbia, Mar 10, 2020 (GLOBE NEWSWIRE via COMTEX) -- Imperial Metals Corporation (the "Company") /zigman2/quotes/201189899/delayed CA:III -5.21% reports partial results from a drill hole located in the deep East zone at the Red Chris mine, and updates on drill programs by Newcrest, operator of the Red Chris Joint Venture.

There are two drilling campaigns presently underway at Red Chris. The first is the East Zone Resource Definition Programme which is 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. A total of 9,235 metres of drilling has been completed since December 2019, contributing to a total of 26,735 metres of drilling being completed since Newcrest acquired its interest in the joint venture on 15 August 2019.

The East Zone Resource Definition Programme comprises 16 angled drill holes of which seven have been completed. Latest results are:

? RC600 returned:

? RC602 returned:

? RC611 returned:

** partial intercept awaiting results for the remainder of the hole

Drilling continues to refine the overall geometry of the system and controls to high-grade gold-copper mineralization within a sub-vertical zone approximately 600 metres long, 300 metres wide, and 600 metres vertically. Mineralization is supported by extensive historical Imperial drilling data. On completion of the East Zone Resource Definition Programme, Newcrest intends to construct a new Resource Model incorporating both historical and Newcrest drilling data.

Results from RC611 have confirmed the presence of a discrete high grade zone averaging more than 5 g/t gold. Though this zone was previously intersected by Imperial, RC611 was the first angled hole intersection which has confirmed this high grade 'pod' as being approximately 100 metres long, 100 metres wide and 200 metres in height. The hole was drilled at minus 58� at an azimuth of 145� from the northwestern side of the east pit, and was designed to provide detailed geological and geotechnical information at depth in the East zone. The hole also cuts across the high grade intercept in vertical hole RC09-350 drilled in 2009, which intersected 432.5 metres of 2.00% copper and 3.80 g/t gold. The strong gold to copper ratio in RC611 is consistent with other drill intercepts in the deep East zone.

Further drilling is planned to more clearly understand the full potential of this zone and to search for additional high grade pods within East zone. The underground mining Concept Study currently in progress will evaluate the option of stoping high grade pods before other bulk underground mining methods such as block caving or sub level cave mining. Work also continues on evaluating the commencement of a decline late in the 2020 calendar year to further enhance and accelerate exploration efforts, with such a decline also being of use for any underground mining operation.

Hole RC611 is a partial intercept and Newcrest is awaiting results for the remainder of the hole, however the high grade zone is not expected to extend beyond the reported interval.

The Brownfields Exploration Programme continued, with 6 holes completed and is designed to search for new zones of high-grade gold-copper mineralization within the porphyry corridor.

New results from the Gully zone include:

? RC608R returned:

Drilling continues to expand the footprint of mineralization in the Gully Zone and Far West. Mineralization has been observed over a broad area 800 metres long, 800 metres wide and over 1,000 metres vertically. The best grades within this area, which are more than 0.5 g/t gold, are in at least five discrete zones open in multiple directions requiring additional follow-up drilling to determine their full extent.

Red Chris is a joint venture between Newcrest (70%) and Imperial Metals Corporation (30%), with Newcrest having acquired its interest in the joint venture on 15 August 2019.

Red Chris significant intercepts

        Drill Holes From (m) To (m) Width (m) Gold (g/t) Copper (%)
        RC600       570      758    188       0.52       0.54
        including   658      722    64        0.86       0.89
        including   662      682    20        1.3        1.3
        RC602       458      844    386       0.43       0.46
        including   596      684    88        1.0        0.91
        including   622      666    44        1.3        1.1
        RC608R      634      838    204       0.45       0.29
        including   636      682    46        0.68       0.38
        RC611       684      960    276**     3.3        1.7
        including   684      950    266**     3.5        1.7
        including   688      838    150**     5.6        2.5
        including   720      794    74        9.1        3.8
        including   738      760    22        13.0       4.7

CA : Canada: Toronto
$ 2.00
-0.11 -5.21%
Volume: 170,581
June 5, 2020 3:59p
P/E Ratio
Dividend Yield
Market Cap
$271.11 million
Rev. per Employee
1 2
This Story has 0 Comments
Be the first to comment

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.