Imperial Mining Intersects 308 g/t Sc2O3 over 98.6 m, Including 322 g/t over 52.8 m at Crater Lake, Quebec

Rhea-AI Summary

Imperial Mining Group Ltd. (TSX VENTURE: IPG; OTCQB: IMPNF) has released promising assay results from its Crater Lake project, confirming high-grade scandium intersections. Notable findings include intervals with grades of up to 308 g/t Sc₂O₃, indicating significant mineralization depth and width. The results suggest a potential increase in resource estimates, with gold-equivalent values ranging from 7.3 to 8.8 g/t Au. The drilling program was completed in September, and further resource estimation is planned.

Positive

• Confirmed high-grade scandium intersections with grades up to 308 g/t Sc₂O₃.
• Indications of increased mineralization depth and thickness.
• Potential resource increase from inferred to indicated/measured category anticipated.
• Gold-equivalent values of 7.3 to 8.8 g/t Au.

Negative

• None.

Highlights:

• Assay results from the three additional drillholes continue to return impressive grades of 98.6 (323.4’) grading 308 g/t scandium oxide (Sc₂O₃), including 52.8 m (173.2’) grading 322 g/t Sc₂O₃ and 113.7 m (372.9) grading 278 g/t Sc₂O₃, including 335 g/t Sc₂O₃ over 10.5 m (34.4’) and including 301 g/t over 16.75 m (54.9’).
  
  
• These are the deepest cuts (150 m vertical) into the TG Zone and confirm a thickening and grade increase to the mineralization at depth.
  
  
• Elevated levels of total rare earth oxides plus yttrium (TREO+Y) of up to 0.479% characterize the scandium-bearing horizon.
  
  
• At a gold price of $1,775US/oz and a scandium oxide price of $1,500US/kg, the intersections represent a gold-equivalent value of 7.3 to 8.8 g/t Au.

MONTREAL, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Imperial Mining Group Ltd. ("Imperial") (TSX VENTURE: IPG; OTCQB: IMPNF) is pleased to announce that it has received additional assays from the Crater Lake summer drilling program on the TG scandium-rare earth mineralized zone. Assay results have confirmed the substantial intersection widths of scandium-bearing olivine ferrosyenite (Table 1 and 2) reported earlier (see Imperial Mining Press Release - OCT 20, 2022). The drilling program was completed in early September. Once all results have been received from the Lab and compilation of the data completed, Imperial plans to undertake an updated 43-101 Resource Estimate for the Zone. The new data plans to convert the Inferred Category Resources reported late last year (see Imperial Mining Press Release - SEP 23, 2021) into Indicated/Measured Resources.

“The summer drilling results for the Crater Lake property continue to exceed all expectations, as they continue to confirm wide intervals of scandium and TREO+Y at the TGZ target,” said Peter Cashin, Imperial’s President & Chief Executive Officer. “Drilling has now defined the Zone on 50 m sections between Sections 350N and 600N and mineralization has been traced by drilling over 600m in total strike length from surface to a vertical depth of 150 m (Figure 1). Importantly, the zone appears to get wider and higher grade with depth. We anticipate that the resource will likely increase from what was previously reported for the TG.”

CURRENT DRILLING

To date, assays for three additional holes for 648.0 m have been received (Table 2, Figure 1). All drillholes have intersected the target mafic intrusive host rock. The drilling indicates that the TG scandium Zone is doubly dipping between 83⁰ west to 70⁰ east, with a north-northeast strike direction. The widths of the mineralized zone vary between 55 and 135 m (180-443’) in true thickness. Mineralization is open at depth below the 200 m vertical level and along strike and appears as a thickening, conical-shaped body in cross-section.

Table 1 - Crater Lake Drilling Best Assay Results:

Hole #	From (m)	To (m)	Interval (m)	Sc (g/t)	Sc2O3 (g/t)	TREO+Y (%)
CL22056	34.00	47.20	13.2	180	276	0.383
	73.95	79.0	5.05	179	275	0.230
CL22058	28.6	61.75	34.43	177	271	0.440
Incl.	46.6	61.75	15.15	201	308	0.473
And	107.0	157.5	50.5	191	293	0.353
Incl.	107.0	127.0	20.0	196	301	0.359
and Incl.	131.0	157.5	26.5	206	317	0.382
CL22059	85.8	201.3	115.5	177	271	0.320
Incl.	85.8	98.54	12.74	211	323	0.457
and Incl.	111.35	164.15	52.8	210	321	0.372
and Incl.	168.25	201.3	33.05	183	281	0.307

NOTES: - 1 ppm of Sc metal equals 1.5338 ppm scandium oxide (Sc₂O₃) ; 1 g/t equals 1 ppm. TREO+Y includes oxides of La, Ce, Pr, Nd, Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb and Lu plus Y.

Table 2 – Borehole Location Table – Crater Lake Project, Quebec

Borehole	Section		Easting	Northing	Elevation	Azimuth	Dip	Length (m)
CL22056		400N	440730	6133700	551	305	-45	147.0
CL22058		100N	440685	6133363	533	305	-50	234.0
CL22059		600N	440992	6133751	542	305	-49	267.0
CL22060		550N	440967	6133713	541	305	-50	267.0
CL22061		400N	440815	6133629	541	305	-48	240.0
CL22062		350N	440780	6133586	541	305	-52	231.0

QA-QC Protocol

Strict QA/QC protocols have been implemented for the Crater Lake Project, including the insertion of certified reference materials (standards), duplicates and blanks at regular intervals throughout the sequence of samples.

A total of 500 drillcore samples, including 35 QA-QC samples, were sent to Activation Laboratories Ltd. All sample preparation and analytical work will be carried out at their facilities in Ancaster, Ontario. Several analytical techniques were used to characterize the samples, which are combined at Actlabs into the analytical package “8-REE”. This package includes whole-rock and trace element analytic techniques. Whole Rock analyses are done via a lithium metaborate/tetraborate fusion inductively coupled plasma (ICP) finish. Trace elements are also analyzed by fusion ICP/MS.

The technical content in this press release was prepared, reviewed and certified by Pierre Guay, P. Geo., Imperial's Vice-President, Exploration, a Geologist and Qualified Person as defined by NI43-101.

ABOUT IMPERIAL MINING GROUP LTD.

Imperial is a Canadian mineral exploration and development company focused on the advancement of its technology metals projects in Québec. Imperial is publicly listed on the TSX Venture Exchange as “IPG” and on the OTCQB Exchange as “IMPNF” and is led by an experienced team of mineral exploration and development professionals with a strong track record of mineral deposit discovery in numerous metal commodities.

For further information please contact:

Peter J. Cashin President and Chief Executive Officer Phone: +1 (514) 360-0571 Email: info@imperialmgp.com

Website: www.imperialmgp.com           Twitter: @imperial_mining         Facebook: Imperial Mining Group

This press release may contain forward-looking statements relating to the Company’s operations or to its business environment. Such statements are based on the Company’s operations, estimates, forecasts, and projections, but are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or control. Several factors could cause actual outcomes and results to differ materially from those expressed. These factors include those set forth in the corporate filings. Although any such forward-looking statements are based upon what management believes to be reasonable assumptions, the Company cannot guarantee that actual results will be consistent with these forward-looking statements. In addition, the Company disclaims any intention or obligation to update or revise any forward-looking statements, for any reason. We also do not commit in any way to guarantee that we will continue reporting on items or issues that arise. Investors are cautioned that this press release contains quoted historical exploration results. These are derived from filed assessment reports and compiled from governmental databases. The Company and a QP have not independently verified and make no representations as to the accuracy of historical exploration results: these results should not be relied upon. Selected highlight results may not be indicative of average grades.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Figure 1 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4d468d89-ee7f-4707-b744-1fcb294fd58d

FAQ

What are the latest assay results for Imperial Mining's Crater Lake project?

Recent assays from the Crater Lake project show high-grade scandium intervals, with grades up to 308 g/t Sc₂O₃.

How does the gold-equivalent value from the latest drilling compare?

The recent drilling results indicate gold-equivalent values ranging from 7.3 to 8.8 g/t Au.

When was the drilling program at Crater Lake completed?

The drilling program at Crater Lake was completed in early September.

What is the stock symbol for Imperial Mining Group?

Imperial Mining Group is listed on the OTCQB under the stock symbol IMPNF.