Imperial Reports Red Chris Production and Exploration Update for 2021 First Quarter

VANCOUVER, British Columbia, April 28, 2021 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports Red Chris metal production (100%) for the first quarter of 2021 was 15.9 million pounds copper and 15,850 ounces gold, compared to 17.2 million pounds copper and 16,251 ounces gold produced during the fourth quarter of 2020. In February, a major power outage during an extreme winter weather event caused some mill infrastructure to freeze. The freezing conditions resulted in damage to a regrind mill and adversely impacted recovery during the period. Imperial’s 30% portion of the first quarter production was 4.8 million pounds copper and 4,755 ounces gold.

The Red Chris Mineral Resource update, which was released on March 30, 2021, is a key input into the Pre-Feasibility Study (“PFS”) being prepared on the development of a high margin underground block cave mine at Red Chris. The PFS is scheduled to be released by the end of September 2021. It is expected that an ore reserve estimate, that for the first time will include a block cave operation at Red Chris, will be released within the same timeframe as the PFS.

The construction of the portal site and surface infrastructure for the exploration decline into the East Zone is progressing well and an underground contractor has been selected and is mobilizing to the site.

Exploration Update 

During the first quarter there were up to seven diamond drill rigs in operation. A further 16,854 metres of drilling has been completed from 12 drill holes, with all drill holes intersecting mineralization. This contributed to a total of 121,289 metres of drilling from 100 drill holes since the commencement of the Joint Venture in August 2019. Exploration drilling continues to expand the higher-grade mineralization intersected at East Ridge and at the Main Zone.

At East Ridge, drilling continues to demonstrate the continuity of higher-grade mineralization with hole RC684, returning a partial intercept of 238 metres grading 0.45 g/t gold and 0.52% copper starting at a depth of 814 metres, including 90 metres grading 0.85 g/t gold and 0.85% copper. This hole is 100 metres down dip from hole RC678 which returned 198 metres grading 0.89 g/t gold and 0.83% copper including 76 metres of 1.8 g/t gold and 1.5% copper. The East Ridge Zone is located 300 metres east of the East Zone and is outside of the recently released Newcrest Red Chris Mineral Resource (NRC) estimate, with mineralization open in all directions. Drilling in the East Ridge Zone continues with three drills currently working there.