iMetal Options Expands the Advanced Kerrs Gold Deposit in Ontario’s Prolific Abitibi Greenstone Gold Belt

VANCOUVER, BC / ACCESSWIRE / September 28, 2022 / iMetal Resources, Inc. (TSXV:IMR)(OTC PINK:ADTFF)(FRANKFURT:A7V) ("iMetal" or the "Company") is pleased to announce it has expanded its existing option agreement with Gravel Ridge Resources Ltd. and 1544230 Ontario Inc. (collectively, the "Vendors") to expand the scope of the Kerrs Gold Deposit by an additional 137 hectares. The Kerrs Gold Deposit located 90 kilometres east-northeast of Timmins, Ontario, in the Abitibi Greenstone Gold Belt, now comprises mineral claims with a total area of 802 hectares.

The Kerrs Gold Deposit is comprised of a series of gold-bearing pyritized quartz vein replacement breccias enveloped by quartz fuchsite carbonate vein breccias averaging 10 metres in thickness. The deposit hosts an historical resource estimate of 7,041,460 tonnes grading 1.71 g/t gold yielding 386,467 ounces at a 0.5 g/t gold cut-off. Drilling subsequent to the historic estimate appears to have extended the mineralized zone along strike and down dip.

The Kerrs Gold historical resources estimate was disclosed in "NI 43-101 Resource. Estimation on the Kerrs Gold Deposit, Matheson, Ontario" prepared for Sheltered Oak Resources Inc. by Garth Kirkham, P. Geo of Kirkham Geosystems Ltd. and dated June 10, 2011. The Company considers the resource estimate relevant as it will drive further exploration by the Company and reliable, as it was completed by a competent Qualified Person to the standards of the day. The resource estimation methods and parameters were as follows:

• Forty-one drill holes were utilized to interpolate the KBX Zone.
• Composite length of 2 m was chosen and composites were weighted by length.
• Sectional interpretations were wire-framed to create 3-D solids of the zones.
• Zones were coded to the composites, and the block model, to constrain the modeling process.
• Composites for the mineralized zone were used to interpolate into the blocks for each zone.
• Ordinary kriging was used as the interpolator.
• Relative elevation modeling was used to guide the ellipse orientation that accounts for the variation in dip due to the synclinal structure.
• A minimum of two composites were used for each block and a maximum of two composites were used per drill hole; a maximum of 12 composites were used per hole.
• A cutting factor was applied for gold with outlier composites limited to 10 g/t Au based on cumulative frequency plots. A zero cut-off grade was used for the manual polygonal method.
• Minesight™ Software was used to perform the block modeling and estimations.

The Kerrs historic estimate is an inferred resource as defined in National Instrument 43-101. The Company is not aware of any more recent resource estimates, though there was further drilling completed after the historic estimate was released. The Company will need to review the historical drilling and analyses and will need to twin a number of the historic holes to bring the historic estimate current. The Company's Qualified Person has not done sufficient work to classify the historic estimate as a current mineral resource.