Imperial Reports Production and Red Chris Exploration Update for 2023 Second Quarter - Seite 3

East Ridge is outside the current Red Chris Mineral Resource estimate. Geotechnical and metallurgical studies are underway on the East Ridge with the aim to include the East Ridge in an updated Red Chris Mineral Resource estimate in 2023.

A series of three diamond holes drilling from south to north, the opposite direction to most of the drilling to date, has commenced. The aim of the drilling is to assess the continuity of the mineralization and test for any bias from the original drill orientation. The results from the first hole RC875 returned an intercept of 406 metres grading 1.0% copper and 1.1g/t gold from 486 metres, that includes 248 metres grading 1.4% copper and 1.6g/t gold from 644 metres. Note that this result is a partial intercept and additional assays are pending. This result indicates continuity of the higher-grade mineralization across the vertical extent of the deposit. The south to north drilling was halted this spring due to poor access conditions. The plan is to restart this program in the upcoming winter when access conditions improve.

Drilling east of the East Ridge Exploration Target returned a higher-grade intercept. Hole RC876, drilled 100 metres east of hole RC860 (previously reported in the April 26, 2023 news release), returned an interval of 274 metres grading 0.45% copper and 0.67g/t gold from 998 metres. This 274 metre intercept included higher grade intervals of 42 metres grading 1.1% copper and 1.5g/t gold from 1,080 metres, 14 metres grading 0.63% copper and 1.7g/t gold from 1,144 metres and 26 metres grading 0.5% copper and 1.1g/t gold from 1,170 metres. This intersection, located approximately 200 metres east of the Exploration Target, demonstrates the prospectivity of this area for further discoveries. This new discovery, at Far East Ridge, has the potential to become the fifth zone of mineralization along the Red Chris porphyry corridor. Follow up drilling is planned for 2024.  

A regional exploration program commenced during the quarter, with a program of geological mapping, and geochemical sampling on targets generated from the application of the knowledge gained from the Red Chris discoveries. Approximately 4,000 metres of growth-related drilling targeting higher-grade mineralization within the Red Chris porphyry corridor at Far West and Gully Zone is planned for the September 2023 quarter using one drill rig.