Dear Friends and Shareholders of Imperial Mining:
I am pleased to announce that the remaining three holes of our winter 2019 drill program to test the TGZ scandium-rare earth target returned significant assay grades over widths of nearly 114 meters. Our drilling has now extended the mineralized horizon by at least 400 m and down to at least 200 m vertical. All told, the direct coincidence of the mineralization to a strong, concentric magnetic anomaly would infer that the mineralized horizon extends for a strike-length of at last 4.5 km.
This new drill section 100N, fully 400 m south of the previously announced results of Section 500N (see Press Release: May 22,2019) , is now defining an important zone of mineralization that can be traced to surface, making it a likely low-cost, open pit mining opportunity. Using a Sc2O3 price of $1,500US per kg, these scandium results have a gold (Au) equivalent value of up to 12.4 g/t (0.40 oz/t), assuming the recent gold price close of $1,330US per ounce. Imperial’s intention now is to intensify the surface investigation work to evaluate the economic potential along the full strike length of the magnetic anomaly.
We continue to be very encouraged by the results we have obtained from our work on the Crater Lake property.