Imperial Mining Files The Crater Lake 43-101 Mineral Resource Estimate Report To SEDAR, Awards Project PEA To WSP Canada
Highlights:
- Imperial's independent qualified persons report Indicated Resources of 7.3 million tonnes grading 282 g/t Sc2O3 and Inferred Resources of 13.2 million tonnes grading 262 g/t Sc2O3 for the Northern Lobe of the TG Scandium Zone.
- Determinations of magnet rare earth oxides (Nd, Pr, Dy, Tb) were made for both resource categories.
- Using a Net Smelter Return (NSR) cut-off value of $CAN110.80/t, the value of the mineralization was determined to range between $CAN386-413/t.
- Mineralization remains open laterally and at depth, demonstrating the potential to increase the mineral resource with additional drilling.
MONTREAL, Nov. 05, 2021 -- Imperial Mining Group Ltd. ("Imperial") (TSX VENTURE: IPG; OTCQB: IMPNF) is pleased to announce that it has filed the Maiden 43-101 Technical Report for the Crater Lake TG Zone Mineral Resource Estimate to SEDAR.com (SEDAR.com Imperial Mining Company Profile and see Imperial Mining Press Release, September 23, 2021). The highly favourable results encouraged the Corporation to commence a Preliminary Economic Assessment (PEA) study for the project by awarding the contract of work to WSP Canada Inc.
"We are extremely pleased by the results of the Resource Estimate for the TG Zone Northern Lobe, which far exceeded the minimum threshold resource we internally set for a 20-25-year notional mining operation, or 10 million tonnes," said Peter Cashin, Imperial's President & Chief Executive Officer. "The very favourable results reported by the Resource Estimate encouraged our Team to rapidly move the project to complete a PEA study for the TG Zone Scandium-Rare Earth deposit. We look forward to working with the WSP team of engineers on our exceptional resource."
43-101 COMPLIANT RESOURCE ESTIMATE TABLE
| Category | Cut-off NSR ($/t) | Tonnage (Mt) | NSR total ($/t) | Sc2O3 (g/t) | Dy2O3 (g/t) | La2O3 (g/t) | Nd2O3 (g/t) | Pr2O3 (g/t) | Tb4O7 (g/t) |
| Indicated | 110.8 | 7.3 | 413 | 282 | 66 | 606 | 596 | 160 | 12 |
| Inferred | 110.8 | 13.2 | 386 | 264 | 62 | 569 | 573 | 154 | 11 |
PRELIMINARY ECONOMIC ASSESSMENT
The objective of the PEA is to evaluate the preliminary economic feasibility for producing scandium oxide (Sc₂O₃) and a mixed rare earth carbonate mine-to-market production complex. Imperial's base assumption would be to produce between 50 to 100 tonnes per year (t/y) of high-purity scandium oxide (Sc₂O₃) product. In addition, the construction of a scandium-aluminum master alloy (≈ 2% Sc and 98% Al) plant will be incorporated in the project plans. Final results will be documented in a National Instrument 43-101 PEA-level technical report. WSP have informed us the study results will likely be delivered by the middle of Q1 2022.
ABOUT IMPERIAL MINING GROUP LTD.
Imperial is a Canadian mineral exploration and development company focused on the advancement of its technology metals projects in Qu?bec. 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 | CHF Capital Markets Cathy Hume, Chief Executive Officer Phone: +1 (416) 868-1079 x231 Email: cathy@chfir.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.