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Imperial Metals Corporation: Imperial Reports High Grade Results From Three Zones at Mount Polley

^{Published on 2009-03-02 05:42:11, Last Modified on 2009-11-04 08:29:39 - Market Wire}
 

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 2, 2009) - Imperial Metals Corporation (TSX:III) reports exploration results from the Boundary, Southeast and Northeast zones at its Mount Polley mine property. Drilling at all three areas returned significant intervals of high grade copper/gold mineralization.

Continued drilling on the recently discovered high grade, shallow-dipping extension highlighted drilling at the Boundary zone. Hole ND08-57 intersected 51.6 metres grading 1.48% copper and 0.83 g/t gold including 15.9 metres grading 3.08% copper and 1.38 g/t gold, while hole ND08-60 returned 19.8 metres grading 2.12% copper and 1.08 g/t gold. The high grade discovery, referred to as the Zuke zone, is 120 metres southeast of the main magnetite breccia at the Boundary zone. Other intersections included two high grades zones in hole ND09-66 which may link the Zuke zone back to the main magnetite breccia. These intersections measured 13.3 metres grading 2.40% copper and 2.47 g/t gold, and 35.1 metres grading 2.25% copper and 1.36 g/t gold, including a higher grade section of 12.5 metres grading 3.72% copper and 2.02 g/t gold.

The Zuke zone is presently known to be at least 90 metres in length and 60 metres wide. Mineralization had been previously intersected in drillholes ND06-23, ND06-26 and ND08-56 but the size and grade potential had not been fully appreciated until this most recent phase of drilling. Hole ND09-67 is the tenth diamond drill hole to have one or more high grade intercepts in the Zuke zone. It returned 19.1 metres grading 2.09% copper and 1.19 g/t gold, including 11.6 metres grading 2.95% copper and 1.56 g/t gold.

Beneath the main Boundary zone breccia, additional mineralization was intersected in two intervals in hole ND09-63 which returned 25.0 metres grading 1.00% copper and 0.84 g/t gold, and a deeper zone of 67.5 metres grading 1.19% copper and 0.71 g/t gold.

In the Pond zone area of the Southeast zone, hole PZ08-28 intersected additional skarn(1) mineralization over 31.3 metres grading 1.97% copper and 0.22 g/t gold, including a 9.7 metre section grading 5.57% copper and 0.36 g/t gold. Hole PZ08-32 intersected 11.0 metres of 1.30% copper and 0.32 g/t gold.

At the Northeast zone (below the Wight pit) a single drill hole, WB08-252, tested a structural triple junction where two major faults were projected to intersect the western extension of the high grade Green zone (discovered in 2004). Although the hole deviated off-line while being drilled and is about 50.0 metres above the targeted elevation, it successfully intercepted 20.9 metres grading 0.77% copper, 0.13 g/t gold and 3.85 g/t silver, which included a small but significant 3.5 metres grading 2.06% copper, 0.23 g/t gold and 9.42 g/t silver. When mining activity ceases in the Wight pit next quarter, exploration drilling will be launched from the bottom of the pit which will be a tremendous logistical advantage in targeting this area of high grade and potentially underground mineable copper/gold mineralization.

Ongoing exploration will focus on locating high grade ore to replace the high grade Wight pit mill feed that has been mined for the past three years. The Pond zone is one of the high grade discoveries expected to be in production by year end. Recent exploration at the Boundary zone proved significant potential at depth. Drilling at the Boundary zone, including the new Zuke zone, will be a high priority during the upcoming phase of exploration.

(1) Skarn mineralization is mineralization in a metamorphic zone developed along the contact area where igneous rocks contact carbonate sedimentary rocks. The sedimentary rock, limestone in this case, was invaded by hydrothermal fluids bearing copper and other elements that originated from the nearby igneous rock mass. This is the only area on the Mount Polley property where this type of mineralization has been discovered to date, and it represents a new target type at Mount Polley.

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 Total Interval
Drill Length Interval Interval Length Copper Gold Silver
Hole # Zone (m) from (m) to (m) (m) % g/t g/t
ND08-57 Boundary 361.8 243.4 295.0 51.6 1.48 0.83 -
including 271.6 287.5 15.9 3.08 1.38 -
ND08-60 Boundary 328.3 240.2 260.0 19.8 2.12 1.08 -
ND08-63 Boundary 532.5 172.5 197.5 25.0 1.00 0.84 5.55
and 222.5 290.0 67.5 1.19 0.71 6.64
ND08-64 Boundary 324.6 219.5 276.8 57.3 2.11 1.25 13.14
including 236.0 263.0 27.0 3.29 1.88 17.89
ND09-66 Boundary 623.9 276.8 290.0 13.3 2.40 2.47 16.76
and 322.4 357.5 35.1 2.25 1.36 8.53
including 342.5 355.0 12.5 3.72 2.02 15.96
PZ08-28 Pond 297.8 240.0 271.3 31.3 1.97 0.22 -
including 261.6 271.3 9.7 5.57 0.36 -
PZ08-32 Pond 246.0 125.0 136.0 11.0 1.30 0.32 -
WB08-252 Northeast 392.3 321.2 342.1 20.9 0.77 0.13 3.85
including 329.4 332.9 3.5 2.06 0.23 9.42
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