Imperial Mining Intersects 378 g/t Sc2O3 over 24.68 m in a New High-Grade Zone at Crater Lake, Quebec

Highlights:

• Assay results from the final three drillholes from the summer program have returned impressive grades of 378 g/t scandium oxide (Sc₂O₃) over 24.68 m (81.0’) in a new mineralized zone within a larger interval grading 288 g/t scandium oxide (Sc2O3) over 82.57 m (270.9’) and 292 g/t Sc₂O₃ over 41.95 m (137.6’), including 320 g/t Sc₂O₃ over 26.3 m (86.3’).
  • These are the deepest and southernmost cuts into the TG Zone and confirm a thickening and grade increase to the mineralization at depth and the development of a new, parallel, and higher-grade mineralized system.
  • Elevated levels of total rare earth oxides plus yttrium (TREO+Y) of up to 0.506% characterize this new scandium-bearing horizon.
• At a gold price of $1,790US/oz and a scandium oxide price of $1,500US/kg, the intersections represent a gold-equivalent value of 7.5 to 9.9 g/t Au.

MONTREAL, Dec. 14, 2022 (GLOBE NEWSWIRE) -- Imperial Mining Group Ltd. ("Imperial") (TSX VENTURE: IPG; OTCQB: IMPNF) is pleased to announce that it has received the remaining results from the Crater Lake Summer 2022 drilling program on the TG scandium-rare earth mineralized zone. Assay results continue to return substantial intersection widths of scandium-bearing olivine rich ferrosyenite and a new, higher-grade scandium bearing pyroxene-rich ferrosyenite zone (Tables 1 and 2) reported earlier (see Imperial Press release - NOV 17-22). With all of the results in, Imperial plans to undertake an updated 43-101 Mineral Resource Estimate with the goal of converting all of the Inferred Mineral Resources into the Indicated or Measured Mineral Resources category (see Imperial Mining Press Release - SEP 23, 2021).

“We are very pleased to see the development of a parallel, higher-grade mineralized scandium system as we move towards the south towards what we call the Southern Lobe of the TG Zone,” said Peter Cashin, Imperial’s President & Chief Executive Officer. “Importantly, this higher-grade system is showing better continuity in terms of width and grade and remains open towards the south, at depth and, potentially, closer to surface. Our future exploration plans will be to better define this new system.”

CURRENT DRILLING        

All analytical results for the last three holes of the summer drilling program representing a total of 738.0 m have been received (Tables 1 and 2, Figure 1). All drillholes have intersected the target scandium bearing ferrosyenite host rock. The recent drilling indicates that the southern portion of the TG scandium Zone is composed of two different Sc bearing ferrosyenites and hosts a higher proportion of the higher-grade pyroxene-rich ferrosyenite. This new pyroxene-rich ferrosyenite mineralization is open to the southwest and at depth. Individual drill assay grades of up to 602 g/t Sc₂O₃ were returned from this new system. The mineralization of both Sc-bearing ferrosyenite zones is open at depth below the 200 m vertical level and along strike and appears to show great potential for additional scandium mineralization between Sections Lines 0N and 350N, particularly closer to surface.

Table 1 - Crater Lake Drilling Best Assay Results:

NOTES: - 1 ppm of Sc metal equals 1.5338 ppm scandium oxide (Sc₂O₃); 1 g/t equals 1 ppm. TREO+Y includes oxides of La, Ce, Pr, Nd, Sm, Eu, Gd, Tb, Dy, Ho, Er, Tm, Yb and Lu plus Y.

Table 2 – Borehole Location Table – Crater Lake Project, Quebec

QA-QC Protocol

Strict QA/QC protocols have been implemented for the Crater Lake Project, including the insertion of certified reference materials (standards), duplicates and blanks at regular intervals throughout the sequence of samples.

A total of 646 drillcore samples, including 45 QA-QC samples, were sent to Activation Laboratories Ltd. All sample preparation and analytical work was carried out at their facilities in North Bay and Ancaster, Ontario. Several analytical techniques were used to characterize the samples, which are combined at Actlabs into the analytical package “8-REE”. This package includes whole-rock and trace element analytic techniques. Whole Rock analyses are done via a lithium metaborate/tetraborate fusion inductively coupled plasma (ICP) finish. Trace elements are also analyzed by fusion ICP/MS.

The technical content in this press release was prepared, reviewed and certified by Pierre Guay, P. Geo., Imperial's Vice-President, Exploration, a Geologist and Qualified Person as defined by NI43-101.

ABOUT IMPERIAL MINING GROUP LTD.

Imperial is a Canadian mineral exploration and development company focused on the advancement of its technology metals projects in Québec. 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:

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.

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