Imperial Metals Corporation

Imperial Metals Corporation

October 16, 2008 08:50 ET

Imperial Reports High Grade Intercepts From Three Zones at Mount Polley

VANCOUVER, BRITISH COLUBMIA--(Marketwire - Oct. 16, 2008) - Imperial Metals Corporation (TSX:III) reports results from the Southeast, Boundary and Northeast (Wight pit) zones from ongoing exploration at its Mount Polley property. Drilling at all three areas has returned intervals of high grade copper-gold mineralization.

In the Pond zone area, drill hole PZ08-22 was drilled to test the down dip extent of the skarn(1) mineralization present in this portion of the Southeast zone. PZ08-22 intersected 75.6 metres grading 1.16% copper, 0.42 g/t gold and 11.70 g/t silver, but of even more significance, it encountered an 8.1 metre section grading 6.07% copper, 1.26 g/t gold and 67.32 g/t silver. This is the highest grade and most southerly mineralized intersection in the area of skarn(1) mineralization.

Exploratory drilling was also successful in discovery, definition and expansion of high grade copper-gold mineralization in the Boundary zone. Drilling on the main magnetite breccia provided rewarding results with drill hole ND08-51 returning 64.5 metres grading 1.42% copper and 1.55 g/t gold. ND08-54 intercepted 32.1 metres grading 0.50% copper and 0.81 g/t gold on the northern edge of the Boundary zone, and hit a deeper zone of 38.0 metres grading 2.16% copper and 1.60 g/t gold including a higher grade section of 15.0 metres grading 3.89% copper and 2.56 g/t gold. ND08-56, located 150 metres east of the main magnetite breccia at the Boundary zone, was designed to test the area between the Wight pit and the Boundary zone. This hole yielded a high grade intercept of 13.7 metres of 4.29% copper and 1.42 g/t gold.

At the Wight pit, exploration drilling in the southeast corner of the pit resulted in several high grade intersections in the pit wall including WB08-246 which returned 27.0 metres grading 3.57% copper, 1.11 g/t gold and 33.70 g/t silver. This drill program was designed to test a previously known but inadequately drilled area known as the Kidney zone. In another of these holes, WB08-251 returned 15.0 metres grading 3.24% copper, 0.25 g/t gold and 29.13 g/t silver. All of the mineralized intervals quoted in the following table labelled WB08 were drilled from the bottom of the Wight pit and are from the portion of the drill hole located outside the current pit design. With these new intercepts in the Kidney zone, it is expected this high grade area, immediately adjacent to the planned pit wall, will be mined by wall slashing or underground extraction after the open pit resources at the Wight pit are exhausted.

Total Interval Interval Interval
Drill Length from to Length Copper Gold Silver
Hole # Zone (m) (m) (m) (m) % g/t g/t
PZ08-22 Southeast 281.9 197.5 273.1 75.6 1.16 0.42 11.70
including 265.0 273.1 8.1 6.07 1.26 67.32
ND08-51 Boundary 212.5 41.6 106.1 64.5 1.42 1.55 n/a
ND08-54 Boundary 319.8 30.0 62.1 32.1 0.50 0.81 n/a
and 174.5 212.5 38.0 2.16 1.60 n/a
including 192.5 207.5 15.0 3.89 2.56 n/a
ND08-56 Boundary 413.6 265.0 300.0 35.0 1.86 0.64 n/a
including 286.3 290.0 13.7 4.29 1.42 n/a
WB08-246 Northeast(i) 185.0 15.0 42.0 27.0 3.57 1.11 33.70
WB08-247 Northeast(i) 185.0 12.5 47.5 35.0 2.38 0.70 27.84
and 70.0 137.5 67.5 0.93 0.10 1.49
WB08-248 Northeast(i) 181.4 7.5 25.0 17.5 2.65 0.34 18.69
WB08-251 Northeast(i) 166.7 12.5 27.5 15.0 3.24 0.25 29.13
and 87.5 102.5 15.0 1.19 0.12 2.70
(i) These intervals from holes drilled within the Wight pit are the
mineralized intervals located outside the planned Wight pit.

(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.

The 2008 exploration at Mount Polley has been focused on finding high grade ore, to replace the high grade Wight pit mill feed that has been available at Mount Polley for the last three years. To date, drilling has been successful and has yielded several high grade intercepts. The goal of discovering additional high grade mineralization will continue to be the main driver behind this ongoing exploration program.

Steve Robertson, P.Geo. is the designated Qualified Person as defined by National Instrument 43-101 for the exploration programs described. Samples for the diamond drilling reported at Mount Polley were analyzed at the Mount Polley mine laboratory and Acme Analytical Laboratories in Vancouver. A full QA/QC program using blanks, standards and duplicates was maintained for all samples submitted to the labs. The porphyry and breccia related deposits at Mount Polley are irregular in shape and true thicknesses have not been estimated.

Drill plan and section maps, and an updated drill assay table will be available on Imperial's website.

Imperial is a mine development and operating company based in Vancouver, British Columbia. The Company's key properties are the Mount Polley open pit copper/gold producing mine in central British Columbia, the Huckleberry open pit copper/molybdenum producing mine in northern British Columbia, the development stage Red Chris property in northwest British Columbia, and the exploration stage Sterling gold property in southwest Nevada.

Contact Information

  • Imperial Metals Corporation
    Brian Kynoch
    (604) 669-8959
    (604) 687-4030 (FAX)
    Imperial Metals Corporation
    Patrick McAndless
    Vice President Exploration
    (604) 488-2665
    Imperial Metals Corporation
    Sabine Goetz
    Investor Relations
    (604) 488-2657