iMetal Resources, Inc. (TSXV: IMR) (OTC: ADTFF) (FRANKFURT: A7V2) is pleased to announce results from the 2021 trenching program at its Gowganda West property in the Shining Tree District of the Abitibi Greenstone Gold Belt in Northern Ontario. The Company excavated a total of 5 trenches following up on spring 2021 prospecting results. Three of these trenches were located at Zone 1 near the area of 2019 drilling. Highlights from Trench 1 include:

• 3.29 g/t gold over 1.8m
• 10.85 g/t gold over 0.35m
• 2.93 g/t gold over 2m
• 1.61 g/t gold over 1m

"The mechanical trenching met our key objective, locating +1 g/t gold in two of the five trenches," commented iMetal President & CEO Saf Dhillon. "We are working with the Riverside technical team, in finalizing the compilation of the trenching data, surface sampling results, magnetics and IP geophysics to work up drill targets," he concluded.

Zone 1 Section

Exploration to date has defined a 6km long, north-south trending zone of anomalous gold mineralization and alteration associated with the contact zone between finer and coarser meta-clastic units of the Archean aged Indian Lake Group (ILG), mudstone, arenite and conglomerate that have been intruded by felsic and quartz porphyry dikes. Early Proterozoic narrow Matachewan diabase dikes with finely disseminated magnetite exhibiting a moderate to strong magnetic signature cut the meta-sedimentary lithological sequence locally.

2021 Trench Locations

At Trench 1 in Zone 1, gold mineralization lies at or near the contact between ILG conglomerates and sandstones that have been subject to regional faulting and shearing. The mineralization largely consists of pyrite associated with beige or fuchsite-bearing green quartz carbonate veins. These north-south striking veins show carbonate (ankerite) and sericitic alteration extending tens of meters outward from the veins. Peripheral to these alteration zones, distal weaker alteration consists predominantly of calcite stringers and veinlets, locally pervasive to patchy interstitial calcite and local minor epidote patches and occasional stringers. Drill logs show the mineralized zones are also associated with intrusive rocks and silica flooding. This pyrite-gold bearing mineralizing system is characterized by extensive hydrothermal alteration believed to be caused by quartz feldspar porphyry dikes linked to a deeper larger intrusion.

The pyritized conglomerate shows up strongly as a large linear conductive body in the 2018 IP survey over this area. At Zone 1, closer to the shear zones, a 50m wide diabase dike intrudes the conglomerate. This dike shows as a strong north-south trending, linear magnetic high. Inversion work completed by iMetal prior to the trenching indicated the diabase dike marks the western boundary of the gold mineralization suggesting the mineralizing fluids moved along the shear zone prior to the dike intruding into the conglomerate.

At Trench 1 (TR-21-01) the mineralization and alteration sequence are repeated with the dike marking the western extend of mineralization providing a hard boundary for exploration. Gold in Trench 1 is also associated with silica flooding and pyritization. XRF work performed in the field showed higher gold values to be associated with high potassium and iron with a possible path finder being arsenic. However, assays from the trench sampling indicate copper to be the best path finder in this area which agrees with other projects in the district. Due to the nature of the terrain saw cut channel samples where limited to about 3m on the uneven surface. The best interval from this first phase of trenching returned 3.29g/t gold over 1.8m with one sample returning 10.85g/t gold over 0.35m.

The trenching results at Zone 3 were not as high as the prospecting samples from the spring program where values as high as 56 g/t gold were found in outcrop. The steep terrain in the area of the spring sampling was not conducive to mechanical trenching; more work is required in this area before a drill target can be established.

The Company's technical team is now reviewing all historic exploration data in combination with the new trenching data to develop a model for the Gowganda mineralization. The model will assist in identifying drill targets for the upcoming drill program.

The current interpretation for mineralization is the permeable nature of the ILG meta-sedimentary rocks provide a favorable environment for gold bearing hydrothermal systems and fluids to penetrate and precipitate. The porous nature of the conglomerate manifests as larger lower grade zones of gold mineralization. The 2019 drilling showed geochemically anomalous to low grade gold mineralization throughout the Zone 1 (South) Area. DDH IMGW-19-01 returned weighted averages with 0.29 g/t Au over 9.0 m at 175.0-184.0 m and 0.37 g/t Au over 29.4 m at 191.0-220.4 m. Some higher-grade intercepts from Zone 1 included 2.95 g/t Au over 2.5m (IMGW-19-01), 1.55 g/t Au over 0.9m (IMGW-19-03), 1.43 g/t Au over 4.6m (IMGW-19-05) and 1.07 g/t Au over 6.65m (IMGW-19-04); see press release dated April 20, 2020.

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