Mr. Saf Dhillon reports

IMETAL RESOURCES ANNOUNCES COMPLETION OF WINTER DRILLING AT CARHEIL

iMetal Resources Inc. has completed drilling at the company's Carheil project, which lies in the Northern Abitibi greenstone belt in Quebec. This phase of drilling included three holes totalling 1,053 metres and was a follow-up on the 2016 graphite drilling program which included a highlight intersection of 7.48 per cent Cg over 1.1 metres.

Saf Dhillon, president and chief executive officer, stated: "We are pleased with the 2023 phase I program as we intersected the target horizon in all three holes. Our team is already planning the next phase of drilling and exploration work for the property to both test the target graphite horizon along strike and to evaluate the prospectivity of the remainder of the claim block, in light of the recent Midland/Probe discovery in the neighbourhood. Quebec is one of the most mining-friendly jurisdictions in the world and we are excited to continue working there."

The company engaged Diafor Inc. of Malartic, Que., for this phase of drilling at Carheil. Access was limited to winter conditions and a faster-than-normal melt shortened the program slightly. All three holes drilled successfully intersected the target horizon. All samples have been submitted to ALS Geochemistry in Rouyn-Noranda for assaying.

Carheil is an exploration-stage project with multimetal potential and previous graphite results. The project is about 170 kilometres north of Rouyn-Noranda in the Northern Abitibi greenstone belt. The project is under 20 km distance to the west from the past-producing Selbaie copper-zinc-silver-gold mine (1.1 billion pounds copper, 2.4 billion pounds zinc, 71 million ounces silver, one million oz gold produced from 1981 to 2004 (i)) under 20 km distance to the north from Hecla's Casa Berardi mine (127,500 oz Au and 28,200 oz Ag produced in 2022 (ii)), and under 40 km to the southeast from Agnico Eagle's Detour Lake mine (713,000 oz Au produced in 2021 (iii)). Directly bordering the property to the north is Midland Exploration/Probe Metals' La Peltrie project, which recently intersected 345.5 metres of copper-molybdenum-gold-silver mineralization grading 0.21 per cent copper equivalent (iv). iMetal cautions investors the presence of mineralization at Selbaie, Casa Berardi and Detour Lake is not necessarily indicative of similar mineralization on the Carheil property.

About iMetal Resources Inc.

iMetal is a Canadian-based junior exploration company focused on the exploration and development of its portfolio of resource properties in Ontario and Quebec. One of its flagship properties, Gowganda West, is an exploration-stage gold project that borders the Juby deposit and is located within the Shining Tree camp area in the southern part of the Abitibi greenstone gold belt about 100 km south-southeast of the Timmins gold camp. The 665-hectare Kerrs gold deposit comprises a series of gold-bearing pyritized quartz vein replacement breccias with a 2011 historic resource, 90 kilometres east-northeast of Timmins. The 220-hectare Ghost Mountain property, 42 kilometres northeast of Kirkland Lake, lies five kilometres west of Agnico Eagle's Holt and Holloway mine.

(i) SIGEOM; Ressources naturelles et Forets, copyright gouvernement du Quebec, 2023.

(ii) Casa Berardi, Quebec, Canada, Hecla Mining; copyright Hecla Mining Company, 2022.

(iii) Agnico Eagle Mines Ltd. -- operations -- operations -- Detour Lake; copyright Agnico Eagle Mines Ltd., 2023.

(iv) See Midland Exploration news release dated Dec. 6, 2022.

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