Mr. Saf Dhillon reports

IMETAL MAKES NEW GOLD DISCOVERY AT GOWGANDA WEST

iMetal Resources Inc. has released results from phase 1 of its 2023 drilling at the company's Gowganda West (GW) project. Drilling included seven holes, totalling 2,490 metres. All seven holes intersected gold mineralization. Highlights include:

• 48.5 m of 0.85 gram per tonne gold, starting at 316.5 m:
  • Including 20 m of 1.56 g/t Au, which includes 8.0 m of 2.97 g/t Au.
• Intersection is 350 m west of previously known mineralization.

"This discovery rewards our faith in Gowganda West and strongly suggests the area hosts significantly more gold than just the bordering Juby deposits. We will be mobilizing for further drilling in the immediate future, and permits are already in place to follow up on this result," commented iMetal president and chief executive officer Saf Dhillon.

Mr. Dhillon added: "Our discovery lies wholly within the Timiskaming metasediments, making that entire rock package prospective for gold. Our technical team is now laying out an exploration program focusing closely on the large volume of potentially gold-hosting metasediments within the property boundaries. This discovery also confirms our belief in the potential of one of the most underexplored areas within the Abitibi."

The GW property contains a large package of Timiskaming metasediments, approximately seven kilometres in strike and up to five km in width. This package hosts all the gold mineralization thus far discovered on the property. The results in IMGW-23-04 indicate the whole package of sediments is prospective for gold, and so future work programs will focus not only on drilling off the new discovery, but in further investigating the full rock package.

The interval in IMGW-23-04 and three intervals with asterisks in an attached table are characterized by a coarse-grained to boulder-sized conglomerate, with moderate-to-pervasive silica alteration associated with a large intermediate-mafic dike.

Gowganda West is an exploration-stage gold project located about 100 kilometres south-southeast of Timmins, Ont., contiguous to Aris Mining's Juby project in the Shining Tree camp of the southern part of the Abitibi greenstone gold belt, and also contiguous to the Knight project that is part of the strategic partnership between Orefinders Resources Inc. and Agnico Eagle Mines Ltd. iMetal recently completed a 2,611 m drilling program in the fall of 2022, which intersected a new gold trend. The property also has multiple-ounce grab samples from trends that have yet to be drill tested.

Quality assurance/quality control protocols

iMetal adheres to a strict quality assurance/quality control program for core handling, sampling, sample transportation and analyses. Drill core was securely transported to the rented core facility near Cobalt, which has gate-only access. Samples were sawn in half, labelled, placed in sealed bags and shipped directly to ALS in Sudbury for analysis. ALS is a Standards Council of Canada-accredited facility that conforms with both CAN-P-1579 and CAN-P-4E ISO/IEC 17025.

Quality assurance/quality control procedures included the systematic insertion of duplicate, blank and certified reference materials (CRM) at a rate of approximately one CRM per 16 samples into the sampling stream. Geochemistry analyses consisted of gold by fire assay and atomic absorption spectrometry (Au-AA26), with overlimit values subsequently analyzed using the gravimetric finish (Au-GRA22) technique. No anomalies were noted in the quality assurance/quality control procedures.

The scientific and technical information contained in this news release has been reviewed and approved by Scott Zelligan, PGeo (Ontario), vice-president of exploration, a qualified person as defined in National Instrument 43-101.

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 kilometres 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 historical 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.

We seek Safe Harbor.