Mr. Saf Dhillon reports

IMETAL RESOURCES DISCOVERS NEW GOLD SHOWING AT GOWGANDA WEST

iMetal Resources Inc. has discovered a new gold showing at the company's Gowganda West project, which lies within the prolific Abitibi greenstone gold belt. Sampling of outcrops located during the recently announced digitally enhanced prospecting (DEP) (see Sept. 26, 2023, news release) has returned 5.58 grams per tonne (g/t) gold (Au) from an outcrop chip sample, among numerous anomalous gold hits.

Saf Dhillon, chief executive officer, stated: "We are thrilled with another new gold discovery in a previously unexplored area at Gowganda West. We recently announced 48.5 metres of 0.85 g/t Au in hole IMGW-23-04 from a new zone during our spring drill program, continuing to demonstrate the prospectivity of the property. Clearly our DEP survey has resulted in an increase of our mineralization footprint, as we had hoped. This and other results will help guide future exploration-targeted drill programs on the property."

The company is continuing to review the first batches of results from DEP-aided sampling returned from ALS Laboratories in Sudbury. The sample was reviewed by Scott Zelligan, the company's vice-president of exploration, both in specimen before submittal and in the field upon receipt of the positive result.

Mr. Zelligan, PGeo, vice-president of exploration, stated: "The 5.58 g/t gold sample is a very positive result, lying off-trend to the west from our previous work, in a geologically prospective area. Nearby dikes and a regional fault with associated sheared structures observed in surface outcrop are consistent with mineralization in the area, including Aris Mining's Juby deposits. Follow-up sampling has been conducted to further assess the area."

Waring Minerals Inc. has been engaged to perform DEP programs at Gowganda West. UAV (unmanned aerial vehicle) lidar (light detection and ranging) was flown in order to locate outcrops on the property for the purposes of sampling and mapping. The DEP results will be combined with previous IP (induced polarization), VTEM (versatile time domain electromagnetics) and drilling results to guide the next stage of exploration, which will include follow-up drilling programs. Surface samples have been reviewed by company geologists and select samples have been submitted to ALS Laboratories in Sudbury for analysis.

Gowganda West is an exploration-stage gold project 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 Orecap Invest Corp. and Agnico Eagle Mines Ltd. iMetal recently completed a 2,611-metre drilling program in the fall of 2022, which intersected a new gold trend and resulted in the company announcing its first discovery hole (see news release dated June 6, 2023). The property also has multiple-ounce grab samples from trends that have yet to be drill tested. iMetal cautions that grab samples are select samples and not necessarily indicative of similar mineralization on the property.

The scientific and technical information contained in this news release has been reviewed and approved by Mr. Zelligan, PGeo (Ontario), vice-president of exploration for iMetal and 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. The flagship property Gowganda West is an exploration-stage gold project with a recent discovery hole of 48.5 m at 0.85 g/t gold 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.

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