Mr. Saf Dhillon reports

IMETAL RESOURCES COMMENCES 2025 DRILLING AT GOWGANDA WEST

iMetal Resources Inc. has commenced the 2025 phase I drill program at the company's Gowganda West (GW) project. The drilling will be focused in the area of IMGW23-04, the spring 2023 discovery hole of 48.5 metres of 0.85 gram per tonne Au (gold) starting at 316.5 m (see news release dated June 6, 2023).

A program of approximately 2,000 metres is planned with four to six holes to be drilled to test the discovery zone along strike and dip and also to test for additional bands of mineralization in the footwall. Diafor Inc. of Riviere-Heva, Que., will undertake the drill program and Laurentia Exploration Inc. of Jonquiere, Que., will provide technical and geological supervision.

"We have been patiently working toward this next drill program at Gowganda West and are eager to finally see the drill bit turning once again," commented iMetal president and chief executive officer Saf Dhillon. "With recent developments at the contiguous Juby deposits, including the purchase by McFarlane Lake Mining Ltd. (MLM), we expect to see additional positive developments in the Abitibi's Shining Tree district."

The Gowganda West property hosts a large package of gold prospective Timiskaming metasediments, approximately seven kilometres in strike and up to five km in width, that hosts all the gold mineralization thus far discovered on the property. Successive drill programs advancing to the southwest continued to intersect increasing alteration and gold values in suspected northwest-trending zones and lead directly to the IMGW23-04 discovery hole. The 48.5-metre gold interval is characterized by a coarse-grained to boulder-sized conglomerate, with moderate to pervasive silica alteration associated with a large intermediate-mafic dike. There appears to be a strong correlation between the intensity of the silica alteration and increased gold grades.

Gowganda West is an exploration-stage gold project about 100 kilometres south-southeast of Timmins, Ont.; contiguous to McFarlane Lake Mining's Juby deposits 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's fall 2022 and spring 2023 drill program were successful in intersecting new gold trends in the southwest section of the property. The property also has multiple-ounce grab samples from trends that have yet to be drill tested.

Qualified person

The technical content of the new release has been reviewed and approved by R. Tim Henneberry, PGeo (British Columbia), a director of the company and a qualified person under 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 220-hectare Ghost Mountain property, 42 kilometres northeast of Kirkland Lake, lies five kilometres west of Agnico Eagle's Holt and Holloway mine. Carheil is an exploration stage project with multimetal potential and previous graphite results. The project is about 170 km north of Rouyn-Noranda in the Northern Abitibi greenstone belt.

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