Mr. Saf Dhillon reports

IMETAL RESOURCES COMPLETES 2025 DRILLING AT GOWGANDA WEST

iMetal Resources Inc. has completed 2025 phase I drilling at the company's Gowganda West (GW) project. Core logging and sampling are in progress and samples will be sent to the ALS Minerals laboratory in Val d'or, Que. The drill program focused in the area of IMGW23-04, at the location of the spring 2023 discovery hole of 48.5 metres of 0.85 gram per tonne gold starting at 316.5 metres (see news release dated June 6, 2023).

Highlights:

• A total of 2,640 metres were completed in six holes to expand the mineralized footprint of IMGW23-04 along strike and up and down dip.
• The original plan to drill 2,500 metres was expanded to 2,640 metres based on recommendations of the on-site geological team.
• McFarlane Lake Mining Ltd., contiguous to the northwest, has identified a parallel zone to its Juby zone within the regional Ridout-Tyrrell deformation zone, the 826 zone, which appears to trend into the area of the 2025 drilling.

"We are happy with the progress we have made during this drill program," commented iMetal president and chief executive officer Saf Dhillon. "With the run-up in the price of gold over the past two years, the increased liquidity in the overall metals and mining markets in general and the developments with our bordering neighbours, we anxiously anticipate the return of the assays from the lab."

The drilling intersected the targeted host rocks that exhibited alteration patterns and mineralization similar to that which was intersected in the 2023 drill program. The dominant lithology intersected was polymictic conglomerate of Indin Lake group previously intersected in IMGW23-04 as well as local mafic and felsic dikes. Zones of moderate to pervasive hematization/potassic alteration, sericitization and silicification were noted in the drill holes. Mineralization included disseminated and clast-replacement-controlled pyrite, while a few holes also intersected local chalcopyrite vein fractures or plurimillimetric clusters.

Core logging is wrapping up and core saw sampling is well under way. Samples will be sent to the lab as each hole is completed.

Quality assurance/quality control

A rigorous QA/QC program is under way as well. A certified standard and a blank are inserted at an interval of every 30 samples. Each 30th sample is also duplicated. All samples will be shipped to ALS Minerals Val d'Or and undergo the standard preparation procedures of CRU-21 and PREP-31. All samples will be analyzed utilizing the Au-AA24 procedure, a 50-gram gold fire assay with an AAS finish. Intervals of visible chalcopyrite will also undergo an ME-ICP41 procedure.

The Gowganda West property hosts a large package of gold-prospective Timiskaming metasediments, approximately seven kilometres in strike and up to five kilometres in width, which 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. The 2022 and 2023 drill programs appear to suggest 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 Orecap Invest Corp. and Agnico Eagle Mines Ltd. iMetal's fall 2022 and spring 2023 drill program were successful in intersecting new gold trends in the southwestern 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 metres at 0.85 gram per tonne 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 kilometres 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 mines. 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.

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