VANCOUVER, BRITISH
COLUMBIA--(Marketwire - Jan. 5, 2011) -
Imperial Metals Corporation (TSX:III) reports drill results from the
Ruddock Creek project located 155 kilometres
northeast of Kamloops in southeast British Columbia. The recently
completed surface drill program, designed to further define the Creek
zone, completed 3583.0 metres from 17 drill
holes over 3 drill sites. Highlights include 11.16% zinc and 2.09% lead
over an estimated true thickness of 6.26 metres
in drill hole RD-10-195. The following table summarizes the significant
intersections:
---------------------------------------------------------------------------- True Drill Hole # From To Interval (m) Zn % Pb % Zn+Pb % Thickness ---------------------------------------------------------------------------- RD-10-190 139.05 147.70 8.65 10.04 2.34 12.38 7.03 ---------------------------------------------------------------------------- RD-10-192 182.69 188.50 5.81 9.26 2.04 11.30 5.23 ---------------------------------------------------------------------------- RD-10-193 180.04 191.26 11.22 8.86 1.83 10.69 10.84 ---------------------------------------------------------------------------- RD-10-194 165.17 175.04 9.87 5.02 1.04 6.06 9.87 ---------------------------------------------------------------------------- RD-10-195 164.83 171.30 6.47 11.16 2.09 13.25 6.26 ---------------------------------------------------------------------------- RD-10-196 183.41 190.66 7.25 9.97 2.01 11.98 7.23 ---------------------------------------------------------------------------- RD-10-197 227.10 236.50 3.67 10.96 2.14 13.10 3.61 ---------------------------------------------------------------------------- RD-10-198 205.20 210.32 5.12 12.15 2.18 14.34 4.40 ---------------------------------------------------------------------------- RD-10-202 77.13 80.67 3.54 11.49 2.37 13.86 3.42 ----------------------------------------------------------------------------
These drill results confirm the massive sulphide mineralization of the Creek zone is
continuous over a length down plunge to the west of over 400 metres and down dip to the north for approximately
150 metres. The attitude of the Creek zone is
similar to that of the lower E, F, U, V, R and Q zones. These zones of
mineralization make up the Ruddock Creek Sulphide
Horizon which extends over a length of approximately five kilometres. To date, only minimal surface drilling
has been conducted on zones other than the "E" and Creek
zones.
The E zone, located at the eastern end of the Ruddock Creek Sulphide Horizon, has been the focus of exploration
since it was discovered in outcrop in 1960. This zone has now been
defined by surface and underground drilling for approximately one kilometre down plunge from where it outcrops at
surface. Past exploration at Ruddock Creek included a 994 metre decline and a 180 metre
incline cross-cut to provide access for underground diamond drilling of
the Lower E zone.
The objective of the current exploration program at Ruddock Creek is to
extend the lower E zone to the west in a previously undrilled area with
a view to increasing the resource defined to date and advance the
project toward mine development. The program will include 400 metres of underground development and 11,000 metres of underground diamond drilling together
with additional surface exploration, geological mapping, sampling and
further diamond drilling of the Creek zone and other selected zones
within the Ruddock Creek Sulphide Horizon The
existing workings have been dewatered and development work has started.
Underground development and drilling will continue through the winter
into 2011.
Mitsui Mining and Smelting Co. Ltd. and Itochu Corporation
("Mitsui and Itochu") have an option to earn a 50% interest
in the Ruddock Creek Property. They have made a commitment to spend at
least $14 million within two years to earn a 35% working interest with
the right to spend a further $6 million in the third year to earn an
additional 15% working interest at which point the property will be
held by Imperial 50%, Mitsui 30% and Itochu 20%. Imperial will continue
to operate the project through its wholly owned subsidiary Selkirk
Metals Corp.
Imperial looks forward to working with Mitsui and Itochu to develop a
mine at Ruddock Creek.
Jim Miller-Tait, P.Geo., the
designated Qualified Person as defined by National Instrument 43-101
for the exploration program at Ruddock Creek, has reviewed this news
release. Samples for the drilling reported at Ruddock Creek were
analyzed at Acme Analytical Laboratories Ltd. in Vancouver BC. A full
QA/QC program using blanks, standards and duplicates was maintained for
all samples submitted to the labs. A drill plan will be available on
the Company's website.
Imperial is a mine development and operating company based in
Vancouver, British Columbia. The Company's key properties are the Mount
Polley open pit copper/gold producing mine in
central British Columbia, the Huckleberry open pit copper/molybdenum
producing mine in northern British Columbia, the development stage Red
Chris copper/gold property in northwest British Columbia, and the
development stage Sterling gold property in southwest Nevada.
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