November 5, 2021 (Source) — Highlights:
- Imperial’s independent qualified persons report Indicated Resources of 7.3 million tonnes grading 282 g/t Sc2O3 and Inferred Resources of 13.2 million tonnes grading 262 g/t Sc2O3 for the Northern Lobe of the TG Scandium Zone.
- Determinations of magnet rare earth oxides (Nd, Pr, Dy, Tb) were made for both resource categories.
- Using a Net Smelter Return (NSR) cut-off value of $CAN110.80/t, the value of the mineralization was determined to range between $CAN386-413/t.
- Mineralization remains open laterally and at depth, demonstrating the potential to increase the mineral resource with additional drilling.
Imperial Mining Group Ltd. (“Imperial”) (TSX VENTURE: IPG; OTCQB: IMPNF) is pleased to announce that it has filed the Maiden 43-101 Technical Report for the Crater Lake TG Zone Mineral Resource Estimate to SEDAR.com (SEDAR.com Imperial Mining Company Profile and see Imperial Mining Press Release, September 23, 2021). The highly favourable results encouraged the Corporation to commence a Preliminary Economic Assessment (PEA) study for the project by awarding the contract of work to WSP Canada Inc.
“We are extremely pleased by the results of the Resource Estimate for the TG Zone Northern Lobe, which far exceeded the minimum threshold resource we internally set for a 20-25-year notional mining operation, or 10 million tonnes,” said Peter Cashin, Imperial’s President & Chief Executive Officer. “The very favourable results reported by the Resource Estimate encouraged our Team to rapidly move the project to complete a PEA study for the TG Zone Scandium-Rare Earth deposit. We look forward to working with the WSP team of engineers on our exceptional resource.”
43-101 COMPLIANT RESOURCE ESTIMATE TABLE
PRELIMINARY ECONOMIC ASSESSMENT
The objective of the PEA is to evaluate the preliminary economic feasibility for producing scandium oxide (Sc₂O₃) and a mixed rare earth carbonate mine-to-market production complex. Imperial’s base assumption would be to produce between 50 to 100 tonnes per year (t/y) of high-purity scandium oxide (Sc₂O₃) product. In addition, the construction of a scandium-aluminum master alloy (≈ 2% Sc and 98% Al) plant will be incorporated in the project plans. Final results will be documented in a National Instrument 43-101 PEA-level technical report. WSP have informed us the study results will likely be delivered by the middle of Q1 2022.
ABOUT IMPERIAL MINING GROUP LTD.
Imperial is a Canadian mineral exploration and development company focused on the advancement of its technology metals projects in Québec. Imperial is publicly listed on the TSX Venture Exchange as “IPG” and on the OTCQB Exchange as “IMPNF” and is led by an experienced team of mineral exploration and development professionals with a strong track record of mineral deposit discovery in numerous metal commodities.
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