iMetal Resources Completes 2025 Drilling at Gowganda West

Rhea-AI Summary

iMetal Resources (OTCQB: IMRFF / TSXV: IMR) completed its 2025 Phase I drill program at the Gowganda West project on November 27, 2025. The program comprised 2,640 metres in 6 holes (expanded from a planned 2,500 m). Core logging and saw sampling are ongoing and samples will be shipped to ALS Minerals Val D'Or for Au fire assay (Au-AA24) and selected ME-ICP41 testing.

Drilling targeted the area around the spring 2023 discovery hole (48.5 m of 0.85 g/t Au) and intersected Indin Lake Group polymictic conglomerates, mafic/felsic dykes, and zones of hematization, sericitization and silicification. Assays are pending; a QA/QC program with standards, blanks and duplicates is in place.

Positive

• 2,640 m completed in 6 holes
• Drilling targeted 2023 discovery (48.5 m @ 0.85 g/t Au)
• Core sent to ALS Val D'Or for standard Au fire assay

Negative

• No assay results released yet; assays pending
• Exploration-stage project; no resource or economic data provided

Key Figures

2025 drilling length: 2,640 metres Planned drilling length: 2,500 metres Discovery interval length: 48.5 m +5 more

8 metrics

2025 drilling length 2,640 metres Phase I 2025 drilling at Gowganda West completed in 6 holes

Planned drilling length 2,500 metres Original 2025 drill plan before expansion to 2,640 metres

Discovery interval length 48.5 m Length of gold interval in 2023 discovery hole IMGW23-04

Gold grade 0.85 g/t Au Average grade over 48.5 m interval starting at 316.5 m in IMGW23-04

Discovery depth start 316.5 m Depth at which 48.5 m gold interval began in IMGW23-04

Strike length 7 km Strike length of gold prospective Timiskaming metasediments at Gowganda West

Package width 5 km Maximum width of Timiskaming metasediments hosting mineralization

Distance to Timmins 100 km Approximate distance of Gowganda West south-southeast of Timmins, Ontario

Market Reality Check

Price: $0.0796 Vol: Volume 165,500 is about 5...

high vol

$0.0796 Last Close

Volume Volume 165,500 is about 5.78x the 20-day average of 28,629, indicating elevated trading interest pre-news. high

Technical Shares at $0.0796 are trading below the 200-day MA of $0.18 and are 82.4% under the 52-week high of $0.4523, while sitting 13.07% above the 52-week low of $0.0704.

Peers on Argus

IMRFF declined 10.59% with elevated volume, while peers in the Basic Materials/G...

IMRFF declined 10.59% with elevated volume, while peers in the Basic Materials/Gold group showed smaller mixed moves: BURCF -2.26%, CPKOF -4.89%, ASWRF -2.24%, BDLNF +1.26%, and NVGLF 0%, suggesting a more company-specific reaction versus broad sector pressure.

Historical Context

2 past events · Latest: Dec 08 (Neutral)

Pattern 2 events

Date	Event	Sentiment	Move	Catalyst
Dec 08	Financing announcement	Neutral	+0.4%	Flow-through financing to raise up to $520,000 for Gowganda West work.
Sep 23	Conference participation	Neutral	-3.5%	CEO presentation and Q&A at Emerging Growth Conference for investors.

Pattern Detected

Limited recent history shows modest price reactions to financing and conference news, with no clear pattern of strong moves on such announcements.

Recent Company History

Recent news for iMetal Resources has centered on capital raising and investor outreach. On Dec 08, 2025, the company announced a flow-through financing of up to $520,000 to fund exploration at Gowganda West, with a modest 0.37% price uptick. On Sep 23, 2025, it highlighted an upcoming Emerging Growth Conference presentation, which saw a 3.52% decline. Today’s completion of Phase I 2025 drilling at Gowganda West builds directly on this exploration-focused trajectory.

Market Pulse Summary

This announcement details completion of the 2025 Phase I drill program at Gowganda West, where 2,640...

Analysis

This announcement details completion of the 2025 Phase I drill program at Gowganda West, where 2,640 metres were drilled in 6 holes to follow up the 48.5 m at 0.85 g/t Au 2023 discovery interval. Core logging, sampling, and a defined QA/QC process precede assays at ALS Minerals. In recent months, the company raised up to $520,000 for exploration and pursued investor outreach. Investors may focus on forthcoming assay results and how they refine the project’s mineralized footprint.

Key Terms

chalcopyrite, polymictic conglomerate, sericitization, silicification, +2 more

6 terms

chalcopyrite medical

"a few holes also intersected local chalcopyrite vein fractures or..."

Chalcopyrite is a common copper-bearing mineral (a copper-iron sulfide) that often looks brassy yellow and is the main source of mined copper worldwide. For investors, its presence and abundance in a rock deposit determine how much recoverable copper a mine can produce and how profitable extraction will be — think of chalcopyrite as the concentrated ingredient that makes an ore body valuable and worth developing.

polymictic conglomerate technical

"The dominant lithology intersected was polymictic conglomerate of Indin Lake Group..."

A polymictic conglomerate is a coarse-grained rock made up of a mixture of different-sized fragments and rock types cemented together, like a natural concrete that contains many kinds of stones. For investors in mining, construction materials, or resource exploration, it matters because the mixed makeup can mean a wide range of minerals and variable processing needs—affecting extraction costs, recoverable value and the predictability of a deposit.

sericitization technical

"Zones of moderate to pervasive hematization /potassic alteration, sericitization and silicification..."

Likely a misspelling of "securitization": the process of bundling loans or other financial assets into a package that can be sold to investors as tradable securities. It matters because it turns hard-to-sell loans into liquid investments, spreading risk and creating new sources of funding; investors who buy these securities are exposed to the credit quality and cash flow of the underlying assets, so securitization affects risk, return and market liquidity.

silicification technical

"hematization /potassic alteration, sericitization and silicification were noted in the drill holes."

Silicification is the process where silica (a hard, glass-like form of silicon dioxide) replaces or permeates organic tissue or other minerals, effectively turning them into a siliceous, rock‑like material — like wood gradually turning to stone. Investors care because silicification can shape where valuable mineral deposits form and how durable or usable a resource or manufactured material will be, affecting mine economics, product quality, processing costs and potential regulatory or environmental issues.

QA/QC technical

"QA/QC A rigorous QA/QC program is underway as well."

QA/QC stands for Quality Assurance and Quality Control, processes used to ensure products or services meet certain standards. Think of it as a way to check that a product is safe and works properly before reaching consumers, similar to how a chef tastes food before serving it. For investors, strong QA/QC practices indicate a company's commitment to delivering reliable, high-quality offerings, reducing risks and building trust.

fire assay technical

"Au-AA24 procedure, a 50-gram gold fire assay with an AAS finish."

Fire assay is a laboratory process used to accurately measure the amount of precious metals, like gold or silver, in a sample of ore or material. It involves heating the sample intensely to separate the metals from other substances, much like melting and purifying metal to determine its purity. This method is important to investors because it provides precise data on the metal content, helping to assess the value of mining operations or mineral deposits.

AI-generated analysis. Not financial advice.

Vancouver, British Columbia--(Newsfile Corp. - November 27, 2025) - iMetal Resources Inc. (TSXV: IMR) (OTCQB: IMRFF) (FSE: A7VA) ("iMetal" or the "Company") has completed 2025 Phase I drilling at the Company's Gowganda West ("GW") project. Core logging and sampling is in progress and samples will be sent to the ALS Minerals laboratory in Val D'or, Quebec. The drill program focused in the area of IMGW23-04, at the location of the spring 2023 discovery hole of 48.5m of 0.85 g/t Au starting at 316.5m (see News Release dated 2023-Jun-06).

Highlights:

• A total of 2,640 metres were completed in 6 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 onsite geological team.
• McFarlane Lake Mining Limited, contiguous to the northwest has identifed a parallel zone to it's 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 & CEO Saf Dhillon. "With the runup 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 dykes. 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 underway. Samples will be sent to the lab as each hole is completed.

QA/QC

A rigorous QA/QC program is underway as well. A certified standard and a blank is inserted at an interval of every thirty samples. Each 30^th sample is also be 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.

Figure 1. 2026 Drill Hole Locations

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7946/276159_fb527553a46b4b42_002full.jpg

Table. 2025 Drill Holes

Hole_ID	83Z17E	83Z17N	Azimuth	Dip	Length
IMGW-25-06	502468	5270029	225	-45	336
IMGW-25-04	502443	5270069	225	-45	393
IMGW-25-01	502535	5269969	225	-45	411
IMGW-25-02	502574	5269916	225	-45	486
IMGW-25-05	502557	5270046	225	-45	543
IMGW-25-04	502454	5269956	225	-45	471

 

The Gowganda West property hosts a large package of gold prospective Timiskaming metasediments, approximately 7 km in strike and up to 5 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 NW trending zones and lead directly to the IMGW23-04 discovery hole. The 48.5m gold interval is characterized by a coarse-grained to boulder-sized conglomerate, with moderate to pervasive silica alteration associated with a large intermediate-mafic dyke. Ther 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 km south-southeast of Timmins, Ontario; 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 SW 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, P.Geo. (BC), 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 48.5m 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 NE of Kirkland Lake, lies 5 kilometres W of Agnico Eagle's Holt and Holloway Mine. Carheil is an exploration stage project with multi-metal potential and previous graphite results. The project is about 170 km north of Rouyn-Noranda in the Northern Abitibi Greenstone Belt.

ON BEHALF OF THE BOARD OF DIRECTORS,
Saf Dhillon
President & CEO

iMetal Resources Inc.
saf@imetalresources.ca
Tel. (604-484-3031)
Suite 550, 800 West Pender Street, Vancouver, British Columbia, V6C 2V6.

https://imetalresources.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words "believe", "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "potential", and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of iMetal to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward-looking statements or information in this release relates to, among other things, the potential to complete a transaction with the Vendor and the outstanding conditions to such a transaction. These forward-looking statements are based on management's current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276159

FAQ

What did iMetal (IMRFF) complete at Gowganda West on November 27, 2025?

The company completed a 2,640-metre Phase I drill program in 6 holes targeting the 2023 discovery area.

When and where will iMetal (IMRFF) assays from the 2025 Gowganda West program be analyzed?

Samples will be sent to ALS Minerals Val D'Or, Quebec and analyzed by Au-AA24 with selected ME-ICP41 tests.

Did the 2025 drilling at Gowganda West hit similar geology to prior holes?

Yes; drilling intersected polymictic conglomerates, mafic/felsic dykes and zones of hematization, sericitization and silicification similar to 2023 holes.

What notable historical intercept is iMetal targeting with the 2025 drilling at Gowganda West?

The program focused on the area of the spring 2023 discovery hole that returned 48.5 m of 0.85 g/t Au starting at 316.5 m.

What QA/QC measures did iMetal use for the 2025 Gowganda West samples?

A certified standard and blank are inserted every 30 samples, with each 30th sample duplicated; standard ALS prep and assay procedures apply.