Press release:
JANUARY 14, 1998
Imperial Metals Corporation Silvertip Property Updated
Resource Calculation
VANCOUVER, BRITISH COLUMBIA--Imperial Metals Corporation is
pleased to announce completion of an updated resource calculation
for the Silvertip high grade precious and base metals property in
Northern BC, held 100 percent by Silvertip Mining Corporation, a
wholly owned subsidiary of Imperial.
A recently completed $2 million exploration program, which
included 8,600 meters of diamond drilling, has extended
mineralized zones and has identified a new zone of mineralization.
As a result of these finds, the mineral resource of 1.74 million
tonnes grading 352 grams per tonne silver, 6.40 percent lead, 10.0
percent zinc calculated by Strathcona Mineral Services Limited in
1990 has been updated by Imperial to 2.57 million tonnes grading
325 grams per tonne silver, 6.40 percent lead, 8.80 percent zinc
and 0.63 grams per tonne gold.
The minegate net smelter value of the expanded resource is
approximately Cdn.$125 per tonne at prevailing metal prices,
exchange rates, transportation, smelting and refining charges.
There is excellent potential for further expansion of this high
grade deposit which now appears capable of sustaining a profitable
mining and milling operation.
Imperial's updated resource calculation is based on the mineral
resource classification guidelines published by the Canadian
Institute of Mining and Metallurgy, and is as follows:
/T/
Classi- Tonnes Silver Lead Zinc Gold Contained
fication Millions grams/ Percent Percent grams/ metal
tonne tonne value
Measured and
Indicated Resource
1.12 M 378 7.7 9.5 0.85 US$234/tonne
Inferred Resource
1.45 M 284 5.4 8.3 0.46 US$186/tonne
Total Resource
2.57 M 325 6.4 8.8 0.63 US$206/tonne
/T/
During 1997 the Company carried out extensive metallurgical
testwork to confirm that contained metals can be recovered using
standard flotation techniques. This testwork also demonstrated
that the use of dense media separation can substantially upgrade
run of mine ore to provide high grade mill feed with little loss
of contained metals.
The Company is resolved to rapidly move this project forward on
the path to commercial production. Accordingly, permitting
procedures for a 10,000 tonne bulk metallurgical sample in 1998
have been initiated. Also, environmental assessment will be
started in 1998 with a view to making a production decision in
1999.
Plans now being formulated call for mining to commence with an
open pit followed by underground mining. As part of these plans,
the Company is reviewing the feasibility of moving its 1,500 tonne
per day Goldstream mill, located near Revelstoke, BC, to the
Silvertip Project site.
Pierre Lebel
President
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Imperial Metals Corporation
Pierre Lebel
President
(604) 669-8959
(604) 687-4030 (FAX)
Home Page: imperialmetals.com
or
Imperial Metals Corporation
Pat McAndless
Vice President, Exploration
(604) 669-8959
(604) 687-4030 (FAX)
Home Page: imperialmetals.com
or
Imperial Metals Corporation
Rhonda Schultz
Investor Relations
(604) 669-8959
(604) 687-4030 (FAX)
Home Page: imperialmetals.com |
