III Imperial Metals Corporation

Imperial Metals Corporation (the “Company”) (TSX:III) reports Red Chris drilling has discovered new zones of higher grade mineralization to the south of the South Boundary Fault and east of the East zone. This is a significant development at Red Chris, as historically the South Boundary Fault was assumed to act as the limit of the Porphyry Deposit to the south and east.

An important new zone of higher grade mineralization has been discovered within what has been termed the East Ridge zone, which was interpreted to be a potential off-set extension of the Red Chris deposit. The new discovery hole is located 300 metres east of the current limit of drilling in the East zone. Discovery drill hole RC678 returned 198 metres grading 0.89 g/t gold and 0.83% copper from 800 metres, including 76 metres grading 1.8 g/t gold and 1.5% copper from 908 metres. The new intercept is open in all directions. The style of mineralization and grade tenor is similar to that seen in the highest grade pods from the East zone. The intercept, a 300 metre step out east of the East zone, is located south of the South Boundary Fault and continues to extend the porphyry corridor to the east. Drilling to define the extent and continuity of this high grade mineralization is underway.

Drilling at the East zone has again intersected further higher grade mineralization south of the South Boundary Fault. Drill hole RC677 returned 524 metres grading 0.37 g/t gold and 0.39% copper from 528 metres, including 156 metres grading 0.71 g/t gold and 0.59% copper from 638 metres. This interval includes 10 metres grading 1.5 g/t gold and 0.88% copper from 784 metres which is located on the underexplored side of the South Boundary Fault. This drilling is located approximately 300 metres west of East Ridge zone along the south side of the fault, which together may represent an important new extension of the Red Chris Porphyry deposit. Drilling to define the extent and continuity of these zones is underway.

In the Main zone, drilling has confirmed the potential to outline additional zones of mineralization beneath and to the south west of the current limits of the open pit. Results from drill hole RC675, which followed up historic results south west of the Main zone pit, returned 438 metres grading 0.32 g/t gold and 0.41% copper from 264 metres, including 30 metres grading 0.57 g/t gold and 0.77% copper from 340 metres. The mineralization is located immediately adjacent to the South Boundary Fault and is open at depth and along strike to the west. Drilling to define the extent and continuity of this potential mineralization is underway.  

Approximately 50,000 metres of exploration drilling is planned for 2021. During the second quarter, the number of drill rigs operating on site is expected to increase from six to eight. Drilling is planned to follow up on the intercepts noted in this release.

Significant Red Chris Intercepts:

Drill Holes	From (m)	To (m)	Width (m)	Gold (g/t)	Copper (%)
RC675	264	702	438	0.32	0.41
including	340	370	30	0.57	0.77
RC677	528	1052	524	0.37	0.39
including	638	794	156	0.71	0.59
including	784	794	10	1.5	0.88
RC678	800	998	198	0.89	0.83
including	884	988	104	1.5	1.3
including	908	984	76	1.8	1.5

Jim Miller-Tait, P.Geo., Imperial VP Exploration, is the designated Qualified Person as defined by National Instrument 43-101 for the Red Chris exploration program and has reviewed this news release. Red Chris samples for the drilling reported were analysed at Bureau Veritas Mineral Laboratories in Vancouver. A full QA/QC program using blanks, standards and duplicates was completed for all diamond drilling samples submitted to the labs. Significant assay intervals reported represent apparent widths. Insufficient geological information is available to confirm the geological model and true width of significant assay intervals.

Cross section and plan view maps are available on imperialmetals.com.       

About Imperial

Imperial is a Vancouver based exploration, mine development and operating company. The Company, through its subsidiaries, owns a 30% interest in the Red Chris mine, and a 100% interest in both the Mount Polley and Huckleberry copper mines in British Columbia. Imperial also holds a 45.3% interest in the Ruddock Creek lead/zinc property.

Company Contacts

Brian Kynoch | President | 604.669.8959Darb Dhillon | Chief Financial Officer | 604.488.2658Jim Miller-Tait | Vice President Exploration | 604.488.2676Sabine Goetz | Shareholder Communications | 604.488.2657 | investor@imperialmetals.com

Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this news release are not statements of historical fact and are “forward-looking” statements. Forward-looking statements relate to future events or future performance and reflect Company management’s expectations or beliefs regarding future events and include, but are not limited to, statements regarding the Company’s expectations and timing with respect to current and planned drilling programs at Red Chris, including the timing and scope of exploration drilling in 2021, expectations regarding an increase in the number of drill rigs operating on site and plans for additional drilling of the East Ridge discovery and to further define higher grade discoveries east of the East zone and in the Main zone.

In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "outlook", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on information currently available to the Company as well as the Company’s current beliefs and assumptions. These factors and assumptions and beliefs and assumptions include, the risk factors detailed from time to time in the Company’s interim and annual financial statements and management’s discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended, many of which are beyond the Company’s ability to control or predict. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and all forward-looking statements in this news release are qualified by these cautionary statements.