TORONTO, Jan. 28, 2020 /CNW/ - IM Exploration Inc. (CSE: IM) (the "Company") is pleased to announce the results of its initial exploration program at its Mulloy Graphite Project in Rowlandson Township, Ontario (the "Property").
As reported in the Company's news release dated December 4, 2019, the work at the Property consisted of 10 kilometres of preliminary line-cutting, followed by 9 kilometres of geophysical surveying, both magnetic and electromagnetic (HLEM). Exploration efforts were concentrated around a prospective target at the western boundary of the Property.
Exploration Program Results
Two conductors were identified from the November-to-December 2019 survey.
The first conductor ("Conductor A") is coincident with a strong magnetic high and is interpreted to be associated with a potential iron formation. In the vicinity of the Property, iron formations can be associated with base metal and gold mineralization. The conductor extends roughly east-west across the entire survey area (500 metres) and remains open at both ends.
The second conductor ("Conductor B") shows a slightly weaker response with no significant magnetic correlation. The lack of a magnetic response would suggest that Conductor B represents a graphite target. Conductor B runs parallel to Conductor A for approximately 200 metres and remains open to the west of the survey area.
Further exploratory sampling and drilling would be required before the Company can confirm these interpretations.
The maps below illustrate the results of the geophysical survey (Figure 1 and 2).
With these results now available, the Company's management and board of directors intend to undertake further planning with technical personnel to evaluate various means for most effectively advancing the Company's progress, both at the Property and at the corporate level.
The technical contents of this news release were approved by Case Lewis P. Geo., a qualified person as defined by National Instrument 43-101.
About the Mulloy Graphite Project
The Mulloy Graphite Project is located approximately 85 km west-northwest of the town of Hearst, Ontario and consists of 64 single cell mining claims located in Rowlandson Township, Porcupine Mining Division, Ontario, comprising approximately 1329 hectares. The property is prospective for graphite mineralization, as historical drilling on the property by Shell Canada in 1978 intersected two roughly 20-metre intervals of graphite mineralization while exploring the property for gold and silver mineralization. Additionally, the Property is located 15 kilometres west of Zenyatta Ventures' Albany Graphite Deposit.
About IM Exploration Inc.
The Company is a mineral exploration and development company focused on exploring the Property in Northern Ontario.
Caution Regarding Forward-Looking Information
This news release contains statements and information that, to the extent they are not historical fact, constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information is based on the reasonable assumptions and estimates of management with respect to the Company's exploration program and corporate strategy, made based on experience and management's perception of current conditions and expected developments, all of which management believes to be reasonable in the circumstances at the date hereof, but which may ultimately prove to be incorrect. Forward-looking information herein includes statements relating to the Company's exploration program at the Property and its overall corporate and strategic planning.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from the outcomes expressed or implied by the forward-looking information herein, including, but not limited to, challenges in analyzing exploration data, general risks associated with mineral exploration activities, possible changes to corporate strategy regarding the Property and generally, and potential needs for additional financing. Accordingly, readers should not place undue reliance on any such forward-looking information. The Company does not undertake any obligation to update any forward-looking information herein to reflect new developments after the date hereof, except as required by applicable securities legislation.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this news release.
SOURCE IM Exploration Inc.