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.