BRITISH COLUMBIA - Vancouver's IMPERIAL METALS CORP. has released results from the first drill hole at its Giant Copper project east of Hope. Core assayed 0.53% Cu, 0.20 g/t Au, 13.44 g/t Ag, and 0.027% Mo over 344.2 m. Within that interval, a 45.7-m section assayed 1.08% Cu, 0.43 g/t Au, 18.73 g/t Ag, and 0.036% Mo. Assays from a second hole are pending.
The Giant Copper property includes a mineralized breccia pipecalled the AM zonethat has surface dimensions of 200 by 300 m. The zone has been traced to a depth of approximately 550 m.
According to Imperial, the Giant Copper property hosts a hydrothermal system with an associated breccia pipe and base metal-rich veins. The property has a long history of exploration that includes more than 22,000 metres of drilling and 6 kilometres of underground workings. The property was the subject of a positive feasibility study in 1989 that was based on a reserve (non-NI 43-101-compliant) calculated at that time of 3.7 million tons grading 1.08% Cu, 0.47 g/t Au, 19.18 g/t Ag, and 0.010% Mo, including 15% mining dilution. The company intends to continue exploration of the AM Zone in 2007 to increase reserves and reassess the feasibility of the project under updated market conditions.
A drill plan of the current work is available at www.ImperialMetals.com in the news release dated Nov. 27, 2006.