Imperial hits sulphides near Revelstoke

Vancouver — Imperial Metals (IMP-T) has intersected massive sulphides in four of seven holes drilled at the Spire property, near Revelstoke, B.C. The target is described as having encouraging copper and zinc mineralization.

Results are as follows:

– hole 1 — 3.12 metres grading 0.51% copper and 1.08% zinc starting at a down-hole depth of 25.8 metres, including a 0.65-metre interval of 1% copper and 4.86% zinc;

– hole 2 — 1.64 metres grading 0.23% copper and 1.29% zinc starting at 29.4 metres down-hole, including a 0.34-metre section of 0.54% copper and 6.09% zinc;

– hole 3 — 1.86 metres grading 0.24% copper and 1.47% zinc starting at 33.4 metres down-hole, including a 0.52-metre section of 0.27% copper and 5.06% zinc;

– hole 4 — 3.7 metres grading 0.24% copper and 1.49% zinc starting at 30.1 metres down-hole, including a 0.46-metre interval that averaged 0.2% copper and 11.12% zinc.

Hole 5 was collared 300 metres to the southwest and did not intersect the sulphide horizon. Holes 6 and 7 were collared 400 metres to the east and northeast, respectively, and failed to penetrate the hangingwall stratigraphy of the prospective horizon.

The Spire discovery is 7.5 km from Imperial’s Goldstream mill, which is currently shut down. Exploration is to continue next spring.

For the quarter ended Sept. 30, Imperial Metals tabled a loss of $1.4 million (2 per share) on revenue of $25.9 million, compared with a loss of $1.2 million (2 per share) on revenue of $24.4 million in the corresponding period of 1999.

The company operates and owns half of the Huckleberry copper-molybdenum mine, southwest of Houston, B.C. During the recent quarter, the mine cranked out 18.7 million lbs. copper and 399,202 lbs. molybdenum at millhead grades of 0.48% copper and 0.014% molybdenum. Imperial also operates, and owns 52.5% of, the Mount Polley open-pit copper-gold mine, northeast of Williams Lake, B.C. Quarterly production there totalled 9.2 million tonnes copper and 22,121 oz. gold grading 0.35% copper and 0.53 gram gold.

Meanwhile, at the depleted Sterling gold mine in Nevada, Imperial has increased its interest to 100% as part of a debt settlement with Cathedral Gold (CAT-T). Imperial is keen on the site’s exploration potential and plans to test high-grade underground targets and low-grade near-surface large-tonnage targets.