iMetal Resources Discovers New Gold Trend as Part of Multiple Gold Zones Intersected at Gowganda West During Fall 2022 Drill Program

VANCOUVER, January 17, 2023 - iMetal Resources Inc. (TSXV:IMR)(OTC PINK:ADTFF)(FRANKFURT:A7V) ("iMetal" or the "Company") is pleased to announce the assay results of the fall 2022 drill campaign at Gowganda West ("GW"). GW is an exploration-stage gold project about 100 km south-southeast of Timmins, Ontario, contiguous to Aris Gold Corp.'s Juby Project in the Shining Tree Camp of the southern part of the Abitibi Greenstone Gold Belt; contiguous also with the Knight project that is part of the Strategic Partnership between Orefinders Resources Inc. and Agnico Eagle Mines Ltd..

A total of seven drill holes were completed for a total meterage of 2611m. All seven holes intersected gold mineralization in multiple intervals. Highlights include:

Hole IMGW-22-01

• 1.00m at 0.71 grams per tonne gold, ("g/t"), from 397.0 metres

Hole IMGW-22-02

• 0.80m at 4.6 g/t, from 47.1 metres

Hole IMGW-22-03

• 6.00m at 0.52 g/t, from 245.5 metres

Hole IMGW-22-05

• 5.90m at 0.95 g/t, from 161.5 metres

Hole IMGW-22-06

• 9.00m at 0.75 g/t, from 304.0 metres
• Including 0.80m at 4.1 g/t

Hole IMGW-22-07

• 0.80m at 4.1 g/t, from 106.3 metres

The results strongly suggest all previously encountered gold zones at Gowganda West continue along strike and up dip (towards surface), with gold trends now intersected over a strike of at least 1000m. Equally as important, the gold system continues to grow as a new gold trend to the east was discovered, as part of the multiple parallel gold zones encountered. The system is now open along 500m of width, 1000m of strike and 200m of depth. Mineralization continues to show strong similarities to the nearby Juby Deposits (which has a current resource* containing 0.77 Moz Au Indicated and 1.5 Moz Au Inferred).

"All 2022 drill holes intersected gold mineralization, supporting the Company's belief in Gowganda West's potential to host a major gold system," commented iMetal President & CEO Saf Dhillon. "Our location on the doorstep of the Juby deposit presents an exceptional opportunity to drill near-surface, gold-bearing rocks in the Abitibi Greenstone Gold Belt, adjacent to a multi-million-ounce gold deposit."

VP Exploration Scott Zelligan added, "The enhanced geological model resulting from the 2022 program places the Company in an excellent position to target higher grades and the richest portions of the extensive regional gold system. These results bolster the Company's interest in GW and we are planning for additional drilling in 2023. The Company is also preparing work programs for its other Abitibi based projects."

QA/QC Protocols

iMetal adheres to a strict QA/QC program for core handling, sampling, sample transportation and analyses. Drill core will be securely transported to the rented core facility in Larder Lake which has gate only access. Samples will be sawn in half, labelled, placed in sealed, securitized bags and shipped directly to ALS Laboratories in Rouyn-Noranda, Quebec for analysis. ALS Geochemistry Rouyn-Noranda is a Standards Council of Canada (SCC) accredited facility that conforms with both CAN-P-1579 and CAN-P-4E ISO/IEC 17025.

QA/QC control procedures include the systematic insertion of duplicate, blank and certified reference materials (CRM) at regular intervals into the sampling stream. Geochemistry analyses will consist of gold by fire assay and atomic absorption spectrometry (Au-AA26) with overlimit values subsequently analyzed using the gravimetric finish (Au-GRA22) technique. Where elected select samples may be analyzed for multi-element using a four acid/inductively coupled plasma mass spectrometry (ME-MS61) analysis.

The scientific and technical information contained in this news release has been reviewed and approved by Scott Zelligan, P. Geo (Ontario), VP Exploration of iMetal and a qualified person as defined in National Instrument 43-101.

Drilling Results

Table 1 - Drillhole Locations (UTM NAD83 Zone 17N)

Table 2 - Significant Results

About iMetal Resources Inc.

iMetal is a Canadian based junior exploration company focused on the exploration and development of its portfolio of resource properties in Ontario and Quebec. One of its Flagship properties Gowganda West, is an exploration-stage gold project that borders the Juby Project and is located within the Shining Tree Camp area in the southern part of the Abitibi Greenstone Gold Belt about 100 km south-southeast of the Timmins Gold Camp. The 665 hectare Kerrs Gold Deposit comprises a series of gold-bearing pyritized quartz vein replacement breccias with a 2011 historic resource, 90 kilometres ENE of Timmins. The 220 hectare Ghost Mountain property, 42 kilometres NE of Kirkland Lake, lies 5 kilometres west of Agnico Eagle's Holt and Holloway Mine Complex.

ON BEHALF OF THE BOARD OF DIRECTORS,

Saf Dhillon
President & CEO

iMetal Resources Inc.
info@imetalresources.ca
Tel. (604-484-3031)
Suite 550, 800 West Pender Street, Vancouver, British Columbia, V6C 2V6.

https://imetalresources.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include results of exploration, variations in results of mineralization, relationships with local communities, market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.

SOURCE: iMetal Resources Inc.