Imperial Metals (TSX: III) reported drill results as high as 33.7 metres grading 0.79% copper and 2.02 grams gold per tonne at the Mount Polley mine in south-central British Columbia.
Hole C2-25-121 intersected 152.5 metres grading 0.46% copper and 0.97 gram per tonne gold starting from a depth of 282.5 metres, Imperial Metals said Thursday in a statement. This included 85 metres grading 0.67% copper and 1.56 grams gold starting at 285 metres.
Two other holes also intersected significant mineralization — up to 1.1 grams gold and 0.79% copper — over considerable intervals.
Exploration work this year centres around the C2 zone, located immediately south of the Cariboo pit where mining is being carried out. The ongoing work focuses on filling the gaps in historic drilling to support the design of an expanded pit, as well as to target a higher-grade zone at depth.
The results sent Imperial Metals’ shares 12.6% higher to $4.30 at the close of trading in Toronto Thursday after the stock hit its highest intraday level since July 2021. On Friday Imperial Metals fell 1.2% to C$4.25 amid a broader market decline, giving the company a market value of $692 million.
Imperial Metals has been producing copper and gold from Mount Polley since restarting the mine nearly three years ago. Prior to that, the operation near Williams Lake had been placed on care and maintenance following a serious dam failure in 2014, considered to be the worst environmental mining disaster in British Columbia’s history.
In addition to Mount Polley, Imperial owns 30% of the Red Chris copper-gold mine located 80 km south of Dease Lake, northwest BC. The mine’s 70% ownership belongs to Newmont.
Total production of the mines attributed to the company last year was 61.3 million lb. of copper and 57,000 oz. of gold.
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