IM Exploration Announces Name
Change, Appoints New Chief Financial Officer, and Provides
Corporate Update
Vancouver, British Columbia, Canada -- October 5, 2021
-- InvestorsHub NewsWire -- IM Exploration Inc. (CSE: IM, FSE: IM5) ("IM" or the "Company") is pleased to announce
that effective October 7, 2021, the Company's name will change from
"IM Exploration Inc." to "Westward Gold Inc."
The Company's common shares will begin trading on the CSE on
October 7, 2021 under the new name and the new stock symbol
"WG". The
new CUSIP will be 961682101 and the ISIN number will be
CA9616821018. No action will be required by existing shareholders
with respect to the name change. Certificates representing common
shares of IM Exploration Inc. will not be affected by the name
change and will not need to be exchanged. There is no consolidation
of capital. The Company's new website will be www.westwardgold.com.
The Company is also pleased to announce the appointment of
Andrew Nelson, CPA, as Chief Financial Officer, effective
immediately. Mr. Nelson is an accounting and corporate finance
professional with a decade of experience in mining and natural
resources. He previously worked on the investment banking team at
Dundee Securities Ltd. in Vancouver, advising on merger and
acquisitions for
global mining companies through all phases of their development
cycle, from greenfield exploration through to
production. Following that, he was part of the team at
Dundee Goodman Merchant Partners, a leading mining-focused merchant bank,
where he was responsible for analyzing early-stage public mining
ventures. He also worked as a financial auditor for
Grant Thornton LLP and Davidson & Company LLP, earning his
Chartered Professional Accountant designation auditing large,
mid-tier, and small-cap mining companies.
Over the course of his career, Mr. Nelson has established a
strong network of professional connections in the mining industry,
particularly in the investment community. Most recently, Mr. Nelson
was a Co-Founder and Director of Momentum Minerals Ltd.
("Momentum")
where he was responsible for capitalizing the company, accounting,
investor relations, and building out the company's extensive
shareholder base.
Andrew Nelson, incoming Chief Financial Officer, noted:
"Throughout my career, I have witnessed several gold exploration
companies provide tremendous wealth-creation opportunities through
discovery and the advancement and de-risking of assets. Global
macroeconomic trends continue to suggest future strength in gold
markets, and I wanted to align myself with a team and asset base
positioned to capitalize on this. Nevada remains one of the top
gold jurisdictions in the world, producing 5% of the annual supply
and continuing to reveal new discoveries to this day. IM
Exploration is one of the best asymmetric opportunities I have seen
in my career in the gold exploration space. The team they've built,
focused on its district-scale land position on the Cortez Trend, is
made up of experienced mining executives who have made discoveries
and large exits, and I am thrilled to now be a part of
it."
In connection with the appointment of Mr. Nelson, IM is
announcing the resignation of Robert Harrison, FCPA, FCGA from the
position of Chief Financial Officer. The Company would like to
thank Mr. Harrison for his many contributions over his 2+ years of
service, and wishes him all the best in future
endeavours.
Corporate Update
Further to its press release dated August 10, 2021, IM is
pleased to provide a corporate update on its Nevada exploration
properties. The 3,000-hectare fully-contiguous land package sits
along the Battle Mountain – Eureka Trend, approximately 10
kilometers southwest of Barrick's Cortez Hills Mine, and is
comprised of:
-
The Toiyabe Project: 165
unpatented mining claims administered by the U.S. Bureau of Land
Management ("BLM"); IM is currently earning into a 100%
ownership position through its option agreement with Minquest
Ltd.
-
The Turquoise Canyon Project: 188
unpatented mining claims administered by the BLM; IM is currently
earning into a 100% ownership position through its option agreement
with First Mining Gold Corp.
-
Momentum Claims: 9 unpatented
mining claims administered by the BLM; these were staked by
Momentum (acquired by IM in July 2021), and are 100%
owned.
Figure 1: IM
Exploration's Nevada Properties
![](https://investorshub.advfn.com/uimage/uploads/2021/10/5/Aspose.Words.0bce67bb-9ca5-426b-949a-a82100ef9a31.001.jpeg)
The Company's Toiyabe Project ("Toiyabe") is an advanced
exploration property, with drilling activities completed by
previous operators culminating in an historical Indicated gold
resource of 173,562 ounces at a grade of 1.2 g/t (Paul D. Noland,
P. Geo, 2009)(1).
(1) Source: NI 43-101 Technical
Report, American Consolidated Minerals Corporation, Prepared by
Paul D. Noland, P. Geo., May 27, 2009 (the "2009 Technical
Report"). A qualified person has
not done sufficient work to classify the historical estimate at
Toiyabe as current mineral resources and IM is not treating the
historical estimate on Toiyabe as a current mineral resource as
defined in National Instrument 43-101 – Standards of Disclosure for
Mineral Projects. The key assumptions, parameters and methods
used to prepare the historical estimate on Toiyabe are described in
the 2009 Technical Report. While IM considers the historical
estimate on Toiyabe disclosed in this news release to be relevant
to investors, IM cautions readers that it should not be unduly
relied upon in drawing inferences on the mineralization on Toiyabe
as additional work is required to upgrade or verify the historical
estimate as a current mineral resource.
IM is pleased to announce that its previously-disclosed
engagement with TerraCore Geospectral Imaging
("TerraCore")
has now been completed, with raw data from the program having been
delivered to the Company. TerraCore is a world leader in
hyperspectral imaging technology, and conducted a full analysis of
the available legacy diamond drill core and reverse-circulation
chip samples from Toiyabe, totalling approximately 39,000 feet
(11,900 meters). The resulting data will aid in identifying
stratigraphy, alteration, mineral presence, mineral chemistry, and
mineral grain size. It can also be used as a comparative tool to
infer potential similarities to the many well-understood
Carlin-type deposits in the district.
In conjunction with the sub-surface hyperspectral analysis of
previous drilling, IM had also engaged SpecTIR Advanced
Hyperspectral Solutions and Ethos Geological Inc. to conduct a
fixed-wing airborne hyperspectral survey of the land package and
surrounding area, totalling 69 square kilometers. This survey
provided high-resolution infrared imaging across multiple
wavelength ranges, to capture a robust suite of potential
mineralogy, and to aid in identifying surface alteration areas. The
Company is now in receipt of the survey data, and is incorporating
it into its consolidated database for modelling
purposes.
Finally, the previously-announced 17-kilometer Induced
Polarization ("IP") survey is currently
underway, with a field crew from Simcoe Geoscience Limited
("Simcoe")
on site. The IP survey was initially planned by Momentum to cover
the Turquoise Canyon Project, with 6 lines at the southwestern
portion of the property to compliment 2 legacy lines from prior
operators. Following IM's acquisition of Momentum, the program was
amended to include one line that extends west to Toiyabe, across
the entire width of the gravity anomaly that straddles the
projects, and over the historical resource area. The survey will
aid in the identification of subsurface material through its
electrical charge, and provide additional insight when it comes to
drill-targeting efforts. The Company will be able to compare the
signature of the known resource area at Toiyabe to the data
obtained at Turquoise Canyon, in order to identify potential
similarities and refine exploration targets at Turquoise Canyon
(which has not yet seen any drilling). On-site data collection by
Simcoe is expected to be completed in the first week of
October.
Figure 2:
2021 IP Survey
![](https://investorshub.advfn.com/uimage/uploads/2021/10/5/Aspose.Words.0bce67bb-9ca5-426b-949a-a82100ef9a31.002.png)
Next Steps
The Company has begun consolidation and analysis of the 2021
field data received to-date, which will be incorporated into the
existing database of technical information from previous operators.
A comprehensive 3D model will then be generated, from which IM will
design its inaugural drill program, slated for the first half of
2022. The team supporting this effort will be led by David
Browning, Vice President of Exploration, and supported by industry
veterans with a proven track record of discoveries - Steven
Koehler, Richard Bedell, David Kelley, Dr. Chris Osterman, and Dr.
Alan Carter.
Colin Moore, President of IM, commented: "As we wrap up our
2021 field activities, we're excited to sink our teeth into the
immense amount of new technical information gathered on our Nevada
properties. This represents the last piece of the puzzle before we
kick off our first drill campaign in 2022, and the team of experts
we've assembled is exceptionally qualified to execute
it."
The technical information contained in this news release was
reviewed and approved by Dr. Chris Osterman, Ph.D., P.Geo who is a
Qualified Person under National Instrument 43-101 –
Standards of Disclosure for Mineral
Projects.
About IM Exploration
IM Exploration is a mineral exploration company focused on
developing the Toiyabe and Turquoise Canyon Projects located in the
Cortez Hills area of Lander County, Nevada. The Company is also
advancing the Mulloy Project in Northern Ontario. From time to
time, the Company may also evaluate the acquisition of other
mineral exploration assets and opportunities.
For further information contact:
Raymond D.
Harari
Chief Executive Officer
IM Exploration Inc.
rdh@canaliscapital.com
Tel: +507-6675-2221
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.
Forward-looking statements or
information are subject to a variety of known and unknown risks,
uncertainties and other factors that could cause actual events or
results to differ from those reflected in the forward-looking
statements or information, including, without limitation, the need
for additional capital by the Company through financings, and the
risk that such funds may not be raised; the speculative nature of
exploration and the stages of the Company's properties; the effect
of changes in commodity prices; regulatory risks that development
of the Company's material properties will not be acceptable for
social, environmental or other reasons, availability of equipment
(including drills) and personnel to carry out work programs, that
each stage of work will be completed within expected time frames,
that current geological models and interpretations prove correct,
the results of ongoing work programs may lead to a change of
exploration priorities, and the efforts and abilities of the senior
management team. This list is not exhaustive of the factors that
may affect any of the Company's forward-looking statements or
information. These and other factors may cause the Company to
change its exploration and work programs, not proceed with work
programs, or change the timing or order of planned work programs.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially, there may be
other factors that cause results not to be as anticipated,
estimated, described or intended. Accordingly, readers should not
place undue reliance on forward-looking statements or information.
The Company's forward-looking statements and information are based
on the assumptions, beliefs, expectations and opinions of
management as of the date of this press release, and other than as
required by applicable securities laws, the Company does not assume
any obligation to update forward-looking statements and information
if circumstances or management's assumptions, beliefs, expectations
or opinions should change, or changes in any other events affecting
such statements or information.
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