This article is 7 years old. Images might not display.
The company's initial three holes had targeted a highly mineralised outcrop announced in November, where rock chip samples assayed up to 39.3g/t gold.
Named Zone 1 South, iMetals describes it as 500m from Pan American Silver's Juby gold project and 15km west of Canada Cobalt's Castle mine and gold discovery in Ontario.
The company said it had drilled its three planned holes at the zone, each to a depth of about 250m, intersecting the gold mineralisation observed at surface which continued to depth "with evidence of a widespread hydrothermal system".
"Given what our team has already observed in these initial holes, we are continuing and expanding this first-ever drill program with additional holes at Zone 1 South," president and CEO Johan Grandin said.
"These are exciting times for iMetal shareholders as we target a new discovery in the Gowganda camp."
The company had expanded its Gowganda West land package by about 30% through staking in December to take the total to 140sq.km.
It had reported working capital of about C$509,000 (US$383,000) at the end of November.
Its shares spent much of last year below C10c.
They closed up C5.5c or 52.38% to 16c on Monday, capitalising it at $15.7 million.
