VANCOUVER, BRITISH COLUMBIA–(Marketwired – Nov. 17, 2016) – IDM Mining Ltd. (TSX VENTURE:IDM) (“IDM” or the “Company”) is pleased to announce assays from 11 core holes drilled from surface at the Red Mountain gold project (“Red Mountain” or the “Project”), located 15 km east of Stewart, BC. Underground infill and resource expansion drilling was recently completed for the 2016 season, with assays to be announced in the coming weeks.
Highlights from the recent drill results include:
- MC16-06: 54.0 meters averaging 1.29 g/t Au, including 7.0 meters averaging 4.62 g/t Au from the 141 Zone
- MC16-10: 87.50 meters averaging 1.03 g/t Au, including 9.93 meters averaging 3.96 g/t Au from the 141 Zone
- BR16-07: 1.50 meters averaging 4.77 g/t Au from the Brad Zone
- LV16-02: 1.2 meters averaging 4.63 g/t Au and 90.90 g/t Ag from the Money Rock Zone from Lost Valley
Five short drill holes were completed at Lost Valley, targeting two new mineralized structures identified in 2016, the Money Rock and Randell Veins. Three holes from a single drill pad were completed at the Money Rock zone, where channel sampling averaged 18.7 g/t Au and 61.4 g/t Ag over 0.84 meters along a 33 meter long trench. Drill hole LV16-01 intersected 1.0 meter of 3.0 g/t au and 23.80 g/t Ag, and LV16-02 intersected 1.2 meters averaging 4.63 g/t Au and 90.90 g/t Ag. All three holes intersected a post-mineralization dyke where the zone projected from a surface trench. Drill holes LV16-05 and 06 were vertical holes targeting the Randell Vein, where a hand trench within subcrop of quartz and sulphide averaged 22.4 g/t Au and 81.7 g/t Ag over a continued 9.25 meter long channel. Both holes were vertical, and did not intersect the target structure. This suggests that the target structure may be steeply dipping to vertical.
This is the initial drill program at Lost Valley, where numerous veins and structures hosting high-grade and silver, overprinting a molybdenite-rich porphyry. Widespread, high-grade gold mineralization has been identified from surface sampling in 2016 and in previous years. Of 589 samples collected at Lost Valley (including: grab, channel and subcrop samples), 96 samples returned over 5.0 g/t Au. These 96 samples range from 5.18 to 165 g/t Au, averaging 31.8 g/t Au and 139.9 g/t Ag. These samples were collected over an approximate 1,200 by 1,500 meter area.
Results to date warrant additional surface drill holes during the 2017 field season to test the multiple prospects at Lost Valley.
Located 250 meters southwest of the Marc/AV/JW resource area, the 141 zone currently hosts an Indicated resource of 158,400 tonnes averaging 4.82 g/t Au for 24,500 ounces Au, plus an additional Inferred resource of 55,000 tonnes averaging 5.12 g/t Au for 10,700 ounces Au (See IDM Mining News Release April 2, 2016). During 2016, five surface drill holes were completed with the objective of expanding resources in the 141 zone.
Mineralization in this area is typified by wide 50 to +100 meter sections of disseminated gold mineralization, hosting tabular zones of >3.0 g/t Au mineralization. Drill holes MC16-06 and 07 were stepout holes to the north of the 141 Zone resource, with hole MC16-06 intersecting 4.62 g/t Au over 7.0 meters, within a wider interval of 1.29 g/t Au over 54.0 meters. Drill hole MC16-08 was the southernmost hole completed to-date at the 141 zone, intersecting 4.72 g/t Au over 4.0 meters within a wide interval of 0.88 g/t Au over 145.50 meters. MC16-09 and 10 were step-outs to the west, with hole MC16-10 intersecting 3.96 g/t Au over 9.93 meters.
The 141 zone exhibits a similar style of gold mineralization to the Marc/AV/JW zones, associated with veins of massive pyrite. It is open for expansion to the west, north and south. Mineralization is interpreted to outcrop on both the southeast side of Red Mountain, and to the northwest in the Rio Blanco area, which has not been drill tested, for a 2.0 km strike potential. Potential development at Red Mountain would include an access ramp that would cut underneath the 141 zone facilitating resource expansion and delineation drilling using underground drilling.
Complete results are as follows:
|LV16-04||Lost Valley||No Significant Intercepts|
|* True widths estimated to be between 80 and 100% of drilled length|
The Brad Zone is located 300 meters south of the Marc Zone discovery outcrop, and was last drill tested in 1989 with six drill holes completed by Bond Gold. Pyrite mineralization with local visible gold is associated with strong silicification and chlorite alteration. Historic intercepts included 1.5 meters averaging 7.22 g/t Au and 1.5 meters averaging 6.11 g/t Au. This historic core has not been located, and a single hole was completed by IDM at this target. Drill hole BR16-07 intersected 1.5 meters of 4.77 g/t Au associated with strong silicification.
Drill hole collar information and location maps can be viewed at www.idmmining.com.
About Red Mountain
The 17,125 hectare Red Mountain gold project is located in northwestern BC, 15 km northeast of the town of Stewart. IDM is advancing a Feasibility Study for a high-grade underground gold mine, which envisions primarily bulk underground mining methods. Additionally, the Project is advancing through the Provincial and Federal Environmental Assessment Process, with ongoing consultation with the Nisga’a First Nations government.
On April 4, 2016, the Company announced an updated mineral resource estimate reported at 3.0 g/t Au cut-off for the Red Mountain gold project.
|Classification||Tonnage||Au||Ag||Oz Au||Oz Ag|
|Measured + Indicated||1,641,800||8.36||26||441,500||1,379,800|
Red Mountain is a porphyry-related hydrothermal gold system, located in the Stikine terrain. Gold mineralization is associated with, and partially hosted within an early to mid-Jurassic multi-phase intrusive complex, with associated volcanic and volcaniclastic rocks and sediments. Many gold mineralized zones occur on the property, including five mineralized zones with established resource estimates. The five mineralized zones (Marc, AV, JW, 141 and 132) have been folded, and are often separated by dip-slip fault zones. The mineralized zones vary in orientation from shallow to steeply dipping and are generally tabular. The Marc, AV and JW Zones vary in widths from one to forty meters, averaging about fifteen meters in thickness. Gold and silver mineralization is associated with stockworks, disseminations and patches of coarse grained pyrite, surrounded by a pyrrhotite/sphalerite halo. Alteration facies includes strong quartz-sericite alteration.
QA/QC AND QUALIFIED PERSON
Samples for the 2016 exploration program are cut with a diamond saw, and placed in sealed bags and shipped to ALS Labs Ltd. in Terrace, BC for sample preparation, with pulps subsequently shipped to Vancouver, BC for gold and multi-element ICP analysis. A Quality Control/Quality Assurance program, including the insertion of Standards and Blanks, has been implemented. The 2016 exploration program is performed under the supervision of Rob McLeod, P.Geo, President and CEO of IDM Mining Ltd. and a ‘Qualified Person’ under NI 43-101. Mr. McLeod has reviewed and approved the technical content of this release.
ABOUT IDM MINING LTD.
IDM Mining Ltd. is a mineral exploration and development company based in Vancouver, BC, Canada. The Company’s current exploration and development activities are focused on precious metals in British Columbia and Yukon, with a primary focus on the high grade underground Red Mountain gold project which has entered the BC and Canadian environmental assessment process.
ON BEHALF OF THE BOARD of IDM Mining Ltd.
Robert McLeod, President, CEO and Director
“Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
Forward-Looking Statements: Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, among others, statements with respect to the proposed exploration and development activities and their timing, resource estimates and potential mineralization. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others and in addition to those described elsewhere in this release, timing and success of future exploration and development activities, exploration and development risks, delays in obtaining or inability to obtain required government or other regulatory approvals, permits or financing, the risk of unexpected variations in mineral resources, grade or recovery rates, of failure of plant, equipment or processes to operate as anticipated, of accidents, labor disputes, and unanticipated delays in completing other development activities, the risk that estimated costs will be higher than anticipated and the risk that the proposed mine plan and recoveries will not be achieved, equipment breakdowns and bad weather, the timing and success of future exploration and development activities, exploration and development risks, mineral resources are not as estimated, title matters, third party consents, operating hazards, metal prices, political and economic factors, competitive factors and general economic conditions. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that: required regulatory approval, permits and financing will be obtained; the proposed exploration and development will proceed as planned; with respect to mineral resource estimates, the key assumptions and parameters on which such estimates are based; that the proposed mine plan and recoveries will be achieved, that capital costs and sustaining costs will be as estimated, and that no unforeseen accident, fire, ground instability, flooding, labor disruption, equipment failure, metallurgical, environmental or other events that could delay or increase the cost of development will occur, and market fundamentals will result in sustained metals and minerals prices. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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