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VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 11, 2017) – IDM Mining Ltd. (TSX VENTURE:IDM)(OTCQB:IDMMF) (“IDM” or the “Company”) is pleased to announce assays for 14 underground core holes for the 2017 season at the Red Mountain Gold Project (“Red Mountain” or the “Project”), located 15 km northeast of Stewart, BC. Drilling is ongoing with two underground rigs, with surface drilling scheduled to commence soon.
The drill results are primarily resource expansion holes, testing down and up dip-from current reserves, as well as to the north along strike from the current mine reserve. Highlights include:
- U17-1253: 1.00 meters drilled length averaging 27.50 g/t Au, 3.42 g/t Ag; SF Zone
- U17-1256: 7.20 meters true width at 7.83 g/t Au and 22.92 g/t Ag; JW Zone infill
- U17-1258: 3.75 meters true width at 8.49 g/t Au and 10.43 g/t Ag; JW Zone step-out
- U17-1261: 5.39 meters true width at 5.74 g/t Au and 22.22 g/t Ag; JW zone step-out
- U17-1262: 14.00 meters true width at 10.65 g/t and 17.37 g/t Ag; JW Zone step-out
“We continue to expand the known limits of mineralization at Red Mountain, with underground drilling continuing, targeting multiple zone extensions and near-mine exploration targets,” said Rob McLeod, President and CEO of IDM Mining. “Drill hole U17-1262 is particularly encouraging since it suggests another wide area of mineralization is developing in this area of the JW Zone, as well as gold-bearing massive pyrite mineralization from exploration holes targeting in the SF Zone, located north of current mine reserves.”
Drill holes U17-1255 to 1265 all targeted the JW Zone, the northernmost zone that hosts reserves and resources at Red Mountain. Ten holes were step-out, both up and down-dip, and one hole, U17-1256 was an infill hole, and intersected two lenses of the JW Zone. Drill holes 1257, 1259, 1261, 1262 and 1264 were systematic step-out holes both up-dip and down-dip, as well as along strike. Drill hole U17-1262, which intersected 14.00 meters true width averaging 10.65 g/t Au and 17.37 g/t Ag is the furthest up-dip hole on this section. The zone remains open for expansion in this direction. Drill holes U17-1258, 1260, 1263 and 1265 were all step-out holes testing at least 100 meter down-dip from current reserves. Drill hole U17-1258 intersected 3.75 meters true width of 8.49 g/t Au and 10.43 g/t Ag, with wide zones of massive pyrite mineralization. All holes intersected broad zones that assay over 1.0 g/t Au, similar to the 141 Zone located further to the west of the JW Zone.
U17-1251, 1253 and 1254 were wide-spaced exploration holes, north of the fault bounding current reserves and resources in the JW Zone. U17-1253 intersected strong zones of pyrite mineralization, including 1.0 meters averaging 27.50 g/t Au. U17-1254 intersected 1.0 meters of 9.67 g/t Au and 17.00 g/t Ag. Mineralization occurs near a strongly altered contact between tuffaceous sediments and diorite porphyry, often with a zinc-rich halo, similar to the Marc/AV/JW zone style of mineralization.
Complete Drill Results are as follows:
|Hole-ID||Section||From (m)||To (m)||Length (m)||True Width*||Au (g/t)||Ag (g/t)|
|U17-1259||1625N||No significant assays|
|*||Where blank, true width is not known|
Drill hole collar information and location maps, core photos along with sample cross sections 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 recently announced the results of a Feasibility Study for a high-grade, underground gold mine, which includes primarily bulk underground mining methods and the production of gold doré on site. The Project is advancing through the provincial and federal environmental assessment processes, with comprehensive, thorough, and ongoing consultation with Nisga’a Nation. The Company recently submitted its Project Application and Environmental Impact Statement to regulators and stakeholders.
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 mineralized zones have been folded, and are often separated by dip-slip fault zones. Mineralization can vary in orientation from shallow to steeply dipping and are generally tabular. The Marc, AV and JW Zones range in widths from one to forty meters, averaging about sixteen 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.
Additional information, including the Company’s NI 43-101 Technical Reports for the Red Mountain gold project, is available at www.idmmining.com and at www.sedar.com.
QA/QC AND QUALIFIED PERSON
Samples for the 2017 exploration program are cut in-half with a diamond saw, with one-half 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 2017 exploration program at Red Mountain 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, 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.
IDM Mining Ltd.
604-681-5672 direct or 604-617-0616 cell
Tue, 11 Jul 2017 13:00:00 GMT