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VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 4, 2017) – IDM Mining Ltd. (TSX VENTURE:IDM)(OTCQB:IDMMF) (“IDM” or the “Company”) is pleased to announce assays for 17 underground core holes for the 2017 season at the Red Mountain gold project (“Red Mountain” or the “Project”), located 15 km east of Stewart, BC. To-date, 50 underground drill holes have been completed as part of the ongoing 2017 drilling program.
Additionally, to follow-up on successful drill results to-date, IDM’s board of directors has approved a second phase of underground and surface drilling of 10,000 meters at Red Mountain, increasing the 2017 program to 18,000 meters of drilling.
The drill results are primarily resource expansion holes, testing down and up dip-from current reserves, as well as two holes to the north along strike from the current mine reserve. Highlights include:
- U17-1232: 7.00 meters true width at 6.00 g/t Au and 16.78 g/t Ag; AV Zone step-out
- U17-1234: 97.0 meters drilled length at 1.24 Au including 6.00 meters of 6.27 g/t Au; AV Zone step-out approximately 200m down-dip of current reserve
- U17-1243: 14.0 meters true width at 5.37 g/t Au and 14.19 g/t Ag; AV Zone infill
- U17-1245: 8.60 meters true width at 12.33 g/t Au and 70.90 g/t Ag; JW Zone step-out
- U17-1252: 4.00 meters true width at 3.77 g/t Au and 13.03 g/t Ag; SF Zone step-out, 150 meters north of current reserve
“We continue to see good continuity of mineralization in all directions at Red Mountain,” said Rob McLeod, President and CEO of IDM Mining. “Any additions to the reserves at Red Mountain, recently stated in our Feasibility Study, would be potentially highly accretive to our Project economics. The primary objective of our expanded drilling program is to add additional years to the potential mine life by targeting near-mine mineralization from underground, as well as diamond drilling from surface, primarily testing the surface exposure of the 141 Zone.”
Drill holes U17-1234, 1236, 1237 and 1239 are exploration holes, targeting approximately 150 to 250 meters down-dip from the current mine reserve. These holes are testing the connection between historic intercepts in the 132 and 141 Zones and AV Zone. Multiple mineralized zones exhibit a gentle, westerly dip, and with higher grades typified by massive and disseminated coarse-grained pyrite mineralization. Wide zones of gold mineralization were encountered, including 97 meters averaging 1.24 g/t Au, including 6.0 meters averaging 6.27 g/t Au in U17-1234. Additionally, systematic down-dip step-out holes are ongoing, such as U17-1241 which encountered a true width of 4.50 meters of 5.93 g/t Au and 25.90 g/t Ag, and U17-1232, which hit 7.00 meters true width of 6.00 g/t Au and 16.78 g/t Ag. One infill hole was completed, where U17-1243 intersected 14.00 meters true width of 5.37 g/t Au and 14.19 g/t Ag.
U17-1245 was a 25 meter up-dip step-out from the current reserve, intersecting 12.33 g/t Au and 70.90 g/t Ag. Down-dip holes including U17-1240, 1242 and 1244 continued to intersect the mineralized structure, with current and future drilling continuing to step-out, exploring for higher grade and wider areas along the mineralized horizon.
The SF Zone is located along strike to the north of current reserves. Despite high-grade, historic drilling over a wide area, there are currently no resources in this area. The SF zone is interpreted to be the fault extension of the reserves within the JW Zone to the south. Significantly, Drill hole U17-1252 hit the mineralized horizon 150 meters along strike from current reserves. This hole returned 4.0 meters true width averaging 3.77 g/t Au and 13.03 g/t Ag, with pyrite mineralization occurring along a sediment-intrusive contact, surrounded by a pyrrhotite/sphalerite halo. This is the typical mineralization style of reserves and resources at Red Mountain.
Complete Drill Results are as follows:
|Hole-ID||Section||From (m)||To (m)||Length (m)||True Width*||Au (g/t)||Ag (g/t)|
|U17-1249||1775N||No significant intercepts|
|*When 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.
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 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 2017 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, 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.
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.
Tue, 04 Jul 2017 13:00:00 GMT