VANCOUVER, British Columbia, Dec. 07, 2017 (GLOBE NEWSWIRE) — IDM Mining Ltd. (TSX.V:IDM) (OTCQB:IDMMF) (“IDM” or the “Company”) is pleased to announce the final underground drilling results from the 2017 season at the Red Mountain Gold Project (“Red Mountain” or the “Project”), located 15 km east of Stewart, BC. The Company received assays for an additional 20 underground resource expansion, metallurgical, infill and exploration core holes that targeted the 141, Marc, Marc Footwall, Marc Tail, AV, JW, and SF Zones. A total of 29,312 meters were completed during 2017, consisting of 104 underground, eight surface and three geotechnical core holes.
Highlights of the recent drilling results include:
- U17-1319: 85.50 meters averaging 1.24 g/t Au, including 12.00 meters averaging 3.73 g/t in down-dip JW/Smit step-out
- U17-1323: 25.00 meters averaging 13.67 g/t Au and 30.91 g/t Au, including 3.00 meters averaging 69.03 g/t Au and 45.33 g/t Au (uncapped) in AV Zone infill
- U17-1324: 3.78 meters averaging 38.27 g/t Au and 59.39 g/t Ag in JW Zone up-dip step-out
- U17-1325: 11.50 meters averaging 12.71 g/t Au and 9.58 g/t Ag in Marc zone infill
- U17-1326: 85.21 meters averaging 1.89 g/t Au and 13.69 g/t Ag, including 2.0 meters of 12.89 g/t Au and 110.95 g/t Ag in 141 Zone metallurgical drill hole
- U17-1330: 1.60 meters averaging 17.09 g/t Au and 5.28 g/t Ag in JW zone down-dip step-out
“Our 2017 drill program at Red Mountain was successful in expanding the known extents of all mineralized zones up and down-dip from current reserves and remains open in multiple directions,” said Rob McLeod, President and CEO of IDM Mining Ltd. “Additionally, we continue to advance through the 180-day Application Review phase of the provincial environmental assessment process, including recent open houses in northwest BC communities. Finally, our engineering and mining team continues to progress the pre-development design required for Mines Act permitting and a potential construction decision in 2018.”
Marc, Marc Tail and Marc FW Zones
Step-out holes were completed proximal to the near-surface, high-grade Marc Zone Reserves, targeting extensions to the west, and a footwall zone. U17-1328 and 1329 were westerly step-outs on section 1300N, testing a potential extension to a moderately-dipping tail zone. U17-1328 intersected 6.46 meters averaging 4.85 g/t Au and 6.24 g/t Ag, with U17-1329 returning 1.00 meter averaging 4.73 g/t Au and 12.90 g/t Ag. U17-1325 was drilled to the east from the same setup, targeting a parallel footwall lens. Within the Marc Zone, this hole returned 11.50 meters averaging 12.71 g/t Au and 9.58 g/t Ag as an infill intercept, and 6.0 meters of 2.12 g/t Au and 2.46 g/t Ag within the footwall lens.
AV, JW and Smit Zones
Two holes targeted the AV zone. U17-1323 was an infill drill hole and encountered a stronger zone of mineralization than expected, with 25.00 meters averaging 13.67 g/t Au (10.82 g/t Au capped) and 30.91 g/t Ag, including 3.00 meters 69.03 g/t Au (45.33 g/t Au capped) and 45.60 g/t Ag. U17-1322 was drilled further updip from the AV Zone, confirmed the location and subhorizontal orientation of syn-mineralization Goldslide porphyry sill, which controls the wide, high-grade mineralization core of the AV and JW Zones; no-significant assays were returned.
Five step-out holes targeted up and down-dip extensions at the JW Zone. U17-1324 is an up-dip and stepout from current reserves and resources, and is the northernmost high-grade intercept of this zone. This hole intersected 3.78 meters averaging 38.27 g/t Au (24.83 g/t Au capped) and 59.39 g/t Ag, including 1.23 meters averaging 96.30 g/t Au (55.00 g/t Au capped) and 28.50 g/t Ag. Located on 1650N, a strike-slip fault zone (Mardy Fault) cuts-off the JW Zone, offset to the SF Zone to the north. Due to the lack of reliable geologic marker units, the strike extension to the wide, high-grade mineralization that comprises the bulk of JW and AV zone reserves, has not yet been discovered through drilling at the SF Zone. Future drilling will explore for this important northerly strike extension.
Multiple down-dip step-outs encountered gold mineralization along the northern limits to the JW Zone. U17-1319 is a significant down-dip and northerly extension to the JW/Smit Zone transition area. This area, similar to the 141 Zone located further south, is typified by wide areas of disseminated gold mineralization. This hole intersected 85.50 meters averaging 1.24 g/t Au, including 12.0 meters averaging 3.73 g/t Au. True width is estimated to be 70% of drilled length; this strong zone remains open to the west and north, with further underground development required to adequately step-out drill from this area. U17-1318 and 1320 also encountered disseminated gold with higher grade intervals in this area.
SF and Bray Zones
The major mineralized zones at Red Mountain are separated by wide spaced faults. During 2017, IDM has drilled encouraging gold mineralization within the SF Zone, located within a fault block to the north of the JW Zone. There are currently no reserves and resources within the SF Zone. Results from five additional drill holes are reported; wide intervals of disseminated gold mineralization (0.2 to 1.0 g/t Au) were returned in all holes, suggesting a significant intrusive-related hydrothermal system. This style of mineralization is similar to the 141/Smit zone areas, with potential shallowing dipping to horizontal higher-grade zones. U17-1314 returned 26.52 meters averaging 1.02 g/t Au, including 1.50 meters averaging 4.03 g/t Au. On the same section 1700N, U17-1315 intersected 2.15 meters averaging 7.48 g/t Au. On section 1775N, U17-1321 intersected 2.23 meters averaging 7.59 g/t Au. U17-1316 and 1317 returned narrower 1.0 to 2.0 g/t Au intervals.
Future drilling at the SF and Bray Zones will explore for the wide, high-grade JW/AV faulted extension north of the Mardy Fault. Geologic controls, including strongly brecciated contacts between sedimentary/volcanic rocks with the Hillside porphyry, proximal to the Goldslide porphyry cap-rock will be targeted.
A single underground hole was completed to collect core for additional metallurgical test work from the 141 Zone. U17-1326 intersected multiple wide intervals over 1.0 g/t Au, including 13.0 meters averaging 1.71 g/t Au and 3.54 g/t Ag as well as 85.21 meters averaging 1.89 g/t Au and 13.69 g/t Ag. Higher-grade intervals such as 2.0 meters averaging 12.89 g/t Au and 110.95 g/t Ag were encountered within the wide interval. Due to the subhorizontal orientation of the 141 Zone and distance from the underground workings, this hole was drilled at a shallowly oblique angle to the deposit with the intent of collecting the maximum amount of core for further metallurgical testwork and process optimization.
Located approximately 250 to 400 meters to the west of the Marc Zone, the 141 Zone hosts reserves and resources; it is open for expansion to the north and to the surface outcropping to the south, as well as to depth. Mineralization is interpreted to be comprised of subhorizontal high grade zones within an extensive, disseminated gold system associated with a complex network of intensely altered intrusive sills, breccias, sediments and potential volcanics. Due to this orientation, the 141 Zone is challenging to properly drill from the current underground workings and steep topography limits the areas that can be safely drilled from surface.
Complete underground drill results from the final 2017 drill holes are as follows:
|Hole-ID||Zone||Section||From (m)||To (m)||Length (m)*||Au (g/t)||Ag (g/t)||Au (g/t)**|
|U17-1322||AV||1475N||No Significant Intercepts|
|U17-1327||JW||1650N||No Significant Intercepts|
|U17-1332||JW||1625N||No Significant Intercepts|
* True widths are estimated to be between 70% and 100% of drilled interval; U17-1326 shallowly oblique to subhorizontal zone to collect core for metallurgical test work
** Raw assays are capped at 55.0 g/t Au
Drill hole collar information and location maps, core photos along with plan views, cross-sections and longitudinal sections can be viewed, or will be available shortly 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 Project is currently in the formal review phase from the BC Environmental Assessment Office and the Canadian Environmental Assessment Agency.
Red Mountain is an intrusive-related hydrothermal gold system, located in the Stikine terrain. Gold mineralization is associated with, and partially hosted within an early Jurassic multi-phase intrusive complex, with associated volcanic and volcaniclastic rocks and sediments. Many gold mineralized zones occur on the property, including four mineralized zones with established reserves. 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 mineralization is dominantly free milling native gold and electrum with local gold-silver tellurides; the zones are associated with stockwork, 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 2017 exploration program were 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, was 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 bulk-mineable Red Mountain gold project.
ON BEHALF OF THE BOARD
of IDM Mining Ltd.
President, CEO and Director
|For more information, contact:|
|Shobana Thaya||Alex Horsley|
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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.