IDM Mining (TSXV:IDM) (“IDM” or the “Company”) is pleased to announce assays from an additional 10 underground core holes completed at the Red Mountain gold project (“Red Mountain” or the “Project”), located 15 km east of Stewart, BC. These results are from the ongoing Phase I drilling program. Highlights from the recent underground drill results (capped) … Continued
Highlights from the recent underground drill results (capped) include:
- U16-1194: 23.13 meters true width at 5.81 g/t Au and 16.11 g/t Ag; AV zone infill and metallurgical hole
- U16-1200: 7.44 meters true width at 12.18 g/t Au and 19.04 g/t Ag; JW zone infill
- U16-1202: 17.81 meters true width at 6.45 g/t Au and 60.70 g/t Ag; JW zone infill and metallurgical hole
- U16-1204: 15.43 meters true width at 10.97 g/t Au and 9.18 g/t Ag; Marc Zone infill and metallurgical hole
- U16-1205: 8.00 meters true width at 20.29 g/t Au and 68.74 g/t Ag; Marc Zone infill and metallurgical hole
This batch of drill results are primarily infill holes to gather data for ongoing Feasibility Study work, including metallurgical, geotechnical and hydrological data, as well as to potentially upgrade inferred and indicated resources to higher categories.
“These results confirm the substantial widths and robust grades at Red Mountain,” said Robert McLeod, President and CEO of IDM Mining. “Our underground drill crews at Red Mountain are currently wrapping up the final resource expansion holes from the 2016 program, with additional assay results to be announced through the remainder of the year, including surface drilling from Lost Valley, 141 and Brad Zones.”
Drill holes U16-1194, and 1196 tested a thick portion of the AV zone, infilling a 50 meter gap between historic holes. Material was also collected for metallurgical testwork and for geotechnical and groundwater hydrology. U16-1194 intersected 23.13 meters true width averaging 5.81 g/t Au and 16.11 g/t Ag, with U16-1196 intersecting 22.0 meters true width averaging 3.05 g/t Au. These holes correlate well with estimated grade and thickness of the AV zone in this area of the deposit. Drill hole U16-1195 tested a gap in the narrower, down dip tail to the AV Zone.
The primary purposes of drill holes U16-1197, 1198 and 1199 were for geotechnical and groundwater hydrology studies; in particular, to confirm the location of a post-mineralization strike-slip fault that separates the AV and JW zones and to assess overall host rock competency.
On section 1550N, drill holes U16-1200 and 1202 targeted inferred resources of the JW zone and to collect material for metallurgical testwork. U16-1200 intersected 7.44 meters true width averaging 12.18 g/t Au and 19.04 g/t Ag including 2.49 meters true width averaging 26.63 g/t Au and 23.48 g/t Ag. Drill hole U16-1202 intersected 17.81 g/t Au averaging 6.45 g/t Au and 60.70 g/t Ag including 3.48 meters true width averaging 12.98 g/t Au and 181.15 g/t Ag. High grade silver was encountered in this intercept, which extends the JW zone further updip from historic intercepts.
Drill holes U16-1204 and 1205 were infill and metallurgical holes targeted the north end of the Marc Zone, adjacent to the fault that offsets mineralization to the AV zone further north. U16-1204 intersected 15.43 meters true width averaging 10.97 g/t Au (capped) and 9.18 g/t Ag; this included 0.80 meters averaging 99.50 g/t Au and 72.30 g/t Ag as well as 1.00 meters averaging 101.50 g/t Au and 24.40 g/t Ag. These high grade gold values were capped to 55.00 g/t Au.
Complete results are as follows:
|* Assays capped at 55.0 g/t Au and 220 g/t Ag|
|** Drilled intervals estimated using approximate 3.0 g/t cut-off for underground mining|
|*** In many intercepts, 10 to 20 cm intervals of whole core were collected for grind and rock mechanical properties tests; these intervals were assigned a zero (0.0 g/t Au and Ag) grade during compositing.|
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 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.
|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.
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 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.