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IDM Mining
Advancing towards Production in BC’s Golden Triangle
Overview
IDM Mining (TSXV:IDM, OTCQB:IDMMF) is a Canadian advanced exploration and development company based in Vancouver, British Columbia. Their 17,125-hectare Red Mountain Gold Project is located 15 kilometers east of the mining town of Stewart, British Columbia, within the Nisga’a Nation’s treaty territory. The project also falls within British Columbia’s prolific Golden Triangle, an area that has faced a recent resurgence in exploration due to significant new discoveries, new mines, increased infrastructure and receding glaciers revealing new mineral occurrences. Since 2015, two projects within the Golden Triangle have gone into commercial production, Imperial Metals’ Red Chris copper/gold mine and Pretivm’s Brucejack high-grade gold mine. IDM Mining is set to become one of the Golden Triangle’s next high-grade, low-cost gold producer.
In 2014, IDM acquired the Red Mountain project from Seabridge Gold (TSX:SEA). Since then, the Company has been conducting extensive exploration work on the property. The project hosts a 2018 NI 43-101 measured and indicated resource of 704,600 ounces of gold averaging 7.91 g/t gold and 2,026,800 ounces of silver averaging 22.75 g/t silver. This is complemented by an inferred resource of 61,400 ounces of gold averaging 6.04 g/t gold and 77,200 ounces of silver averaging 7.60 g/t silver.
In 2017, IDM released a feasibility study for the Red Mountain project which confirmed the positive economics for a near-term, low Capex, high-grade, bulk mineable underground gold operation. IDM intends to update the 2017 feasibility study incorporating the 2018 updated resource estimate into the mine plan, as well as engineering optimization work. The project was granted its environmental assessment (EA) certificate by the British Columbia Minister of Environment and Climate Change Strategy and the Minister of Energy, Mines and Petroleum Resources on October 5, 2018.
“This is a significant step for the Company and the realization of the potential of the Red Mountain gold project. With the successful completion of a rigorous process in a timely way, we have demonstrated the value and validity of our approach to project permitting, community engagement and project development” said IDM Chairman Michael McPhie.
Working within the Nisga’a Nation, IDM has been closely engaging with their government with the objective of a definitive Benefits Agreement. Since 2017, the Company and its contractors have provided over 1,600 person days and on-the-job training for Nisga’a citizens. They are being trained in all areas of mining—both in the field, including: miners, drillers and diesel mechanics, and in the Company’s head office in Vancouver.
IDM’s management team has experience in discovery, exploration, development, operations and M&A. McLeod, for instance, is a third-generation miner who grew up in Stewart and worked on Red Mountain when he first started his career. Management team members Michael McPhie, Susan Neale and Ryan Weymark collectively bring a vast amount of experience in permit applications, small and large-scale project development and a commitment to ensuring that the project is successful. The Red Mountain mine manager, Dave Green, is also a provincially respected and experienced development miner, and he contributes to the project’s success by running an efficient and effective operation.
Company Highlights
- Flagship Red Mountain Gold Project located in British Columbia’s Golden Triangle.
- Environmental assessment certificate issued for the Red Mountain project by British Columbia provincial government.
- High-grade, low-cost project with potential for additional deposits to be discovered due to receding glaciers.
- Expected start of production in 2021.
- Measured and indicated resource estimate of 704,600 ounces of gold averaging 7.91g/t gold and 2.0 million ounces of silver averaging 22.75 g/t silver; inferred resource of 61,400 ounces of gold averaging 6.04 g/t gold and 61,400 ounces of silver averaging 7.60 g/t silver.
- Excellent relations with and support from the Nisga’a Nation.
- Experienced management team with members who have worked or lived in the area for years.
Interactive Chart
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