VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 22, 2016) - IDM Mining Ltd. (TSX VENTURE: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.
Highlights from the recent underground infill and step-out drill results (capped) include:
- U16-1201: 6.80 meters true width at 18.70 g/t Au and 66.85 g/t Ag; JW Zone infill
- U16-1203: 10.39 meters true width at 4.94 g/t Au and 8.27 g/t Ag; JW Zone down dip step-out
- U16-1210: 8.02 meters true width at 6.40 g/t Au and 7.42 g/t Ag; new JW HW zone
- U16-1212: 7.67 meters true width at 5.64 g/t Au and 2.08 g/t Ag; JW Zone down dip step-out
- U16-1216: 13.19 meters true width at 15.22 g/t Au and 49.85 g/t Ag; AV Zone infill and metallurgical hole
This batch of drill results are primarily from the JW Zone. Infill holes were targeted to potentially upgrade areas of inferred resource classification to a higher confidence level, as well as to expand the mineralized zone down-dip. Assays from an additional 15 drill holes are currently pending from the 2016 underground drilling program at Red Mountain.
"These results have been successful in identifying a new zone in the hangingwall to the JW zone and demonstrate that mineralization remains open for expansion down-dip," said Robert McLeod, President and CEO of IDM Mining. "Additionally, infill drilling continues to demonstrate continuity of the robust gold grade and structure for the AV and JW zones."
U16-1210 confirmed a new zone approximately 50 meters to the west, in the hangingwall from the JW zone, which correlates with historic intervals in drill holes on section 1600N and on adjacent sections. This hole intersected 8.02 meters true width averaging 6.40 g/t Au and 7.42 g/t Ag. Assays for the lower part of the hole targeting the main JW zone, are still pending.
Drill holes U16-1203 and 1212 were down-dip step-outs from the current JW zone resource, intersecting 10.39 meters averaging 4.94 g/t Au and 7.67 meters true width averaging 5.64 g/t Au respectively. Hole U16-1201 is an infill hole that targeted current inferred resources, and intersected a capped interval of 6.80 meters true width averaging 18.70 g/t Au and 66.85 g/t Ag. A high-grade interval of 1.70 meters averaging 60.95 g/t Au and 459.50 g/t Ag was capped in this composite. Drill holes U16-1206 to 1209 and U16-1211 were also infill drill holes in the JW Zone.
U16-1216 was an infill drill hole targeting the AV Zone, as well as to collect material for metallurgical and geotechnical testing being used in the Feasibility Study for Red Mountain that is currently being prepared. A robust interval of 13.19 meters true width averaging 15.22 g/t Au and 49.85 g/t Ag was intersected. A high-grade interval of 1.92 meters averaging 123.91 g/t Au and 184.61 g/t Ag was capped in this composite.
The Company is restating drill hole U16-1205 (see IDM Mining News Release dated November 1st, 2016). A one meter assay, which previously returned trace gold due to a laboratory error, was reanalyzed, returning 20.4 g/t Au. The revised intercept is 36.0 meters true width averaging 6.84 g/t Au and 33.70 g/t Ag, including 9.99 meters averaging 18.29 g/t Au and 64.37 g/t Ag. This hole is an infill and metallurgical hole from the AV zone.
Complete results are as follows:
|Hole-ID||Section||From||To||Length||True||Au (g/t)||Ag (g/t)||Au (g/t)||Ag (g/t)|
|* Previously released drill hole U16-1205 returned an updated assay, previously trace gold over a 1.0 meter internal sample within the interval. A check value returned 20.4 g/t Au.|
|** 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 and gold dore produced on site. 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.
|Classification||Tonnage||Au (g/t)||Ag (g/t)||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.
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.
IDM Mining Ltd.
President, CEO and Director