IDM Mining to commence resource expansion underground drilling at Red Mountain Gold Project and appoints project and mine managers
IDM Mining Ltd. (TSX VENTURE:IDM) ("IDM" or the "Company") is pleased to announce that crews have mobilized to its Red Mountain Project near Stewart, B.C. to initiate its spring 2017 phase I underground drilling program ("Phase l"). Additionally, the Company has appointed Natalie King as Project Manager and David Green as Mine Manager for the Red Mountain Project.
The objective of the Phase I program is to expand mineralization to the north of the JW zone, following up on wide and high-grade historic intercepts. Additionally, drilling will step-out both up-dip and down-dip from the AV and JW Zones, where mineralization can be traced for hundreds of meters from 2016 and historic drill intercepts, often with stacked, gently dipping mineralized zones. Phase I will consist of 8,000 meters of core drilling in approximately 35 holes, using two underground diamond drills, collared from the production-sized underground decline.
"Our 2016 drilling program was successful in expanding mineralization in all of the major mineralized zones," said Rob McLeod, CEO of IDM Mining. "The current strike length of resources within the Marc, AV and JW Zones is 600 meters, with historic drilling intersecting gold mineralization for a further 800 meters to the north. Our 2017 drilling will prioritize resource expansion to the north, up-dip and down-dip of our current resources. Also, we are pleased to have Natalie King and David Green's experience and leadership as we continue to advance the Red Mountain Project."
2017 Phase I Drill Targets
The majority of current resources at Red Mountain are hosted within three zones: Marc, AV and JW, each separated by post-mineralization faults. Located north of a fault bounding the JW zone, the SF Zone has received only minor, wide-spaced drilling and does not currently host any resources. Historic drill intercepts (drilled length) include:
- U94-1149: 7.68 g/t Au over 8.0m and 5.76 g/t Au over 9.0m, 100 meters north of JW zone
- R96-228: 8.30 g/t Au over 3.0, 4.01 g/t over 10.5m, and 4.96 g/t over 7.3m, 200 meters north of JW Zone
- R96-247: 8.39 g/t over 3.0m and 16.11 g/t Au over 5.01 meters, 275 meters north of JW Zone
Initial drilling will step out on 25 to 50 meter centers from these historic intercepts, covering approximately 300 meters of strike length north of current resources.
A longitudinal section showing historic SF zone intercepts is available at www.idmmining.com.
AV and JW Zones Up-dip
Limited drilling has occurred up-dip of resources in the AV and JW Zone area. 2017 drilling will step out from isolated, historic intercepts, of strong gold and silver mineralization along a porphyry/sediment contact. M93-132 intersected 4.30 meters averaging 19.12 g/t Au and 526.3 g/t Ag, approximately 150 meters up-dip of the JW Zone, and 300 meters below surface. M94-174 intersected 1.0 meter averaging 26.2 Au and 182.4 g/t Au in the same area. 2017 drilling will step-out from these encouraging intercepts
AV and JW Zones Down-dip
Down-dip areas of the AV and JW zones are open for expansion over the majority of the zones' strike length. Resource expansion holes on 25 meter centers, as well as more aggressive exploration holes targeting further down-dip will be completed. Open-ended intercepts include:
- U16-1203: 10.39 meters true width at 4.94 g/t Au; JW Zone down dip step-out
- U16-1218: 6.49 meters true width at 21.36 g/t Au; AV Zone down-dip step-out
- U16-1221: 2.43 meters true width at 11.03 g/t Au and 5.40 meters true width at 10.56 g/t Au; JW Zone down dip step-out
Natalie King, Project Manager
Ms. King has over 10 years of geological experience ranging from grass-roots exploration to advanced project management, in a variety of geological environments throughout North America. She was an integral part of the Underworld Resource's discovery team at the White Gold Project in Yukon, and has worked for a variety of major and junior companies throughout her career. She has been involved with IDM and the Red Mountain Project since 2014.
David Green, Mine Manager
Mr. Green is considered one of the top development and production miners in northwestern Canada. Based in Stewart B.C., he has several decades of underground experience throughout the north and around the world, primarily for Procon Mining. Recent experience includes: several years at Pretium's nearby Brucejack Project, located northwest of Red Mountain. His reputation for an emphasis on Safety and Productivity has enabled him to attract a top-tier team of miners and support crews working under his leadership.
The Red Mountain Gold Project
The 17,125 hectare Red Mountain Gold Project is located in northwestern BC, 15km northeast of the town of Stewart. IDM is currently completing a feasibility study for a high-grade, underground gold-silver mine. Infrastructure, including grid power is located nearby. Additionally, the project is in the Provincial and Federal Environmental Assessment process, including active consultation with the 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. The mineralized zones have been folded, and are often separated by dip-slip fault zones. They 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 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.
Rob McLeod, P.Geo, President and CEO of IDM Mining Ltd. and a 'Qualified Person' under NI 43-101 has reviewed and approved the technical content of this release.
About IDM Mining Ltd.
IDM Mining Ltd. is mineral exploration and development company (TSX VENTURE:IDM) 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 project. Further information can be found on the Company's website at www.IDMmining.com.
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.