IDM Mining Ltd.
TSX : IDM

IDM Mining Ltd.

December 01, 2014 09:00 ET

IDM Mining Exploration Drilling Discovers Two New High Grade Gold Zones at the Red Mountain Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 1, 2014) - IDM Mining Ltd. (TSX:IDM) ("IDM" or the "Company") is pleased to announce that it has received final assay results from exploration and step-out drilling at its Red Mountain Gold Project ("Red Mountain" or the "Project"), located 15 kilometers northeast of Stewart, British Columbia.

During September and October of 2014, a total of twelve diamond drill holes were completed at Red Mountain, primarily focused on exploration targets outside of the current resource area. In addition to previously announced results from the 141 Zone (see IDM News Release November 13, 2014), assays results were received from an updip step-out hole from the JW Zone, and gold mineralization was discovered with initial drilling at the new Marc Zone Extension and Cambria zones. Results of these assays are reported below.

"These drill results are indicative of the significant exploration potential for high-grade gold mineralization at Red Mountain," said Robert McLeod, President and CEO of IDM Mining. "With a development plan in place and the permitting and consultation process underway for a near-term, high-grade underground gold mine, further exploration success could greatly enhance project economics."

Step-out drill hole MC14-005 intersected 9.35 meters true width averaging 6.59 g/t Au, including a 1.70 meter interval of 20.0 g/t Au. This is located approximately 15 meters updip from the JW Zone, the third of a series of en-echelon zones comprise the Resource Area at Red Mountain. The JW zone hosts an inferred resource in compliance with NI 43-101 of 331,100 tonnes averaging 7.67 g/t Au for 81,600 ounces and is open for expansion. Underground drilling is planned for the spring of 2015 at the JW Zone to upgrade the inferred resource to measured and indicated categories. Drill hole MC14-004 was incorrectly oriented at the collar, however intersected the down-dip tail of the JW zone, with 1.0 meter true width averaging 9.54 g/t Au.

Two new zones were discovered through drilling during the 2014 season. Located near the underground decline, the Marc Zone Extension is a historic prospect with high-grade gold from surface trenching. Previous operators placed development rock from underground development over top of this prospect; drilling by IDM at the edge of the waste rock pad collared into gold mineralization, with MCEX14-01 intersecting 5.50 meters averaging 6.16 g/t Au including 2.0 meters averaging 12.92 g/t Au. A second, steeper hole from the same drill pad MCEX14-02 intersected 4.90 meters averaging 1.69 g/t Au. These two intercepts suggest a potential northerly dip to the mineralized zone. Due to the Marc Zone Extensions' close proximity to existing works, this is a priority follow-up area for future drilling.

Five drill holes were completed in the Cambria zone. Significant new areas of massive and semi-massive sulphide were identified during the 2014 field season (see IDM News Release Sept 24, 2014). These are newly exposed areas of surface mineralization that were uncovered due to glacial retreat over the past 20 years. The Cambria zone is located 500 meters southeast and on trend with the Marc-AV-JW resource area. Similar to the Marc zone, the Cambria zone hosts a large area of centimeter to several meters wide gold-bearing massive pyrite stockworks and veins. Cut-saw channel samples averaged 10.94 g/t Au over 8.13 meters and 20.31 g/t over 3.40 meters, with mineralization continuing under overburden. Located 150 and meters north of Uxlox within a contiguous north-striking structure, the Wyy Lo'oop Zone is another recently exposed outcropping of massive sulphides. A 3.94 meter long channel sample of massive and semi-massive mineralization assayed 10.6 g/t Au.

Drilling tested 200 meters of strike length, encountering stockwork of massive pyrite and pyrrhotite veins. Discovery drill hole CB14-01 intersected 4.39 meters true width averaging 5.67 g/t Au including 0.93 meters true width averaging 13.50 g/t Au starting at 41.3 meters downhole. Other holes intersected strong sulphide mineralization and anomalous gold values, with the Cambria structure wide open for expansion.

Complete assays results are as follows:

Hole-ID From (m) To (m) Length (m) True width (m) Au (g/t)
MC14-004 421.00 428.00 7.00 7.00 2.38
Including 421.00 422.00 1.00 1.00 9.54
MC14-005 400.00 411.00 11.00 9.35 6.59
Including 404.00 406.00 2.00 1.70 20.00
MCEX-01 1.50 7.00 5.50 unknown 6.16
Including 5.00 7.00 2.00 unknown 12.92
MCEX-02 0.55 5.45 4.90 unknown 1.69
CB14-01 41.30 47.00 5.70 4.39 5.67
Including 41.30 42.51 1.21 0.93 13.50
CB14-02 No significant Assays
CB14-03 30.95 31.80 0.90 0.69 1.88
34.50 36.00 1.50 1.16 1.56
CB14-04 32.50 40.38 7.88 5.52 0.99
CB14-05 17.50 19.00 1.50 1.16 1.49

Drill hole location maps and drill collar information is available at www.idmmining.com.

ABOUT RED MOUNTAIN

IDM is currently earning into an option to acquire a 100% interest in the 17,125 hectare Red Mountain property, located 15 kilometers northeast of Stewart, BC. Numerous precious and base metal targets have been identified by IDM and previous operators over a fifteen by four kilometer trend of strong alteration and mineralized prospects. Since discovery in 1989, over $40 million has been spent on the Property including: a production-sized underground decline.

The Company has entered the permitting process for an underground gold mine and has recently submitted a Project Description Report to the British Columbia Environment Assessment Office which initiated the BC environmental assessment process.

IDM recently announced positive results from a NI 43-101 PEA and revised Resource Estimate completed by JDS Energy & Mining Ltd. for the Red Mountain project (see IDM news release dated July 23, 2014). A technical report prepared in compliance with the requirements of the Canadian Securities Administrators' NI 43-101 has been filed on SEDAR and the Company's website.

At a 3.0 g/t Au cutoff, Measured and Indicated Resources from the Marc and AV Zones at Red Mountain are 1,454,300 tonnes averaging 8.15 g/t Au and 29.57 g/t Ag totaling 380,900 oz Au and 1,382,800 oz Ag. Inferred Resources from the Marc, AV and JW Zones are 332,900 tonnes averaging 7.69 g/t Au and 12.72 g/t Ag totaling 82,300 oz Au and 136,200 oz Ag.

QA/QC

The 2014 exploration program at Red Mountain includes a rigorous Quality Control/Quality Assurance program, overseen by Rob McLeod, P.Geo, President and CEO of IDM, a Qualified Person as defined by NI 43-101. Drill cores were logged and cut in-half using a diamond saw, with one half placed in sealed bags and shipped to Acme Analytical Labs' sample preparation facility in Smithers, BC, with pulps subsequently shipped to Acme's Lab in Vancouver, BC. 10% of all samples submitted include randomly inserted blank material or multiple quality control standards. An additional 10% of samples will be shipped to a third party analytical lab. Mr. McLeod has prepared and approved the technical information contained within this release.

ABOUT IDM MINING LTD.

IDM Mining Ltd. is mineral exploration company (TSX:IDM) based in Vancouver, BC, Canada. The Company's current exploration activities are focused on precious metals in British Columbia and the Carolina Slate Belt, USA. Further information can be found on the Company's website at www.IDMmining.com.

ON BEHALF OF THE BOARD of IDM Mining Ltd.

Robert McLeod, President, CEO and Director

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 proposed exploration and development activities and their timing, resource estimates and potential mineralization, the PEA, including estimates of capital and sustaining costs, anticipated internal rates of return, mine production, estimated recoveries, mine life, estimated payback period and net present values, opportunities to enhance the value of the Red Mountain Project and other plans and objectives of IDM. 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, 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 approvals, 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.

Contact Information

  • IDM Mining Ltd.
    Robert McLeod
    604-681-5672 direct
    604-617-0616 cell
    rm@idmmining.com