IDM Mining Ltd.
TSX VENTURE : IDM

IDM Mining Ltd.

August 16, 2016 09:00 ET

IDM Mining Intersects 9.24 g/t Au and 49.73 g/t Ag over 20.35 Meters True Width at Red Mountain Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 16, 2016) - IDM Mining Ltd. (TSX VENTURE:IDM) ("IDM" or the "Company") is pleased to announce assays from the first four underground core holes completed at the Red Mountain gold project, located east of Stewart, B.C. These results are the first from the Phase I drilling program, which includes infill and step-out drilling from the current resource, as well as to collect material for metallurgical, geotechnical and hydrological testwork.

The first four holes are from the Marc Zone; highlights include:

  • U16-1177 20.66 meters true width averaging 6.48 g/t Au and 33.58 g/t Ag
  • U16-1178 20.35 meters true width averaging 9.24 g/t Au and 49.73 g/t Ag
  • U16-1179 12.00 meters true width averaging 10.58 g/t Au and 74.63 g/t Ag
  • U16-1182 6.30 meters true width averaging 9.91 g/t Au and 53.52 g/t Ag

"These results confirm the robust widths and gold grades of the Marc Zone," said Robert McLeod, President and CEO of IDM Mining. "Of particular significance is drill hole U16-1182, which is a step-out hole to the south of the current resource. The deposit was previously interpreted to be closed to the south; this intercept suggests that it is open to expansion under the existing production-sized decline."

Drill hole U16-1182 is located on mine grid section 1075N, at the limit of the Marc Zone resource. Two additional holes, drilled as shallower dips, were completed from this section with assays currently pending. Massive and stockwork pyrite veins associated with the gold mineralization were encountered where the Marc Zone may have rolled to steep easterly dip, or may have been offset by a minor fault zone to approximately 30 meters below the underground ramp. Additional drilling during 2016 will step-out to the south from this intercept.

Complete Results are as follows:

Hole-ID Section From To Length True Au
(g/t)
Ag
(g/t)
Au
(g/t)
Ag
(g/t)
(m) (m) (m) Width *uncapped
U16-1177 1125N 31.34 52.00 20.66 20.66 6.48 33.58
including 45.00 48.00 3.00 3.00 22.66 78.53
U16-1178 1150N 30.00 31.00 1.00 1.00 23.4 81.2
40.00 60.35 20.35 20.35 9.24 49.73 9.99 51.65
including 46.00 52.25 6.25 6.25 19.45 78.38 21.9 84.62
U16-1179 1150N 47.00 50.00 3.00 3.00 7.44 12.1
68.00 71.00 3.00 3.00 20.99 22.51
84.00 96.00 12.00 12.00 10.58 54.63
including 87.00 90.00 3.00 3.00 24.88 103.83
U16-1182 1075N 34.00 43.00 9.00 6.30 9.91 53.52
72.00 75.00 3.00 2.10 3.09 4.56

* 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

Drill holes U16-1177 to 79 are HQ-diameter infill holes targeting the Marc Zone, where half of the core has been collected for metallurgical testwork. Additional holes during the 2016 field season will be completed throughout the deposit for detailed metallurgical studies to complement the existing dataset. Cores were also logged for geotechnical information. Mineralization is primarily coarse-grained pyrite pods, veins and disseminations occurring along the contact between the Hillside intrusive, a fine-grained diorite, and sedimentary rocks, surrounded by a pyrrhotite and sphalerite halo.

Drill hole collar information is as follows:

Hole ID Zone Grid
East
Grid
North
Elev. UTM
East
UTM
North
Length
(m)
Azimuth Dip
U16-1177 Marc 5045 1124 1853 456638 6202739 69 270 7
U16-1178 Marc 5045 1124 1850 456619 6202757 63 285 0
U16-1179 Marc 5045 1150 1848 456619 6202757 96 285 -28
U16-1180 Marc 5057 1059 1864 456692 6202701 69 285 -5
U16-1181 Marc 5057 1059 1864 456692 6202701 75 285 -20
U16-1182 Marc 5057 1059 1864 456692 6202701 105 285 -35

Additional drill results with be released as assays are finalized for the ongoing underground rehabilitation and drilling program. IDM will shortly announce an update to the Red Mountain program including surface exploration, permitting, engineering and further plans for the 2016 field season.

About Red Mountain

The 17,125 hectare Red Mountain Gold Project is located in northwestern BC, 15km northeast of the town of Stewart. Discovered in 1989, the property was explored extensively until 1996 by Lac Minerals Ltd. and Royal Oak Mines Inc., with 466 diamond drill holes and over 2,000 meters of underground development completed, along with extensive engineering and environmental baseline work. Additional studies were completed over the past 12 years by Seabridge Gold Inc., North American Metals Corp. and Banks Island Gold Ltd.

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 Project.

Classification Tonnage Au (g/t) Ag (g/t) Oz Au Oz Ag
Measured 847,200 9.38 34 255,400 920,700
Indicated 794,600 7.29 18 186,100 459,100
Measured + Indicated 1,641,800 8.36 26 441,500 1,379,800
Inferred 548,100 6.10 9 107,500 153,700

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 Project is available at www.idmmining.com and at www.sedar.com.

QA/QC AND QUALIFIED PERSON

Samples for the 2016 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 43-10. 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 Project which has entered the BC and Canadian environmental assessment process. 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

"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.

Contact Information

  • IDM Mining Ltd.
    Robert McLeod
    President, CEO and Director
    604-681-5672 direct or 604-617-0616 cell
    rm@idmmining.com