VANCOUVER, British Columbia, Oct. 26, 2017 (GLOBE NEWSWIRE) -- IDM Mining Ltd. (IDM.V) (IDMMF) (“IDM” or the “Company”) is pleased to announce continued drilling success at the Red Mountain Gold Project (“Red Mountain” or the “Project”), located 15 km east of Stewart, BC. The Company received assays for an additional 17 underground resource expansion and exploration core holes targeting the Marc, Marc Footwall, NK, AV, JW, and SF Zones, as well as the newly identified ‘Bray Zone.’ Additionally, results were received from eight surface core holes targeting the 141, NK and new ‘Chicka Zone.’
These results are from the 2017 surface and underground resource expansion, infill and exploration drilling program. Drilling was recently completed, and the underground workings and surface facilities are currently being winterized at Red Mountain. Assays are pending for an additional 20 underground drill holes. A total of 29,312 meters were completed during 2017, consisting of 104 underground, eight surface and three geotechnical core holes.
Rob McLeod, IDM’s President and CEO, commented: “Our 2017 drill program continues to be successful with systematic step outs from current reserves in the Marc, AV and JW zones and resources in the NK and 141 zones, with the objective of expanding the potential mine life of Red Mountain. Additionally, the exploration drilling has identified an extensive disseminated gold system within the newly identified Bray Zone, over 300 meters north of our reserves and resources, as well as in the near-surface, high-grade Chicka zone.”
Highlights of the recent results include:
- AV Zone: U17-1299 intersected 5.50 meters averaging 6.45 g/t Au, down-dip stepout
- NK Zone: U17-1304 intersected 7.00 meters averaging 7.71 g/t Au, northerly stepout
- Marc Zone: U17-1305 intersected 2.75 meters averaging 10.11 g/t Au down-dip stepout
- Bray Zone: U17-1308 intersected 2.63 meters averaging 6.34 g/t Au over 300m north of current reserves and resources, within a long disseminated gold interval
- JW Zone: U17-1309 intersected 17.25 meters averaging 7.19 g/t Au and 51.67 g/t Ag, up-dip stepout
- 141 Zone: MC17-11 intersected 55.50 meters averaging 1.03 g/t Au, southerly stepout
- Chicka Zone: MC17-18 intersected 3.0 meters averaging 15.03 g/t Au in newly identified zone
Marc, Marc FW, NK and Chicka Zones
Multiple holes were completed proximal to the near-surface, high-grade Marc Zone Reserves. U17-1301 was a southerly stepout, intersecting 1.50 meters averaging 7.48 g/t Au and 57.20 g/t Ag. U17-1305 to 1307 targeted down-dip tail extensions, and footwall lenses to the main Marc Zone orebody. The NK zone hosts tabular, subhorizontal section of massive to disseminated pyrite mineralization, along a sediment-intrusive contact. Located below the Marc Zone, it is not currently in the proposed mine plan envisioned in the 2017 Feasibility Study. U17-1301 to 1304 and MC17-17 tested this zone, highlighted by U17-1304 which intersected 7.00 meters averaging 7.71 g/t Au. Surface hole MC17-17 encountered 22.33 meters of strong pyrite mineralization, including multiple lenses of over one meter thick massive sulphide. This interval averaged 1.53 g/t Au; despite lower grade gold, the Company is encouraged by the strength of alteration and abundant pyrite and sphalerite halo, typical of the Marc Zone. The NK zone is cut off by a property-scale fault to the south, and bound by a syn-mineralization intrusive to the east.
The Chicka Zone was identified by MC17-18, which encountered 3.0 meters averaging 15.03 g/t Au. Combined with intercepts in peripheral drill holes targeting the nearby Marc Zone, this newly recognized high-grade structure is subvertical, ranges from one to three meters in thickness and strikes to the northeast, in contrast to the north striking, westerly dipping Marc, AV and JW Zones. There are currently no reserves or resources hosted in the Chicka zone.
AV and JW Zones
Results were received from four down-dip stepouts on 25 meter spaced centers at the AV Zone, drilled proximal to the southerly-bounding Rick Fault. Intercepts include: U17-1299 which intersected 5.50 meters averaging 6.45 g/t Au.
Assays were received from three holes that targeted the JW Zone. U17-1309 was a 25 meter-spaced up-dip stepout, returning a broad interval of 17.25 meters averaging 7.19 g/t Au and 51.67 g/t Ag. This drilled interval is estimated to be 80-90% of true width. U17-1310 and 1311 hit the down-dip projection of the JW Zone, with decent intervals of over 1 g/t Au.
SF and Bray Zones
The major mineralized zones at Red Mountain are separated by wide spaced faults. During 2017, IDM has drilled encouraging gold mineralization within the SF Zone, located within a fault block to the north of the JW Zone. There are currently no reserves and resources within the SF Zone. Drill holes U17-1308 and 1312 are the longest and most northerly underground holes completed by the Company, and were stepouts from isolated historic intercepts completed in 1994 and 1996. These holes identified a fifth fault block, which has been named the Bray Zone. Both U17-1308 and 1312 intersected extensive areas of disseminated gold mineralization. U17-1308, encountered 156.20 meters averaging 0.69 g/t Au including 2.63 meters averaging 6.34 g/t Au and 1.0 meters averaging 5.67 g/t Au. Uphole of this interval, 4.0 meters averaging 4.03 g/t Au was returned. This hole ended at 811.5 meters depth, still in strongly anomalous mineralization. Several hundred meters updip and to the east, U17-1312 hit strong pyrite mineralization associated with a brecciated intrusive/sediment contact, with 38.66 meters averaging 1.52 g/t Au. The Company is highly encouraged with the strength of the hydrothermal system and strongly anomalous gold grades, over 300 meters to the north of and to-depth from current resources.
The Bray Zone is named in honor of exploration geologist and former program manager: Adrian Bray. He contributed to the original discoveries at Red Mountain by Bond Gold and Lac Minerals, and later compilation efforts by North American Metals.
141 Zone
The 141 Zone, which hosts reserves and resources, and is located approximately 250 to 400 meters to the west of the Marc Zone. Mineralization is comprised of subhorizontal high grade zones within an extensive, disseminated gold system within a complex network of intensely altered intrusive sills, breccias, sediments and potential volcanics. Due to this orientation, the 141 Zone is challenging to drill from the current underground workings; additionally, steep topography limits the areas that can be safely drilled from surface. During 2017, a fan of six exploration surface core holes were drilled from a single setup on the access road, utilizing an underground drill that permitted drilling at shallow dip angles.
Five of six holes intersected broad areas of disseminated gold mineralization, including MC17-11 which encountered 55.5 meters averaging 1.03 g/t Au, MC17-14 intersected 90 meters averaging 0.75 g/t Au and MC17-16 which intersected 20.1 meters averaging 1.34 g/t Au. Future resource expansion and exploration drilling at the 141 Zone, particularly targeting higher grade sections, would be preferably drilled from proposed new underground workings proximal, undercutting known mineralization.
Complete underground drill results are as follows:
| Hole-ID | Zone | Section | From (m) | To (m) | Length (m)* | Au (g/t) | Ag (g/t) |
| U17-1297 | AV | 1375N | 83.50 | 84.50 | 1.00 | 11.60 | 4.16 |
| | | | 101.00 | 102.00 | 1.00 | 2.99 | 2.00 |
| | | | 162.00 | 163.00 | 1.00 | 2.23 | 0.82 |
| U17-1298 | AV | 1375N | 112.00 | 113.50 | 1.50 | 3.45 | 2.60 |
| | | | 199.50 | 202.00 | 2.50 | 7.06 | 1.80 |
| U17-1299 | AV | 1350N | 32.29 | 33.79 | 1.50 | 9.59 | 9.09 |
| | | | 214.50 | 220.00 | 5.50 | 6.45 | 2.81 |
| U17-1300 | AV | 1350N | 262.50 | 263.50 | 1.00 | 2.73 | 11.95 |
| | | | 304.00 | 305.50 | 1.50 | 2.03 | 2.27 |
| U17-1301 | Marc | 1075N | 39.00 | 40.50 | 1.50 | 7.48 | 57.20 |
| | NK | | 73.00 | 75.00 | 2.00 | 2.24 | 10.57 |
| U17-1302 | NK | 1075N | 105.25 | 108.00 | 2.75 | 12.18 | 7.44 |
| U17-1303 | NK | 1100N | No significant assays | | |
| U17-1304 | NK | 1100N | 97.00 | 104.00 | 7.00 | 7.71 | 10.07 |
| U17-1305 | Marc | 1100N | 45.00 | 46.50 | 1.50 | 6.23 | 43.40 |
| | | | 55.00 | 57.75 | 2.75 | 10.11 | 11.52 |
| U17-1306 | Marc FW | 1175N | 124.25 | 129.00 | 4.75 | 4.69 | 0.89 |
| | | | 136.93 | 138.36 | 1.43 | 6.64 | 7.73 |
| U17-1307 | Marc | 1200N | 65.50 | 67.00 | 1.50 | 8.10 | 1.49 |
| | Marc FW | | 139.00 | 141.00 | 2.00 | 6.53 | 3.73 |
| | Marc FW | | 174.00 | 175.00 | 1.00 | 4.12 | 2.43 |
| U17-1308 | Bray | | 569.00 | 573.00 | 4.00 | 4.03 | 1.44 |
| | | | 655.30 | 811.50 | 156.20 | 0.69 | 1.64 |
| including | | | 655.30 | 657.93 | 2.63 | 6.34 | 11.18 |
| and | | | 696.00 | 697.00 | 1.00 | 5.67 | 7.46 |
| and | | | 758.00 | 759.00 | 1.00 | 4.00 | 6.36 |
| U17-1309 | JW | 1575N | 172.75 | 190.00 | 17.25 | 7.19 | 51.67 |
| including | | | 189.00 | 190.00 | 1.00 | 39.30 | 178.00 |
| U17-1310 | JW | 1575N | 190.19 | 193.50 | 3.31 | 2.25 | 3.41 |
| U17-1311 | JW | 1575N | 266.50 | 276.00 | 9.50 | 1.21 | 0.60 |
| U17-1312 | Bray | | 646.34 | 685.00 | 38.66 | 1.52 | 2.23 |
| U17-1313 | SF | | No significant intercepts | | |
* True widths are estimated to be between 70% and 100% of drilled interval
Complete surface drill Results are as follows:
| Hole-ID | Zone | Section | From (m) | To (m) | Length (m)* | Au (g/t) | Ag (g/t) |
| MC17-11 | 141 | 1150N | 88.00 | 143.50 | 55.50 | 1.03 | 1.10 |
| MC17-12 | 141 | 1175N | 22.50 | 83.05 | 60.55 | 0.83 | 0.68 |
| including | | | 80.50 | 82.00 | 1.50 | 7.43 | 0.90 |
| MC17-13 | 141 | 1200N | No significant intercepts | | |
| MC17-14 | 141 | 1225N | 138.00 | 228.00 | 90.00 | 0.75 | 0.65 |
| MC17-15 | 141 | 1225N | 77.29 | 87.00 | 9.71 | 2.25 | 0.86 |
| MC17-16 | 141 | 1225N | 36.00 | 88.11 | 52.11 | 0.87 | 0.82 |
| including | | | 68.00 | 88.11 | 20.11 | 1.34 | 0.51 |
| MC17-17 | NK | 1050N | 122.00 | 144.33 | 22.33 | 1.53 | 4.23 |
| including | | | 122.00 | 129.57 | 7.57 | 2.18 | 5.68 |
| MC17-18 | Chicka | 1150N | 87.00 | 90.00 | 3.00 | 15.03 | 1.55 |
*141 Zone true thicknesses are not known; NK and Chicka estimated between 80 and 100% of drilled length
Drill hole collar information and location maps, core photos along with plan views, cross-sections and longitudinal sections can be viewed, or will be available shortly 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 recently announced the results of a Feasibility Study for a high-grade, underground gold mine, which includes primarily bulk underground mining methods and the production of gold doré on site. The Project is advancing through the provincial and federal environmental assessment processes, with comprehensive, thorough, and ongoing consultation with Nisga’a Nation. The Company recently submitted its Project Application and Environmental Impact Statement to regulators and stakeholders.
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 mineralized zones have been folded, and are often separated by dip-slip fault zones. Mineralization can vary in orientation from shallow to steeply dipping and are generally tabular. The Marc, AV and JW Zones range 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.
Additional information, including the Company’s NI 43-101 Technical Reports for the Red Mountain gold project, is available at www.idmmining.com and at www.sedar.com.
QA/QC AND QUALIFIED PERSON
Samples for the 2017 exploration program are cut in-half with a diamond saw, with one-half 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 2017 exploration program at Red Mountain 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, with a primary focus on the high grade underground Red Mountain gold project.
ON BEHALF OF THE BOARD
of IDM Mining Ltd.
“Robert McLeod”
President, CEO and Director
For more information, contact:
Robert McLeod
604-681-5672 direct
604-617-0616 cell
rm@idmmining.com
Investor Relations:
Shobana Thaya
st@idmmining.com
416-807-1009
Alex Horsley
ah@idmmining.com
604-773-7269
“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.