VANCOUVER,
Nov. 27, 2018
/CNW/ - IDM Mining Ltd. (TSX-V:IDM) (OTCQB: IDMMF)("IDM" or
the "Company") is pleased to announce additional trenching and
surface sampling results from Lost Valley Discovery and Cambria
Zone within its 100%-owned Red Mountain Gold Project ("Red
Mountain" or the "Project"), located in the Golden Triangle of
northwestern British Columbia,
near the town of Stewart,
BC. IDM's current 55-hole underground drilling program is
expected to be completed by mid-December 2018. Additional
surface sample assays from several prospects are
pending.
Highlights of the summer 2018 surface exploration program
to-date include:
- Mineralization has been traced over 310 meters in
length with thickness ranging from 0.50 to 9.0 meters true
thickness; Money Rock and Randell Zones are
contiguous
- Money Rock: 117 samples average 11.6 g/t gold and 42.4
g/t silver (capped)
- Money Rock: high-grade silver samples include: 2,617,
2,059 and 846 g/t silver
- Randell Zone:
20-meter-long trench averages 6.46 g/t gold and 35.0 g/t
silver
- Cambria Zone: new 1,000 by 500-meter exposure
includes: 18.74, 14.45, 13.50 and 13.28 g/t gold
2018 Money Rock Sampling, Lost Valley
Located four kilometers south of the Red Mountain resource
in an area of recent glacial retreat, trenching at Lost Valley has
connected the high-grade Money Rock and Randell Zones, originally
interpreted to be separate structures. The mineralized
structure, typified by consistent gold-silver mineralization has
been traced for over 310 meters of strike, with thickness ranging
from 0.50 to 9.0 meters true thickness. Assays are
currently pending for the thickest portion of the Lost Valley
structure. Gold mineralization at Lost Valley occurs
within broad stockworks of gold-silver-molybdenum mineralization
within an early-Tertiary granite, similar to the late-Cretaceous
age Tintina Gold belt intrusive-related deposits located within
Alaska and Yukon, such as Fort Knox and Dublin
Gulch. The high-grade gold-silver vein-hosted
mineralization was the focus of the 2018 trenching program and is
similar in structure and geochemistry to the Pogo Deposit, an
underground gold mine in Alaska.
At Money Rock, channel and panel samples were collected
from an 85-meter-long section of strike, as well as a second
five-meter-long section separated by a 10-meter-long section of
glacial moraine and averaged 11.6 g/t Au and 42.4 g/t Ag from 117
samples collected during the 2018 program.
These samples are primarily panel samples, with local hanging wall
and footwall samples and local selected grab samples. Gold
samples (uncapped) range from trace to 72.82 g/t Au and silver from
0.28 to 100 g/t Ag (capped). The averages include low-grade
hangingwall and footwall samples. A shallow-dipping structure
hosting banded quartz with strong sulphide mineralization,
primarily coarse pyrite, with accessory molybdenite, chalcopyrite,
sphalerite and bismuthinite. The structure ranges
from
0.5 to over 3.0 meters in thickness where
exposed. High-grade silver samples include: 2,617, 2,059
and 846 g/t Ag which are capped within the above
averages.
Located 75 meters south of Money Rock and separated by a
shallow pond, trenching at the Randell vein exposed a
20-meter-long subcrop of quartz-pyrite colluvium averaging 6.46
g/t Au and 35.0 g/t Ag (silver capped at 100 g/t Ag). A
hand trench located five meters to the northeast sampled in 2016
within sub-cropping of quartz and sulphide averaged 22.4 g/t Au and
81.7 g/t Ag over a series of continuous panel samples totalling
9.25 meters in length. Additional assays are pending from an
estimated 9.0-meter true thickness section of the
structure.
The Money Rock structure occurs at the base of a cliff,
which can be traced for at least another 250 meters to the west;
the Randell structure can be traced for another 75 meters to the
east through intermittent sampling, along the base of a separate
cliff face.
Sample distribution maps and photos are available on IDM's
website at www.idmmining.com under the Red Mountain Maps and Cross
Sectionspage and within the Red Mountain virtual tour at
www.Vrify.com.
During 2016, three drill holes from a single drill pad
were completed at the Money Rock zone, where across strike channel
sampling averaged 18.7 g/t Au and 61.4 g/t Ag over 0.84 meters
along 33 meters of strike. These samples locally overlap the
2018 sampling. Drill hole LV16-01 intersected 1.0 meters of
3.0 g/t Au and 23.80 g/t Ag, and LV16-02 intersected 1.2 meters
averaging 4.63 g/t Au and 90.90 g/t Ag. All three holes
intersected a post-mineralization dyke where the zone was projected
to occur from surface trenching (see IDM NR
November 17, 2016).
Future drilling will target areas to the west and east
of this dyke.
Cambria Zone
Over the past two years, a large new area of prospective
rocks has been exposed by the rapidly melting Cambria icefield, and
measures approximately 1,000 by 500 meters. Located
immediately northeast of the Marc Zone and north of the initial
resource at the Cambria zone, gold mineralization has been
discovered through reconnaissance mapping and sampling.
Assays have been received for 47 samples to-date, averaging 2.0 g/t
Au for all samples, including grab and channel sampling.
Mineralization is associated with pyrite mineralization, similar to
the Red Mountain resources and individual assays include: 18.74,
14.45, 13.50 and 13.28 g/t Au. A reconnaissance drill hole
will commence shortly as part of the current underground drilling
program.
The Company is highly encouraged by the prospectivity of
this new area at Red Mountain.
About IDM and Red Mountain
IDM Mining Ltd. is an exploration and development company
based in Vancouver, BC,
Canada focused on advancing the
Red Mountain Gold Project towards production. The 17,125
hectare Red Mountain Gold Project is located in northwestern BC, 15
km northeast of the mining town of Stewart. In 2018, IDM
announced a 20.7% increase in high-grade, near-surface measured and
indicated resources at Red Mountain. Located near a paved
highway and grid power, IDM envisions bulk underground mining
methods, with gold-silver doré produced on site. The Project
is one of the most advanced gold projects in Canada, recently granted its Provincial
Environmental Assessment Certificate, with a Federal Environmental
Assessment Decision expected by January
2019.
QA/QC and Qualified Person
Samples for the 2018 program are collected by experienced
geologists and technicians, placed in sealed bags and shipped to MS
Analytical Labs in Terrace, BC for
sample preparation, with pulps subsequently shipped to Langley, 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
2018 Exploration Program is performed under the supervision of
Andrew Hamilton, P.Geo, Senior
Geologist for IDM Mining Ltd. and Robert
McLeod, P.Geo, President and CEO of IDM Mining Ltd; both are
'Qualified Persons' under NI 43-101. Mr. McLeod has reviewed
and approved the technical content of this release.
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, the Company's plan to update its current
feasibility study, 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.
SOURCE IDM Mining Ltd.
