IDM Mining Receives Permit and Mobilizes Drills to Red Mountain Gold Project, BC
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 11, 2014) - IDM Mining Ltd. (TSX:IDM) ("IDM" or the "Company") is pleased to announce that Provincial exploration permits have been received for the Red Mountain gold project ("Red Mountain" or the "Property"). Since mid-June, field crews have targeted multiple prospects on 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 15 by 4 kilometer trend.
2014 Property Wide Exploration Targets
Initial surface drilling at Red Mountain will focus on at least three prospective gold zones located outside of the currently defined mineral resources at Red Mountain. Highest priority targets include the: 141 Zone, Cambria & Uxlux Zones and the McAdam Zone. An underground in-fill drilling program is also expected to commence in October 2014.
141 Zone
The 141 Zone hosts a broad area of low-grade intervals of gold mineralization, hosted within a complex assemblage of suite of strongly altered hornblende-feldspar porphyry dykes and sills, intruding tuffaceous volcanics and sediments. Located 280 meters southwest of the Marc/AV/JW mineral resources, wide-spaced drill holes completed by previous operators intersected high-grade gold mineralization within the broad low-grade envelope. Historic intercepts include:
| Hole-ID | From (m) | to (m) | Length (m) | Au g/t |
| M93-141 | 168.61 | 200.00 | 31.39 | 4.12 |
| including | 179.00 | 183.00 | 4.00 | 11.71 |
| M93-153 | 65.00 | 206.00 | 141.00 | 1.14 |
| including | 65.00 | 113.00 | 48.00 | 2.00 |
| M93-154 | 89.00 | 268.50 | 179.50 | 1.34 |
| M94-185 | 188.20 | 245.00 | 56.80 | 2.18 |
| M94-186 | 153.00 | 221.30 | 68.30 | 2.32 |
| including | 153.00 | 171.00 | 18.00 | 5.45 |
| M94-191 | 157.50 | 249.70 | 92.20 | 2.09 |
| including | 216.00 | 221.50 | 5.50 | 8.95 |
| M94-194 | 61.00 | 81.50 | 17.50 | 4.76 |
| U93-1094 | 191.00 | 235.00 | 44.00 | 2.79 |
| including | 199.00 | 202.00 | 3.00 | 11.82 |
| U94-1130 | 239.50 | 333.50 | 94.00 | 1.29 |
| U94-1148 | 195.50 | 318.00 | 122.50 | 3.35 |
| including | 210.00 | 216.00 | 6.00 | 32.87 |
| And | 299.00 | 301.00 | 2.00 | 37.17 |
| And | 223.00 | 228.00 | 5.00 | 11.12 |
| * Due to wide spaced drilling, true widths are unclear at the 141 zone, but estimated to be between and 70 and 100% of the drilled intervals. |
"Our objective with the regional exploration program is to identify new mineralized areas that would complement the already known high-grade resources at Red Mountain," said Rob McLeod, President and CEO of IDM Mining. "We have selected the most compelling gold targets, located within one of the largest hydrothermal gold-bearing systems in north west British Columbia."
The 141 Zone is a high-priority target since it is located proximal to a proposed production access incline to the Marc/AV/JW resource area, outlined in the recently published NI 43-101 Preliminary Economic Assessment (PEA) Technical Report for Red Mountain.
Cambria & Uxlux Zones
Several initial drill holes are planned targeting newly exposed areas of gold mineralization that was uncovered due to glacial retreat at the Cambria zone, approximately 500 meters southeast and on trend with the Marc-AV resource area. Similar to the Marc zone, the Cambria zone hosts a large area of centimeter to one meter wide gold-bearing massive pyrite stockworks and veins. The area of strongest outcropping mineralization, recently named the Uxlux prospect, has historic grab samples that range from 2.95 g/t to 44.96 g/t Au (average of six samples is 25.10 g/t Au), and is a high priority drill target. Recent channel and grab sampling from a newly exposed area 60 meters north of Uxlux range from trace to 39.60 g/t Au (25 samples average 2.68 g/t Au). Additionally, a grab sample collected 180 meters southeast of Uxlux returned 7.50 g/t Au (six samples range from trace to 7.50 g/t Au, averaging 1.90 g/t Au).
Surface geological mapping has been concentrated on the 500 meter area between the Marc and the Cambria zones, which also includes almost 300 meters of vertical relief. Altered sediments, volcaniclastics and hornblende-feldspar porphyry (Hillside intrusive) exhibit a similar strong sericite-dominated alteration facies, with similar lithologic controls to the Marc zone. This area of altered and mineralized rocks represents the highest priority exploration target proximal to the mineral resource on the Property, portions of which are covered by snow and glacial ice to the north. Further exposure is melting continuously with additional areas of strong alteration and mineralization located between the Marc and Cambria Zones.
McAdam Zone
Two drill holes are planned at the McAdam zone, located 3,000 meters southwest, and 800 meters lower in elevation from the Marc and AV mineral resources. This undrilled prospect hosts multiple en echelon shears and quartz-pyrite-molybdenite veins, ranging from 0.2 to 1.5 meters in thickness. Located in steep terrain requiring rope-assisted sampling, 102 chip samples were previously collected by Lac Minerals in 1991. A total of 31 of these historic samples assayed over 1.0 g/t Au, averaging 18.7 g/t Au and 56.1 g/t Ag. Individual channel samples included: 0.2 meters averaging 103.8 g/t Au, 1.0 meter averaging 24.7 g/t Au and 0.6 meters averaging 57.1 g/t Au. Confirmation sampling by IDM crews of quartz-pyrite-molybdenite veins at McAdam returned assay values ranging from 1.5 g/t Au to 36.7g/t Au. The average of all 42 rock samples collected in the McAdam area is 2.8 g/t Au. The McAdam zone is a top priority drill target for IDM for the 2014 season.
AV and JW Infill Drilling
It is anticipated that the Company will commence underground drilling at Red Mountain in October of 2014. This drilling will target the AV and JW zones with the purpose of upgrading inferred resources, delineating high grade shoots and down-dip stepouts. The Company will announce further details on the underground drilling plan in the near term.
Red Mountain Project PEA
IDM recently announced positive results from a NI 43-101 PEA and revised Resource Estimate ("NI 43-101") 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.
More information about IDM Mining and the Red Mountain project can be viewed at www.IDMmining.com.
Important note regarding historic work: This release contains reference to historic surface samples, diamond and assays completed on the Property between 1989 and 1994. The results were completed prior to 2001 and implementation of NI 43-101 standards. Readers should be cautioned that these results are historic in nature, were not verified by IDM mining, and should not be relied up.
QA/QC and Qualified Person
Samples have been collected by experienced geologists and technicians, placed in sealed bags and shipped to Acme Analytical Labs of Vancouver, B.C. for gold and multi-element ICP analysis. A Quality Control/Quality Assurance program including the insertion of Standards and Blanks, has been implemented. The 2014 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 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.