VANCOUVER, Dec. 10, 2018 /CNW/ - IDM Mining Ltd. (TSX.V:IDM) (OTCQB:IDMMF) ("IDM" or the "Company") announces that it has completed the 2018 underground drilling program at the advanced-stage Red Mountain Underground Gold Project ("Red Mountain" or the "Project"), located in the Golden Triangle east of Stewart, BC. The Company completed the drilling program using three core rigs from a winterized camp and shop facility located adjacent to production-size underground workings.
40 holes for 10,000 meters were completed during this program. Exploration drilling focused on testing folded extensions to the prospective mineralized horizon, as well as step-out drilling from current resources and the conversion of inferred resources to measured and indicated. Drilling emphasis included the near-surface 'Chicka' synform, located between the Marc and 141 zones, as well as stepping out up to 200 meters west of resources in the Smit and JW Zones. Step-out holes targeting the hinge and east limb of the 'Marc' antiform were also completed, with holes testing multiple areas up-dip of the AV, JW and SF zones. Resource conversion drilling primarily targeted the Smit and SF zones.
"We are pleased with the validation of our geological model which has significantly opened up exploration potential near the current underground workings at Red Mountain," said Robert McLeod, President and CEO of IDM Mining. "We will include results from this drilling program in an updated resource estimate in 2019. In addition to the increased resources announced earlier this year, these results would be included in an updated feasibility study. With ongoing Project milestones including: a federal Environmental Assessment decision and Benefits Agreement with the Nisga'a Nation expected shortly, we continue to advance the high-grade, bulk-mineable Red Mountain deposit as one of the next underground gold mines in Canada."
All core has been cut and shipped from the Property for analysis. Assays are currently pending for all drill holes from the 2018 program, as well as select resampling of historic core and from surface sampling and trenching programs. Since this summer, assay turnaround has exceeded 90 days but is expected to improve dramatically.
IDM acknowledges the exemplary performance during the 2018 season by its team of miners, geologists, technicians and support personnel, and contractors from Matrix Camp Services, Morecore Drilling, Adapt Mountain Safety and Yellowhead Helicopters, under the leadership of Project Manager, Marilyne Lacasse and Mine Manager, David Green.
QA/QC and Qualified Person
Samples for the 2018 exploration program were cut in-half with a diamond saw after logging 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 was implemented, as well as rigorous chain of custody documentation. The 2018 Exploration Program was 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.
ABOUT IDM MINING LTD.
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 in January 2019.
ON BEHALF OF THE BOARD OF DIRECTORS
of IDM Mining Ltd.
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.
SOURCE IDM Mining Ltd.
For further information: Robert McLeod, 604-681-5672 direct, 604-617-0616 cell, [email protected]; Investor Relations: Vanessa Pickering, 604-681-5672 ext. 7112 direct, 604-202-2940 cell, [email protected]