IDM Mining Announces Additional Surface Sampling Results from Lost Valley Target, Red Mountain Project
July 24th, 2018, Vancouver, BC – IDM Mining Ltd. (TSXV:IDM) (OTCQB: IDMMF) (“IDM” or the “Company”) is pleased to announce additional surface sampling results from trenching at the Money Rock zone at the Lost Valley target, within the 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.
2018 Money Rock Sampling, Lost Valley
Assay results have been received for an additional 51 panel samples, collected on one-meter intervals from the Money Rock structure at Lost Valley. These samples average 9.81 g/t Au and 101.40 g/t Ag over 51 meters of strike, including 2.0 meters averaging 13.41 g/t Au and 1,531 g/t Ag. Samples range from trace gold and silver to 49.43 g/t Au and 2,617 g/t Ag. This includes the highest silver value received from Lost Valley. Generally consistent values along strike were returned; 39 of 51 samples assayed over 1.0 g/t Au and 24 of 51 over 5.0 g/t Au. To-date, panel samples collected along 85 meters of strike length of the Money Rock structure, average 11.15 g/t Au and 82.56 g/t Ag. Mineralization is primarily comprised of banded quartz veins, with massive coarse grained sulphides, primarily pyrite with lesser chalcopyrite, bismuthinite and sphalerite.
The Money Rock structure has been exposed by trenching for over 100 meters of strike length. The panel samples were collected on strike of the structure with the objective of being representative of the entire length and width of the interval. Width of the structure, including veining and faulting, varies from approximately 0.8 to 2.5 meters, averaging about 1.5 to 2.0 meters. Numerous additional assays are pending, collected further along and across strike exposed from recent trenching.
The Money Rock structure potentially connects with the Randell Vein. A hand trench 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. Two holes, both vertical, were drilled from surface in 2016 but did not intersect any faulting or veining, suggesting that the target structure was not drilled with correct orientation. The Randell vein is currently being explored, with assays pending.
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.
Lost Valley Target
Recently exposed by melting glaciers, the Lost Valley discovery is located approximately 4,000 meters southwest, of resources at Red Mountain (see IDM NR June 19, 2018) within the headwaters to the Bitter Creek Valley.
Mineralization at Lost Valley is hosted within a gold and molybdenum bearing granitic intrusion with multiple generations of quartz-sulphide veining. Recent trenching has exposed over 100 meters of strike length of the Money Rock zone, with variable widths of veining and faulting, ranging from one to 2.5 meters in thickness. This structure is associated with ductile deformation, sericite and clay alteration as well as brittle faulting. Within the zone, banded quartz veins and massive sulphide pods host primarily pyrite, with lesser molybdenite, bismuthinite and other base-metal sulphides. The structure is comprised of duplexing brittle-structures, occurring along the base of a cliff.
Surface exploration work is ongoing at Red Mountain, including targets at Lost Valley.
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. IDM recently announced increased high-grade, near surface measured and indicated resources.
The updated mineral resources for the Red Mountain Project are reported at a 3.0 g/t Au
cut-off with an effective date of June 15, 2018.
|Ounces Au||Ounces Ag|
|Measured + Indicated||2,771,300||7.91||22.75||704,600||2,026,800|
The Project is advancing through the provincial and federal environmental assessment processes, with comprehensive, thorough, and ongoing consultation with Nisga’a Nation. The Project is currently in the formal review phase of the BC Environmental Assessment Office and the Canadian Environmental Assessment Agency.
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.
President, CEO and Director
For more information, contact:
604-681-5672 office ext 7112
“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.
Figure 1. Lost Valley Money Rock Annotated Photo
Figure 2. Lost Valley Surface Sampling