News

IDM Mining Intersects 9.82 meters Averaging 65.1 g/t Au and 313.1 g/t Ag at Newly Identified Lacasse Zone; Mineralization Expanded in Multiple Areas, and New Zones Discovered, Red Mountain Project

January 22, 2019, Vancouver, BC – IDM Mining Ltd. (TSX.V:IDM) (OTCQB:IDMMF) (“IDM” or the “Company”) is pleased to announce the final underground drilling results from the 2018 season at the Red Mountain Gold Project (“Red Mountain” or the “Project”), located 15 km east of Stewart, BC.  The Company received assays from 40 underground core holes that targeted multiple zones for resource expansion, conversion and exploration. 

Highlights of the recent drilling results include:

  • U18-1337: 8.52 meters averaging 6.41 g/t Au and 39.48 g/t Ag in SF Zone step-out to north  
  • U18-1341: 97.0 meters averaging 1.16 g/t Au including 4.50 meters averaging 5.59 g/t Au in Smit Zone down-dip step-out
  • U18-1347: 85.00 meters averaging 1.57 g/t Au including 14.05 meters averaging 3.60 g/t Au in Smit Zone down-dip step-out
  • U18-1348: 29.50 meters averaging 12.10 g/t Au and 3.29 g/t Ag, including 1.50 meters averaging 177.83 g/t Au and 23.03 g/t Ag in JW/Smit Zone
  • U18-1361: 9.82 meters averaging 65.13 g/t Au and 313.09 g/t Ag including 1.74 meters averaging 277.06 g/t Au and 1,442.02 g/t Ag in new Lacasse Zone
  • U18-1361: 69.0 meters averaging 3.76 g/t Au and 21.60 g/t Ag, including 18.50 meters averaging 9.07 g/t Au and 24.18 g/t Ag in AV Zone expansion hole
  • U18-1366: New Preef Zone Discovery: 7.40 meters averaging 2.49 g/t Au and 5.46 g/t Ag in massive pyrite mineralization
  • U18-1367: 6.0 meters averaging 36.43 g/t Au and 1.10 g/t Ag including 1.50 meters averaging 133.69 g/t Au and 2.45 g/t Ag in exploration hole between Marc and 141 Zones
  • U18-1368: New Biggie Zone Discovery: 0.70 meters averaging 6.57 g/t Au and 32.75 g/t Ag located 250 meters east of the Marc Zone
  • U18-1369: 168.50 meters averaging 0.78 g/t Au, including 1.93 meters of 9.20 g/t Au and 1.00 meters of 11.74 g/t Au in Smit Zone down-dip step-out

In 2018, a revised geological interpretation of Red Mountain identified high-amplitude, post mineralization folds that have deformed the mineralized zones, rather than the previous model that interpreted parallel zones.  Exploration success in the SF, Smit and Marc-141 (Chicka) syncline, as well as discovery of the Lacasse and Preef Zones, has validated this model and has opened up multiple areas for future drilling targeting resource expansion.

SF Zone

The SF Zone is currently comprised of inferred resources; one step-out hole and one resource conversion hole were completed during the 2018 program.  Hole U18-1337 intersected 8.52 meters averaging 6.41 g/t Au and 39.48 g/t Ag in a step-out to the north along strike.  Resource conversion hole U18-1339 intersected 1.50 meters averaging 18.31 g/t Au and 4.21 g/t Ag.  The SF Zone is interpreted to be open to the east, where the zone is folded by an antiform, and to the north towards the Bolton Fault.  This fault offsets the mineralized horizon to the Bray Zone.

AV, JW and Smit Zones

The AV, JW and Smit Zones form wide, tabular, shallow westerly dipping zones of disseminated mineralization.  Most holes completed in these areas during 2018 targeted the expansion of known mineralization and the conversion of inferred resources.  Drill holes in the Smit Zone intersected wide zones (10 to +150 meters) of 0.5 to 3.0 g/t Au, with multiple higher grade (>3.0 g/t Au) subparallel horizons within. For example, the furthest down-dip hole completed to-date at the Smit Zone is U18-1341, which encountered 97.0 meters averaging 1.16 g/t Au, including 4.50 meters averaging 5.59 g/t Au.  Drill hole U18-1348 targeted the JW/Smit Zone transition in an area without current resources.  This hole intersected a high-grade section of 1.50 meters averaging 177.83 g/t Au within a wider zone of 29.50 meters averaging 12.10 g/t Au.  Similarly, projected resources from the 2018 estimate were below the 3.0 g/t reporting cutoff within the target area of U18-1356; this hole intersected 10.06 meters averaging 5.16 g/t Au and 6.67 g/t Ag.

The highest grades in the Smit Zone are generally associated with areas of the mineralized horizon with more lithologic variability, such as intrusive and contact breccias or contacts with the coarser phase of Goldslide porphyry diorite. Areas of massive sections of sediments or Hillside intrusive are mineralized, but at lower grades.  The Smit Zone remains open for expansion down-dip, and project up towards the down-plunge extension of the 141 syncline.

Lacasse Zone

The newly identified Lacasse Zone (named after 2018 Program Manager, Marilyne Lacasse) is highlighted by one of the highest-grade drill holes ever completed at Red Mountain.  Starting only 25 meters from the underground decline, drill hole U18-1361 returned 9.82 meters averaging 65.13 g/t Au and 313.09 g/t Ag, with a higher-grade interval of 1.74 meters averaging 277.06 g/t Au and 1,442.02 g/t Ag.  This interval includes the highest-grade silver values ever received from drilling on the Property. 

The Lacasse Zone occurs in the hanging wall to the AV Zone, and appears to be at an oblique angle to the orientation of the major zones at Red Mountain.  It was encountered in a definition drill hole, targeting the AV zone, located near the Rick Fault (which offsets the Marc Zone).  Within the same hole U18-1361 the AV zone intersection returned 69.0 meters averaging 3.76 g/t Au and 21.60 g/t Ag, including 18.50 meters averaging 9.07 g/t Au and 24.18 g/t Ag.  The AV Zone intercept will expand the resource shell thickness, and further along strike to the south.

Drill hole U18-1358 also intersected the Lacasse Zone and returned two intercepts, including 4.0 meters averaging 11.27 g/t Au and 24.03 g/t Ag.  The 2018 intercepts likely connect with historic surface and underground intercepts in the hanging wall to the AV zone that were not understood and are currently not included in the Red Mountain Resource estimate, such as 6.0 meters averaging 13.42 g/t Au and 34.01 g/t Ag in MC90-049, and 5.00 meters averaging 12.99 g/t Au and 32.04 Ag in MC92-71.  Future drilling would target expansion and further definition of this zone.

Marc-141 (Chicka) Syncline

The 2018 geological reinterpretation of post-mineralization folding at Red Mountain suggested a substantial area of near-surface exploration potential within a large amplitude (>250 meters) syncline, with Marc and the 141 zones on the east and west side, respectively.  Several holes tested the Chicka syncline with encouraging results.  Near the Smit zone, drill hole U18-1367 intersected 6.0 meters averaging 36.43 g/t Au, including 1.50 meters averaging 133.69 g/t Au.  Approximately 100 meters to the south, U18-1354 intersected 2.1 meters averaging 10.53 g/t Au, within a broad interval of 57.75 meters of 1.49 g/t Au. 

Further south, a new zone of massive pyrite mineralization, which is commonly associated with high-grade gold at Red Mountain was discovered.  The Preef Zone (named after Lac Minerals-era geologist and mining executive, Marc Prefontaine), returned 7.40 meters averaging 2.49 g/t Au and 5.46 g/t Ag, including 3.15 meters averaging 3.58 g/t Au and 5.81 g/t Ag in hole U18-1366.

Systematic drilling to develop near-surface resources within the Chicka syncline is recommended for future underground drilling programs at Red Mountain.

Other Areas

Significant exploration potential exists to the north and east of current resources.  Causative and host intrusive units (Hillside and Goldslide porphyry phases) have been traced through recent glacial melt for over a kilometer in both directions, associated with strong alteration, sulphides and anomalous gold.  To the east, a new Zone was discovered in reconnaissance exploration hole U18-1368.  Located between coarse phases of Goldslide diorite; the Biggie Zone (named after miner and Shift Boss Brian Bigattini), intersected strong sulphides and returned 0.70 meters averaging 6.57 g/t Au and 32.75 g/t Ag.

To the north of the Red Mountain resources, the Marc anticline folds the host breccia horizon, most recently identified in the SF zone drill success in 2018.  Drill hole U18-1365 did not intersect high-grade mineralization but did intersect anomalous mineralization suggesting that it was drilled over the top of the synform.  Further underground drifting to the north of the high-grade Marc, AV and JW zone resources is recommended for future programs on the Property.

Complete underground drill results from the 2018 program are as follows:

Hole-ID Zone Section From (m) To (m) Length (m)* Au (g/t)** Ag (g/t)
U18-1333 Smit 1575N 222.00 230.50 8.50 2.97 0.88
including     228.00 230.50 2.50 7.21 2.07
      309.50 318.50 9.00 1.41 2.55
U18-1334 Smit 1375N 206.45 214.00 7.55 3.34 0.76
including     208.00 209.50 1.50 6.20 1.02
U18-1335 Smit 1375N 90.50 92.00 1.50 6.06 0.65
U18-1336 JW 1575N 159.00 160.65 1.65 5.46 1.98
U18-1337 SF 1650N 238.48 247.00 8.52 6.41 39.48
including     240.50 244.50 4.00 9.03 59.00
U18-1338 JW 1575N 93.22 107.00 13.78 1.89 29.70
including     98.00 103.00 5.00 3.06 74.07
      186.50 261.87 75.37 1.12 12.91
      192.50 201.50 9.00 3.89 40.46
U18-1339 SF 1650N 186.50 188.00 1.50 18.31 4.21
      230.00 231.00 1.00 2.40 4.65
U18-1340 1575N JW 119.00 121.50 2.50 2.39 4.29
U18-1341 1525N Smit 249.50 346.50 97.00 1.16 0.76
including     254.50 273.00 18.50 2.50 1.57
and     254.50 259.00 4.50 5.59 3.93
U18-1342 1525N Smit 119.00 120.00 1.00 4.85 6.09
      131.00 213.00 82.00 0.89 2.52
including     136.00 155.00 19.00 1.47 2.53
including     136.00 139.00 3.00 3.51 5.17
including     176.00 180.00 4.00 2.96 9.74
U18-1343 1525N JW 34.50 36.00 1.50 5.58 6.54
      55.47 57.50 2.03 3.60 0.84
      96.00 104.00 8.00 6.78 5.14
including     101.00 104.00 3.00 12.39 5.26
      133.00 137.65 4.65 4.11 5.23
U18-1344 Smit 1525N 223.50 234.00 10.50 1.27 0.28
U18-1345 Smit 1550N 230.45 302.90 72.45 0.78 0.77
including     268.40 281.00 12.60 1.55 1.75
U18-1346 Smit 1550N 319.00 321.50 2.50 2.89 1.28
U18-1347 Smit 1525N 226.00 311.00 85.00 1.57 1.00
      287.50 301.55 14.05 3.60 0.87
U18-1348 JW 1500N 106.50 136.00 29.50 12.10 3.29
including     106.50 108.00 1.50 177.83 23.03
      175.50 177.25 1.75 6.74 10.77
U18-1349 Smit 1525N 315.00 317.00 2.00 16.00 1.85
U18-1350 Smit 1475N 215.20 245.00 29.80 0.88 0.38
including     239.46 245.00 5.54 1.55 0.35
U18-1351 JW 1525N 216.00 217.50 1.50 1.33 3.09
U18-1352 Syncline 1200N 25.50 27.00 1.50 2.21 1.65
U18-1353 JW 1525N 94.00 101.00 7.00 3.79 10.10
      115.50 118.50 3.00 2.42 1.07
U18-1354 Syncline 1225N 48.00 105.75 57.75 1.49 0.64
including     53.50 55.60 2.10 10.53 1.17
U18-1355   1325N NSI        
U18-1356 JW 1525N 135.94 146.00 10.06 5.16 6.67
including     143.00 146.00 3.00 8.22 15.16
U18-1357 Syncline 1200N 130.60 131.85 1.25 3.90 0.37
U18-1358 Lacasse 1325N 25.50 27.00 1.50 7.68 11.47
      38.50 42.50 4.00 11.27 24.03
U18-1359 AV updip 1525N 43.00 44.75 1.75 3.18 22.11
U18-1360 NK 1200N 144.40 145.50 1.10 6.60 1.71
U18-1361 Lacasse   25.00 34.82 9.82 65.13 313.09
including     29.70 34.82 5.12 120.14 596.32
and     32.26 34.00 1.74 277.06 1442.02
U18-1361 AV     49.50 118.50 69.00 3.76 21.60
including     58.50 77.00 18.50 9.07 24.18
U18-1362 NK 1175N 223.50 224.90 1.40 4.87 2.37
U18-1364   1325N NSI        
U18-1365 AV updip 1425N NSI        
U18-1366 Preef 1175N 161.30 168.70 7.40 2.49 5.46
including     162.20 165.35 3.15 3.58 5.81
U18-1367 Syncline 1325N 6.50 7.50 1.00 7.24 1.35
      91.00 92.50 1.50 3.36 7.09
      134.00 140.00 6.00 36.43 1.10
including     138.50 140.00 1.50 133.69 2.45
      192.50 194.00 1.50 5.34 0.56
U18-1368 Biggie 950N 263.40 264.10 0.70 6.57 32.75
U18-1369 050 1400N 7.00 7.97 0.97 7.43 210.00
  Smit   157.50 326.00 168.50 0.78 0.65
including     178.00 248.50 70.50 1.19 0.74
including     234.07 236.00 1.93 9.20 1.09
      310.00 311.00 1.00 11.74 2.19
U18-1370 Syncline 1300N 11.50 13.00 1.50 2.44 0.86
      88.00 137.50 49.50 1.03 1.55
including     105.20 106.50 1.30 11.64 24.74
      175.50 176.90 1.40 7.20 0.81
U18-1371 Syncline 1275N 39.40 52.70 13.30 1.77 1.03
including     46.80 47.80 1.00 5.92 1.12
      60.70 63.00 2.30 9.63 1.29
U18-1372 Syncline 1300N 30.00 31.50 1.50 3.51 1.17
      98.50 101.50 3.00 3.20 2.01
      119.50 153.00 33.50 1.33 0.74
including     140.00 142.00 2.00 5.14 0.67
including     151.00 153.00 2.00 4.41 4.65

* True widths are estimated to be between 70% and 100% of drilled interval
** Assays are not capped.  Capping values vary by zone, from 40 to 75 g/t Au and 200 to 500 g/t Ag
NSI designates ‘No Significant Intercept’

January 22, 2019 News Release Map Image - 2018 Underground Drill Hole Locations
Figure 1. 2018 Underground Drill Hole Locations

Drill hole collar information and location maps, core photos along with plan views, cross-sections and longitudinal sections can be viewed on the Red Mountain page at www.Vrify.com and www.IDMMining.com

About IDM Mining 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. 

Recently, IDM and Ascot Resources entered into a definitive arrangement agreement whereby Ascot will acquire all outstanding common shares of IDM. This transaction would result in the consolidation of Ascot’s Premier Gold project and IDM’s Red Mountain project to create the leading high-grade gold development and exploration company in BC’s Golden Triangle. For more information on the transaction, please view IDM’s press release dated January 7, 2019 at www.idmmining.com.

QA/QC AND QUALIFIED PERSON

Samples for the 2018 exploration program were cut in-half with a diamond saw, with one-half placed in sealed bags and shipped with chain of custody controls to MS Analytical Labs in Terrace, BC for sample preparation, with pulps subsequently shipped to Vancouver, BC for gold and multi-element ICP analysis.  A rigorous Quality Control/Quality Assurance program, including the insertion of Standards and Blanks, duplicate analysis and third-party labs checks has been implemented.  The 2018 exploration program at Red Mountain was performed under the supervision of Andrew Hamilton, P.Geo, Senior Geologist and Rob 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

For more information, contact:

Robert McLeod
604-681-5672 office
604-617-0616 mobile
[email protected]

Investor Relations:
Vanessa Pickering
604-681-5672 office ext 7112
604-202-2940 mobile
[email protected]

“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. There can be no assurance that the Company will complete the proposed transaction with Ascot Resources Ltd. on the proposed terms or at all.

News



Email Signup

Sign up for the latest news and updates

Email Signup

Sign up for the latest news and updates