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.
Additional information about the high-grade Red Mountain
Underground Gold Project is available at www.idmmining.com and
within the Red Mountain virtual tour at www.Vrify.com
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.
"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. 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.