02:43:06 EDT Fri 19 Apr 2024
Enter Symbol
or Name
USA
CA



IDM Mining Ltd
Symbol IDM
Shares Issued 44,250,701
Close 2015-01-13 C$ 0.145
Market Cap C$ 6,416,352
Recent Sedar Documents

IDM Mining samples 139 m of 1.59 g/t Au at Red Mountain

2015-01-14 09:08 ET - News Release

Mr. Robert McLeod reports

IDM MINING SAMPLING OF HISTORIC DRILL CORE YIELDS 139 METERS OF 1.59 G/T AU, INCLUDING 18.0 METERS OF 5.45 G/T AU AT 141 ZONE, RED MOUNTAIN PROJECT

IDM Mining Ltd. has received results from sampling of unassayed historic drill core from the 141 zone at the Red Mountain gold project, located 15 kilometres northeast of Stewart, B.C. The 141 zone is located 280 metres southwest of the Marc/AV/JW zones, which are host to the current National Instrument 43-101-compliant mineral resource estimate at Red Mountain. A proposed production ramp outlined in IDM's preliminary economic assessment is expected to pass through the 141 zone area (see IDM news release July 23, 2014).

"Located in a similar geologic setting to giant gold deposits in northwest B.C., including KSM, Snowfield and Premier, the 141 zone at Red Mountain is emerging as a significant mineralized area, open for further expansion," said Rob McLeod, president and chief executive officer of IDM Mining.

During September, 2014, three diamond drill holes were completed at the 141 zone, which is located outside of the resource area, with mineralized intervals including 138 metres averaging 1.41 grams per tonne gold, with a high-grade zone of 7.5 metres averaging 10.45 grams per tonne gold (see IDM news release Nov. 13, 2014). These results, coupled with wide-spaced historic drilling, have demonstrated gold mineralization within an area of extensive low-grade porphyry-gold style mineralization at the 141 zone (typically greater than one gram per tonne gold), as well as higher-grade cores (greater than five grams per tonne gold).

Since acquiring the Red Mountain project, IDM has conducted a sampling program of select drill holes of unassayed core from drilling completed by Lac Minerals in 1993 and 1994. The objective of the historic drill programs at the time was to target high-grade gold, resulting in many areas of strong alteration and sulphide mineralization remaining unsampled. A total of 68 core samples were submitted, covering unassayed intervals ranging from one to 18.2 metres, from five holes. Individual samples were typically one to 1.5 metres in length.

              COMPLETE ASSAY RESULTS AND REVISED INTERVALS 

Hole ID                          From (m)      To (m)  Length (m)    Au (g/t)

M93-139                           167.00      326.00      159.00        0.73
M94-184                           214.80      386.00      171.20        1.05
Including                         214.80      275.00       60.20        2.28
or                                234.80      248.50       13.70        6.26
M94-185(i)                        188.20      302.70      114.50        1.38
including                         188.20      245.00       56.80        2.18
M94-186                           153.00      292.00      139.00        1.59
including                         153.00      171.00       18.00        5.45
M94-203                           373.50      470.50       97.00        1.63
including                         402.60      408.60        6.00        8.60

(i) Additional unassayed intervals in this intersection                     

Due to the wide-spaced drilling and complex geology of the 141 zone, true thickness and orientation of mineralization is not yet fully understood.

The mineralized trend of the 141 zone is subparallel with the resource area, including the Marc/AV/JW zones, spanning a broad area at least 325 metres long by 350 metres wide and is open for expansion in all directions. Infill and step-out drilling is planned for 2015, with the objective of completing an initial National Instrument 43-101 resource estimate for the 141 zone.

"The 141 zone is a priority exploration target at Red Mountain," said Michael McPhie, executive chairman of IDM Mining. "Due to its close proximity to the Marc/AV/JW zones, additional high-grade mineralization from the 141 zone would be complimentary to the project description for an underground mine, outlined in our PEA and project description for environmental assessment."

Gold mineralization at the 141 zone is hosted within a complex assemblage of strongly altered hornblende-feldspar porphyry dikes and sills, intruding tuffaceous volcanics and sediments. Stockworks, veins and disseminations of pyrite and pyrrhotite correlates with gold values, typically in areas of strong sericite alteration, potassium feldspar alteration and silicification.

Drill hole location maps including the sampled historic holes can be viewed at IDM's website.

About Red Mountain

IDM Mining is currently earning an option to acquire a 100-per-cent interest in the 17,125-hectare Red Mountain property, located 15 kilometres northeast of Stewart, B.C. Numerous precious and base metal targets have been identified by IDM and previous operators over a 15-kilometre-by-four-kilometre trend of strong alteration and mineralized prospects. Since discovery in 1989, in excess of $40-million has been spent on the project, including a production sized underground ramp.

IDM recently announced positive results from a National Instrument 43-101 PEA and revised resource estimate completed by JDS Energy & Mining Ltd. for Red Mountain (see IDM news release dated July 23, 2014). A technical report prepared in compliance with the requirements of the Canadian Securities Administrators National Instrument 43-101 has been filed on SEDAR and the company's website.

At a three-gram-per-tonne-gold cut-off, measured and indicated resources from the Marc and AV zones at Red Mountain are 1,454,300 tonnes averaging 8.15 grams per tonne gold and 29.57 grams per tonne silver totalling 380,900 ounces gold and 1,382,800 ounces silver. Inferred resources from the Marc, AV and JW zones are 332,900 tonnes averaging 7.69 grams per tonne gold and 12.72 grams per tonne silver totalling 82,300 ounces gold and 136,200 ounces silver.

Quality assurance/quality control

The 2014 exploration program at Red Mountain included a rigorous quality control/quality assurance program, overseen by Rob McLeod, PGeo, president and chief executive officer of IDM Mining, and a qualified person as defined by National Instrument 43-101. Drill cores were logged and cut in half using a diamond saw, with one-half placed in sealed bags and shipped to Acme Analytical Labs' sample preparation facility in Smithers, B.C., with pulps subsequently shipped to Acme's assay lab in Vancouver. A total of 10 per cent of all samples submitted include randomly inserted blank material or quality control standards. An additional 10 per cent of samples will be shipped to a third party analytical lab for verification.

Mr. McLeod prepared and approved the technical information contained within this release.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.