VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 17, 2016) - IDM Mining Ltd. (TSX VENTURE:IDM) ("IDM" or the "Company") is pleased to announce an update to engineering and permitting activities and ongoing plans for the 2016 field season at the Red Mountain Gold Project, located in the Golden Triangle, east of Stewart B.C.
Knight Piesold Ltd, a geotechnical engineering company, has been retained to conduct a Geotechnical Site Investigation at the Bromley Humps area, located within the Bitter Creek Valley, approximately five kilometers west of the Red Mountain Gold Deposit. The purpose of this study is to support feasibility-level designs for the potential mineral processing plant site foundations and waste and water management facilities.
"IDM is committed to a high level of design and engineering for the proposed site infrastructure at Red Mountain," said Michael McPhie, Executive Chairman. "Our initial studies suggest that the Bromley Humps location represents an ideal location for the modest infrastructure required for a high-grade underground mine."
A total of 10 geotechnical holes are planned: nine vertical and one inclined within the proposed embankment areas for the tailings management facility ("TMF"), with drilling currently underway. These HQ-diameter holes will penetrate at least 30 meters into bedrock, and hydrological and geotechnical tests will be completed. Additionally, three water quality monitoring wells will be established at the Bromley Humps location. Test pits will be excavated to test potential construction and fill material sources from within and proximal to the proposed location for the facilities, primarily from glacial moraine and river gravels. It is anticipated that the drilling will be complete by early September 2016.
Geological mapping suggests that the Bromley Humps area is underlain primarily by bedrock with local thin overburden. The majority of the area is underlain by a competent, carbonate-rich gabbro intrusive, with local areas of cherty sedimentary rocks and diorite. Vegetation is primarily alder thickets and stands of cottonwood trees.
Additionally, working with lead engineering firm JDS Mining and Energy, the Company is completing engineering studies to advance the Red Mountain underground gold project, including underground metallurgical and geotechnical drilling, hydrological and groundwater studies, as well as road and powerline right-of-way studies. On July 12, 2016, IDM announced an Updated Preliminary Economic Assessment for the Project; the accompanying technical report will filed shortly on the Company website and at www.sedar.com.
IDM, through various contractors and consultants, has been actively completing environmental baseline and assessment work since 2014, including hydrological and ground water studies, wildlife, fisheries and geohazard surveys amongst others. Proactive, respectful, and transparent consultation and engagement with the Nisga'a Nation is ongoing.
About Red Mountain
The 17,125 hectare Red Mountain Gold Project is located in northwestern BC, 15 km northeast of the town of Stewart. Discovered in 1989, the property was explored extensively until 1996 by Lac Minerals Ltd. and Royal Oak Mines Inc., with 466 diamond drill holes and over 2,000 meters of underground development completed, along with extensive engineering and environmental baseline work. Additional studies were completed over the past 12 years by Seabridge Gold Inc., North American Metals Corp. and Banks Island Gold Ltd.
On April 4, 2016, the Company announced an updated mineral resource estimate reported at 3.0 g/t Au cut-off for the Red Mountain Project.
|Classification||Tonnage||Au||Ag||Oz Au||Oz Ag|
|Measured + Indicated||1,641,800||8.36||26||441,500||1,379,800|
Red Mountain is a porphyry-related hydrothermal gold system, located in the Stikine terrain. Gold mineralization is associated with, and partially hosted within an early to mid-Jurassic multi-phase intrusive complex, with associated volcanic and volcaniclastic rocks and sediments. Many gold mineralized zones occur on the Property, including five mineralized zones with established resource estimates. The five mineralized zones (Marc, AV, JW, 141 and 132) have been folded, and are often separated by dip-slip fault zones. The mineralized zones vary in orientation from shallow to steeply dipping and are generally tabular. The Marc, AV and JW zones vary in widths from one to forty meters, averaging about fifteen meters in thickness. Gold and silver mineralization is associated with stockworks, disseminations and patches of coarse grained pyrite, surrounded by a pyrrhotite/sphalerite halo. Alteration facies includes strong quartz-sericite alteration.
QA/QC AND QUALIFIED PERSON
Engineering work on the Red Mountain Property is performed under the supervision of Wayne Corso, P.E., Project Manager-Engineering for IDM Mining Ltd. Rob McLeod, P.Geo, President and CEO of IDM Mining Ltd has reviewed and approved the technical content of this release. Both Mr. McLeod and Mr. Corso are 'Qualified Persons' under NI 43-101.
ABOUT IDM MINING LTD.
IDM Mining Ltd. is a mineral exploration and development company based in Vancouver, BC, Canada. The Company's current exploration and development activities are focused on precious metals in British Columbia and Yukon with a primary focus on the high grade underground Red Mountain Project which has entered the BC and Canadian environmental assessment process. Further information can be found on the Company's website at www.IDMmining.com.
ON BEHALF OF THE BOARD 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.