Dec 3 2014
IDM Mining Ltd. is pleased to announce that it has received final assay results from exploration and step-out drilling at its Red Mountain Gold Project, located 15 kilometers northeast of Stewart, British Columbia.
During September and October of 2014, a total of twelve diamond drill holes were completed at Red Mountain, primarily focused on exploration targets outside of the current resource area. In addition to previously announced results from the 141 Zone (see IDM News Release November 13, 2014), assays results were received from an updip step-out hole from the JW Zone, and gold mineralization was discovered with initial drilling at the new Marc Zone Extension and Cambria zones. Results of these assays are reported below.
"These drill results are indicative of the significant exploration potential for high-grade gold mineralization at Red Mountain," said Robert McLeod, President and CEO of IDM Mining. "With a development plan in place and the permitting and consultation process underway for a near-term, high-grade underground gold mine, further exploration success could greatly enhance project economics."
Step-out drill hole MC14-005 intersected 9.35 meters true width averaging 6.59 g/t Au, including a 1.70 meter interval of 20.0 g/t Au. This is located approximately 15 meters updip from the JW Zone, the third of a series of en-echelon zones comprise the Resource Area at Red Mountain. The JW zone hosts an inferred resource in compliance with NI 43-101 of 331,100 tonnes averaging 7.67 g/t Au for 81,600 ounces and is open for expansion. Underground drilling is planned for the spring of 2015 at the JW Zone to upgrade the inferred resource to measured and indicated categories. Drill hole MC14-004 was incorrectly oriented at the collar, however intersected the down-dip tail of the JW zone, with 1.0 meter true width averaging 9.54 g/t Au.
Two new zones were discovered through drilling during the 2014 season. Located near the underground decline, the Marc Zone Extension is a historic prospect with high-grade gold from surface trenching. Previous operators placed development rock from underground development over top of this prospect; drilling by IDM at the edge of the waste rock pad collared into gold mineralization, with MCEX14-01 intersecting 5.50 meters averaging 6.16 g/t Au including 2.0 meters averaging 12.92 g/t Au. A second, steeper hole from the same drill pad MCEX14-02 intersected 4.90 meters averaging 1.69 g/t Au. These two intercepts suggest a potential northerly dip to the mineralized zone. Due to the Marc Zone Extensions' close proximity to existing works, this is a priority follow-up area for future drilling.
Five drill holes were completed in the Cambria zone. Significant new areas of massive and semi-massive sulphide were identified during the 2014 field season (see IDM News Release Sept 24, 2014). These are newly exposed areas of surface mineralization that were uncovered due to glacial retreat over the past 20 years. The Cambria zone is located 500 meters southeast and on trend with the Marc-AV-JW resource area. Similar to the Marc zone, the Cambria zone hosts a large area of centimeter to several meters wide gold-bearing massive pyrite stockworks and veins. Cut-saw channel samples averaged 10.94 g/t Au over 8.13 meters and 20.31 g/t over 3.40 meters, with mineralization continuing under overburden. Located 150 and meters north of Uxlox within a contiguous north-striking structure, the Wyy Lo'oop Zone is another recently exposed outcropping of massive sulphides. A 3.94 meter long channel sample of massive and semi-massive mineralization assayed 10.6 g/t Au.
Drilling tested 200 meters of strike length, encountering stockwork of massive pyrite and pyrrhotite veins. Discovery drill hole CB14-01 intersected 4.39 meters true width averaging 5.67 g/t Au including 0.93 meters true width averaging 13.50 g/t Au starting at 41.3 meters downhole. Other holes intersected strong sulphide mineralization and anomalous gold values, with the Cambria structure wide open for expansion.