Aug 25 2016
IDM Mining Ltd. ("IDM" or the "Company") is pleased to announce that surface trenching has discovered a strongly mineralized structure at its Red Mountain Gold Project ("Red Mountain" or the "Property"). Named the Anda'adala'a Lo'op zone (Nisga'a Nation language for "money rock"), this structure is part of a series of stacked, high-grade structures overprinting vertical sets of porphyry-style quartz-sulphide veins.
"This discovery, which appears to be part of a stacked set is an obvious new drill target at Red Mountain," said Rob McLeod, President and CEO of IDM. "Recently exposed from the rapidly melting Cambria icefield, it emphasizes the stellar exploration potential at Red Mountain."
LOST VALLEY PROSPECT
High-grade structures in the Lost Valley area ("Lost Valley") were identified earlier in the 2016 field season. Assays have been received from surface trenching at the Anda'adala'a Lo'op zone, a shallow dipping structural zone which includes multiple high-grade sulphide quartz veins and faults within a monzogranite. Seven lines of channel samples were taken across the vein along a strike length of 33 meters. This structure has been traced for a total of 78 meters on surface and remains open in all directions. Channel samples averaged 18.7 g/t Au and 61.4 g/t Ag over an average width of 0.84 meters, with individual assays of up to 34.6 g/t Au, 183.0 g/t Ag. The total thickness of the mineralized structure, a potential thrust fault remobilizing mineralization, is not yet known since it is at the base of cliff with scree covering the outcrop immediately below. Other sparse outcroppings of quartz and sulphide mineralization have been identified at the base of the valley at Lost Valley that may be part of the same structure. Lost Valley is located approximately four kilometers southwest of the Marc/AV/JW zones which make up the primary reported resource at Red Mountain.
Much of the Lost Valley prospect was covered by ice during the initial discovery of the Red Mountain deposit in the 1990's, thus its mineral potential has only recently been realized (see IDM news release, dated July 19, 2016). Lost Valley is underlain by an Eocene multi-phase monzogranite that is similar in age to other molybdenum-bearing porphyry systems in the region, including the Kitsault molybdenum deposit about 55 kilometers to the south. Molybdenum, pyrite and chalcopyrite mineralization is widespread throughout the intrusion and the surrounding biotite-hornfelsed argillite and tuff. Assays of up to 3.45% Mo and 1.65 g/t Re have been reported from select samples (IDM news release, dated July 19, 2016). In addition to the molybdenum mineralization, sheeted sets of banded quartz-sulphide veins are associated with later stage brittle faults and veins throughout the intrusion and the surrounding wall rocks. High grade gold, silver and copper mineralization is found within these veins which assay up to 165 g/t Au, 1,048 g/t Ag and 15.5% Cu. The veins vary from 5 to 100 centimeters in width and are traceable for up to a kilometer along strike.
Maps and photos from Lost Valley can be viewed at www.idmmining.com
About Red Mountain
The 17,125 hectare Red Mountain Gold Project is located in Northwestern BC, 15km 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 at Red Mountain, reported at a 3.0 g/t Au cut-off.
Additional information, including the Company's NI 43-101 Technical Reports for the Red Mountain project, is available at www.idmmining.com and at www.sedar.com.
QA/QC AND QUALIFIED PERSON
Samples for the 2016 exploration program are collected by experienced geologists and technicians, placed in sealed bags and shipped to ALS Labs Ltd. in Terrace, BC for sample preparation, with pulps subsequently shipped to Vancouver, BC for gold and multi-element ICP analysis. A Quality Control/Quality Assurance program, including the insertion of Standards and Blanks, has been implemented. The 2016 exploration program is performed under the supervision of Rob McLeod, P.Geo, President and CEO of IDM Mining Ltd. and a 'Qualified Person' under NI 43-10. Mr. McLeod has reviewed and approved the technical content of this release.