VANCOUVER, Nov. 21, 2018
/CNW/ - IDM Mining Ltd. (TSX.V:IDM) (OTCQB:IDMMF)
("IDM" or the "Company") announces that the ongoing
underground drilling program at the advanced-stage Red Mountain
Underground Gold Project ("Red Mountain" or the "Project"), located
east of Stewart, BC has been
expanded with a third drill rig added. With efficient and
encouraging drilling to-date, an additional 5,400 meters have been
added; 13,000 meters in over 54 holes are now planned. The
Company has staged the drilling program from a winterized camp and
shop facility located adjacent to the underground workings.
Exploration drilling during the 2018 program has been testing
multiple extensions to various zones at Red Mountain, including: a
near-surface synform between the Marc and 141 Zones; the northern
and western extensions to the Smit and JW Zones; a projected
high-grade connection between the Smit and 141 Zones; and the
northern and eastern extensions to the SF Zone antiform.
Additionally, drilling has been targeting the conversion of
inferred resource to measured and indicated classification,
primarily within the Smit and SF Zones. Multiple exploration
holes are also planned to test previously undrilled areas located
to the south and east of the resource area.
"Our new geological interpretation, that has connected zones
previously thought to be separate mineralized structures through
large-scale folding, is being validated. Coupled with
safe and efficient drilling by IDM's site team and our contractors
including: Morecore Drilling, Matrix Camp Services, Yellowhead
Helicopters and Adapt Mountain Safety Services, our program has
been significantly under budget and ahead of schedule," said
Robert McLeod, President and CEO of
IDM Mining. "With increased confidence in the continuity
of the extensions of the mineralized horizon at Red Mountain, we
are looking forward to exploring new, undrilled targets in addition
to expanding known zones."
It is expected that the underground drill program will be
completed by mid-December 2018.
Additional information about the high-grade Red Mountain 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 are 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 has been implemented, as well as
rigorous chain of custody documentation. The 2018 Exploration
Program is 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, having recently been granted its
Provincial Environmental Assessment Certificate, with a Federal
Environmental Assessment Decision expected by 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.