IDM Mining provides an update on Red Mountain operations

Over recent months, IDM has continued to advance the Red Mountain Project as one of the few high-grade, underground gold development projects located in a politically stable, and pro-mining jurisdiction. 

President and CEO of IDM, Robert McLeod, said: “We are pleased that the 2018 resource estimate is nearing completion and to be included in an update to the 2017 Feasibility Study.  Additional updates to the feasibility study will include an optimised underground mine plan and capital and operating efficiencies identified during the value engineering phase.  We also look forward to finalising the EA and EIS review process and the Benefits Agreement with the Nisga’a Nation.”

“These are all key milestones in de-risking the Red Mountain Project.”

Resource Estimate Update

Geologic and Resource modelling which includes drilling from the 2017 programme is nearing completion. Initial resource estimates are expected for multiple newly identified and interpreted zones, including Smit, SF, Bray, Chicka and Cambria Zones. Additionally, successful infill drilling that targeted the conversion of inferred resources to measured and indicated category, primarily within the JW and AV zones, will be included. Finally, the updated estimate will include 2017 step-out holes that were completed on minimum 25-m centres that targeted up and down-dip extensions to current reserves and resources hosted in the Marc, AV, JW and NK zones.

Feasibility Study Update

It is expected that the updated resource estimate will trigger a revised NI 43-101 Technical Report for the Red Mountain deposit. To incorporate the updated resource estimate, the company expects to commence work on an updated Feasibility Study during the summer of 2018.

The company will announce further details on the proposed updated Feasibility Study during the next few months.

 

Spring 2018 Exploration Plans

With a late spring and higher than average snow packs, initial work at Red Mountain will include field work in the Lost Valley area, located at lower elevations approximately 4 km to the south of the Marc Zone Portal. The objective of this programme is to identify new targets, expand known zones and refine surface drilling targets. This will include trenching to better expose and sample multiple high-grade, gold-silver bearing structures.

Previous exploration by IDM at Lost Valley identified numerous veins and structures hosting high-grade gold and silver, overprinting a molybdenite-rich porphyry.  Widespread, high-grade gold mineralization has been identified from surface sampling in 2016 and previous years. Of 589 samples collected at Lost Valley (including: grab, channel and subcrop samples), 96 samples returned over 5.0 g/t Au. These 96 samples range from 5.18 - 165 g/t Au, averaging 31.8 g/t Au and 139.9 g/t Ag. These samples were collected over a 1200 by 1500 m area.

Mining crews based in Stewart have commenced opening the underground workings at Red Mountain, to allow for ongoing dewatering and for drilling potentially later in the 2018 season.

Read the article online at: https://www.globalminingreview.com/exploration-development/15052018/idm-mining-provides-an-update-on-red-mountain-operations/