RVRCF NEWS -IDM Mining Discovers New Vein: Samples 22.2 g/t Au and 81.3 g/t Ag Over 9.35 Meters in Subcrop at Lost Valley, Red Mountain Project
7:59 PM ET 9/12/16 | Marketwired
IDM Mining Ltd. (TSX VENTURE:IDM) ("IDM" or the "Company") is pleased to announce that surface hand trenching has discovered the Randell Zone, another strongly mineralized structure at its Red Mountain Gold Project ("Red Mountain" or the "Property"). This new zone is located less than 100 meters to south of, and stacked above, the Anda'adala'a Lo'op Zone.
"This latest discovery suggests a series of stacked, high-grade, shallow-dipping structures with significant widths," said Rob McLeod, President and CEO of IDM Mining. "Lost Valley is at the headwaters of Bitter Creek, the location of the first alluvial gold discoveries in the Stewart area at the turn of the 20th Century."
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 Randell Zone, named in honor of consulting geologist Andy Randell; mineralization occurs as a subcrop slope several meters high, of weathered fragments of quartz, sulphide and altered monzogranite. The mineralization occurs at the base of a cliff, and is partly covered by talus and glacial erratics. A hand trench was excavated, and a continuous 9.35 meters long channel sample of the subcrop averaged 22.2 g/t Au and 81.3 g/t Ag, including 0.85 meters of 133.25 g/t Au and 378 g/t Ag. Select grab samples include 0.87, 3.14, 24.70, 30.3 and 133.0 g/t Au.
The style of mineralization is comparable to the Anda'adala'a Lo'op Zone, which outcrops approximately 100 meters to the northwest, and about 20 meters lower in elevation. 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. (see IDM News Release August 24, 2016). The total thickness of both mineralized structures, likely related to stacked thrust faults is not known. Further below the Anda'adala'a Lo'op Zone, in a creek at the base of the Lost Valley cirque, a single outcrop entirely comprised of quartz and sulphide return 5.18 g/t Au and 42.0 g/t Ag across 3.0 meters. All three occurrences, coupled with high-grade, shallow dipping veins identified throughout the Lost Valley area, suggest a series of stacked structures. Gold-silver mineralization coincides with anomalous concentrations of bismuth, copper, molybdenum and tellurium.
Lost Valley is located approximately four kilometers southwest of the Marc/AV/JW zones which make up the primary reported resource at Red Mountain, with ongoing underground diamond drilling. IDM intends to commence drilling at Lost Valley during the next month.
Much of the Lost Valley prospect was covered by ice during the initial discovery of the Red Mountain deposit in the 1990's (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, 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.
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.
View data
Classification Tonnage Au (g/t) Ag (g/t) Oz Au Oz Ag Measured 847,200 9.38 34 255,400 920,700 Indicated 794,600 7.29 18 186,100 459,100 Measured + Indicated 1,641,800 8.36 26 441,500 1,379,800 Inferred 548,100 6.10 9 107,500 153,700
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.
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