VANCOUVER, Oct. 16, 2018 /CNW/ - IDM Mining
Ltd. (TSX.V:IDM) (OTCQB:IDMMF) ("IDM" or the
"Company") announces that underground drilling has commenced
using two core rigs at the advanced-stage Red Mountain Underground
Gold Project ("Red Mountain" or the "Project"), located west of
Stewart, BC. An estimated
7,600 meters in over 30 holes are planned. The Company has a
winterized camp and shop facility to support the program.
Exploration drilling during this program will primarily test
four areas: 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 will target conversion of inferred resources
to measured and indicated classification, primarily within the Smit
and SF Zones.
"With our EA Certificate recently received from BC's
Provincial Government, we are excited to be back drilling at
Red Mountain, particularly to target areas identified by our
geological team's new interpretation of untested high-amplitude
fold closures and limbs," said Robert
McLeod, President and CEO of IDM Mining. "Each
drilling program to date has systematically added high-grade
measured and indicated resources that are amenable to underground
bulk-mining methods."
It is expected that the drill program will be completed by early
December, 2018.
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
has 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.
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SOURCE IDM Mining Ltd.