IDM Mining Announces Filing of Technical Report for the Red Mountain Gold Project
VANCOUVER, Aug. 1, 2018 /CNW/ - IDM Mining Ltd. (TSXV:IDM) (OTCQB: IDMMF) ("IDM" or the "Company") announces that the NI 43-101 Technical Report titled "Mineral Resource Update for the Red Mountain Gold Project, Northwestern BC, Canada" has been filed on SEDAR as per the Company's News Release issued on July 19th, 2018.
Qualified Persons
The Independent Technical Report was prepared by Dr. Gilles Arseneau, P.Geo. and Andrew Hamilton, P.Geo. both 'Qualified Persons' for the purpose of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian securities administrators ("NI 43-101"). The report is filed on SEDAR and is available on IDM's website.
The Company's Qualified Person as defined by NI 43-101 is Robert McLeod, PGeo, President and CEO. He has reviewed and approved the technical content of this release.
About IDM and Red Mountain
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. IDM recently announced increased high-grade, near surface measured and indicated resources.
The updated mineral resources for the Red Mountain Project are reported at a 3.0 g/t Au
cut-off with an effective date of June 15, 2018.
| Classification |
Tonnes |
Au |
Ag |
Ounces |
Ounces |
| Measured |
1,827,900 |
8.92 |
28.30 |
524,000 |
1,663,300 |
| Indicated |
943,400 |
5.95 |
11.98 |
180,600 |
363,500 |
| Measured + Indicated |
2,771,300 |
7.91 |
22.75 |
704,600 |
2,026,800 |
| Inferred |
316,000 |
6.04 |
7.60 |
61,400 |
77,200 |
The Company is currently advancing through the provincial and federal environmental assessment processes, with comprehensive, thorough, and ongoing consultation with Nisga'a Nation. The Project is currently in the formal review phase of the BC Environmental Assessment Office and the Canadian Environmental Assessment Agency.
ON BEHALF OF THE BOARD
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, the Company's plan to update its current feasibility study. 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.
Robert McLeod, 604-681-5672 office, 604-617-0616 mobile, [email protected]; Investor Relations: Vanessa Pickering, 604-681-5672 office ext 7112, 604-202-2940 mobile, [email protected]
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