BRITISH COLUMBIA – Vancouver-based IDM Mining says drilling at its Red Mountain gold project 15 km northeast of Stewart has discovered two new zones – Marc Extension and Cambria – outside the current resources.
The Marc Extension is a historic prospect located near the underground decline. Previous operators had placed waste rock on top of it, but when IDM drilled at the edge of the waste rock, hole MCEX14-01 cut 5.50 metres averaging 6.16 g/t Au including 2.0 metres at 12.92 g/t. A second, steeper hole from the same drill pad, MCEX14-02, intersected 4.90 metres of 1.69 g/t Au.
Five holes were drilled in the Cambria zone 500 metres southeast and on trend with the Marc-AV-JW resource area. Drilling tested 200 meters of strike length, encountering stockwork of massive pyrite and pyrrhotite veins. Discovery drill hole CB14-01 intersected 4.39 meters true width averaging 5.67 g/t Au including 0.93 meters true width averaging 13.50 g/t Au starting at 41.3 meters downhole. The Cambria structure is open in all directions.
IDM is currently earning into an option to acquire a 100% interest in the Red Mountain property. Since discovery in 1989, over $40 million has been spent at the property and a decline suitable for production has been driven.
At a 3.0 g/t Au cut-off, measured and indicated resources from the Marc and AV zones are 1.45 million tonnes averaging 8.15 g/t Au and 29.57 g/t Ag totaling 380,900 oz of gold and 1,382,800 oz of silver. Inferred resources from the Marc, AV and JW zones are 332,900 tonnes averaging 7.69 g/t Au and 12.72 g/t Ag totaling 82,300 oz of gold and 136,200 oz of silver.
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