Mining News: Expanding Red Mountain

IDM Mining Ltd. July 4 published results for another 17 underground holes drilled this year at Red Mountain and announced a second phase of drilling at its gold mine project near Stewart, British Columbia. The latest round of results is primarily from holes targeting the expansion of the current reserves. “Any additions to the reserves at Red Mountain, recently stated in our feasibility study, would be potentially highly accretive to our project economics,” said IDM President and CEO Rob McLeod. Highlights from this drilling include seven meters of six grams per metric ton gold in U17-1232, a step-out hole at the AV zone; 14 meters of 5.37 g/t gold and 14.19 g/t silver in U17-1243, an infill hole at AV; 8.6 meters of 12.33 g/t gold and 70.9 g/t silver in U17-1245, a step-out hole at the JW zone; and 4.0 meters of 3.77 g/t gold and 13.03 g/t silver in U17-1252, a hole drilled about 150 meters north of the current reserves at the SF zone. To follow up on the success of the 50 underground hole drilled this year, IDM’s board has approved a 10-meter second phase of surface and underground drilling at Red Mountain, increasing the total 2017 drilling for the project to 18,000 meters. “The primary objective of our expanded drilling program is to add additional years to the potential mine life by targeting near-mine mineralization from underground, as well as diamond drilling from surface, primarily testing the surface exposure of the 141 Zone,” McLeod said.

–SHANE LASLEY