VANCOUVER, June 4, 2018 /CNW/ - IDM Mining Ltd.
(TSX.V:IDM) (OTCQB:IDMMF) ("IDM" or the "Company") is pleased
to announce that the Company and Sunvest Minerals ("Sunvest") have
signed a Letter of Intent whereby IDM would provide Sunvest with
technical and geological consultation work, as well as logistical
and community guidance for their Clone Gold Property. It is
located south of IDM's Red Mountain Property, which is currently
well-advanced in the Environmental Assessment review process.
Both properties are east of Stewart, in BC's Golden Triangle.
"This is extremely positive for Sunvest Minerals given the
IDM team's geological expertise and excellent relationships with
the Nisga'a Nation and the Community of Stewart, as they advance the Red Mountain
Project towards production," stated Mike England CEO of Sunvest
Minerals. "We look forward to an active field season to begin
shortly, with beneficial contributions and exploration efficiencies
through this agreement with IDM."
"Our technical understanding of mineralization in this area
of the Golden Triangle, particularly with IDM's recent
interpretations of post-mineralization folding will contribute to
advancing and further exploring the Clone Project," said
Robert McLeod, President and CEO of
IDM Mining. "I personally worked on the Clone Project in
1995 as a geologist for Homestake Mining, in joint venture with
Teuton Resources, and am a believer in its exploration
potential."
Clone Project
Discovered in 1995, Sunvest's principal mineralized zone at the
Clone Property is located 15 kilometers south of IDM's Red Mountain
Deposit. Permitting is underway for drilling on Clone, subsequent
to surface exploration that is proposed to start within the next
few weeks. Significant retreat of glaciers over the past
decades have exposed new areas of rock outcroppings. Surface
exploration work and proposed drilling during the 2018 season would
be staged out of IDM's nearby exploration camp.
High-grade gold mineralization at the Clone project is
associated with earliest-Jurassic age volcanic and intrusive rocks,
forming during approximately the same metallogenic event as
Premier, KSM, Brucejack, Red Mountain, Dolly Varden and other gold-silver deposits in
northwestern British Columbia. All of these mineralizing
systems, including Clone, are spatially associated with earliest
Jurassic intrusives however often exhibit different mineralization
styles and metal associations. Gold mineralization at Clone occurs
within quartz-hematite/magnetite structures, with the iron oxides
likely remobilized from hematite-rich andesitic volcanics that are
common in the Stewart area.
Significant drilling, albeit highly localized, has been completed
on the property.
In addition to high-grade gold mineralization, significant
cobalt bloom has been observed on surface, at a facies transition
between hematite and magnetite.
Letter of Intent
Pursuant to the Letter of Intent, the Company and Sunvest will
pursue a definitive agreement for IDM to provide Sunvest with
certain geological, technical and other general support services,
including use of its camp at Red Mountain or facilities in
Stewart, BC. Sunvest will be
required to pay a monthly retainer fee and the agreed upon fees in
connection with each scope of work and services requested. In
addition, Sunvest will grant to IDM certain rights of first
refusal.
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. In 2017, IDM announced the results of
a Feasibility Study for a high-grade, underground gold mine, which
includes primarily bulk underground mining methods and the
production of gold doré on site. The Project is 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.
Additional information, including the Company's NI 43-101
Technical Reports for the Red Mountain gold project, is available
at www.idmmining.com and at www.sedar.com.
QA/QC AND QUALIFIED PERSONS
Rob McLeod, P. Geo, President and
CEO of IDM Mining Ltd. and Ryan
Weymark, P.Eng., Vice-President of Project Development have
reviewed and approved the technical content of this
release. Both are 'Qualified Persons' under NI 43-101.
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. 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.