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IDM Mining: Measured, indicated gold ounces increase 32% at Red Mountain

IDM Mining Ltd. on Jan. 23 said an updated resource estimate for its Red Mountain property in northwestern British Columbia showed a 32% increase in contained measured and indicated gold ounces and improved the average gold grade from 8.36 g/t to 8.75 g/t.

Using a 3 g/t of gold cutoff, the project hosts measured and indicated resources totaling 2.1 million tonnes grading 8.75 g/t of gold and 25 g/t of silver, for 583,700 ounces of gold and 1.7 million ounces of silver.

The resource upgrade resulted in inferred resources decreasing by 42,700 ounces of gold and 48,200 ounces of silver. Inferred resources now total 324,700 tonnes grading 6.21 g/t of gold and 10 g/t of silver for 64,800 ounces of gold and 105,500 ounces of silver.

The latest resource estimate incorporates data from 538 surface and underground drill holes completed in 2016.

IDM Mining noted that mineralization was primarily modeled using a minimum grade of 2.5 g/t of gold, with consideration for sulfide type and abundance.

The estimate will be incorporated into a revised and expanded mine design as part of ongoing feasibility study work.