TSX-V-listed IDM Mining has significantly increased the mineral resources of its Red Mountain project, which company president and CEO Robert McLeod said would likely be the next underground gold mine in British Columbia.
Following the 2017 underground drilling programme, IDM on Tuesday reported a 39.2% increase in measured gold ounces, or 147 000 oz, and a 46.7% increase in measured tonnes, or 581 900 t, at a grade of 8.92 g/t gold.
The measured and indicated gold ounces increased by 20.7% to 704 600 oz of gold and 2.03-million ounces of silver at an average grade of 7.91 g/t gold and 22.75 g/t silver.
The measured and indicated tonnes increased by 33.6% to 2.77-million tonnes.
IDM would include the updated mineral resource estimate, along with improved geological interpretation and engineering optimisation work, in an updated feasibility study, which would be completed in the autumn of 2018.
McLeod also reported that the Red Mountain project’s environmental assessment and the environment impact statement review were at an advanced stage.