The Red Mountain Project (“RMP”) is located 15km northeast of the town of Stewart near the headwaters of the Bitter Creek Valley within Nisga'a Nation traditional territory. The Project was advanced by IDM Mining Ltd. between 2014 and 2019. A substantial deposit of high-grade gold has been delineated, primarily in the Measured and Indicated category and is accessed by 2,000 meters of production-sized underground workings. With an average thickness of 15 meters and up to 40 meters in areas, and with excellent ground conditions, the deposit is primarily amenable to low-cost longhole stoping. The Red Mountain Project received a Provincial Environmental Assessment Certificate on October 5, 2018 and a Federal Environmental Assessment Certificate on January 14, 2019. On March 28, 2019, RMP was purchased by Ascot and on April 10, 2019, the Company signed a Benefits Agreement with the Nisga’a Lisms Government.
The RMP ground comprises 17,125 hectares with prospective geology suitable for the discovery of high-grade gold deposits of multiple mineralization styles. There are multiple exploration targets at RMP, including Lost Valley, where a new discovery was exposed by receding glaciers. Resources at Red Mountain remain open for expansion in multiple directions.
The RMP resources are as follows:
Mineral Resource Estimate
The updated mineral resources for the Red Mountain Project are reported at a 3.0 g/t Au cut-off for underground longhole stoping mining methods.
The mineral resource model prepared by ACS utilised a total of 699 drill holes, 230 of which were drilled by IDM Mining: 12 in 2014, 62 in 2016, 116 in 2017 and 40 in 2018. The resource estimation work was completed by Dr. Gilles Arseneau, P. Geo. (EGBC) an appropriate independent “qualified person” within the meaning of NI 43-101. The effective date of the Mineral Resource statement is August 30, 2019
|Class||In situ Tonnes|
|Average In situ|
|Au g/t||Ag g/t||Au||Ag|
Notes for above:
- Red Mountain Resources are reported at a 3.0 g/t Au cut-off
- The Red Mountain Gold Project arise from the press release dated October 31, 2019 authored by Gilles Arsenault, P.Geo, a Qualified Person as defined by NI 43-101 as filed on Sedar.
- The effective date and report date and of the NI 43-101 report are; August 30, 2019 and November 22, 2019, respectively
- Numbers may not sum due to rounding