New Jersey Mining Company Adds to Murray Gold Belt Portfolio
COEUR D'ALENE, Idaho, Sept. 13, 2018 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCQB/CSE:NJMC) (“NJMC” or the “Company”) announced today that it has added to its Murray Gold Belt portfolio by staking the Giant Ledge Claim Group (Giant Ledge), located southeast of the Golden Chest Mine. The Giant Ledge Project consists of 37 un-patented claims and covers the historic Giant Ledge and Raven mines.
The Giant Ledge Mining Company was active between the years of 1917 to 1926. According to historical records, the main working was a 122m shaft with over 685m of drifts, raises, winzes, and stopes near the bottom of the shaft. The reported target of the underground development was mineralization related to the French Gulch Fault, which forms a contact between Proterozoic Prichard Formation and a monzonite intrusive. Historical geologic reports describe the mineralization as structurally controlled veins and disseminations, including galena, pyrite, chalcopyrite, and gold in fractures within silicified Prichard Formation; and within the monzonite intrusive as pyrite, chalcopyrite, galena, tetrahedrite, and gold in sheared seams. Exploration work completed by Sunshine Mining Company between 1982 and 1989, collected 88 soil samples on 13 lines, and completed a magnetic survey totaling 2,408m in 1984, a diamond drilling program completed two core holes totaling 210.6m. Both holes intersected the French Gulch Fault Zone and its related mineralization. These efforts roughly indicated a gold target.
New Jersey Mining (NJMC) first prospected the area in 2008 after recognizing lead isotope data from the Giant Ledge was very similar to those from the Golden Chest and Toboggan properties. Assessment of the area began with mapping and soil sampling, followed by magnetic and VLF geophysical surveys. Additionally, NJMC acquired the 1984 Sunshine core and relogged/resampled for gold and 48 other elements. This work displayed the mineralized zone was intersected in the two Sunshine drill holes from 1984. Furthermore, this work has revealed a gold anomaly approximately 500m in diameter located in the intrusive adjacent to the French Gulch Fault.
NJMC’s current claim block also covers the historic Raven Mine (430m of underground workings), which shows gold mineralization may also be related to similar geological settings along the French Gulch Fault.
NJMC VP of Exploration, Rob Morgan commented, “The Giant Ledge/Raven is another strategic land position for us within the Murray Gold Belt. Our initial geological assessment indicates an alkalic gold system associated with a porphyry intrusive. This project has potential to contain bulk-mineable base metals, plus gold mineralization. Both the Giant Ledge and Raven mines are in close proximity to the Golden Chest and will be the subject of future work by the company.”
NJMC’s Vice President of Exploration, Robert John Morgan, PG, PLS is a qualified person as such term is defined in National Instrument 43- 101 and has reviewed and approved the technical information and data included in this press release.
About New Jersey Mining Company
New Jersey Mining Company is headquartered in North Idaho, where it is producing gold at its Golden Chest Mine. Gold was first discovered in the Coeur d’Alene District within the Murray Gold Belt in 1879, but by 1888 mining declined as the center of activity and demand for labor shifted to the Silver Valley following the discovery of the Bunker Hill, Sunshine, Lucky Friday, and other iconic regional mines. The rebirth of the long-forgotten Murray Gold Belt has been led by NJMC, as evidenced by production from open-pit and underground operations at the Golden Chest Mine, its extensive land package and superior knowledge of the district gained from current development and production, and ongoing exploration activities.
NJMC has established a high-quality, early to advanced-stage asset base in three historic mining districts of Idaho and Montana, which includes the currently producing Golden Chest Mine. The Company’s objective is to use its considerable in-house skill sets to build a portfolio of mining and milling operations, with a longer-term vision of becoming a mid-tier producer. Management is shareholder focused and owns more than 17-percent of NJMC stock.
The Company’s common stock trades on the OTC-QB and CSE Market under the symbol “NJMC.”
For more information on New Jersey Mining Company go to www.newjerseymining.com or call:
Monique Hayes, Corporate Secretary/Investor Relations
Forward Looking Statements
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be covered by the safe harbor created by such sections. Such statements are based on good faith assumptions that New Jersey Mining Company believes are reasonable, but which are subject to a wide range of uncertainties and business risks that could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such factors include, among others, the risk that that further exploration will result in identifying a mineable resources, the risk that the Company is unable to obtain sufficient funds necessary for expansion or the risks and hazards inherent in the mining business (including risks inherent in developing mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), changes in the market prices of gold and silver and the potential impact on revenues from changes in the market price of gold and cash costs, a sustained lower price environment, as well as other uncertainties and risk factors. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. NJMC disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise.