New Jersey Mining Company Increases Land Position in Central Idaho
COEUR D'ALENE, Idaho, Sept. 28, 2018 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCQB/CSE:NJMC) (“NJMC” or the “Company”) announced today it has increased its overall land position at the Company’s Eastern Star and South Fork project areas in central Idaho.
The Company’s Eastern Star and South Fork projects are located approximately one mile apart in the central Idaho Gold Belt, near the small community of Elk City, Idaho. The Elk City Mining District is an historic gold mining region dating back to the 1860s and once supported more than 20 underground mines and extensive placer operations. Modern exploration in the district by companies including Cypress-Amax, Kinross Gold, and Bema Gold primarily focused on near-surface bulk-tonnage gold potential, while many of the smaller-scale high-grade gold occurrences have been largely ignored.
The Eastern Star and South Fork projects are located along the north-south trending Oro Grande Shear Zone, which is the primary mineralizing structure of the central Idaho Gold Belt. The Eastern Star consists 11 patented claims and 38 unpatented lode claims totaling 980 acres. The South Fork has 5 patented and 34 unpatented lode claims totaling 704 acres.
At the Eastern Star, NJMC has completed initial mapping, trenching and sampling programs, identifying several quartz veins in historic prospect pits and small shafts. Though these selected samples may not be representative of the true average grade of mineralization on the property, they do show the presence of high-grade gold within mineralized quartz vein material. Of the 27 samples collected over multiple vein zones, 12 samples returned gold values exceeding 5.5 gpt, with five of those exceeding 17.0 gpt.
The South Fork Mine was a historic high-grade producer. Bureau of Mines records show 6,036 ounces of gold and 1,529 ounces of silver were taken from 11,639 tons of ore between 1905 and 1916. Underground mining at the South Fork Mine was conducted from three levels, which have a total development length of 5,000 feet. The project was used by the University of Idaho-School of Mines to teach students proper underground geological field methods in the 1940’s.
Rob Morgan, NJMC V.P of Geology stated “There has been a noticeable increase in activity along the central Idaho Gold Belt over the last two years, with 2 mines currently in development by Finnish Gold Producer, Endomines. We welcome the increased exposure of the district and feel fortunate to have focused on the best properties in the area well ahead of the current competitive atmosphere. At the Eastern Star, our initial work indicates the presence of sets or a series of gold-bearing quartz veins with several near surface, high-grade targets, making the project drill ready for the 2019 field season.”
John Swallow, NJMC President and CEO, “Our patented/unpatented land strategy in the Elk City area is similar to that of the Murray Gold Belt – focusing on former gold mines/prospects on private land with ownership of adjacent unpatented mining claims. From an operational and permitting perspective, this approach not only fits our current strategy of starting small and growing, but also provides a potential base for sizeable operations on private land should that opportunity become available.”
Quality assurance/quality control
Analytics work was done by ALS Geochemistry Laboratory in Reno, NV with sample prep and geochemical analysis. Each rock (grab) sample was analyzed for gold using a 30 gram fire assay fusion with atomic absorption spectroscopy (AAS) finish (FA430.) In addition Company quality control procedures were performed included submitting blanks and gold standard samples.
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 at its Central Idaho projects, 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.