COEUR D’ALENE, Idaho, May 21, 2019 (ACCESSWIRE) — New Jersey Mining Company (CSE/OTCQB:NJMC) (“NJMC” or the “Company”) announced favorable assay results from two core holes; GC 18-178 and GC 19-179. The vein piercements along the Idaho Vein are summarized below:
Core hole GC 18-178 was completed to a depth of 153.8 meters; and GC 19-179 was completed to a depth of 152.9 meters. All reported intervals are recorded in true thickness.
- GC 18-178 returned 5.1 g/t gold over 3.1 meters from a depth of 128.1 meters.
- GC 19-179 returned 11.2 g/t gold over 1.1 meters from a depth of 130.5 meters
Based on the favorable assay results in both holes, mining of the 857 level has been extended to the north more than 40 meters beyond previous mining and indicating a possible coalescence of the Skookum and Golden Chest shoots.
New Jersey’s drill rig was moved north from its successful program in the Paymaster area (see press release dated January 19, 2019), to nearby Skookum area to evaluate previously un-tested areas. The Skookum drill program successfully extended the strike length of mineralization on the 857 level indicating the possible connection of the Golden Chest and Skookum shoots at this elevation which has positive implications for resource expansion.
Rob Morgan, NJMC VP of Exploration stated, “Incorporating our in-house drill into mine operations at the Golden Chest has proven its worth many times over. The favorable cost structure and operational flexibility of our drill crew is now commonplace within our company, however it’s the continued positive results from drilling that increases our confidence in the Golden Chest.”
The 857 Level is one of two production headings in the Skookum Shoot, with one crew producing on the 848 Level and a second crew producing from the 857 Level. Underground mining conducted by NJMC is focused on the Idaho Vein, or the gold-quartz veining located immediately below the Idaho Fault. Vein intercepts are dominantly silicified quartz vein breccia with visible gold, galena, chalcopyrite and sphalerite.
Quality assurance/quality control
All of the samples were analyzed by American Analytical of Osburn, Idaho, an ISO certified laboratory. Samples were analyzed using lead collection fire assay with a gravimetric finish. A series of known assay standards are submitted with each drill hole as part of a quality assurance-quality compliance program.
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.
Production decisions are not based on a comprehensive feasibility study of mineral reserves, as a result there are increased uncertainties and economic/technical risks with production decisions.
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 15-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 we that extension of mineralization will result in future production, the risk 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.