COEUR D’ALENE, Idaho, April 14, 2021 (GLOBE NEWSWIRE) — New Jersey Mining Company (OTCQB: NJMC) (“NJMC” or the “Company”) today provided an update on its preliminary operating results for the quarter ending March 31, 2021.
NJMC CEO and President, John Swallow stated, “The first quarter is typically met with a combination of challenging weather and ‘go to work in the dark, work in the dark, leave for home in the dark’ schedules. That being said, kudos goes out to the guys at the mine and the mill as production definitely trended upward, with March being one of the best production months in company history! Additionally, exploration in support of operations progressed nicely and as discussed below, some of the highest gold assays we’ve ever seen recently came from the pit. We also announced high-grade exploration drill results in the Joe Dandy and Paymaster in the quarter.”
First Quarter Operating Highlights include:
A total of 10,118 dry metric tonnes (dmt) were processed during the first quarter of 2021, which is 1.4% more than the first quarter of 2020. Mill feed grades improved from 3.24 grams per tonne (gpt) in 2020 to 3.62 gpt gold in the first quarter of 2021, indicating an increase in gold production. It is significant that the mill tonnage did not drop off considering one week of operating time was lost due to power outages (at the mine and the mill) from a severe windstorm in mid-January 2021.
Open Pit Mining
Mining continued through the Klondike area as historic stopes were encountered that reduced the ore tonnage modeled. However, a narrow, high-grade footwall vein with abundant visible gold (672 gpt gold over 20 centimeters) was encountered in the Klondike pit, as briefly discussed in our previous press release (March 31, 2021). Subsequent to that discovery, the next bench was then drilled and a blasthole intercept of 105 gpt Au in a three-meter vertical blasthole was found in the same area. It appears that some of this vein was mined by the old-timers, however, the Company is planning to study this occurrence as it may have positive implications for future exploration targeting of high-grade footwall veins.
Ore tonnage from the underground stopes increased significantly in the first quarter of 2021 as 5,700 tonnes of ore were mined from the 842 and 891 stopes. Significant progress was also made in the Main Access Ramp (MAR) and associated development (sumps, muckbays and ventiliation drifts). The advance rate in the MAR was substantially increased with the addition of a new 5-cubic meter Caterpillar R1600 LHD in the first quarter of 2021 which reduced muckout times by 60%.
NJMC’s Vice President Grant A. Brackebusch, P.E., is a qualified person as such term is defined by SEC rules and has reviewed and approved the technical information and data included in this press release.
No PEA, PF or FS has been completed to verify the economic viability or technical feasibility regarding any new construction of future tailings impoundment, a new mill or other infrastructure related to mineral processing in the Murray area.
About New Jersey Mining Company
Headquartered in North Idaho, New Jersey Mining Company is the rare example of a vertically integrated, operating junior mining company. NJMC produces gold at the Golden Chest Mine and recently consolidated the Murray Gold Belt (MGB) for the first time in over 100-years. The MGB is an overlooked gold producing region within the Coeur d’Alene Mining District, located north of the prolific Silver Valley. In addition to gold, the Company maintains a presence in the Critical Minerals sector and is focused on identifying and exploring for Critical Minerals (Rare Earth Minerals) important to our country’s defensive readiness and a low-carbon future.
New Jersey Mining Company possesses the in-house skillsets of a much larger company while enjoying the flexibility of a smaller and more entrepreneurial corporate structure. Its production-based strategy, by design, provides the flexibility to advance the Murray Gold Belt and/or its Critical Minerals holdings on its own or with a strategic partner in a manner that is consistent with its existing philosophy and culture.
NJMC has established a high-quality, early to advanced-stage asset base in four historic mining districts of Idaho and Montana, which includes the currently producing Golden Chest Mine. Management is stakeholder focused and owns more than 15-percent of NJMC stock.
The Company’s common stock trades on the OTC-QB 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, the risk that, the risk the mine plan changes due to rising costs or other operational details, an increased risk associated with production activities occurring without completion of an independent third party economic feasibility study of mineral reserves demonstrating economic and technical viability, , 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, , the risks relating to widespread epidemics or pandemic outbreak including the COVID-19 pandemic; the impact of COVID-19 on our workforce, suppliers and other essential resources and what effect those impacts, if they occur, would have on our business, including our ability to access goods and supplies, the ability to transport our products and impacts on employee productivity, the risks in connection with the operations, cash flow and results of the Company relating to the unknown duration and impact of the COVID-19 pandemic 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.