Business
New Jersey Mining Co. Closes $1.98 Million Private Placement to Drill its Diamond Creek Rare Earth Element Project and Increase Gold Production at the Golden Chest Mine
COEUR D'ALENE, ID / ACCESSWIRE / October 18, 2021 / New Jersey Mining Company (OTCQB:NJMC) ("NJMC" or the "Company") is pleased to announce it has closed a $1.9
About this update from Idaho Strategic Resources, Inc.
[{"type":"text","content":" COEUR D'ALENE, ID / ACCESSWIRE / October 18, 2021 / New Jersey Mining Company (OTCQB:NJMC) (\"NJMC\" or the \"Company\") is pleased to announce it has closed a $1.98 million private placement from 13 investors. Proceeds from the private placement will be used for a 10-hole core drilling program on the Company's Diamond Creek Rare Earth Element property and for the purchase of and down payments on equipment upgrades expected to result in increased gold production from the Skookum in the near-term. This equipment may also be utilized for potential future development and production expansion into the Paymaster and/or Klondike areas of the Golden Chest Mine. NJMC CEO and President John Swallow stated, \"As part of our Rare Earth Element (REE) focus, this 10-hole drill program is the necessary next step in defining a mineable and reliable REE deposit while building upon the rare earth element mineralization identified at our Diamond Creek Property (as sampled by NJMC and defined in USGS and other publications). The realization or ‘process of discovery' in regard to the extreme lack of domestic rare earth element supplies is almost occurring in real time by businesses, agencies and academia. It seems that our leadership has finally acknowledged that many countries long ago developed and reserved their own critical mineral resources for themselves. Furthermore, we will soon begin expanding and upgrading our equipment base at the Golden Chest with a view toward increased near-term development and production in the Skookum, and assuming continued success, the Klondike and Paymaster areas of the mine. One of our goals for the Golden Chest - subject to many success-based caveats - is to reach 20,000-25,000 ounces of gold production per year if the three areas are in production. At NJMC, while we were advancing production and development at the Golden Chest, we recognized that the shortage of long-term domestic supplies of rare earth elements could not continue and acted accordingly. As a result, NJMC is one of the few Company's possessing the combination of officially recognized U.S. based domestic rare earth element properties (in Idaho) and Idaho-based gold production in an established mining community. This modest and strategic placement allows for the continued advancement of our asset base and corporate profile in concert with our an...