Business
New Jersey Mining Company Adds Butte Gulch Property to its Murray Gold Belt Portfolio
COEUR D'ALENE, Idaho, Sept. 06, 2018 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCQB/CSE: NJMC) (“NJMC” or the “Company”) announced today that it has added
About this update from Idaho Strategic Resources, Inc.
[{"type":"text","content":" COEUR D'ALENE, Idaho, Sept. 06, 2018 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCQB/CSE: NJMC) (“NJMC” or the “Company”) announced today that it has added the Butte Gulch patented land package and adjacent lode mineral rights to its Murray Gold Belt land position. Butte Gulch is located directly East and adjacent to the Golden Chest Mine. Our acquisition of the land package in Butte Gulch is an important development for NJMC and advancement of the Murray Gold Belt. Significant placer gold production has occurred in Butte Gulch with several campaigns of placer mining over the past century, however much of the ground has been reclaimed and the source of the placer gold has not been identified. NJMC’s review of the geologic environment at the operating Golden Chest Mine and preliminary field work indicate that the Butte Gulch area is prospective for additional lode gold mineralization. Recent placer operators have reported encountering several gold-bearing quartz vein and shear zones as they mined to bedrock without any known follow-up core drilling or other lode exploration programs. NJMC VP of Exploration, Rob Morgan commented, “This acquisition benefits us in two ways. First of all, we have a great relationship with the surface owner/placer operator and plan to core drill the potentially gold-bearing quartz and shear zones this winter. Secondly, acquisition of the surface land adjacent to the Golden Chest provides flexibility for future mining operations at the Chest - including our ability to develop a larger open-pit resource.” The Company acquired 60 acres of patented mining claims (both surface and mineral rights) located next to the Golden Chest land package, and 153 acres of adjacent patented lode mineral rights beneath the current and historic placer operations in Butte Gulch. The Company also staked unpatented claims East of Butte Gulch. The patented land and mineral rights package was purchased for $250,000 and the seller retained a 2% NSR within a defined Area of Interest. An additional 71 acre patented land package located southwest of the Golden Chest was included in the transaction and will be further discussed in an upcoming press release. NJMC CEO and President John Swallow stated, “We are playing the long game in the Murray Gold Belt. Acquisition of the Butte Gulch property demonstrates our...