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New Jersey Mining Company Adds Historic Gold/Tungsten Mine Property to its Murray Gold Belt Portfolio
COEUR D'ALENE, Idaho, March 06, 2018 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCQB:NJMC) (“NJMC” or the “Company”) announced today that it has added to i
About this update from Idaho Strategic Resources, Inc.
[{"type":"text","content":" COEUR D'ALENE, Idaho, March 06, 2018 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCQB:NJMC) (“NJMC” or the “Company”) announced today that it has added to its land holdings in North Idaho’s Murray Gold Belt (MGB) with the lease of the Four Square Property. The Four Square Property is comprised of 334 acres of mining claims, including 46 acres of patented mining claims, located near the small town of Murray, just three miles west of the Company’s Golden Chest Mine. NJMC has also acquired, by staking, 348 additional acres of unpatented mining claims south of the leased area, adjacent to the patented claims. The Four Square Property has two primary features: the Crown Point Vein zone, which exhibits 40 to 100-foot widths along at least 3,000 feet of strike in surface outcrop (Shenon 1938) and will be evaluated and diamond drilled to test its potential to host an underground bulk-mineable deposit; the Four Square Mine, an historical producer of gold and tungsten from one of several parallel shoots, analogous in many ways to the Company’s Golden Chest property. NJMC CEO and President John Swallow stated, “The Four Square Property further expands our land position in the Murray Gold Belt, a largely overlooked camp that, we believe, offers excellent potential for large-scale gold production. Our strategy within the MGB is to acquire quartz-gold vein occurrences along favorable structures, on or adjacent to private land. The Four Square lease, like our recent Buckskin acquisition exemplifies our strategy in action. This opportunity was made possible by our success as a local gold producer and our shareholder-focused corporate culture. We are pleased to welcome the Four Square folks as New Jersey shareholders.” The Company’s primary focus at the Four Square Property is the Crown Point Vein, which occurs along a large north-south oriented shear zone and is nearly vertical in dip. Outcrop exposures show that the veins occur as a series of anastomosing quartz veins and quartz vein stock-work with incorporated lenses of country rock. The adjacent claims staked by NJMC are on strike with the southern extension of the Crown Point Vein. In 1936, a tunnel was constructed to intercept the Crown Point Vein at shallow depths beneath overburden. An underground diamond drill hole from within this tunnel intercepted 80 feet (24.4 meters) of...