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New Jersey Mining Company Completes Acquisition of GF&H and Provides Operations Update on Mining Activities at Golden Chest
COEUR D'ALENE, Idaho, Aug. 30, 2016 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCQB:NJMC) (“NJMC” or the “Company”) announced today that it has completed i
About this update from Idaho Strategic Resources, Inc.
[{"type":"text","content":"COEUR D'ALENE, Idaho, Aug. 30, 2016 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCQB:NJMC) (“NJMC” or the “Company”) announced today that it has completed its acquisition of GF&H, a private company that holds 374 acres of patented mining claims near NJMC’s Golden Chest Mine Project near Murray, Idaho. The GF&H land package includes claims just south of the mine property and on-strike with the Idaho Fault. Modern exploration at the Golden Chest property, including nearly 30,000 meters of drilling, has revealed seven NW-trending ore shoots that demonstrate strong periodicity, consistent width and spacing, along the Idaho Fault. Most historic production at Golden Chest came from the northernmost of these shoots, the Katie-Dora and the Klondike. Mineralization potential remains in unmined portions of the northern shoots as well as in the Joe Dandy and Paymaster shoots on the south end of the property. Recent modeling by NJMC indicates potential for additional mineralization even further south onto the GF&H claims that extend into Ophir Gulch, which adjoins other historic high-grade gold producing properties near the Golden Chest. NJMC initially purchased a controlling interest in GF&H in 2014, for the strategic location and mineral potential of the claims, as well as for their excellent potential for timber harvesting and for land swaps given their location within and near USFS and BLM land. The Company has also provided an operations update for its Golden Chest Mine. NJMC has commenced small-scale open pit mining at Golden Chest, stockpiling its first ore on-site, prior to its shipment to the Company’s nearby New Jersey Mill. The starter pit at Golden Chest contains an estimated 13,000 tonnes of mineralized material with potential for expansion. Furthermore, work toward dewatering of the underground mine workings at the Golden Chest is underway. With the mine fully permitted, the Company can resume underground mining operations immediately following dewatering and any needed rehabilitation. NJMC President John Swallow stated, “We have firmly believed in the district-scale potential of the Golden Chest property for a long time, therefore it was always our plan to advance the property package following Juniper’s lease on the Skookum Shoot. The acquisition of GF&H and purchase of Marathon’s portion ...