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New Jersey Mining Company Expands its Land Position Adjacent to the Golden Chest Mine
COEUR D'ALENE, Idaho, Jan. 22, 2018 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCQB:NJMC) (“NJMC” or the “Company”) announced today that it has expanded th
About this update from Idaho Strategic Resources, Inc.
[{"type":"text","content":"COEUR D'ALENE, Idaho, Jan. 22, 2018 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCQB:NJMC) (“NJMC” or the “Company”) announced today that it has expanded their land holdings adjacent to its currently producing Golden Chest Mine in the Murray Gold Belt area of Northern Idaho. The Company has added the “Buckskin Claim Group” which is comprised of 218 acres of patented mining claims acquired through an exploration and mining lease (the “Buckskin Lease”), and approximately 700 acres of unpatented mining claims acquired through NJMC staking. The newly acquired Buckskin Claim Group is adjacent to existing Golden Chest unpatented claims and this new acquisition effectively extends the Company’s Golden Chest property package an additional 2.5 kilometers (1.5 miles) to the west. NJMC CEO and President John Swallow commented, “The addition of the Buckskin Claim Group strategically increases our sizable land position near the Golden Chest and within the Murray Gold Belt. The Buckskin Lease features a Net Smelter Royalty (NSR) demonstrating the recognized value to nearby landowners of our having an operating mine and mill within the district. In my opinion, the real ‘home run’ from the lease comes when a mineable gold deposit is located, developed, and mined. Our approach is to have our partners share in our future success.” Rob Morgan, NJMC’s recently appointed VP of Exploration, further commented, “This is an outstanding land package. The area demonstrates a number of characteristics we have found at the Golden Chest, including similar siltite-argilite host rocks in the Prichard Formation, structurally controlled mineralization and similar gold-quartz veins with the same pathfinder sulfides – pyrite, galena and chalcopyrite. We’ve already obtained some higher-grade surface samples and are excited to continue our systematic analysis of the entire claim group.” Combined with the Company’s Golden Chest property and its Toboggan property, which lies three miles to the north, this acquisition gives NJMC control of more than 4,500 acres of ground along the Murray Gold Belt. Gold was first discovered in the Coeur d’Alene District along the Murray Gold Belt in 1879, but by 1888 mining along the Murray Gold Belt had declined as the center of activity shifted from the there to the Silver Valley following the discovery of the Bunker Hill, Sunshi...