Business
New Jersey Mining Company Expands its Land Position - Consolidates Holdings in the Murray Gold Belt
COEUR D'ALENE, ID / ACCESSWIRE / February 20, 2020 / New Jersey Mining Company (OTCQB:NJMC)(CSE:NJMC) ("NJMC" or the "Company") is pleased to announce that it h
About this update from Idaho Strategic Resources, Inc.
[{"type":"text","content":" COEUR D'ALENE, ID / ACCESSWIRE / February 20, 2020 / New Jersey Mining Company (OTCQB:NJMC)(CSE:NJMC) (\"NJMC\" or the \"Company\") is pleased to announce that it has acquired a strategic land package of approximately 368 acres of patented mining claims having both surface and mineral rights, and situated one mile (1.6 kilometers) west of its Golden Chest Mine. NJMC's VP of Exploration, Rob Morgan commented, \"This land acquisition strategically connects New Jersey's east and west holdings and is the culmination of a lengthy three-year base-building process in which we planned for success and consolidated the Murray Gold Belt (MGB). Along with the adjacent NJMC properties, this private land package provides an exclusive and exciting opportunity for gold exploration as it is underlain by favorable host rocks and is bisected by a gold-mineralizing fault. Additionally, our experience permitting, designing, constructing - and operating the New Jersey Mill on a daily basis - leads us to believe this property may contain terrain suitable for future tailings impoundment and/or a new mill for the Golden Chest Mine or other infrastructure related to mineral processing in the Murray area.\" Figure 1 shows land ownership within the Murray Gold Belt; note the large positions held by NJMC and Hecla. The Alder Gulch land was originally patented in the 1880's due to its gold potential and has changed hands only a couple of times since Idaho statehood in 1890. It was held in the same family for nearly 100 years. Since the 1960's at least three campaigns of mineral exploration by major companies have taken place in the Murray Gold Belt. Some of these majors included Newmont, Cominco, Kennecott, ASARCO and Hecla, however none of these companies had access to the closely held Alder Gulch land - thus the land remained largely unexplored for more than a century. NJMC VP Rob Morgan added, \"Our initial review of local geologic features suggests several promising prospects that support the gold potential of this land package. One such prospect is located on the Evans claim where a hydrothermally altered intrusive sill barely outcrops through the gravel cover. The sill contains disseminated pyrite and galena with numerous quartz vein stringers mineralized with chalcopyrite, galena and tellurides. Anomalous mineralization is found not only in the veins...