Business
New Jersey Mining Company Provides 2017 Operating and Financial Results
COEUR D'ALENE, Idaho, Feb. 26, 2018 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCQB:NJMC) (“NJMC” or the “Company”) today announced its consolidated operat
About this update from Idaho Strategic Resources, Inc.
[{"type":"text","content":" COEUR D'ALENE, Idaho, Feb. 26, 2018 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCQB:NJMC) (“NJMC” or the “Company”) today announced its consolidated operating and financial results for the year ending December 31, 2017. Operational Highlights include the following: Approximately 31,350 dry metric tonnes (dmt) were processed at the Company’s New Jersey Mill with an average gold head grade of 4.11 grams per tonne (gpt), resulting in the production and sale of 3,525 ounces of gold for the year. Open-pit mining progressed from the 1081 bench to the 1042 bench during the year with mine production averaging 1,440 tonnes per day (ore and waste). In addition to the ore shipped to the mill, a lower grade stockpile was established on-site, containing approximately 17,000 tonnes of material at an estimated grade of 0.75 gpt gold. Underground mining of NJMC’s first stope (849 sublevel) on the Skookum Shoot began in December 2017. A portion of NJMC’s labor force that was dedicated to underground mine rehabilitation and support of surface operations for most of 2017 is now focused on production from the underground mine. A pit expansion study was completed early in the year, increasing its size by more than tenfold to 180,000 tonnes of ore at a projected grade of 4.26 gpt gold for a total of 24,600 ounces of gold. Permitting of the expanded pit was completed in June and mining began immediately thereafter. Trenching and drilling in the Klondike, Katie-Dora, and Golden Chest areas were completed to evaluate the potential for expanding the existing pit and developing a second pit. Trench assays were reported recently and drill assays are expected shortly. The Company expanded its land position by 918 acres with the addition of the Buckskin property and claim group which is adjacent to the Golden Chest. An updated NI 43-101 report was published in December 2017. NJMC CEO and President John Swallow stated “We are pleased to report on our first full year as a gold producer. Bringing the Golden Chest into production is the first step in our plan to build New Jersey into a mid-tier gold company. We believe the Murray Gold Belt holds the potential to host large gold deposits and as we expand our land position there we are also evaluating the feasibility of a building a new mill near the Golden Chest Mine. We will continue to l...