Business
New Jersey Mining Company Provides 2018 Operating and Financial Results
COEUR D'ALENE, ID / ACCESSWIRE / April 1, 2019 / New Jersey Mining Company (CSE/OTCQB: NJMC) ("NJMC" or the "Company") today announced its consolidated operatin
About this update from Idaho Strategic Resources, Inc.
[{"type":"text","content":"COEUR D'ALENE, ID / ACCESSWIRE / April 1, 2019 / New Jersey Mining Company (CSE/OTCQB: NJMC) (\"NJMC\" or the \"Company\") today announced its consolidated operating and financial results for the year ending December 31, 2018. NJMC CEO and President, John Swallow stated, \"We made major strides in 2018 - considerably de-risking the balance sheet, advancing the long-term potential of the Golden Chest Mine and greatly expanding our holdings within the Murray Gold Belt. Simultaneously building the Company, advancing operations and adding mine life all came together in 2018.\" Operational Highlights include the following: Approximately 31,230 dry metric tonnes (dmt) were processed at the Company's New Jersey Mill with an average gold head grade of 3.47 grams per tonne (gpt), resulting in the production and sale of 3,400 ounces of gold for the year. Open-pit mining progressed from the 1042 bench to the 1012 bench during the year, advancing through the lower-grade material between the Golden Chest and Skookum shoots in the open pit. Mine production averaged 1,250 tonnes per day (ore and waste). A total of 4,260 tonnes were mined during the startup phase of underground mining operations in 2018. The average grade of the underground material was 7.0 gpt Au. The first stope was cut on the 851 level was completed in mid-2018 with commissioning of the cemented rockfill (CRF) backfill plant and backfilling was completed by the third quarter of 2018. The Company added equipment to support the ramp-up of underground production and purchased two diamond core drill rigs for planned exploration and development drilling in the Murray Gold Belt. Accelerated exploration activities in the Murray Gold Belt, focusing on land acquisition, locating gold mineralization and identifying controlling fault structure. Completed the sale of non-core assets, the Toboggan project, and doubled our land position now totaling over 1,188 acres of patented and 7,893 acres of unpatented claims. New/increased land holdings in the Murray Gold Belt include the Buckskin Claim Group, Crown Point property lease, and the Butte Gulch and Potosi patented properties as well as adding strategic unpatented mining claims, including the Giant Ledge Claim group. Initiated core drilling (with our own drill) in support of ramped-up underground production and exploration. Increased ove...