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New Jersey Mining Company Targets Future Golden Chest Expansion Southward
COEUR D'ALENE, Idaho, Dec. 09, 2016 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCQB: NJMC) (“NJMC” or the “Company”) announced today that it will target th
About this update from Idaho Strategic Resources, Inc.
[{"type":"text","content":"COEUR D'ALENE, Idaho, Dec. 09, 2016 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCQB: NJMC) (“NJMC” or the “Company”) announced today that it will target the drill-tested Paymaster and Joe Dandy Ore Shoots as its top exploration priority for future expansion at its Golden Chest Mine in north Idaho. Initially recognized through core drilling and further defined through more in-depth geologic modeling in preparation for an internal scoping study earlier this year, the Paymaster and Joe Dandy are two of seven ore shoots that demonstrate strong periodicity and consistent width and spacing along the Idaho Fault. Their similar geologic setting and being on strike and adjacent to existing underground development make these two areas highly attractive targets for future underground development and extraction. NJMC President John Swallow stated, “The location and impressive grades of the Paymaster and Joe Dandy Shoots make them logical areas for us to consider beyond our currently defined resources and planned production from the Skookum Shoot area of the property. With underground development in place and an operating mill, the value of our exploration dollars are directly leveraged toward extending mine life and future cash flow.” The Paymaster Shoot was originally intercepted in 2012 by core drill holes GC 12-106 and GC 12-107 which extended gold mineralization nearly 100 meters south of the Skookum Shoot. GC 12-106 returned 8.22 grams per tonne (g/t) (0.24 ounces per ton (opt)) gold over 3.7 meters (12.1 feet). GC 12-107 returned 12.4 g/t (0.35 opt) gold over 5.2 meters (17.6 feet) and 7.74 g/t (0.23 opt) gold over 2.5 meters (8.2 feet). Recent modeling affirms this potential and indicates that on-strike mineralization may continue further south to the Joe Dandy Shoot and into Ophir Gulch, which adjoins other historic high-grade gold producing properties. The Paymaster and Joe Dandy shoots share a similar geologic setting that is unique to the property with two thick, high-grade, banded veins separated by an intrusive quartz monzonite sill, the competency of which is favorable for underground mining. Both veins are well-banded and not brecciated, a potential indicator of higher gold grades. Both shoots are also located in relatively flat terrain, favorable for drilling as the lack of relief makes target depths m...