Double Gold Veins Drilled In The Paymaster Shoot


COEUR D'ALENE, ID  - New Jersey Mining Company reported additional high-grade results from its core drilling program at the Golden Chest. These gold intercepts come from the recent 2020-2021 exploration drilling program in the Paymaster Shoot ("Paymaster"). All reported intervals are the true thickness of the vein. This drill program is designed to further delineate the Paymaster as well as "pull together" the known Paymaster and Skookum (location of current production) ore shoot boundaries. GC 21-187 intercepted 1.8 meters of 10.9 gpt gold (including 0.6 meters of 29.2 gpt gold) in the upper vein and 2.1 meters of 4.2 gpt gold (including 1.2 meters of 7.2 gpt gold) in the lower vein.

Drill hole GC 21-187 continues to expand the Paymaster ore shoot, both down dip and along strike. This hole encountered both an upper and lower vein, and border a monzonite sill, which is characteristic of the Paymaster area. GC 21-187's upper vein (0.6 meters of 29.2 gpt gold) continues to show high gold grades similar to GC 20-183 (0.9 m of 14.7 gpt Au) and GC 21-184 (0.9 meters of 26.7 gpt Au). Both veins in GC 21-187 are approximately 52 meters from the same vein intercepts in GC 20-183 and 47 meters from the veins in GC 21-184.

VP of Exploration, Rob Morgan, said, "This reinforces our plans to drill ever deeper holes, on 50-meter centers in all our ore shoots. GC 21-187 was targeted to expand the northern flank of the Paymaster ore shoot. This hole's success gives both good grades and pushes the northern boundary of the Paymaster's ore shoot out even further. This is significant because as we drill to the north, we naturally get closer to the current underground development infrastructure in the Skookum. In short, while conducting development, if we can mine ore (revenue that helps offset expenses) instead of mining all waste rock (which is largely an expense) it could result in a positive overall impact on timing and economics."

The next series of drill holes will test the area between the Skookum and Paymaster ore shoots. We plan to evaluate ramp development to the south once all the drilling data has been collected and interpreted. The Paymaster area is attractive because there are two very distinct high grade gold veins approximately 30 meters apart allowing for the mining of multiple headings.