NJMC Continues To Expand Mineralization
COEUR D'ALENE, ID - New Jersey Mining Company (NJMC) is excited to announce additional high-grade gold assay results from its core drilling program in the Joe Dandy shoot at the Golden Chest. These results from the Joe Dandy drill program continue to expand the overall strike-length of the Golden Chest mineralization and may represent the next potential mining area to the south. All intervals are reported in true vein thickness and in grams per tonne (gpt). GC 21-194 intercepted 0.5 meters of 7.8 gpt gold in the upper vein and 0.4 meters of 4.6 gpt gold in the lower vein. GC 21-195 intercepted 0.5 meters of 3.8 gpt gold in the upper vein and 0.4 meters of 2.9 gpt gold in the lower vein. GC 21-196 intercepted 0.6 meters of 8.3 gpt gold in the upper vein and 1.7 meters of 2.7 gpt gold in the lower vein. GC 21-197 intercepted 2.56 meters of 10.98 gpt gold (including 0.94 meters of 28.7 gpt gold) in the upper vein and 0.53 meters of 2.60 gpt gold in the lower vein.
The above holes were designed to follow-up on a previous high-grade intercept in GC 21-193, which reported 7.3 meters of 11.5 gpt gold, including 2.3 meters of 19.5 gpt gold. The intercepts in the four reported drill holes, GC 21-194 through GC 21-197, are all located to the west and deeper from the intervals in GC 21-193. The veins encountered in GC 21-194 are at the 615 meter elevation and represent the deepest intercept to date of the Idaho Fault and its associated gold bearing veins. For comparison, the Skookum underground operations are currently at the 824 meter elevation, making these Joe Dandy vein intercepts 209 meters deeper and over 300 meters to the south. With these intercepts NJMC continues to expand each of its gold-bearing shoots ever wider and deeper.
VP of Exploration, Rob Morgan, said, "The Joe Dandy exploration target has similar characteristics to the Paymaster, with two gold-bearing veins flanking a quartz monzonite sill. Geologically speaking, these gold intercepts are important because they may represent that we are closing in on the source of gold mineralization at the Golden Chest. As we continue drilling we are encountering more igneous rocks which are the engine to our gold mineralization, along with continuing to see higher gold values. We fund drilling and exploration out of cash flow and use our own drill rig to reduce costs by ~50%. This sets up a virtuous cycle that allows for more drilling per dollar with re-investment going back into drilling future resources and our other many exploration projects. Also, our drilling crews began working double shifts on the core rig and we welcomed another full-time geologist to the team to keep ahead of our goals."
NJMC is now at the phase where the Paymaster Shoot, previously an exploration target, is in planning stages to determine the most efficient way to access the Paymaster by either connecting to the existing ramp or driving a new ramp. NJMC's exploration efforts in that area will now focus on the Joe Dandy shoot which lies to the south of the Paymaster shoot. The Joe Dandy will require more drilling this winter to upgrade the resource classification; but represents an exceptional target since it is adjacent to mine infrastructure and expected to add significant resources.