Dallas, Texas (August 11, 2011) – StockGuru Shines its Spotlight on New Jersey Mining Company (OTCBB: NJMC). The Company announced yesterday that the drill intercept of 5.5 meters of 8.26 g/t gold (true thickness) in drill hole GC 11-11 from a core drilling program underway at the Golden Chest mine in Murray, Idaho. The Golden Chest is owned 50% by NJMC and 50% by Marathon Gold Corporation (TSX:MOZ) and NJMC is the operator. The Company closed on August 10, 2011, at $0.20, at the lower end of its fifty-two week range of $0.35 – 0.17.
Drill hole GC 11-11 was one of thirteen drill holes that was part of the underground resource drilling that targeted the Idaho vein below the No. 3 Level. The Idaho vein intercept in GC 11-11 is about 125 meters vertically below the No. 3 level, and 55 meters down dip of drill hole GC 11-2 which assayed 33.0 g/t across 2.6 meters (true thickness).
The open pit resource drilling continues to return good intercepts from near surface, including GC 11-23R which returned 2.34 g/t over 16.1 meters (true thickness) and GC 11-28 which returned 1.48 g/t over 22.7 meters (true thickness). The open pit drill results released to date cover a strike length of 100 meters on a property where gold mineralization can be traced for 1,500 meters on the surface based on historical workings, drill holes, and soil sampling.
“Good surface to depth continuity of the Idaho vein is being proven by the 2011 drilling program. The initial results for the Idaho open pit resource area are demonstrating consistent good grades and continuity of near surface mineralization,” said Phillip Walford, President and CEO of Marathon Gold.
Highlights:
- GC 11-11 returned 8.26 g/t gold over 5.5 m (true thickness) from 178.9 to 185.5 meters in further underground drilling of the Idaho vein.
- GC 11-23R returned 2.34 g/t gold over 16.1 m (true thickness) from 2.2 meters down the hole.
- GC 11-28 returned 1.48 g/t gold over 22.7 m (true thickness) from 18.4 meters down the hole.
- GC 11-21 returned 2.31 g/t gold over 12.9 m (true thickness) from 2.0 meters down the hole.
Table 1 – Significant Drill Intersections at the Golden Chest Mine
| DDH | Resource Target | From (m) |
To (m) | Core Width (m) |
True Thickness (m) |
Gold (g/t) |
| GC 11-11 | U/G “H” Vein | 92.7 | 94.5 | 1.8 | 0.9 | 5.10 |
| U/G Idaho Vein | 178.9 | 185.5 | 6.6 | 5.5 | 8.26 | |
| GC 11-20 | Open Pit | 15.4 | 53.7 | 38.3 | 24.7 | 0.52 |
| GC 11-21 | Open Pit | 2.0 | 18.0 | 16.0 | 12.9 | 2.31 |
| GC 11-22 | Open Pit | 2.0 | 40.2 | 38.2 | 38.0 | 0.35 |
| GC 11-23R | Open Pit | 2.2 | 32.6 | 30.4 | 16.1 | 2.34 |
| GC 11-25 | Open Pit | 17.3 | 39.7 | 22.4 | 20.1 | 0.56 |
| GC 11-28 | Open Pit | 18.4 | 70.2 | 51.8 | 22.7 | 1.48 |
| GC 11-35 | Open Pit | 52.6 | 83.1 | 30.5 | 28.9 | 0.68 |
| includes | 52.6 | 70.2 | 17.6 | 16.7 | 1.00 |
Note that hole numbers missing in the sequence above are still either in the process of being logged by geologists or awaiting assay analysis.
Surface core drilling at the Golden Chest is now focused on drilling out the open pit target on a 25 m by 25 m grid that extends for 250 meters north-south and approximately 150 meters east-west. Two drill rigs are currently working on the open pit resource drilling with a goal of completing 10,000 meters of drilling this year on the property.
The Golden Chest Mine
The Golden Chest Mine is located two miles east of Murray, Idaho within the gold belt of the Coeur d’Alene Mining District. The mine has over 3,900 meters of underground workings and has the permits necessary to drill and operate on the deposit. The property includes 24 patented mining claims and 70 unpatented mining claims covering 497 hectares. The patented claims that cover the mine workings have mineral and surface rights enabling the JV to work easily on the mine property.
All of the samples were analyzed by American Analytical of Osburn, Idaho, an ISO certified laboratory. Samples were analyzed using lead collection fire assay with a gravimetric finish.
About New Jersey Mining Company:
New Jersey Mining Company is involved in exploring for and developing gold, silver and base metal resources in the Coeur d’Alene Mining District of northern Idaho. New Jersey Mining Company has a portfolio of mineral properties in the Coeur d’Alene Mining District including the New Jersey Mine which includes a fully-permitted flotation mill and a concentrate leach plant.
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be covered by the safe harbor created by such sections. Such statements are based on good faith assumptions that New Jersey Mining Company believes are reasonable but which are subject to a wide range of uncertainties and business risks that could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Factors that could cause actual results to differ from those anticipated are discussed in New Jersey Mining Company’s periodic filings with the Securities and Exchange Commission.
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