Dec 20 2017
New Jersey Mining Company (“NJMC” or the “Company”) today announced the release of an updated National Instrument 43-101 Technical Report (the “Report”) on its Golden Chest Mine in north Idaho.
NJMC CEO and President John Swallow stated:
We are pleased to announce the completion of our updated NI 43-101 Report, which reflects mine development and operations since the previous technical report, which was released in 2013. As noted in the Report, ‘Small scale-mining has proved that drill core intercepts are representative of mined grades and the results to date are sufficiently attractive to warrant substantial exploration to further define the resource base and potential.’ This commentary supports our belief that the Golden Chest project presents an excellent opportunity for continued mine development and we will continue to pursue near-term and long-term expansion potential – in areas of past exploration and across the Murray Gold Belt.
The NI 43-101 Report presents the Resource Estimate for the Golden Chest Mine as including 4.63-million tonnes grading 1.71 grams per tonne (gpt) gold (totaling 254,000 ounces of gold) in the Measured and Indicated categories and 3.86-million tonnes grading 1.80 gpt gold (totaling 223,000 ounces of gold) in the Inferred category.
The Report has been posted to the Company’s website at www.newjerseymining.com
The Company completed its updated Report in connection with the preliminary prospectus it filed with the Ontario Securities Commission (OSC). Following discussions with the OSC, NJMC has subsequently elected to withdraw its amended and restated preliminary prospectus due to the imminent expiry of its time window to file a final prospectus. The Company anticipates refiling its preliminary prospectus with the OSC in early-2018. Refiling the preliminary prospectus is expected to eliminate the need for interim financial information and reduce associated fees.
NJMC also reported today that a trenching and exploration program near surface expressions in the Klondike - Katie Dora area, about 370 meters north of the current operations, is nearing completion. Preliminary analysis is encouraging and the Company expects to provide further details in early-2018.
The technical information in this release has been reviewed by and approved by Grant G. Brackebusch, Vice President of Operations, and a qualified person as defined by National Instrument 43-101, standards of disclosure of mineral projects.
Source: http://newjerseymining.com/