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New Jersey Mining Company (OTCQB:NJMC) today announced results of its underground drill program and summarized its 2014 activities at the McKinley gold project in central Idaho.
In 2014, NJMC drilled 21 small diameter (B sized) core holes totaling 1,273 feet (388 meters) from within the underground workings of the McKinley Mine. Highlights included:
– DDH-02 (see Company news release dated June 3, 2014) returned an 8.4-foot (2.5-meter) interval with a weighted average grade of 1.28 ounces per ton (opt) (43.7 grams per tonne (gpt)) gold
– DDH-10 returned an 11.3-foot (3.5-meter) interval with a weighted average grade of 0.54 opt (18.5 gpt) gold.
All of the holes are relatively short because of the use of a portable drill rig. The NJMC team custom engineered the core drill used at McKinley for the confined spaces of historic mine workings. While the custom drill has depth and angle limitations in its operation, it is also highly portable and does not require the construction of drill roads, realizing significant cost savings. The Company expects to make further improvements to the drill system during the off-season.
In late 2013, NJMC assembled the McKinley Project through mineral leases and purchase options on private ground, along with some unpatented mining claims. The project encompasses several historic mines and prospects on largely private land north of Riggins, Idaho. The land package includes an option to purchase the historic McKinley Mine, which is located on 62 acres within the 4,443-acre land package.
As documented with previously reported high-grade channel samples (see Company news releases dated March 10 and March 25, 2014) and today’s drill results, NJMC’s exploration at McKinley has demonstrated the project’s high-grade gold and district-scale potential. The southern third of the NJMC land position is anchored by the Fiddle Creek Prospect, where Company rock sampling returned results as high as 1.51 opt (51.8 gpt) of gold. The project now includes high-grade gold showings along a trend that is nearly 3 miles long, all of which is under NJMC’s control.
New Jersey Mining Company’s new President and CEO, Patrick Highsmith, commented on the McKinley results, “We had a productive first year at the McKinley Project. It continues to yield high-grade gold results from our tightly focused exploration program. We are very pleased to see such high grades returned from a district-scale project that has seen so little work. Our focus at the moment is on the ramp up to design capacity of our mill in Kellogg, Idaho, but results like these suggest that the McKinley Project may have the potential to fit into our future development plans.”
NJMC’s 2014 channel sampling and drilling program focused on surface and subsurface areas of the McKinley Mine. The mine workings consist of approximately 3,000 feet of drifting and cross cutting on five separate levels. Prior to 2012, there had been no modern exploration effort at the mine other than limited sampling in the early 1980’s and an evaluation by Kennecott Exploration in the early 1990’s.
