New Jersey Mining Company Provides Drilling Update At Toboggan Project
* Press Release
* Source: New Jersey Mining Company
* On Thursday July 9, 2009, 10:30 am EDT
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KELLOGG, Idaho, July 9, 2009 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCBB:NJMC - News) announced today that two core holes have been completed at its Toboggan project and a third hole is underway. The Toboggan project is a gold exploration joint venture between New Jersey Mining Company and Newmont North America Exploration Limited (Newmont), a subsidiary of Newmont Mining Corporation (NYSE:NEM - News).
Two holes were completed at the Mineral Ridge prospect. The first hole was inclined at -45 degrees and drilled to a depth of 336.8 meters. It intercepted multiple zones of silicification with pyrite and chlorite mineralization. The second hole was drilled at an inclination of -70 degrees to a depth of 153.8 meters, and it also intercepted multiple zones of silicification with pyrite and chlorite mineralization. In a report on a reverse circulation drilling program which took place at the Mineral Ridge prospect in 1992, Huebschman states, "Results showed extensively fractured quartzite sequences with fairly wide multiple zones (20-40 feet) of highly anomalous gold, associated with quartz-pyrite and chlorite."
Newmont's geologists have logged the first two holes and are cutting samples from selected intervals for gold and multi-element analysis. Samples are obtained by sawing the core in half and retaining one-half of the core in a secure facility for future reference.
The third hole was collared at the Golden Reward prospect where soil sampling identified a gold-in-soil anomaly 240 meters wide by at least 400 meters long. Currently this hole is at 48.8 meters in depth with a planned hole depth of 350 meters.
After completion of drilling at the Golden Reward, the drill will be moved to the Gold Butte prospect to test a mapped structural zone and geophysical target with associated anomalous gold values, pyritic vein and quartz-sulfide mineralization.
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 Toboggan project, the Niagara copper-silver deposit, the Golden Chest project, the New Jersey mine, and the Silver Strand mine.
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, including its annual report on Form 10-KSB for the year ended December 31, 2008.
Further information about New Jersey Mining Company and its properties can be found at the company's website at www.newjerseymining.com.
Contact:
New Jersey Mining Company
Grant Brackebusch, Vice President
(208) 783-1032
ir@newjerseymining.com
www.newjerseymining.com |
