New Jersey Mining Company (NJMC:OTCBB) is exploring for and developing gold, silver and base metal ore resources in the Coeur d'Alene Mining District of northern Idaho and western Montana.
The Company has a gold
exploration joint venture with Newmont North American Exploration Limited at the Toboggan Project near Murray, Idaho. The Co
mpany's portfolio of mineral properties also includes: the Niagara copper-silver deposit, the Golden Chest mine, the New Jersey mine, the Silver Strand mine and several exploration prospects.
The Company's strategy is to explore for gold, silver and base metal deposits in the Coeur d'Alene Mining District, a world class mining district, while concurrently mining and processing higher grade resources at its New Jersey mill facility near Kellogg, Idaho. Our financial strategy is to generate cash from these operations, thus reducing the need to raise funds through financing activities including the sale of common stock.
NJMC purchased a diamond drill rig in 2007. Exploration drilling with the company's rig for the 2009 exploration season is planned at the Toboggan Project. Currently, gold is being produced from underground exploration on the Clagett and Katie veins at the Golden Chest mine. Development of a ramp to access a reserve block that holds 28,200 ounces of gold reserves on the Idaho vein is currently on hold until the company can raise funds at favorable terms. Completion of the ramp to access the Idaho vein will require 300 meters of development. A seasonal underground mining operation at the Silver Strand has been permitted, and some production is planned for 2009.
New Jersey Mining Company is favored with:
* seasoned and expert management
* an exploration joint venture with one of the world's largest gold producers
* a resource base equivalent to more than one million ounces of gold
* a permitted mineral processing plant
NJMC's geologists are exploring for gold, silver, and base metals in Belt metasediments which host many important, world-class metallic deposits. We believe the Belt, especially the Silver Valley, has been under-explored with modern exploration technology, and the potential to find new deposits is excellent.
The Belt sediments were deposited in an ancient rifting basin and some of the mineral deposits were formed nearly simultaneously with the deposition of the sediments. Some geologists think the Belt Basin was split into two parts, and the
NJMC is exploring for three types of deposits in the Belt Basin:
1. Gold deposits with co-product silver which were sourced from granitic or alkaline igneous rocks intruding the Belt metasediments. The Golden Chest mine, Giant Ledge prospect and the Toboggan Project fit this category.
2. Stratabound copper-silver deposits in the Revett formation which have the potential to contain more than 100 million ounces of silver. The Company's Niagara deposit has a resource of 14.2 million tonnes at 0.46% copper and 20 grams per tonne silver, and may expand with more drilling.\
3. Silver-lead-zinc deposits that have been deposited on an ancient seafloor with the sediments of the Prichard formation, the oldest formation of the Belt Basin. The Enterprise and CA prospects fit this category.
The first category of deposits has not been explored extensively, and NJMC thinks that the potential is excellent for finding one or more of these deposits in the Toboggan Project as well as expanding the gold resource at the Golden Chest. Alkaline intrusive-related gold deposits are attractive exploration targets because they can be large, of high grade, low sulfide content, and self-buffering (non-acid producing) due to carbonates. These deposits can be overlooked due to the often inconspicuous nature of the mineralization and the related placer deposits are often poorly developed due to the telluride and/or pyrite mineralization found in such deposits. Examples of such deposits are Cripple Creek, CO, Golden Sunlight, MT, and Porgera, Indonesia. These deposits typically occur in breccia pipes, bonanza veins, and disseminations and replacements in the intrusive and surrounding sedimentary rocks. Their characteristics include a gold-tellurium association, narrow high-grade gold veins, and low sulfur.
The second category of deposits is typified by large deposits in northwestern Montana including Revett Minerals' Troy and Rock Creek deposits and Mines Management's Montanore deposit which contain a combined resource of 520 million ounces of silver and 2.1 million tonnes of copper. These deposits commonly have mineralization stacked in several horizons. Mineralization consists of disseminated and veinlet controlled bornite, chalcopyrite, chalcocite, and their oxidation products of malachite and azurite.
The third category of deposits has exciting potential for very large deposits. It is possible that a deposit will be found in the Prichard Formation which represents the seafloor form of mineralization. It is hypothesized that these deposits could be source of the metals in the Coeur d'Alene veins, and an example is the Sullivan deposit which is north of the Silver Valley in Canada in the Belt Basin.
Leach processing plant video
NJMC Golden Chest Mine -
Golden Chest Mine
Placer gold was discovered in the streams near Murray in 1882 and led to a gold rush that was the birth of the Coeur d'Alene Mining District. Past gold production for the Murray area is estimated at 300,000 ounces, including of 200,000 ounces from placers. The Golden Chest was the location of one of the first lode claims in the district, and is the largest historic lode producer of gold in the district with production estimated at approximately 65,000 ounces mostly from shallow underground mining of the Katie and Dora high grade veins. Most of this historic mining took place in the late 1890's and 1900's. In the late 1980's Newmont Exploration Limited (NEL) explored the Golden Chest with 35 shallow reverse circulation and 5 core holes and estimated an "inferred geologic resource" of 231,000 ounces at 1.66 grams per tonne (gpt). This historic resource was primarily contained to a large quartz vein system known as the Idaho vein on the southern end of the property.
NJMC has leased the property since 2003 and conducted small scale underground mining comprised of 8,400 tonnes grading 6.90 gpt.
A ramp extending 500 meters and connecting with the No. 3 level was driven.
NJMC also completed about 3,500 meters of core drilling on the property primarily focused on extending the Idaho vein at depth which was successful.
Highlights from this period of drilling include:
DDH4-06 which intercepted 15.5 meters grading 5.50 gpt gold and DDH05-3 which intercepted 7.1 meters assaying 10.32 gpt gold. NJMC has also calculated an SEC-compliant reserve of 242,000 tonnes grading 5.10 gpt gold along the Idaho vein.
Gold mineralization at the Golden Chest is related to a thrust fault known as the Idaho fault and the property is located on the west limb of the Trout Creek anticline, a major north-trending fold in the Prichard formation.
The Idaho fault occurs at the contact of Prichard formation units G and H. Unit G, a quartzitic unit, is the host for most of the veins while the overlying Unit H is an argillite-siltite sequence of rocks.
Near the fault, Unit G has been found to host narrow, high-grade vein structures.
In the southern part of the mine, gold mineralization is found near and parallel to the north-trending Idaho fault while the northern part of the mine hosts the higher grade Katie and Dora veins which splay off the Idaho fault in a northeasterly direction. Gold mineralization can be found along at least 1,500 meters of strike length along the Idaho fault.
The lowest level of the Golden Chest mine is the No. 3 level which is at the valley bottom elevation, and drilling has only probed the Idaho vein about 120 meters below this level in a district known for hosting orebodies that outcrop on surface and continue at depth for 2,500 meters.
Exploration and Development Plan
The exploration and development plan for the Golden Chest will consist of both surface and underground core drilling as well as underground development. About 7,200 meters of surface drilling and 3,600 meters of underground drilling are planned for 2011. The goals of the drilling program will be to increase the density of drilling on the surface for a NI 43-101 compliant resource estimate and also to extend the mineralization down dip.
An underground mapping and sampling program will also be undertaken.
One drill is currently working underground in the north end of the mine in the area of the high grade veins and one drill is working on surface exploring Idaho vein.
New Jersey Mining Company Announces High Grade Intercept
of 33.0 g/t Gold Over 2.6 Meters at
Golden Chest Mine -
New Jersey Mining Company (NJMC) Contact Information:
P.O. Box 1019
Latest Report Authorized Shares N/A Kellogg, Idaho 83837
CIK 0001030192 Par Value 0.1000 Phone: 208-783-1032
Fiscal Year End 12/31 Transfer Agent(s) Fax: 208-783-3331
OTC Market Tier OTCQB Columbia Stock Transfer Company Email Operations:firstname.lastname@example.org
Profile Data Failures To Deliver N0 Email PR: email@example.com
SIC - Industry Classification 1040 - Gold and Silver Ores Web: http://www.newjerseymining.com
Incorporated In: ID, USA www.newjerseymining.com
Year of Inc.
Fred W. Brackebusch President
Tina Brackebusch Secretary
Grant A. Brackebusch Vice President
Company Notes Formerly=Plainview Mining Co. until 1-98
New Jersey Mining Company (NJMC:OTCBB) SEC Filings:
Current Media/Press Releases:
Archived Media/Press Releases:
Silver to Surge to $450/oz and Gold to $12,000/oz - Cazenove's Robin Griffiths
Gold and silver are higher this morning with the dollar, the British pound and commodity currencies falling in value. It is too early to tell whether the recent margin driven, paper sell off on the COMEX is over but physical supply remains limited while demand remains robust, particularly in China, India and wider Asia.
Cross Currency Rates
Knowledgeable experts continue to urge investors to own gold and silver due to the likelihood of much higher prices, currency and inflation risk.
One of the most respected global technical and macro strategists in the world, Robin Griffiths has said that silver and gold could rise to $450 and $12,000 per ounce respectively due to the debasement of paper currencies.
Dow Jones to Gold Ratio - 50 Years (Quarterly)
Griffiths was chief technical strategist with HSBC for over 20 years, has 44 years investment experience and now works for Cazenove Capital, one of the oldest investment houses in the world tracing its origins back to the 17th century. It manages money on behalf of blue blooded clients and is widely believed to manage some of the British Royal family's wealth.
When asked by King World News if his $350 target was a realistic price level for silver Griffiths stated, "That is absolutely not unrealistic. If you adjust the old all-time high for inflation...that gives you $450 for silver. Then you add in the fact that they are printing money, you can take it higher than that without any difficulty at all."
Dow Jones Industrial Average - 50 Years (Quarterly)
Griffiths told King World News that "Bulls (bull markets) are very successful at wobbling people out at the wrong time. "
Griffiths has previously said that not owning gold today is a form of insanity and "may even show unhealthy masochistic tendencies, which might need medical attention." (see here)
He has also critiqued the western media's superficial coverage of gold and their resort to Warren Buffett's ignorant comments on gold despite money printing and international currency debasement on a scale never before seen in history .
Meanwhile perhaps the leading commodity expert of our time, Jim Rogers, has said that silver was not and is not a bubble.
Regarding the recent price correction he said, "I don't know what caused it maybe it was short covering, maybe it was rumors. I have no idea." He continued "silver went down a great deal but if you raise margin requirements 150%-200% you would expect something to collapse," he added.
"I hardly see how silver could be a bubble when, even at its top, it's still below its all-time high. That's not much of a bubble."
If it goes to $150 this year, all other things being equal, then I'd say you better sell your silver. If it goes to $150 in 10 years then I would say that's a normal progression up and that's the way things work. But if the U.S. dollar suddenly turns into confetti then you better hold your silver at $200. So it depends on the circumstances and the timing more than anything else.
Since 2003, GoldCore have said that gold and silver would reach their inflation adjusted highs of $2,400/oz and $130/oz. Our estimates appear increasingly conservative especially given the fact that the official inflation statistics have been debased over the years and are not an accurate reflection of real inflation.
Predicting the future price of any asset class is impossible. Predicting that gold and silver will continue to protect against financial and economic shocks and crashes and global currency debasement is possible.
The current correction should be used as another buying opportunity in order to protect against the continuing extraordinary degree of macroeconomic, monetary and geopolitical risk in the world.
The super red banksters cults - Rothschild World Part 2 "The Deep Dark Secret" http://www.youtube.com/watch?v=y6QRGhGWQ4U&feature=fvwrel http://www.youtube.com/watch?v=u2HPF2qP0Ss&feature=related
Rothschilds World Part 1 "Glen, Rush, Michael...Here's to you boy's"
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