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Explain - I'm not quite sure what you're suggesting.
650K traded - more today than the entire previous month or two, lol.
Perhaps, volume is already over 200K this morning.
AFAIK, this year's focus is in determining the reserves in the mines. Production is expected to begin next year.
It is curious, but keep in mind that today's volume = just ~$3,600 worth of shares traded.
There was a recent update from Marathon, NJMC's partner. I think I posted that update below.
Not to worry, this has been the trading pattern of NJMC for a couple of years now. Settle around .14 for a while, dip to .10-.12, jump to .17, then to .20-.22, back down to .17-.18, then settle back to .14 for awhile.
I don't know what to make of it, but it seems to be a fairly consisten routine.
Website is up! http://hiitinc.com/
Was there ever any?
Agreed. I sure do hope that we get an update from Matt soon. I expect to hear something regarding a product; services and revenues to follow.
Marathon Gold Reports Continued Success at the Golden Chest Mine, Idaho
http://finance.yahoo.com/news/marathon-gold-reports-continued-success-110000042.html
Results include: GC 12-120 10.8 g/t Gold over 3.6 meters, GC 12-112 6.79 g/t gold over 4.4 meters, GC 12-116 2.05 g/t gold over 11.5 meters
TORONTO , May 30, 2012 /CNW/ - Marathon Gold Corporation ("Marathon" or the "Company") (MOZ:TSX) today announced that it has hit further encouraging gold intercepts from this year's drilling program at the Golden Chest Mine in Murray, Idaho, including 3.6 meters of 10.8 g/t gold in drill hole GC 12-120T. The Golden Chest Mine is owned 50% by New Jersey Mining Corporation ("NJMC") and 50% by Marathon Gold Corporation (MOZ:TSX) and NJMC is the operator.
"We have had great success with this year's drilling program at the Golden Chest Mine. The latest underground results demonstrate that underground mining is ideal as they have good grades and widths. As drilling efforts progress, it is becoming increasingly clear that the Idaho Vein system is extending at depth below the existing Resource and along strike," said Phillip Walford , President and CEO of Marathon.
Highlights:
GC 12-120T returned 10.8 g/t gold over 3.6 meters from a depth of 121.0 meters in the "H" vein while the Idaho vein, encountered at a depth of 202.6 meters, returned 3.08 g/t gold over a true thickness of 6.9 meters.
GC 12-112 returned 6.79 g/t gold over 4.4 meters from a depth of 214.1 meters, which successfully extends the Idaho Vein mineralization at depth.
GC 12-116 returned 2.05 g/t gold over 11.5 meters including 2.4 meters that assayed 6.83 g/t gold. This mineralization is just below the bottom of the current NI 43-101 open pit Resource.
All grades in this release are uncut, and all thicknesses are estimated true thicknesses.
Table 1 -Drill Intersections at the Golden Chest Mine
DDH Resource
Type Section From
(m) To
(m) Core
Width (m) True
Thickness
(m) Gold
(g/t)
GC 12-111 Underground 3990 N 27.0 30.9 3.9 3.9 3.00
73.7 77.3 3.6 3.6 1.00
GC 12-112 Underground 4575 N 214.1 221.0 6.9 4.4 6.79
including 214.1 215.1 1.0 0.6 41.1
GC 12-113 Surface/UG 4575 N 150.0 162.3 12.3 10.8 1.10
GC 12-114 Surface/UG 4600 N 19.5 25.0 5.5 3.3 2.57
87.8 111.5 23.7 14.2 0.44
239.3 244.1 4.8 2.9 1.88
GC 12-115 Underground 4600 N 169.9 175.0 5.1 4.2 1.60
GC 12-116 Underground 4600 N 131.5 143.0 11.5 11.5 2.05
including 133.6 136.0 2.4 2.4 6.83
GC 12-117 Underground 3950 N 94.0 101.2 7.2 5.1 3.56
GC 12-118 Underground 4175 N 43.2 45.5 2.3 2.3 4.43
59.4 61.2 1.8 1.8 7.11
GC 12-119 Surface/UG 4530 N 62.2 102.6 37.4 36.1 0.68
and 162.4 185.5 23.1 22.3 0.90
including 165.0 170.0 5.0 4.8 3.15
GC12-120T Surface/UG 121.0 140.4 19.4 7.9 5.27
including 121.0 129.8 8.8 3.6 10.8
and 202.6 211.0 8.4 6.9 3.08
including 205.9 208.5 2.6 2.1 7.03
GC 12-121 Underground 4550 N 313.5 325.9 12.4 6.9 1.96
including 313.5 318.0 4.5 2.5 4.35
GC12-122T Underground 4200 N 73.1 74.1 1.1 1.1 2.00
GC 12-123 Underground 4200 N 111.4 114.3 2.9 2.1 6.45
GC 12-124 Underground 4200 N 79.5 80.8 1.3 1.2 7.20
and 109.3 111.4 2.1 1.9 3.12
*Underground intercepts were calculated using a 1.0 g/t cutoff over a minimum mining width of 2.0 meters. Hole number GC 12-117 was previously released, but is included here for continuity purposes.
* Assays conducted my American Analytical
The drill holes listed in the table above are from the two areas where drilling was concentrated over the winter. Drilling near the middle section of the Idaho Vein, around 4600 North, successfully extended the Idaho Vein at depth below the current NI 43-101 Resource Estimate. The second drilling area was around 4200 North and the gold mineralization was extended south of the current Resource Estimate. Additionally, some of the holes indicated gold mineralization above the Idaho fault, which should help reduce the strip ratio of the open pit, as that material was previously considered waste. Surface drilling is now underway in the high- grade Katie-Dora area on the northern part of the property.
Phillip Walford P.Geo, President and CEO of Marathon Gold, is Marathon's Qualified Person in compliance with National Instrument 43-101 with respect to this release. Mr. Walford has reviewed the contents for accuracy and has approved this new release on behalf of Marathon.
About 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 515 hectares. The patented claims that cover the mine workings have mineral and surface rights enabling the joint venture to work easily on the mine property.
About Marathon Gold Corporation
Marathon Gold Corporation is a North American gold resource development company, with projects located in the mining friendly province of Newfoundland and Labrador, the prolific Coeur d'Alene Mining District of Idaho and the historic gold rich Greenhorn District of Oregon, USA. Marathon has a project pipeline consisting of early stage exploration to advanced resource development projects. Marathon is continually evaluating new gold resource development projects of merit that are located within the Americas. Marathon's focused and low-cost approach to exploration and resource development has an established record of delivering rapid growth. For more information visit: www.marathon-gold.com
Volume was up earlier this week.
Everything you need to know is right here: http://biz.yahoo.com/e/120327/hiit.ob10-k.html
Taken from their latest 10-K, here is the company's history, in various iterations, over the past decade.....
Overview
We are a Houston, Texas based energy field services company which is focused in pursuing technologies used in drilling and production of hydrocarbons via licensing, acquiring and/or developing products and services including down hole tools. We entered this stage on May 10, 2011 upon the consummation of the sale of substantially all of the assets of KMHVC, Inc. (f/k/a Hemiwedge Valve Corporation), our wholly owned valve design and production subsidiary. HII Technologies changed its name August 2011 in connection with selling the name and assets of the Hemiwedge technology it had previously licensed and developed.
We retained approximately $300,000 in net cash from our May 2011 closing.
We currently employ 1 person. Our executive offices are located at 710 North Post Oak Road, Suite 400, Houston, Texas 77024. Our telephone number is (713) 821-3157 and our Internet address is www.HWEGstockholder.com.
Organization
Our predecessor, Global Realty Management Group, Inc., or GRMG, was incorporated in the State of Florida in 1997. In June 2002, GRMG reincorporated under the laws of the State of Delaware from the State of Florida pursuant to a merger with a newly formed Delaware corporation. Under the terms of this reincorporation merger, GRMG changed its name from "Global Realty Management Group, Inc." to "Excalibur Industries, Inc." in connection with merging with the Excalibur operations. In October 2005, we changed our name from "Excalibur Industries, Inc." to "Shumate Industries, Inc." In February 2009, we changed our name from "Shumate Industries, Inc." to "Hemiwedge Industries, Inc." to emphasize and focus on our valve product technology after the recent sale of assets related to our contract machining business discussed below. On August 31, 2011, we changed our name to "HII Technologies, Inc.", which name change was required in connection with the May 2011 asset sale discussed below.
Sale of KMHVC, Inc.'s (f/k/a Hemiwedge Valve Corporation) Assets-Discontinued Operations
On May 10, 2011, we, and our wholly owned subsidiary KMHVC, Inc. (f/k/a Hemiwedge Valve Corporation ("HVC", collectively the "Sellers') consummated the sale of substantially all of HVC's assets to Chromatic Industries, Inc. ("Chromatic"). The sale was effected pursuant to an asset purchase agreement (the "HVC Purchase Agreement") pursuant to which HVC transferred substantially all of its assets and certain enumerated liabilities to Chromatic. in exchange for approximately $7,688,000 payable as follows: (a) Cash in a net amount (after reduction of repayment of the April 5, 2011 and April 29, 2011 promissory notes issued by, Asymmetric Investments, LLC) equal to $6,032,000, which cash would be paid directly to existing creditors of the Sellers to extinguish Sellers' debt obligations, with any remainder being paid to the Sellers, and (b) assume scheduled trade account payables and foundry payables of the Sellers not exceeding $1,656,000. In addition, at Closing, the 3,500,000 warrants to purchase our common stock issued to Asymmetric on April 5, 2011 were forfeited. We retained approximately $300,000 in net cash at closing.
Working capital and balance sheet issues were the primary reasons we sold the assets of our KMVHC subsidiary in May 2011. We had significant debt, much of which was secured by a pledge of our assets. Further, certain KMHVC customers and suppliers had concerns relating to the new and unique nature of our valve product line, such as the ability to procure spare parts in the future. While the product line ultimately did grow in the two years
prior to its sell in 2011, it grew at a rate slower than anticipated and created additional capital constraints on us. These factors, along with the significant secured debt severely affected our capital raising efforts. Selling KMHVC's assets allowed us to repay our creditors and provided working capital for our current plan.
Accordingly, our financial results for the years ended 2011 and 2010 present the operation of HVC as discontinued operations.
KMHVC's business
Our subsidiary manufactured and sold proprietary engineered valves under the product line known as the Hemiwedge? Cartridge valve. This quarter-turn hemispherical wedge valve engineered to provide what we believe are substantial technological improvements compared with what is available in the marketplace today, such as traditional butterfly, ball, and gate valve designs.
KMHVC manufactured the valves in house whereas we intend to use third parties to manufacture our products. In addition, the KMHVC valves are surface level flow control products whereas we intend to focus on down hole measurement tools.
Acquisition of Hemiwedge Assets
On December 5, 2005, we acquired the intellectual property rights to the Hemiwedge? line of products, including the Hemiwedge? valve, from Soderberg Research and Development, Inc. and certain of its affiliates. The intellectual property rights acquired consist of all patents, trademarks, and internet website relating to the Hemiwedge? product line. For these intellectual property rights, we paid $138,500 in cash and a two-year, six percent (6%) promissory note in the principal amount of $100,000, payable in 24 equal installments of principal and interest. In addition, we agreed to deposit: (a) $72,000 into an escrow account, the property of Soderberg Research Inc., to be paid in the form of a monthly advance in the amount of $3,000 for each month of the 24 month period beginning with the month immediately following the closing date; and (b) three percent (3%) of the net sales proceeds collected from customers from: (i) gross revenue from sales of products to which the acquired intellectual property relates, less (ii) sales and/or use taxes, import and/or export duties, outbound transportation costs, and amounts allowed or credited due to returns, which payments shall begin two years after the closing date and continue until March 29, 2013. The $72,000 in monthly advances shall be credited against the three percent (3%) of the net sales proceeds. In May 2011, this royalty obligation was assumed by Chromatic Industries in connection with their purchase of the Hemiwedge technology and related assets with consent provided by SRD. We have no further obligation to SRD since May 2011.
Activities to Date
Since May 2011, we procured a new trading symbol for our common stock, which commenced trading on February 29, 2012 and all activities required in connection with the same including completion of audits for our 2009, 2010 and 2011 financial statements. Operationally, since May 2011, we have reviewed several business ideas including new down hole technologies used in the drilling and production of oil and natural gas.
Plan of Operation
While there can be no assurances of any milestones being met by us below is a brief description of our planned activities over the next 12 months;
We will continue reviewing drilling and production products and technologies via inventors, design and development companies. Our plan is to in-license, acquire or develop internally products that can be used in the energy services market. Currently we anticipate finalizing due diligence and discussions surrounding a potential opportunity in down hole MWD tools by the summer of 2012. We intend to utilize our relationships with larger energy services companies, end user customers and our supply chain experience to establish a product line that generates operational revenues and cash flow. At this time we have not determined when these product opportunities would be obtained by us and when any of these technologies would be commercialized in the marketplace.
Trends, events and uncertainties
The primary driver for our current business as well as our prior contract machining and engineered valve product business is the demand for oil and gas. The status of the global economy impacts oil and natural gas consumption.
During the latter portion of 2008 and throughout much of 2009, there was a substantial decline in oil and natural gas prices and demand for our services due to the worldwide recession. Since then, oil prices have rebounded. According to the International Energy Agency's (IEA) January 2011 "Oil Market Report," 2011 world petroleum demand is forecasted to increase 2% over 2010 levels. Emerging economies continue to be a significant factor in the recovery, while mature economies play a lesser role. The outlook thus faces uncertainties, as the global recovery continues to remain somewhat fragile. However, we believe that, over the long term, any major macroeconomic disruptions may ultimately correct themselves as the underlying trends of smaller and more complex reservoirs, high depletion rates, and the need for continual reserve replacement should drive the long-term need for our products and services.
A decrease in oil and gas prices causing an industry wide slowdown may result in certain companies to bring in-house the manufacturing of certain component parts otherwise made at outside machining and manufacturing companies. This practice directly impacted our prior contract machining and engineered valve product business. As we intend to sell fully assembled products (and not just components) to end-users, we believe this particular practice will not affect our business.
Cheeseburger money. Or maybe a six pack.
EH, in the recent 10-Q, they were pretty clear that it won't be until the end of this summmer before they are done evaluating potential partners/technologies.
That said, yeah, the sooner the better!
New Jersey Mining Company Intersects 12.4 g/t Gold Over 5.2 Meters at the Golden Chest Mine
http://finance.yahoo.com/news/jersey-mining-company-intersects-12-155600178.html
KELLOGG, ID--(Marketwire -04/12/12)- New Jersey Mining Company (OTC.BB: NJMC.PK - News) is pleased to announce the drill intercept of 5.2 meters of 12.4 g/t gold (true thickness) in drill hole GC 12-107 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 (MOZ-TSX) and NJMC is the operator.
"Drilling at the Golden Chest mine continues to be successful in expanding the resource potential. The open pit holes are infill and in an area of inferred resource, and the underground targeted holes are expanding the strike length of the Idaho vein system in an area not previously drilled. These are very good results for the 2012 program and with extensive drilling to follow, we anticipate consistent encouraging results," said Phillip Walford, President and CEO of Marathon Gold.
Highlights:
GC 12-107 returned 12.4 g/t gold over 5.2 meters from a depth of 74.3 meters to 79.5 meters, and 7.74 g/t gold over 2.5 meters from 107.1 meters to 109.6 meters. This hole was drilled on the 4175N section which extends the gold mineralization nearly 100 meters to the south of previous drilling.
GC 12-106 returned 8.22 g/t gold over 3.9 meters from 153.4 meters to 158.6 meters down the hole, and was also drilled on the 4175N section.
GC 12-117 is the southernmost hole drilled on the property and it extends the gold mineralization 300 meters south of historic drill holes. This hole returned 3.56 g/t gold over 5.1 meters of true vein thickness indicating the gold-system is still strong.
The first NI 43-101 resource estimate was completed in early March and showed an Indicated plus Inferred resource of 8,085,000 tonnes at a grade of 1.46 g/t gold for a total of 380,300 ounces.
All grades in this release are uncut, and all thicknesses are estimated true thicknesses.
Table 1 -Drill Intersections at the Golden Chest Mine
----------------------------------------------------------------------------
DDH Resource Section From (m) To (m) Core Width True Gold
Type (m) Thickness (g/t)
(m)
----------------------------------------------------------------------------
GC 11-101 Open Pit 4780N 5.3 28.0 22.7 16.5 1.15
----------------------------------------------------------------------------
GC 11-102 Open Pit 4700N 43.2 56.7 13.5 12.4 1.26
----------------------------------------------------------------------------
GC 12-103 Open Pit 4750N 5.3 29.6 24.3 20.0 1.14
----------------------------------------------------------------------------
GC 12-104 Underground 4100N 37.4 39.5 2.1 1.6 4.93
------------------------------------------------------
and 99.4 105.6 6.2 4.6 1.81
----------------------------------------------------------------------------
GC 12-105 Underground 4100N 71.3 73.2 1.9 1.9 1.17
----------------------------------------------------------------------------
GC 12-106 Underground 4175N 128.0 129.2 1.2 0.9 7.95
------------------------------------------------------
and 153.4 158.6 5.2 3.9 8.22
----------------------------------------------------------------------------
GC 12-107 Underground 4175N 74.3 79.5 5.2 5.2 12.39
------------------------------------------------------
and 107.1 109.6 2.5 2.5 7.74
----------------------------------------------------------------------------
GC 12-108 Underground 4050N Less than 1.0 g/t over 2.0 meter minimum
mining width.
----------------------------------------------------------------------------
GC 12-109 Underground 4050N 34.2 39.8 5.6 5.6 2.37
------------------------------------------------------
including 34.2 36.0 1.8 1.8 6.37
------------------------------------------------------
and 78.6 79.2 0.6 0.6 5.37
----------------------------------------------------------------------------
GC 12-110 Underground 4000N 107.0 110.0 3.0 2.2 3.87
----------------------------------------------------------------------------
GC 12-117 Underground 3950N 94.0 101.2 7.2 5.1 3.56
----------------------------------------------------------------------------
Underground intercepts were calculated using a 1.0 g/t cutoff over a minimum mining width of 2.0 meters. Note that hole numbers missing in the sequence above are in the process of being logged by geologists or awaiting assay analysis
The assay results from the holes drilled on the 4175N section and to the south indicate that the gold system is still robust which increases the potential to add to the total gold resource at the Golden Chest. The drilling completed by the partners to date has demonstrated the gold mineralization has a strike length of at least 1.1 kilometers, and is open to the north and south. Currently, there are two core drills operating on the surface at the Golden Chest which are targeting the extension of mineralization to the south and down dip. Once the snow melts, the rigs will be moved to the high-grade Katie-Dora area to target the extension of the open pit resource to the north.
About 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 515 hectares. The patented claims that cover the mine workings have mineral and surface rights enabling the joint venture 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. A series of known assay standards are submitted with each drill hole as part of a quality assurance- quality compliance program.
The United States Securities and Exchange Commission permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms, such as "measured," "indicated," and "inferred resources," that the SEC guidelines strictly prohibit us from including in our filing with the SEC. U.S. investors are cautioned not to assume that any or all of measured, indicated or inferred resources are economically or legally mineable or that these resources will ever be converted into reserves. U.S. investors are urged to consider closely the disclosure in our Form 10-K and Form 10-Q.
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. In an effort to boost awareness of our company among gold stock investors, we are working with the Gold Stocks 360 web site to display highlights of our fundamentals at http://www.goldstocks360.com.
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.
Contact:
For more information on New Jersey Mining Company, please contact:
Grant Brackebusch, P.E.
Vice President
Phone: 1.208.783.1032
Email: ir@newjerseymining.com
Website: www.newjerseymining.com
Yeah, just depends on how much dilution there is.
Perhaps, but I don't expect this to turn into a 'real' company earning $$$$ anytime soon. Maybe we'll have some hints by summer.
Where were they pumping, I didn't see anything on Yahoo or IH boards?
I see. What was the speculation, and how was it proven false?
Let's keep in mind that HIIT started trading at .10, so rising to .08 likely isn't all that significant.
Maybe!
Imminent, hopefully! ;)
It appears that way. We need news, a plan, something. I have the feeling that is going to be one of those stocks that it best forgotten about, and then perhaps one day it will awaken from its slumber.
"HII Technologies, makers of enviromentally sound fracking fluids"
I like the sound of that better.
I hope that his presentation is indicative of the alloy's growing availability.
New Jersey Mining Company Reports Initial Resource Estimate for the Golden Chest Mine
http://finance.yahoo.com/news/jersey-mining-company-reports-initial-152923055.html
ELLOGG, Idaho, March 5, 2012 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCBB:NJMC.PK - News) is pleased to announce its first NI-43-101 compliant resource estimate for the Golden Chest gold mine located in Murray, Idaho. The initial resource estimate is an essential component of the project's development and is a key milestone for New Jersey Mining Company. The Golden Chest is owned 50% by NJMC and 50% by Marathon Gold Corporation (MOZ-TSX) and NJMC is the operator.
"The 2011 drilling program was quite successful. The new global resource is 40% greater than what we had previously considered it to be. In addition the quality of the resource estimate has greatly improved because of more closely-spaced intercepts. It is likely that the resource will be increased substantially by the planned 2012 drilling program based on our increased geologic knowledge of the Golden Chest deposit," stated Fred W. Brackebusch, CEO of NJMC.
Table 1 -- Golden Chest Initial Gold Resource EstimateGlobal Resource Indicated Inferred
Tonnes 3,107,000 4,978,000
Grade (g/t Au) 1.47 1.46
Ounces of gold ( at 0.40 g/t cutoff) 147,000 233,300
Total Indicated + Inferred 380,300 ounces
In Open Pit
Tonnes 2,788,000 3,847,500
Grade (g/t Au) 1.35 1.45
Ounces of gold ( at 0.40 g/t cutoff) 121,100 179,000
Total Indicated + Inferred 300,100 ounces
The "Global Resource" estimate is that portion of the geologic block model above a cutoff grade of 0.40 g/t gold. The "In Open Pit" estimate is a conceptual open pit plan that is the result of an optimization routine used to determine what portion of the deposit is amenable to open pit mining at a gold price of US$1,200 with a given a set of economic, geologic and metallurgical parameters as described below. An isometric view of the open pit with an overlay of the gold grades of the block model will be posted on our website: www.newjerseymining.com.
1.
The 0.4 g/t gold open pit cut-off grade underlying the resource estimate is based on a number of parameters and assumptions including a gold price of US$1,200 per troy ounce, 92% metallurgical gold recovery, mining costs of US$2.00/tonne, process costs of US$9.50/tonne, general and administrative costs of US$2.00/tonne and environmental reclamation costs of US$0.20 per tonne treated.
2.
The quantity and grade of reported Inferred mineral resources in this estimation are uncertain in nature and there has been insufficient exploration to define the Inferred mineral resources as Indicated or Measured mineral resources. It is uncertain if further exploration will result in upgrading them to Indicated or Measured mineral resource categories.
3.
The mineral resources in this news release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council. The effective date of this mineral Resource Estimate is March 2012.
Audited Mineral Resource parameters:
Estimations are based on sample composites of 2 meters. Grade capping was applied to a single sample grading 864 g/t Au. Based on detailed statistical analysis combined with information from drill hole logs, no further grade capping was deemed necessary.
A 0.40 g/t Au cut-off grade was applied for the 3-D deposit modeling.
A specific gravity of 2.66 tonnes per cubic meter was used.
Resources were modeled using 3-D interactive modeling backed by sectional interpretation.
The database for the Golden Chest deposit comprised a total of 14,550 meters (113 DDH and 13 RC) of drilling.
The mineralized zones at the Golden Chest Mine extend approximately 920 meters along strike. The resource has been constrained by a conceptual open pit shell that includes resources to a maximum depth of 250 meters.
The grade estimation was done using ordinary kriging interpolation using 2.0 meter composites. All estimations are based on a percent block model with unitary dimensions of 5 meters east, 5 meters north, and 5 meters in elevation.
Indicated mineral resources include all mineralized blocks within a multiple of 0.5 to 1.0 of the variogram range and are estimated using a minimum of 3 drill holes.
Inferred mineral resources include all mineralized blocks within 1.0 to 3.0 times the variogram range and are estimated with a minimum of 2 drill holes including the isolated areas and also the blocks that were estimated in passes one and two that did not meet the criteria to be classified as Indicated.
This resource has been estimated in compliance with Canadian National Instrument 43-101 standards. The resource estimate was completed by Micon International Limited (Micon) using both ordinary kriging and inverse distance cubed methods, which gave similar results. The reported figures are taken from the ordinary kriging modeling. The Micon staff responsible for this Resource Estimate are Messrs Charley Murahwi, M.Sc., P. Geo., FAusIMM and Alan J. San Martin, MAusIMM(CP). Both are Qualified Persons as defined in NI 43-101, and are independent of Marathon Gold Corporation and New Jersey Mining Company. Micon acknowledges that it has read this news release and there are no errors contained herein.
The United States Securities and Exchange Commission permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms, such as "measured," "indicated," and "inferred resources," that the SEC guidelines strictly prohibit us from including in our filing with the SEC. U.S. investors are cautioned not to assume that any or all of measured, indicated or inferred resources are economically or legally mineable or that these resources will ever be converted into reserves. U.S. investors are urged to consider closely the disclosure in our Form 10-K and Form 10-Q.
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 515 hectares. The patented claims that cover the mine workings have mineral and surface rights enabling the joint venture to work easily on the mine property.
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.
Any thoughts on the year End 2011 Financial Results?
http://finance.yahoo.com/news/hii-technologies-announces-end-2011-130000661.html
Thank you for the info. Though I echo your concerns, HII has little choice but to take on more debt to even attempt to move this forward.
Had the credit crunch not occured when it did, I truly believe that Hemiwedge would have very likely survived, and eventually thrived or been bought out. It takes years if not a decade to gain product acceptance in an industry as risk averse as oil & gas.
That said, what is the likelihood that they will be able to find another diamond in the rough like the Hemiwedge valve to propel this ship forward?
"50 million shares of stock"
Can you confirm that HIIT's float is 50 million shares? That was HWEG #, IIRC.
Excellent post. HIIT needs to pull a rabbit out of their hat to get this moving. Last I heard, the focus was on Downhole Tools. Maybe they've identified a disruptive technology, I can only hope.
New Jersey Mining Company Intersects 2.20 g/t Gold Over 26.2 Meters at the Golden Chest Mine
KELLOGG, Idaho, Feb. 28, 2012 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCBB:NJMC.PK - News) is pleased to announce the drill intercept of 26.2 meters of 2.20 g/t gold (true thickness) in drill hole GC 11-90 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.TO - News) and NJMC is the operator.
"These drill holes are encouraging as they demonstrate that there is expanded open pit potential at the Golden Chest Mine. With two drills currently turning, we anticipate that this year's 20,000 m drill program will further define the full potential of the deposit," stated Phillip Walford, President and CEO of Marathon Gold.
All grades in this release are uncut, and all thicknesses are estimated true thicknesses.
Highlights:
GC 11-90 returned 2.20 g/t gold over 26.2 meters from 24.4 meters to 60.2 meters including 4.5 meters of 9.55 g/t gold. This hole was drilled on the 4700N section which is 150 meters north of Idaho Hill, where most of the open pit resource drilling was completed in 2011, which is encouraging for expanding the open pit resource area.
GC 11-98 returned 2.27 g/t gold over 17.7 meters from 4.0 meters to 21.7 meters down the hole. This hole was drilled 300 meters north of Idaho Hill.
NI 43-101 resource estimation work is underway using the 11,300 meters of drilling completed during 2011. The resource is expected to be completed in the first quarter of 2012.
Drill holes GC 11-94, GC 11-95, and GC 11-96 were collared in the footwall of the Idaho fault and, apparently outside of the main mineralized zone.
Currently, there are two core drills working on the property. One drill is working to expand the Idaho vein underground resource down-dip below the No. 3 Level while the second drill is targeting the southern extension of the gold mineralization.
http://finance.yahoo.com/news/New-Jersey-Mining-Company-pz-4200814284.html?x=0
New Jersey Mining Company Finds High Grade Vein and Announces Start of Drilling Program
KELLOGG, Idaho, Feb. 2, 2012 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCBB:NJMC.PK - News) is pleased to announce that an exploration crosscut in the northern part of the Golden Chest mine has intersected a vein that assayed 29.4 g/t gold across a true thickness of 1.4 meters. The Golden Chest is owned 50% by NJMC and 50% by Marathon Gold Corporation (MOZ-TSX) and NJMC is the operator.
The exploration crosscut is located in the northern part of the mine known as the Katie-Dora area, and the new vein was found at a distance of approximately 12 meters from the existing ramp. The purpose of the crosscut was to follow-up on a small diameter core hole that achieved very poor sample recovery through a quartz zone, but indicated high-grade gold may be present. Visible gold and abundant sulfides including galena, pyrite, and chalcopyrite were present in the intensely fractured quartz vein as revealed by the crosscut. The Katie-Dora area of the Golden Chest hosted the bulk of the historic production with reported grades of up to 17 g/t gold. This area has seen very limited core drilling in the past but will be a focus of this year's exploration program.
Current plans are to extend the crosscut to a potential second vein indicated by the previous drilling and then drift on the first vein to determine its strike length. Chip samples will also be collected along the entire length of the crosscut, since quartz stringers and pyrite are present throughout the crosscut, in order to determine if the entire zone may be amenable to bulk mining.
On January 25th, the core drilling program for 2012 commenced with two drill rigs on the surface, and as much as 20,000 meters of drilling is planned for this year. The primary focus of this year's drilling will be to extend the pit resource to the north into the Katie-Dora area. Additional drilling targets include: the extension of the open pit resource south of Idaho Hill, the expansion of the Idaho vein underground resource, the down-dip extension of the high-grade Katie-Dora veins below the No. 3 level, and exploration of the southward extension of the Idaho fault onto the Joe Dandy claim.
The initial 43-101 resource estimate for the Golden Chest is expected to be completed by Micon International Limited in the first quarter of 2012.
http://finance.yahoo.com/news/New-Jersey-Mining-Company-pz-2296967420.html?x=0
New Jersey Mining Company Intersects 1.48 g/t Gold Over 42.5 Meters at the Golden Chest Mine
KELLOGG, Idaho, Jan. 10, 2012 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCBB:NJMC.PK - News) is pleased to announce the drill intercept of 42.5 meters of 1.48 g/t gold (true thickness) in drill hole GC 11-86 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 (MOZ.TO) and NJMC is the operator.
"The 2011 exploration program at the Golden Chest successfully demonstrated that the property has robust gold grades and thicknesses in near-surface veins that are attractive in an open pit mining scenario. Additionally, the 2011 drilling extended the Idaho vein underground resource at depth and the mineralization remains open ended at depth and along strike. A total of 11,300 meters were drilled in 2011. We look forward to larger drilling program in 2012 as there is excellent potential to increase the open pit and underground resource of this property," commented NJMC Vice President Grant Brackebusch.
All grades in this release are uncut, and all thicknesses are estimated true thicknesses.
Highlights:
GC 11-86 returned 1.48 g/t gold over 42.5 meters from 47.5 meters to 106.1 meters. This hole was drilled on the 4650N section which is 100 meters north of Idaho Hill, where most of the open pit resource drilling was completed in 2011, which is encouraging for expanding the open pit resource area.
GC 11-80 returned 5.60 g/t gold over 8.0 meters from 25.5 meters down the hole. This hole was a 50 meter step-out hole to the north of the Idaho Hill area.
GC 11-75 returned 2.21 g/t gold over 18.0 meters from 6.6 meters to 24.6 meters and another interval of 0.48 g/t gold over 11.5 meters from 42.1 meters to 53.6 meters.
GC 11-84 returned two near-surface intervals of gold mineralization over 500 meters north of Idaho Hill.
NI 43-101 resource estimation work is underway using the 11,300 meters of drilling completed this year. The resource is expected to be completed in the first quarter of 2012.
The 2011 exploration and development program at the Golden Chest mine achieved some important goals including compiling and verifying historic data, carrying out a total of 11,300 meters of diamond drilling, and completing an NI 43-101 qualifying report. The success of the 2011 program has justified a resource estimation which is now underway and scheduled for completion in the first quarter of 2012. During the first quarter of 2012, drilling is expected to be focused on underground mineralization and then moving on to defining and exploring open pit potential mineralization as weather conditions permit.
http://finance.yahoo.com/news/New-Jersey-Mining-Company-pz-1178979120.html?x=0
New Jersey Mining Reports Sale of Silver Strand Mine
KELLOGG, Idaho, Jan. 4, 2012 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCBB:NJMC.PK - News) announced today that it has sold its Silver Strand mine, located 30 miles west of Kellogg, Idaho, to Shoshone Silver/Gold Mining Company for $1,000,000. A total of $121,000 was paid in cash at closing and the balance of $879,000 is payable as a 20% net profits royalty.
The sale of the Silver Strand mine is consistent with the Company's strategy to focus on its core assets including the exploration of the Golden Chest mine near Murray, Idaho.
http://finance.yahoo.com/news/New-Jersey-Mining-Reports-pz-1012391721.html?x=0
Agreed, it was a pleasant surprice and I too hope the company does well.
Down to .04 last trade.
That's a good point. I, too, sold some shares already.
What conditions are you looking for to gauge interest going forward?
Without knowing specifics regarding the company's plan going forward, I'm not sure I have the confidence to purchase much of their stock.
Nice, almost one year ago exactly since it last traded (as HWEG). I hope we get some news soon, would love to know what the plan is.