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KELLOGG, IDAHO. New Jersey Mining Company
(OTCBB:NJMC) announces that it has started its exploration
core drilling program for the season with drilling currently
underway at the Enterprise prospect near Kellogg. Drilling
is planned for the Enterprise, Scotch Thistle and Golden Chest
properties.
A sedimentary-exhalative type deposit, similar to the Sullivan
orebody is the exploration target at the Enterprise. The Sullivan
orebody which is located near Kimberly, B.C. originally contained
145,120,000 tonnes at 6.5% lead, 5.6% zinc and 67 gpt silver.
Both the Enterprise and Sullivan are found in the Prichard
formation. The first hole at the Enterprise has been completed
and intercepted lead and zinc mineralization similar to that
encountered in last years drilling. Core logging and
sample preparation are still to be completed before samples
can be submitted to the laboratory for analysis.
At the completion of drilling at the Enterprise, the drill
will move to the Scotch Thistle prospect, which is located
1 kilometer southeast of the New Jersey mine, to follow up
on an anomalous gold zone discovered in 2003. A single hole
drilled last year intercepted 21.1 meters assaying 0.337 ppm
gold in a quartzitic unit of the Prichard Formation. Gold
is associated with arsenopyrite as the zone is highly anomalous
in arsenic.
Two 460 meter deep core holes are also planned at the Golden
Chest in Murray, Idaho to validate managements theory
that the gold mineralization was mobilized by a deep heat
source and there is reason to believe that multiple gold veins
could exist at depth. Currently, a 150 meter exploration ramp
is underway at the Golden Chest. A portal has been established
and two shifts per day of two miners per shift are advancing
the ramp at a rate of about 4 meters per day. Approximately
25 meters of ramp have been completed to date. The target
of the ramp is a high grade gold intercept drilled in the
late 1980's by Newmont Exploration that cut 22.7 grams per
tonne (0.66 ounces per ton) over 3.05 meters (10 feet).
Work continues on the New Jersey mill where the construction
of a flotation circuit is in progress. Delivery of the new
Dorr-Oliver Eimco flotation cells is expected for mid July.
The concentrate filter has already been delivered to Kellogg
and a concentrate bin is expected to be at the site in mid
May. Initially, gold ore from the New Jersey open pit will
be processed by the new circuit. Commissioning of the flotation
circuit is expected to start in August.
The Company is still waiting for a decision document from
the U.S. Forest Service regarding its Plan of Operations for
the Silver Strand mine. A geophysical exploration program
is planned for the Silver Strand property to evaluate the
potential for additional high-grade ore shoots that may occur
along the strike of the geologic structure that hosts the
Silver Strand orebody.
New Jersey Mining Company is involved in exploring for and
developing gold, silver and base metal ore resources in the
Coeur d'Alene Mining District of northern Idaho. The Company
has a portfolio of six mineral properties in the Coeur d'Alene
Mining District: the New Jersey mine, the Silver Strand mine,
the Golden Chest mine, the Lost Eagle project, the CAMP project
and the Wisconsin-Teddy project.
Disclaimer: This release contains certain
forward-looking statements within the meaning of the Federal
Securities Laws. Such statements are based on assumptions that
the Company believes are reasonable but which are subject to
a wide range of uncertainties and business risks. Factors that
could cause actual results to differ from those anticipated
are discussed in the Company's periodic filings with the Securities
and Exchange Commission, including its annual report on Form
10-KSB for the year ended December 31, 2003. |