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New Jersey Mining Company
Summary
| Project: | Golden Chest | |
|---|---|---|
| Deposit: | Paymaster Shoot | |
| Location: | United States | |
| Commodities: | Gold | |
| Date: | 1/22/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 22-1-2019: New Jersey Mining Company announces an Exploration/Drilling Update report for its Paymaster Shoot deposit at the Golden Chest project. Drilling results incl. 5.2m @ 12.4g/t Au from 74.3m. Rob Morgan, NJMC VP of Exploration stated, “The Paymaste | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Robert Morgan (Internal) | |
| ABSTRACT: | Rob Morgan, NJMC VP of Exploration stated, “The Paymaster drill results are very impressive on their own, and the 70.3 g/t (over 2 ounces per ton gold) intercept is especially encouraging when encountered in a favorable geologic setting near current operations. The Paymaster Shoot is characterized by a large quartz monzonite sill with two potentially mineable high-grade gold-quartz veins. The high-grade veins are well-banded and occur above and below the intrusive sill. As witnessed by previous drill results, veins that are banded and not brecciated have excellent gold grades, plus the competency of the intrusive sill is favorable for underground mining. The Paymaster area has been targeted for additional drilling and resource development.” Initially recognized through prior exploration core drilling and further defined through in-depth geologic modeling, the Paymaster is one of six identified mineralized shoots that demonstrate strong periodicity in mineable extents along the Idaho Fault. The Paymaster Shoot is the next mineralized area located south of the Skookum Shoot, the site of current surface and underground mining operations. The gold-quartz veins in the Paymaster Shoot were originally identified in 2012 by several exploratory core drill holes, including GC 12-104 through GC 12-107, GC 12-118, GC 12-123 and GC 12-124; however the area has not been further evaluated until recently. The current drill holes, GC 18-176 and GC 18-177, were planned to extend the gold mineralization down dip from vein intercepts encountered in GC 12-106 and GC 12-107. The intercepts in GC 18-176 and GC 18-177 are approximately 20 meters down dip from prior gold intercepts in GC 12-106 and GC 12-107. | |
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