New Jersey Mining (CNSX: NJMC; US-OTC: NJMC) has intersected gold mineralization at its Paymaster Shoot in Idaho’s Coeur D’Alene district, grading as high as 70.3 grams gold over 0.35 metres. The company drilled both holes to extend gold mineralization down dip from exploratory holes it drilled at Paymaster in 2012.
Paymaster is the next mineralized zone south of the Skookum Shoot, part of the company’s producing Golden Chest gold mine.
The company drilled two holes in 2018 targeting gold-quartz veins associated with the Idaho Fault in the Paymaster area. The company found visible gold in both holes.
Hole 176 cut 39.5 grams gold over 0.46 metre from 89.5 metres downhole and 25.7 grams gold over 0.55 metre from 124.1 metres downhole; Hole 177 cut 18.2 grams gold over 0.53 metre from 95.8 metres downhole, as well as 70.3 grams gold over 0.35 metre from 115 metres downhole.
Highlights from previous drilling include: Hole 106 which cut 8.22 grams gold over 3.9 metres from 154 metres downhole and Hole 107, which cut 12.4 grams gold over 5.2 metres from 74 metres downhole and 7.74 grams gold over 2.5 metres from 107 metres downhole.
The intercepts in Holes 176 and 177 are about 20 metres down dip from intercepts in Holes 106 and 107.
In 2017, the company produced 3,525 oz. gold at its New Jersey Mill. Shares of New Jersey Mining are currently trading at US17¢ with a 52-week range of US13¢ to US25¢. The company has a US$20 million market capitalization.
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