KELLOGG, ID -- (Marketwire) -- 04/12/12 -- New Jersey Mining Company (OTCBB: NJMC) 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----------------------------------------------------------------------------
