SOURCE: New Jersey Mining Co.

November 09, 2007 11:26 ET

New Jersey Mining Company Receives Drill Report on Mineral Ridge Property

Previous Operator Drilled 1.5 m of 18.9 gpt Gold

KELLOGG, ID--(Marketwire - November 9, 2007) - New Jersey Mining Company (OTCBB: NJMC) recently received a report on previous drilling of its Mineral Ridge property on the East Fork of Eagle Creek near Murray, Idaho. A previous operator, Nord Pacific, conducted a reverse circulation drilling and trenching program in 1992 on the property, and discovered extensive gold mineralization. The highlight of the drilling was Hole CC-5 which intercepted 1.5 meters of quartz veining that assayed 18.9 grams per tonne (gpt) gold. Additionally, a dozer trench assayed 1.5 gpt gold over a length of 18 meters and contained a higher grade section of 6 meters assaying 3.4 gpt gold.

Nord-Pacific drilled 9 holes for a total of 850 meters of drilling, and each hole intercepted anomalous gold mineralization including hole CC-4 which intercepted 58 meters averaging 0.140 gpt gold. Nord Pacific conducted a soil sampling program in 1991 and discovered a gold anomaly 240 m wide by 1,650 m long which led to the drilling program in 1992.

NJMC has also conducted soil sampling on the Mineral Ridge property and has outlined two parallel zones of gold mineralization. In addition, due to current, more advanced analytical techniques, high levels of tellurium have been found to be associated with the gold mineralization. This is due to the presence of gold and silver telluride minerals. The telluride signature is indicative of the presence of alkaline intrusive rocks which may be buried under the property or occur in adjacent areas. Although the observed gold mineralization is in structural zones in Prichard formation quartzites, siltites and argillites, the Company has mapped alkaline intrusive rocks within two kilometers of the Mineral Ridge property.

Company President Fred Brackebusch commented, "The presence of gold telluride mineralization in association with alkaline intrusive rocks bodes well for the exploration potential of the East Fork Eagle Creek area. Deposits with similar geochemical signatures include Cripple Creek, Colorado and Porgera, Papua New Guinea. These types of deposits can be large, high grade and contain more than 30 million ounces of gold. Placers downstream from these types of gold deposits can be absent or poorly developed, as in the East Fork Eagle drainage, because oxidation of the deposits forms flour gold. We think our current understanding of the Mineral Ridge geology will allow us to determine the full extent of the gold telluride system with a drilling program."

An eastern mineralized zone mapped by NJMC was not drill tested by Nord Pacific. A sample of quartz-pyrite float from this eastern zone assayed 38.4 gpt gold, 19.6 gpt silver and 61.4 ppm tellurium. Obviously, the Company plans to drill the Mineral Ridge property including this new eastern zone so a Plan of Operations for drilling has been submitted to the U.S. Forest Service.

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. The Company has a portfolio of mineral properties in the Coeur d'Alene Mining District including the Niagara copper-silver deposit, the Golden Chest mine, the New Jersey mine, the Silver Strand mine, and several promising exploration prospects.

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, 2006.

Further information about New Jersey Mining Company and its properties can be found at the company's website at www.newjerseymining.com or reviewed on the website of the Securities and Exchange Commission at www.sec.gov.

Contact Information

  • Contact:
    Grant Brackebusch
    Vice President
    Phone (208) 783-1032
    E-mail:ir@newjerseymining.com
    Website: www.newjerseymining.com