Drills Double Gold Veins in Paymaster Shoot
New Jersey Mining Company (OTCQB:NJMC) has obtained additional high-grade results from its core drilling programme at the Golden Chest Mine in Idaho, USA.
These gold intercepts come from the recent 2020-2021 exploration drilling programme in the Paymaster Shoot. This drill programme is designed to further delineate the Paymaster as well as “pull together” the known Paymaster and Skookum (location of current production) ore shoot boundaries.
Highlight hole GC 21-187 intercepted 1.8m of 10.9 gpt gold (including 0.6m of 29.2 gpt gold) in the upper vein and 2.m of 4.2 gpt gold (including 1.2m of 7.2 gpt gold) in the lower vein.
VP of Exploration, Rob Morgan, said drill hole GC 21-187 continues to expand the Paymaster ore shoot, both down dip and along strike. This hole encountered both an upper and lower vein, and border a monzonite sill, which is characteristic of the Paymaster area.
GC 21-187’s upper vein (0.6 meters of 29.2 gpt gold) continues to show high gold grades similar to hole GC 20-183 (0.9 m of 14.7 gpt Au) and GC 21-184 (0.9 meters of 26.7 gpt Au). Both veins in GC 21-187 are approximately 52m from the same vein intercepts in GC 20-183 and 47 meters from the veins in GC 21-184.
“This reinforces our plans to drill ever deeper holes, on 50m centres in all our ore shoots. GC 21-187 was targeted to expand the northern flank of the Paymaster ore shoot,” Mr Morgan said.
“This hole’s success gives both good grades and pushes the northern boundary of the Paymaster’s ore shoot out even further. This is significant because as we drill to the north, we naturally get closer to the current underground development infrastructure in the Skookum.
“In short, while conducting development, if we can mine ore (revenue that helps offset expenses) instead of mining all waste rock (which is largely an expense) it could result in a positive overall impact on timing and economics.”
The next series of NJMC drill holes will test the area between the Skookum and Paymaster ore shoots. We plan to evaluate ramp development to the south once all the drilling data has been collected and interpreted.
Mr Morgan said the Paymaster area is attractive because there are two very distinct high grade gold veins approximately 30 meters apart allowing for the mining of multiple headings.
The Paymaster claim, established in 1883, has the honour of being the first hard rock lode claim in the Coeur d’Alene Mining District and predates the discovery and establishment of the world-class Silver Valley.
