COEUR D'ALENE, ID / ACCESSWIRE / March 31, 2021 / New Jersey Mining Company (CSE:NJMC)(OTCQB:NJMC) ("NJMC" or the "Company") today announced its consolidated operating and financial results for the year ending December 31, 2020.
NJMC CEO and President, John Swallow stated, "At this time last year I commented on just how much the global backdrop had changed, however little did we know that the "change" I was referring to would pale in comparison to that which lay ahead.
As a workforce we kept our heads down and focused on the things within our control, with a plan to emerge from the pandemic a considerably stronger company. Needless to say, 2020 left us with more than our fair share of financial, community and societal discussions… all of which was handled in an insightful manner and with a drive that resulted in substantially more than our fair share of advancement, asset growth and overall corporate success. The Company was advanced more in 2020 than any other year in our existence."
Highlights for 2020 include:
Operational Highlights include the following:
Mr. Swallow continued, "As we advanced from bench to bench in the Klondike Pit during the last part of 2020 it became apparent that unmapped "old timer" workings were present. This resulted in fewer tonnes and lower grade ore being shipped to the mill than anticipated and is directly reflected in the overall number of ounces produced for the year. While the Klondike Pit is a more speculative endeavor than the Idaho Pit, we firmly believe this work may lead to future discovery while allowing for a greater understanding of the geology as we potentially expand underground operations into the area below the historic Klondike and Katie-Dora workings.
For example, at the Klondike we recently encounted a smaller, extremely gold-rich vein in the East Pit wall on the K1026 bench, assaying 672.1 grams per tonne gold in a metallic screen fire assay. The vein was traceable from the 1032 elevation and discovered on the K1026 bench. It strikes 60o and dips 50o W, diving obliquely into the east pit wall. The vein varies in thickness from 6 to20 centimeters (cm), although pieces of float up to 30 cm were seen on the bench floor. The outstanding feature of this vein is the abundance of open cavities (vugs), composed of white silica or iron oxides, gold being found in both types of cavities. The vein sample has been closely analyzed, with a watchful eye toward "what it means" as we advance down the last few benches of the Klondike Pit. This potentially important discovery would not have been possible if the Klondike Pit were not being mined."
Corporate Highlights include the following:
Mr. Swallow concluded, "Early in 2020 we recognized the importance of understanding (not arguing with) history, human nature and the repetitive interactions experienced with the turning from one generation to another. This time last year we concluded, ‘I believe ‘post-virus' investors will have to adjust and learn how to recognize certain metrics that are not accompanied by an 8-k or contained in other official filings'. As we grew through the crisis, it is our opinion that this point of view holds true for all stakeholders, their families and community leaders. The growth in the company and the cohesiveness of our team in 2020 is noticeable on many levels. And the addition of quality new equipment, new facilities, additional land and our approach of employee engagement in overall corporate goals continues to support our way of doing business."
Qualified person
NJMC's Vice President Grant A. Brackebusch, P.E., is a qualified person as such term is defined by SEC rules and has reviewed and approved the technical information and data included in this press release.
No PEA, PF or FS has been completed to verify the economic viability or technical feasibility regarding any new construction of future tailings impoundment, a new mill or other infrastructure related to mineral processing in the Murray area.
About New Jersey Mining Company
Headquartered in North Idaho, New Jersey Mining Company is the rare example of a vertically integrated, operating junior mining company. NJMC produces gold at the Golden Chest Mine and recently consolidated the Murray Gold Belt (MGB) for the first time in over 100-years. The MGB is an overlooked gold producing region within the Coeur d'Alene Mining District, located north of the prolific Silver Valley. In addition to gold, the Company maintains a presence in the Critical Minerals sector and is focused on identifying and exploring for Critical Minerals (Rare Earth Minerals) important to our country's defensive readiness and a low-carbon future.
New Jersey Mining Company possesses the in-house skillsets of a much larger company while enjoying the flexibility of a smaller and more entrepreneurial corporate structure. Its production-based strategy, by design, provides the flexibility to advance the Murray Gold Belt and/or its Critical Minerals holdings on its own or with a strategic partner in a manner that is consistent with its existing philosophy and culture.
NJMC has established a high-quality, early to advanced-stage asset base in four historic mining districts of Idaho and Montana, which includes the currently producing Golden Chest Mine. Management is stakeholder focused and owns more than 15-percent of NJMC stock.
The Company's common stock trades on the OTCQB under the symbol "NJMC."
For more information on New Jersey Mining Company go to www.newjerseymining.com or call:
Monique Hayes, Corporate Secretary/Investor Relations
Email: [email protected]
(208) 699-6097
Forward Looking StatementsThis release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be covered by the safe harbor created by such sections. Such statements are based on good faith assumptions that New Jersey Mining Company believes are reasonable, but which are subject to a wide range of uncertainties and business risks that could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such factors include, among others, the, the risk that, the risk the mine plan changes due to rising costs or other operational details, an increased risk associated with production activities occurring without completion of an independent third party economic feasibility study of mineral reserves demonstrating economic and technical viability, the risk that recent discoveries and drill results in the Katie-Dora area will result in additional resources, the risks and hazards inherent in the mining business (including risks inherent in developing mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), changes in the market prices of gold and silver and the potential impact on revenues from changes in the market price of gold and cash costs, a sustained lower price environment, the risk that drilling permits are delayed or not granted for the Diamond Creek or Roberts Rare Earth projects, the risk that the Company is unsuccessful, the risks relating to widespread epidemics or pandemic outbreak including the COVID-19 pandemic; the impact of COVID-19 on our workforce, suppliers and other essential resources and what effect those impacts, if they occur, would have on our business, including our ability to access goods and supplies, the ability to transport our products and impacts on employee productivity, the risks in connection with the operations, cash flow and results of the Company relating to the unknown duration and impact of the COVID-19 pandemic as well as other uncertainties and risk factors. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. NJMC disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: New Jersey Mining Company