COEUR D'ALENE, ID / ACCESSWIRE / June 8, 2021 / New Jersey Mining Company (OTCQB:NJMC) ("NJMC" or the "Company") is pleased to announce an extensive expansion of its Roberts Rare Earth Element (REE) project in Central Idaho. The Roberts REE land package now totals 63 un-patented claims covering 1,051 acres, almost 5-times its original size.
The Roberts REE project is located in the Mineral Hill mining district in Lemhi County, Idaho. The district is notable for the dozens of REE prospects that occur along a northwest trending belt which is approximately 1.5 miles wide and 10 miles long. Historic reports and sampling have shown total rare earth element concentrations are strongest in the southeast portion of the belt, where the NJMC claim block is located and additional exploration/analysis is planned.
The Roberts has two carbonatite prospects with REE mineralization, the "Upper Roberts" and the "Lower Roberts", which are located about 500 meters apart. The Upper Roberts outcrops along a northwest strike for greater than 400 meters and demonstrates remarkable high-grade REE mineralization in a number of surface samples. For instance, one NJMC sample has greater than 12% total rare earth elements - including 50,000 parts per million (ppm) cerium (5.0%), 48,100 ppm lanthanum (4.8%), 16,700 ppm neodymium (1.67%), 5,000 ppm praseodymium (0.5%), 1,090 ppm samarium (0.11%) and 178 ppm europium (0.02%). Besides the presence of rare earth elements at both the Upper Roberts and Lower Roberts, NJMC sampling has found very strong niobium mineralization, with the highest value samples from the Upper Roberts assaying 4,450 ppm (0.45%) niobium and samples from the Lower Roberts assaying 3,210 ppm (0.32%) niobium. In addition to these recognized carbonatites at Roberts, our new land package now encompasses the Lower Lee Buck and other significant REE occurrences in the Squaw Creek area.
NJMC VP Exploration Rob Morgan noted, "As evidenced through our surface sampling, the Roberts and our other REE prospects in the Mineral Hill district have shown grades that exceed many of the rare earth oxide values being reported at several world class rare-earth deposits. We believe these well-documented Idaho REE holdings have the potential to contribute to our future domestic needs for rare earth elements and other critical minerals."
The Mineral Hill district began as a gold district, which is supported by NJMC surface sampling results showing gold values of up to 8.8 grams per tonne (gpt) gold. The discovery of critical minerals in the area occurred in 1952 when ilmenorutile (a titanium, niobium iron-bearing oxide) and monazite (a rare-earth thorium phosphate) were originally identified by the Idaho Geological Survey and U.S. Geologic Survey.
NJMC President and CEO John Swallow stated, "The sizeable expansion of our high-grade Roberts REE project fits perfectly into our Idaho-based "common denominator" business approach. We built gold exploration/gold production and real estate ownership (in Idaho) as hard asset stores of value and possess an early-mover/high quality seat at the table with regard to our rare earth element projects (also in Idaho) as we look toward the rare earth element building blocks required of a low-carbon future."
NJMC's Vice President of Exploration, Robert John Morgan, PG, PLS is a qualified person as such term is defined in National Instrument 43-101 and has reviewed and approved the technical information and data included in this press release.
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 OTC-QB under the symbol "NJMC."
This 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 an economic resource will be further defined or identified through exploration of the REE land package, the mine plan changes due to rising costs or other operational details, an increased risk associated with production activities occurring without completion of a feasibility study of mineral reserves demonstrating economic and technical viability, , 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, 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
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