KELLOGG, Idaho, June 28, 2007 (PRIME NEWSWIRE) -- New Jersey Mining Company (OTCBB:NJMC) is pleased to announce it has found high-grade gold and silver mineralization within the footwall of the Coleman vein during its recent exploration drifting program at the New Jersey mine. Gold assays of the pyrite-rich mineralization range from 54.9 grams per tonne (gpt) to 73.5 gpt and silver assays range from 182 gpt to 482 gpt. This high-grade pod has been exposed for a length of ten meters in the footwall of the Coleman vein.
The footwall of the Coleman vein is extensively altered by hydrothermal solutions and the rock is soft and clayey. Interestingly, the high-grade pyrite mineralization has a completely different geochemical signature than the gold mineralization found in the Coleman quartz vein. Geochemical analysis revealed anomalous amounts of cobalt (113 ppm), nickel (190 ppm), and molybdenum (270 ppm), as well as copper (0.2%), lead (0.35%) and antimony (550 ppm). Where exposed, the pod of pyrite mineralization is about 15 to 20 centimeters wide and has a granular, uncemented texture.
Company President Fred Brackebusch commented, "The presence of the high-grade pyrite mineralization in the Coleman vein encourages us to continue drifting on the vein. It seems likely that high-grade shoots will be exposed by continued drifting." Approximately 31 meters of drifting on the vein were completed prior to the mining crew mobilizing to the Silver Strand earlier this month.
The company's new diamond drill has been delivered to the New Jersey mine site to prepare for drilling at the Enterprise, a base metal prospect in the Prichard formation. Previous drilling at the Enterprise intercepted 2.2 meters of 2.06% zinc, 1.38% lead and 14.7 gpt silver along with anomalous amounts of tin and boron. Tin and boron are considered pathfinder-type elements for a Sullivan-type base metal deposit which is the target at the Enterprise. The Sullivan orebody which is located near Kimberley, B.C. originally contained 145,120,000 tonnes at 6.5% lead, 5.6% zinc and 67 gpt silver. District geologists have hypothesized that the silver-lead and zinc veins of the Coeur d'Alene District were re-mobilized from a Sullivan-type deposit in the Prichard formation. Drilling is planned to start on June 30.
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 exciting 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.