Monday 5th December 2016

Resource Clips


Posts tagged ‘New Jersey Mining Company (NJMC)’

Marathon reports Idaho Gold Assays as high as 12.4 g/t over 5.2m

April 12th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningMarathon Gold Corporation TSX:MOZ in joint venture with New Jersey Mining Corporation announced results from the Golden Chest Mine in Murray, Idaho. Assays include

1.15 g/t gold over 16.5 metres
1.26 g/t over 12.4 metres
1.14 g/t over 20 metres
4.93 g/t over 1.6 metres
8.22 g/t over 3.9 metres
12.39 g/t over 5.2 metres
7.74 g/t over 2.5 metres
2.37 g/t over 5.6 metres
3.87 g/t over 2.2 metres
3.56 g/t over 5.1 metres

Marathon President Phillip Walford commented, “Drilling at the Golden Chest Mine continues to be successful in expanding the resource potential. The open pit holes are infill and in an area of inferred resource, and the underground targeted holes are expanding the strike length of the Idaho vein system in an area not previously drilled. These are very good results for the 2012 program and with extensive drilling to follow, we anticipate consistent encouraging results.” The Golden Chest Mine is owned 50% by New Jersey Mining Corporation and 50% by Marathon Gold Corporation. NJMC is the operator.

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Read more about Marathon Gold

Contact:
Marathon Gold Corporation
Jennie Guay
Investor Relations Manager
416.987.0714

by Ted Niles

Marathon, NJMC report Idaho Gold Assays up to 2.2 g/t over 35.8m

February 27th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningMarathon Gold Corporation TSX:MOZ in joint venture with New Jersey Mining Corporation announced assays from the Golden Chest Mine in Murray, Idaho. Results include

2.2 g/t gold over 35.8 metres (including 9.55 g/t over 6.1 metres)
1 g/t over 8.7 metres
2.27 g/t over 17.7 metres
1.69 g/t over 2.9 metres
0.61 g/t over 32.6 metres
1 g/t over 8.3 metres

Marathon President/CEO Phillip Walford said, “These drill holes are encouraging as they demonstrate that there is expanded open pit potential at the Golden Chest Mine. With two drills currently turning, we anticipate that this year’s 20,000-metre drill program will further define the full potential of the deposit.” The Golden Chest Mine is owned 50% by New Jersey Mining Corporation and 50% by Marathon Gold Corporation. NJMC is the operator.

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Contact:
Marathon Gold Corporation
Jennie Guay
Investor Relations Manager
416.987.0714

by Ted Niles

Marathon, New Jersey report Idaho Gold Results including 4.59 g/t over 38.5m

December 5th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningMarathon Gold Corp TSX:MOZ in joint venture with New Jersey Mining Company announced assays from their Golden Chest Mine in Murray, Idaho. Highlights include

4.59 g/t gold over 38.5 metres
1.52 g/t over 87.2 metres
1.83 g/t over 36.1 metres
1.27 g/t over 27 metres
(including 13.4 g/t over 1.6 metres)
2.25 g/t over 11.5 metres
0.67 g/t over 28.2 metres

Each company holds a 50% interest in the project, with New Jersey Mining acting as project operator.

Marathon President/CEO Phillip Walford stated, “Since the commencement of this 10,000-metre drilling program, we have had consistent encouraging results at Golden Chest. These intercepts suggest that the open-pit potential extends beyond the historic open-pit resource. We anticipate the release of an NI 43-101-compliant resource estimate in Q1 2012 and in an effort to continue developing and expanding this deposit, Golden Chest will be undergoing an aggressive 25,000-metre drilling program in 2012. We have seen significant advancements at Golden Chest in 2011 and we anticipate further important advancements with the large 2012 drilling program.”

View Company Profile

Contact:
Marathon Gold Corp
Jennie Guay
IR Manager
416.987.0714

New Jersey Mining Company
208.783.1032

Read feature story on Marathon Gold Corp.

by Greg Klein

Marathon, NJMC report Idaho Gold Assays of 3 g/t over 33.1m

September 28th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningMarathon Gold Corporation TSX:MOZ in joint venture with New Jersey Mining Company announced results from the Golden Chest Mine in Murray, Idaho. Assays include

3 g/t gold over 33.1 metres
16.1 g/t over 4.1 metres
5.07 g/t over 45.3 metres (including 10.8 g/t over 7.9 metres)
1.86 g/t over 21.2 metres
1.94 g/t over 44.2 metres (including 5.06 g/t over 15.3 metres)
0.86 g/t over 16.6 metres

Each company owns 50% of the Golden Chest Mine, and New Jersey Mining Company is the project operator. Marathon President/CEO Phillip Walford commented, “We are seeing better than expected grades in the Idaho open-pit target compared to the Newmont reverse circulation drilling completed 30 years ago. It is clear from work done at the site this year that the open-pit potential is much larger than initially estimated and these ongoing drill resuts continue to support the potential for a robust open-pit.”

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Read More about Marathon Gold

Contact:
Marathon Gold Corporation
Phillip Walford
President/CEO
416.987.0711

or New Jersey Mining Company
208.783.1032

by Ted Niles

Rapid Resource Development

September 19th, 2011

Marathon Moves Quickly In Nfld and Idaho

By Ted Niles

In November 2010 Stillwater Mining Company TSX:SWC.U acquired Marathon PGM Corporation for its eponymous copper-palladium project in northwestern Ontario. The transaction earned Marathon PGM shareholders $118 million and saw the company’s remaining gold assets spun out into Marathon Gold Corporation TSX:MOZ. “Our background is rapid resource development,” says President and CEO Phillip Walford, “developing resources, then into reserves. We did that at Marathon PGM and, if anything, we’re doing it faster here.”

“Here” being the new company’s flagship Valentine Lake gold project, located 55 kilometres south of the town of Buchans, Newfoundland, which Marathon holds in 50/50 joint venture with Mountain Lake Resources Inc TSXV:MOA. Prior to Marathon, the property’s other joint venture partner was Richmont Mines Inc TSX:RIC. “Richmont looked at it from an underground mining point of view and basically walked on it,” Walford comments. “Then we came along and had a look. While Richmont was looking at Valentine from an underground-mining perspective, what I could see there was really, to start with anyway, an open pit. That was our concept, and it seems to be working.”

Marathon Moves Quickly In Nfld and Idaho

Since Marathon’s earn-in period began in December 2009 (which it completed January 2011), it has been the operator at Valentine Lake and in December 2010 produced from the property’s Leprechaun deposit its first NI 43-101 resource estimate of 277,000 ounces gold in the measured and indicated categories and 285,000 ounces inferred. Confirming Walford’s view that the project’s strength is in an open-pit scenario, 74% of the measured and indicated ounces occur within 150 metres of surface. He remarks, “We’ve got about 17 kilometres of strike length along the structure that has gold currents all the way along it. Our resource right now only represents about 800 metres of that. I’m not saying that it is all going to be ore or anything like it, but there’s lots of potential here. I firmly believe this is a multimillion ounce property.”

Marathon’s current 25,000-metre drill program consists of infill and exploration drilling at the Leprechaun deposit as well as exploration drilling at the project’s other main deposit, Valentine East. “We will be doing a new global resource, plus an open-pit resource,” Walford states, “to be completed in early November 2011. From there we have commissioned a preliminary economic assessment, and that will be completed sometime in 2Q 2012.”

September 8 assays of the Leprechaun deposit include

  • 32.24 grams per tonne gold over 3 metres (including 94.2 g/t over 1 metre)
  • 2.31 g/t over 17 metres
  • 10.16 g/t over 3 metres (including 29.9 g/t over 1 metre)
  • 1.93 g/t over 18 metres

August 30 assays included

  • 1.88 g/t gold over 34 metres (including 6.32 g/t over 5 metres)
  • 4.01 g/t over 13 metres (including 11 g/t over 3 metres)
  • 2.38 g/t over 17 metres
  • 7.19 g/t over 5 metres
  • 2.7 g/t over 15 metres (including 10.69 g/t over 3 metres)

Walford comments, “The deposit is starting to expand to the north and south, and that’s exactly what we want. We will see, I think, a very important increase in the total resource on the Leprechaun deposit. It will be very clear in the next two years how important this property is.”

Our background is rapid resource development; developing resources, then into reserves. We did that at Marathon PGM and, if anything, we’re doing it faster here —Phillip Walford

At an earlier stage of development, but no less important to Walford, is the company’s Golden Chest mine in the Coeur D’Alene mining district of Idaho. Golden Chest is a 50/50 joint venture with New Jersey Mining Company OTCQX:NJMC and has a non-NI 43-101 compliant “inferred geologic resource” of 231,000 ounces gold, which Newmont put together in the 1980s. “The thing that is very important with Golden Chest,” Walford relates, “is that we have about two square miles of property, but the core is patented claims. Those patented claims mean that we have the timber rights, the surface rights and the mineral rights. We do not have to permit to do work on the property, to do exploration, to make roads. If this was load claims it would be much more difficult to work in. The patented claims give us a huge advantage.”

This year’s program at Golden Chest consists of underground and surface drilling of 10,000 metres with New Jersey Mining as the operator. September 7 assays include

  • 5.15 g/t gold over 40 metres (including 137 g/t over 1.2 metres)
  • 1.48 g/t over 45.7 metres
  • 2.96 g/t over 16.7 metres
  • 1.51 g/t over 29 metres
  • 1.58 g/t over 28.6 metres.

Walford comments, “We think the potential to make a fairly decent-sized pit is there, and there’s underground potential as well. The underground vein system goes down over 200 metres beyond the bottom level, and it still seems to be going. We’re probably going to put a lot of effort into it next year in drilling and in underground development.” Walford expects a resource for Golden Chest no later than January 2012.

Walford, whose background is in mining geology, has no trouble with the idea of Marathon going into production itself. However, given the experience with Marathon PGM—that it was bought out by Stillwater following the feasibility stage—and that capital costs for Valentine Lake “would probably be lower,” he is prepared for either eventuality.

“Both properties are moving ahead at the pace we want them to,” Walford concludes. “So we’re pretty excited. These properties look like winners, and we’re starting to get attention on the street.”

Marathon Gold Corporation TSX:MOZ has 22.9 million shares trading at $1.34 for a $30.7 million market cap.

Marathon, New Jersey report Idaho Gold Assays up to 5.15 g/t over 40m

September 7th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningMarathon Gold Corp TSX:MOZ in joint venture with New Jersey Mining Company NJMC announced results from their Golden Chest Mine in Idaho. Assays include 5.15 g/t gold over 40 metres (including 137 g/t over 1.2 metres), 1.48 g/t over 45.7 metres (including 12 g/t over 3 metres), 2.96 g/t over 16.7 metres, 1.51 g/t over 29 metres (including 2.64 g/t over 12.8 metres), 1.58 g/t over 28.6 metres and 1.3 g/t over 21 metres.

The companies each hold 50% of the project, with New Jersey acting as operator. Marathon must spend US$4 million or face dilution of its interest. Marathon may elect to spend an additional US$3.5 million to increase its interest to 60% and become project operator.

View Company Profile

Contact:
Marathon Gold Corp
Phillip Walford
President/CEO
416.987.0711

New Jersey Mining Company
208.783.1032

by Greg Klein

Shine On, Crescent Mine

January 20th, 2011

United Mining Group is Set for Silver Production in Idaho Next Year

By Ted Niles

Silver production in Idaho’s Silver Valley is about to resume. United Mining Group inked a milling deal January 11 with New Jersey Mining Company. “NJMC have an existing mill and the expertise,” President Greg Stewart explains, “but the milling capacity was smaller than what we needed. So we went to them and basically reached an agreement for a commitment where, in exchange for expanding the mill, we would get the milling capacity plus an ownership position in the mill.”

The $2.3-million expansion of milling capacity for UMG’s revitalized Crescent Mine will be extensive—enough to handle 360 tonnes of ore daily. Which means that this will be no mere boutique operation. This is entirely fitting, given the Silver Valley’s fabled past. Situated in the Coeur d’Alene Mountains—now a popular tourist destination—Valley mining goes back to the 1880s. It is the second-largest silver producer in history, with over a billion ounces. The Crescent Mine, which produced 25 million ounces, lies between two other, hugely prolific properties—the Sunshine and Bunker Hill Mines, which produced 489 million ounces combined.

United Mining Group is Set for Silver Production in Idaho Next Year

Director and geologist Larry Dick told ResourceClips.com in September, “The Crescent Mine has never undergone the exploration intensity that the other ones have… We’ve only scratched the surface of the amount of silver that is actually present.”

It is a common belief among geologists that as much remains of the resource in Silver Valley as has already been extracted. This hypothesis is being acted upon only now because of near-$30-an-ounce silver. Back in the 1990s, when the price fell to as low as $4, mining in the Valley became moribund. But this is a story as old as mining itself. “The whole industry,” President Greg Stewart told the Wall Street Journal December 26, “is like feast or famine.” To which he adds, “But we believe the silver market will remain strong for years to come.”

Other companies that agree include Hecla Mining, US Silver and, most important, billionaire Thomas Kaplan`s Silver Opportunity Partners, which last year bought the Sunshine Mine and its indicated and inferred silver resources of 31.2 million ounces and 231.5 ounces, respectively, for $24 million.

UMG began as Stewart Contracting, an environmental remediation company. So how did it come to play with the big boys by earning an 80% interest in Crescent from SNS Silver? Stewart explained to us in August, “Initially, SNS purchased the Crescent Mine, and they hired us to do rehab on the existing buildings there. Then we started work on underground rehabilitation. SNS spent around $12 million drilling out a reserve. That money had already been spent, so that was money we wouldn’t need to spend to find the reserve.”

We’ve only scratched the surface of the amount of silver that is actually present – Larry Dick

Crescent’s reserve is a NI 43-101 resource estimate of 6.1 million ounces of silver indicated, consisting of 324,000 tons grading 18.7 ounces per ton, and 4.1 million ounces inferred, consisting of 211,000 tons grading 19.5 ounces per ton.

That resource will likely grow. UMG announced December 14 the purchase of 236 hectares contiguous with its land holdings at Crescent—increasing them by roughly 265%—providing the company with considerable future exploration potential. It also closed an $8-million private placement January 7.

Meanwhile, work continues on the mine itself. “We’re putting a new decline into the ore body,” Stewart reports, referring to the Countess Portal. “We’re also doing rehab in the lower sections of the mine, with the eventual goal of connecting those two parts and establishing our secondary escape and access. We’re getting ready to start doing the tie-in between the two points.” And UMG is doing the preparatory work for bulk sampling, which Stewart says “should begin sometime early this year.”

What else does UMG have in store for 2011? According to Stewart, “Our plan is just to continue to develop the project’s infrastructure. Get everything ready. Our goal is to get into production for first quarter 2012.”