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New Jersey Mining Company (OTCQB:NJMC) has successfully closed a $1.98 million private placement from 13 investors. Funds will support a 10-hole core drilling program at the Diamond Creek Rare Earth Element property and enhance equipment at the Golden Chest Mine to boost gold production. CEO John Swallow highlighted the importance of domestic rare earth supplies and detailed goals for gold output, targeting 20,000-25,000 ounces annually. The private placement, priced at $0.30 per unit, includes stock shares and purchase warrants.
New Jersey Mining Company (NJMC) provided a year-to-date update on its 2021 core drill program at the Golden Chest mine. The drilling focused on underexplored areas, completing 25 diamond core holes totaling 6,507 meters. Significant gold intercepts were reported in the Paymaster, Joe Dandy, and Klondike areas, including up to 29.2 grams per tonne (gpt) gold. The company plans to continue drilling until winter and is preparing for additional mine plans. NJMC emphasizes a high success rate in mineralization, enhancing prospects for future economic resources.
New Jersey Mining Company (OTCQB:NJMC) announces promising assay results from its drilling program at the Golden Chest mine. Drill hole GC 21-205 yielded significant gold intercepts, including:
- 1.4 meters of 12.2 gpt gold
- 2.3 meters of 15.5 gpt gold
- 1.1 meters of 6.4 gpt gold
Notably, these results indicate an emerging mineral system above the Idaho Fault, deviating from past mineralization patterns. NJMC plans to extend drilling to further explore this gold resource.
New Jersey Mining Company (OTCQB:NJMC) is seeking shareholder approval for a name change to Idaho Strategic Resources, Inc. and a 1-for-14 reverse stock split to qualify for listing on the NYSE American Exchange. CEO John Swallow emphasized that this move aims to enhance institutional investment opportunities and reflect the company's strategic focus on gold and rare earth elements in Idaho. A special shareholder meeting is scheduled for October 6, 2021 to discuss these proposals. They have also filed necessary proxy materials with the SEC.
New Jersey Mining Company (NJMC) recently announced promising assay results from its core drilling program at the Golden Chest mine, particularly in the Klondike area. The results include significant intercepts of gold, such as 1.8 meters of 14.4 gpt and 7.5 meters of 5.2 gpt in separate drill holes. The company is optimistic about these findings as they indicate potential high-grade gold resources at shallow depths in largely unexplored areas. Further drilling is planned to delineate this resource, potentially advancing production plans in the region.
New Jersey Mining Company (OTCQB:NJMC) reported its second-quarter financial results for 2021, achieving revenues of $2,180,232, up from $1,324,498 in Q2 2020, primarily driven by improved average gold grades. Gross profit increased significantly to $362,249 from $33,359. However, the company recorded a net loss of $140,768, improving from $212,512 in the same quarter last year. Exploration costs surged to $208,170 due to heightened activities. Notably, NJMC discovered significant gold quartz veins and expanded its rare earth elements footprint during the quarter.
New Jersey Mining Company (NJMC) announced on August 5, 2021, the approval of two trademarks by the United States Patent and Trademark Office: its logo and the slogan 'Toughest Hat in Your Closet'. This initiative aims to launch an apparel brand that resonates with the company’s hardworking culture. CEO John Swallow emphasized the grassroots nature of the apparel line, designed for daily use while reflecting the company’s history. The merchandise is available online, with products including T-shirts and trucker caps. NJMC's production strategy maintains a focus on gold mining and critical minerals.
New Jersey Mining Company (NJMC) has announced high-grade gold assay results from its drilling program in the Joe Dandy shoot at the Golden Chest. The latest results continue to expand the mineralization strike-length, indicating a promising new mining area. Significant assay results include up to 28.7 gpt gold in some intervals. With cash flow funding drilling, NJMC aims to enhance its resources while reducing costs by using its own drill rig. The company is transitioning from exploration to defining access to potential mining areas as it advances its projects.
New Jersey Mining Company (OTCQB:NJMC) announced a partnership with the U.S. Geologic Survey and Idaho Geologic Survey for the Earth Mapping Resources Initiative. This initiative focuses on geophysical data acquisition in east-central Idaho, an area rich in cobalt and rare earth elements. NJMC's Diamond Creek and Roberts REE projects are included, enhancing the national dataset and advancing critical mineral exploration. NJMC emphasizes the importance of domestic critical minerals for national security and economic stability.
New Jersey Mining Company (OTCQB:NJMC) announced a significant expansion of its Roberts Rare Earth Element (REE) project in Idaho, growing its land package to 1,051 acres through 63 un-patented claims. The project, located in the Mineral Hill mining district, boasts high-grade REE samples including 12% total rare earth elements in surface samples. The expansion enhances NJMC's strategic position in the critical minerals sector, aligning with future domestic needs for REEs. Management emphasizes the project's potential to contribute to a low-carbon future.
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