Palm Beach, FL 3/12/12 (StreetBeat) -- New Jersey Mining Company (PinkSheets: NJMC) is pleased to announce the drill intercept of 5.2 meters of 12.4 g/t gold (true thickness) in drill hole GC 12-107 from a core drilling program underway at theGolden Chest mine in Murray, Idaho. The Golden Chest is owned 50% by NJMC and 50% by Marathon Gold Corporation (TSX: MOZ) and NJMC is the operator."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," said Phillip Walford, President and CEO of Marathon Gold.
Highlights:
• GC 12-107 returned 12.4 g/t gold over 5.2 meters from a depth of 74.3 meters to 79.5 meters, and 7.74 g/t gold over 2.5 meters from 107.1 meters to 109.6 meters. This hole was drilled on the 4175N section which extends the gold mineralization nearly 100 meters to the south of previous drilling.
• GC 12-106 returned 8.22 g/t gold over 3.9 meters from 153.4 meters to 158.6 meters down the hole, and was also drilled on the 4175N section.
• GC 12-117 is the southernmost hole drilled on the property and it extends the gold mineralization 300 meters south of historic drill holes. This hole returned 3.56 g/t gold over 5.1 meters of true vein thickness indicating the gold-system is still strong.
• The first NI 43-101 resource estimate was completed in early March and showed an Indicated plus Inferred resource of 8,085,000 tonnes at a grade of 1.46 g/t gold for a total of 380,300 ounces.
Underground intercepts were calculated using a 1.0 g/t cutoff over a minimum mining width of 2.0 meters. Note that hole numbers missing in the sequence above are in the process of being logged by geologists or awaiting assay analysis
The assay results from the holes drilled on the 4175N section and to the south indicate that the gold system is still robust which increases the potential to add to the total gold resource at the Golden Chest. The drilling completed by the partners to date has demonstrated the gold mineralization has a strike length of at least 1.1 kilometers, and is open to the north and south. Currently, there are two core drills operating on the surface at the Golden Chest which are targeting the extension of mineralization to the south and down dip. Once the snow melts, the rigs will be moved to the high-grade Katie-Dora area to target the extension of the open pit resource to the north.
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