New Jersey Mining Company Reports Resources On Its Niagara Copper-Silver Deposit
KELLOGG, ID - New Jersey Mining Company reported that it completed three drillholes on its Niagara copper-silver deposit near Murray, Idaho. With the new drilling data, the Company updated the block model and completed ultimate open pit design exercises. The third drillhole added over 2 million tonnes to the mineral resource, primarily because of its location in expanding the area of the mineralization. The third hole intercepted 19.4 meters of Revett stratabound copper-silver mineralization grading 0.51% copper, 25 grams per tonne (gpt) silver and 0.029 gpt gold. All three holes intercepted mineralization that was similar to grades of historic drilling in the 1970's.
The total resource calculated in the block model increased to 17.8 million tonnes grading 15.5 gpt silver and 0.39% copper. Gold was not analyzed in the historic drilling, but the recent drilling indicates that gold content might average about 0.1 gpt.
Open pit simulation studies showed that 81.5% of the resource could be mined in a pit with a stripping ratio of waste to ore of 3.37. The pit would contain 7.5 million ounces of silver and 125 million pounds of copper and an un-estimated amount of gold. A copper price of $3 per pound would be required for acceptable economics.
Fred Brackebusch, CEO, commented: ``There is potential for further expansion of the Niagara resource in the upper Revett formation. Open pit design work shows that the resource could be amenable to low cost open pit mining.''
The company's address is 89 Appleberg Road, P.O. Box 1019, Kellogg, ID 83837, 208-783-1032, fax: 208-783-3331, email [email protected].
KELLOGG, ID - New Jersey Mining Company reported that it completed three drillholes on its Niagara copper-silver deposit near Murray, Idaho. With the new drilling data, the Company updated the block model and completed ultimate open pit design exercises. The third drillhole added over 2 million tonnes to the mineral resource, primarily because of its location in expanding the area of the mineralization. The third hole intercepted 19.4 meters of Revett stratabound copper-silver mineralization grading 0.51% copper, 25 grams per tonne (gpt) silver and 0.029 gpt gold. All three holes intercepted mineralization that was similar to grades of historic drilling in the 1970's.
The total resource calculated in the block model increased to 17.8 million tonnes grading 15.5 gpt silver and 0.39% copper. Gold was not analyzed in the historic drilling, but the recent drilling indicates that gold content might average about 0.1 gpt.
Open pit simulation studies showed that 81.5% of the resource could be mined in a pit with a stripping ratio of waste to ore of 3.37. The pit would contain 7.5 million ounces of silver and 125 million pounds of copper and an un-estimated amount of gold. A copper price of $3 per pound would be required for acceptable economics.
Fred Brackebusch, CEO, commented: ``There is potential for further expansion of the Niagara resource in the upper Revett formation. Open pit design work shows that the resource could be amenable to low cost open pit mining.''
The company's address is 89 Appleberg Road, P.O. Box 1019, Kellogg, ID 83837, 208-783-1032, fax: 208-783-3331, email [email protected].