Welcome to METALINE CONTACT MINES. Please browse our web site to learn more about us.
|March 21, 2012
The Company is proud to announce that on March 12, 2012, the Company's Board of Directors unanimously approved a ½-cent per share dividend, payable to shareholders of record on March 30, 2012 (the "Record Date"). This will be the very first dividend in the Company’s 84-year history.
"We realize it is extremely rare for a junior resource company of our size to declare a dividend" said John Beasley CFO. But, with the sale of our interests in the Golden Chest Mine, and the recently announced successes at the mine, it was time for a payback to our faithful shareholders."
|January 12, 2012
On December 6, 2011, we received the 2nd annual installment payment of $75,000 from Golden Chest LLC on the sale of our lease and royalty interests in the Golden Chest Mine near Murray, Idaho. On December 15, 2012, we are scheduled to receive another installment payment of $100,000.
Teck American Incorporated is current with all of their advance royalty payments, property taxes and assessment work, and continues to maintain their lease of our extensive zinc-lead mineral interests in the Metaline Mining District in N.E. Washington State, in good standing.
|December 22, 2010
On December 15, 2010, we sold our lease and royalty interests in the historic Golden Chest Mine near Murray, Idaho, to Golden Chest LLC, a joint venture between New Jersey Mining Company (OTCBB – NJMC) and Marathon Gold USA Corporation, the U.S. subsidiary of Marathon Gold Corporation (TSX – MOZ).
We will receive US$1.24 million in cash for our interests over the term of the sale agreement, and co-hold a first mortgage (along with the mine owner) as security.
We continue to own our vast zinc-lead mineral interests in the Metaline Mining District in N.E. Washington State, all of which are under lease to Teck American Incorporated. Teck continues to maintain the lease in good standing, and just recently paid its quarterly advance royalty for the 1st quarter of 2011.
|July 8, 2010
A spectacular drill intercept, assaying 25-ounces per ton of gold, has been drilled at our Golden Chest Mine by our Lessee/Operator, New Jersey Mining Company (OTCBB: NJMC). Although relatively narrow, at approximately 10.5 inches, when diluted for minimum mining widths, the vein is still a highly commercial 3.2-ounces per ton. New Jersey Mining immediately dispatched a team of miners to the Golden Chest to prepare for renewed operations. Vent, water, and compressed air lines have been repaired, along with some ground control. The miners took their first round of a crosscut, which is scheduled to reach the vein before the end of the month, when commercial mining operations will commence. No tonnage figures are available.
The photograph below is of fragments from the drill core of the drill intercept showing considerable amounts of visible gold.
(click for larger image)
|June 21, 2010
Our Golden Chest Mine has been featured in the new issue of "The Pacific Northwesterner" entitled "The Murray Gold Belt of Idaho's Mighty Coeur d'Alenes: Past and Potential of a Sleeping Giant" by Tony and Suzanne Bamonte. This book will be a chapter in the Bamonte's forthcoming hardback publication "Idaho's Mighty Coeur d'Alenes: An Illustrated History of Shoshone and Kootenai Counties, Volume II".
For those interested, the book is available through Tornado Creek Publications, Spokane, Washington. Please go to our "Links" section for their website address and contact information.
|May 20, 2010
Golden Chest Mine
Commercial production of gold ores has temporarily ceased at our Golden Chest Mine. Our Lessee/Operator, New Jersey Mining Company (OTCBB: NJMC), is currently exploring various financing options, including a possible financial joint-venture partner, to drive a new ramp to access ore reserves on the Idaho Vein, and the possible construction of a new mill at the mine.
Pend Oreille/Metaline Zinc Mines
Our Lessee, Teck Resources, continues to maintain our lease in good standing, including the payment of regular quarterly advance royalties, while their nearby Pend Oreille Mine is still on care and maintenance status. We are well positioned in the Metaline District for future production and discovery opportunities once base metal prices improve.
Our sister company, Metaline Contact Mines LLC, d/b/a MCMLLC, successfully completed the sale of its riverfront property, located along the scenic Pend Oreille River in northeastern Washington State. We own 7% of MCMLLC, and share common management. Our share of the transaction will be reflected in our year-end annual financial statements.
Stimson Lumber Company has named us as a co-defendant for a share of environmental clean-up costs on a certain site located in the Metaline District. Stimson alleges we either owned, and/or operated the site in question. Our position is that we neither owned, nor operated the site, and have retained legal counsel to defend our position.
|March 25, 2009
In a press release, New Jersey Mining Company has issued a positive progress report for our Golden Chest Mine. To view the press release in its entirety, please click here.
|March 9, 2009
Gold reserves on the Idaho Vein at our Golden Chest Mine have increased approximately 46%, according to updated calculations prepared by our Lessee/Operator, New Jersey Mining Company. To view the report in its entirety, please click here.
|January 14, 2009
Golden Chest Mine
Commercial production of gold has resumed at our Golden Chest Mine. Our Lessee/Operator, New Jersey
Mining Company (OTCBB: NJMC), is currently mining the Claggett Vein, which was intersected during
development work on the Idaho Ramp Project. The gold ores are being processed at the New Jersey
Mill and Leach Plant in Kellogg, Idaho. The first pouring of gold dore' bars is expected early
next month. Renewed mining on the Katie Vein is also being considered.
This production will provide us with additional revenues during a time most junior resource companies
The Idaho Ramp successfully intersected the Idaho No. 3 Tunnel, which was subsequently pumped to
clear out water and slimes that had accumulated over decades. Old mining artifacts were
encountered, dating back to the 1930's, including an ore car on rails. The tunnel is being
inspected to determine its suitability for use as a second exit.
Pend Oreille/Metaline Zinc Mines
Current global economic conditions have resulted in a significant down turn in base metal
prices, including zinc and lead. We have therefore temporarily ceased our efforts to sell
our extensive Pend Oreille/Metaline Zinc Mines interests near Metaline Falls, Washington.
Although our Lessee, Teck Cominco, recently announced that they were placing the nearby
Pend Oreille Mine on care-and-maintenance, they continue to maintain our lease in good
standing, including the payment of quarterly advance royalties. We are well positioned in
the district for future production and discovery opportunities once base metal prices improve.
Our sister company, Metaline Contact Mines LLC, d/b/a MCMLLC, is privately selling its
riverfront property, located along the scenic Pend Oreille River in northeastern Washington
State. We own 7% of MCMLLC, and share common management. Please click on the “Riverfront Property”
tab on this website for more information, and detailed maps and photographs.
|September 2, 2008
The Idaho Ramp development project has turned easterly and is about a week away from intersecting the historic Idaho No.3 Tunnel. If the tunnel is found to be in good condition it could expedite the resumption of commercial production of gold ores, and provide our miners with a second exit. Our lessee/operator, New Jersey Mining Company (OTCBB: NJMC) will be adding a second shift of miners to accelerate the ramp development.
|August 21, 2008
The Idaho Ramp currently being driven to access gold ore reserves at our Golden Chest Mine has intercepted a high-grade tungsten vein.
A 6-foot chip sample across the vein has assayed 8.36% tungsten trioxide (WO3). Recent prices for tungsten imply that the vein has a gross value of approximately $1,800 per metric tonne at the sample location. The ramp followed the vein for approximately 36-feet before it turned into the eastern rib of the ramp. About 200 metric tonnes of ore have been stockpiled on the surface at the Golden Chest Mine, and will be processed at the New Jersey Mill to verify feed and concentrate grade.
The Golden Chest Mine has a history of producing high-grade tungsten (scheelite) ores dating back to World War I. We have come across pockets of the metal during our recent gold mining and development activities, but until this new discovery, we had not encountered sufficient quantities that could be economically recovered and marketed.
Tungsten is a strategic metal. It has the highest melting point of all the non-alloy metals and the second highest of all elements after carbon. Tungsten is used in many high-temperature applications including light bulbs, cathode-ray tubes, and vacuum tube filaments, as well as heating elements and nozzles on rocket engines. Other applications include ion beam and electron microscopes, integrated circuits, super alloys used in turbine blades, and wear resistant parts and coatings.
|December 5, 2007
||Recently completed diamond drilling at our Golden Chest Mine has encountered excellent gold values. Core hole 07-04 intercepted a hanging wall vein that assayed 16.1 grams per tonne (gpt) gold over a true width of 0.4 meters, with a second intercept of 3.29 gpt over a true width of 2.5 meters.
These two intercepts are significant because they were located in the "gap" between the Katie-Dora Vein ore shoots and the Idaho Vein ore shoots. The new Idaho Ramp is currently being driven through this gap area in order to access ore reserves on the Idaho Vein, and, as a result of this recent drilling, a new cross-cut is being driven off of the Idaho Ramp to access this new gold mineralization. If sufficient reserves are encountered, a second crew of miners will be added so that these reserves can be mined while the Idaho Ramp's progress continues.
In addition, potentially open-pitable gold mineralization was encountered in core holes 07-03 and 07-04, which assayed 0.637 gpt (over a true width of 6.3 meters) and 0.539 gpt (over a true width of 6.4 meters) respectively. Both holes were terminated while still in mineralization. The importance of these two holes is that they are located near or within the resource enclosed by a preliminary open-pit design completed by our Lessee/Operator, New Jersey Mining Company, using Newmont Mining Corporation's data generated in the late 1980's. The preliminary open-pit contains indicated resources of 2.8 million tonnes grading 1.37 gpt, or approximately 125,000 ounces of gold, and this recent drilling could enlarge that open-pit resource. Additional drilling is being planned.
Regarding our Pend Oreille/Metaline Zinc Mines, Teck Cominco American recently complied with our formal request and provided us with an extensive amount of additional exploration data not previously supplied. Our geologist has inventoried and reviewed the data, and is now working on resource calculations for the Washington Rock and West Riverside areas of our holdings. We hope to release the results of these calculations in the next 90-days.
Lastly, earlier this year we made a conscious decision to de-register our common stock with the U.S. Securities & Exchange Commission ("SEC"). This was solely a financial decision, and in no way whatsoever reflects on our ability to provide full, accurate and timely disclosure of our business affairs. Literally all of our annual revenues were budgeted to satisfy SEC reporting requirements, especially with the full implementation of the Sarbanes-Oxley Act of 2002, as it impacts small companies. Our common stock continues to trade in the over-the-counter market through the facilities of the Pink Sheets (www.pinksheets.com).
|June 20, 2007
||The photograph below is of the first pour of gold at New Jersey Mining Company's new concentrate leach plant in Kellogg, Idaho, from gold ore produced at our Golden Chest Mine.
(click for larger image)
New Jersey Mining has also commenced a feasibility study for the construction of a 5,000 metric tons per day flotation mill in the Murray, Idaho area to process the gold ores produced at our Golden Chest Mine. The flowsheet being developed includes crushing to 150 mm, covered course ore storage, semi-autogenous grinding, ball mill grinding, bulk flotation, concentrate dewatering, and paste tailings disposal. The gold-bearing pyrite concentrates produced by the new mill would be processed at the New Jersey leach plant into gold dore' bars similar to the one shown in the above photograph.
|February 12, 2007
||New Jersey Mining Company (OTCBB: NJMC) is immediately commencing a new development program at our Golden Chest Mine, designed to access the deep Idaho Vein gold mineralization previously drilled. The current Katie-Dora production ramp will be extended from its current 955 level down to a new 940 level. The new "Idaho Ramp" will take off from the 940 level in a southerly direction, and driven for a distance of approximately 1,000 feet to intercept the Idaho Vein. Drill stations will be constructed every 300 feet along the new ramp to provide for the underground drilling of ore.
The new Idaho Ramp will also intercept the historic Idaho No. 3 Tunnel, which will provide a more secure second exit for our miners. The portal of the Idaho No. 3 is located approximately 150 feet from our Golden Chest Mine office/residence.
New Jersey Mining has also completed a $1,000,000 financing, and is purchasing a new surface/underground core drill rig and underground "jumbo" hydraulic drill to expedite this new program.
|January 30, 2007
||New Jersey Mining Company expects to commission it's new state-of-the-art concentrate leach plant later this quarter. The new plant adjoins New Jersey's flotation mill near Kellogg, Idaho, and will produce gold-silver dore' bars by leaching our flotation concentrates rather than selling them to third-party industry buyers.
The leach plant has a designed capacity to process the concentrates generated from over 1,000 tons-per-day of raw ore production from our Golden Chest Mine, which would be a huge increase from our current daily production.
(click for larger images)
New Jersey's leach plant will be the first such plant in the United States to employ both cyanidation and an innovative technique for tailings disposal known as Paste Tailings Disposal ("PTD"). Developed and patented (U.S. Patent No's. 4,818,025 and 5,636,942) by New Jersey President, Fred Brackebusch, PTD cleanses and mixes leached residue with flotation tailings to create a toothpaste-like material that can be placed underground as backfill.
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