The Golden Chest Mine was the largest historic lode producer of gold in north Idaho, primarily from shallow, underground, high-grade veins in the late-1890s and 1900s.
Modern exploration of the area began in the late-1970s with several companies, including Cominco-American, targeting gold and massive sulfides. Newmont followed in the 1980s, evaluating vein systems for bulk mineable potential, drilling forty holes and establishing an historic resource, mostly related to the Idaho Vein.
NJMC first leased the property in 2003. After several years of small-scale exploration, development, and gold production, the Company formed Golden Chest LLC (with Marathon Gold) to advance the property in 2010.
Golden Chest LLC subsequently drilled 144 core drill holes (totaling 18,300 meters), resulting in a NI 43-101 Technical Report that includes an overall mineral resource of 254,000 oz gold in the Measured and Indicated categories and 223,000 oz gold in the Inferred category at 0.4 gpt gold cut-off.
In 2016, NJMC completed an internal scoping study and developed an underground mine plan at Golden Chest, that focused on unmined ore from the prior mine plan and from other accessible, drill-tested zones. Also in 2016, NJMC excavated and began mining an open pit, called the Idaho Pit, located about 200 meters above the mine portal. The open pit mine produced 3,525 ounces of gold in 2017.
With more than $13-million spent to explore, develop, expand, and modernize the Golden Chest Mine, NJMC has an outstanding platform for future exploration and development.