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New Jersey Mining expands asset base in Idaho

New Jersey Mining Co. said March 6 that it expanded its asset portfolio in Idaho with the lease of the Four Square property and the staking of additional claims. The company now holds more than 5,200 acres along Idaho's Murray Gold Belt.

The Four Square property comprises 334 acres located three miles west of the company's Golden Chest gold mine, where underground operations recently began. It hosts the past-producing Four Square gold-tungsten mine and the Crown Point Vein zone.

New Jersey Mining will acquire the Four Square lease by paying US$800,000 in cash and shares in stages by Sept. 30, 2020. The lessors will also retain a 2% net smelter royalty, half of which can be bought back for US$1 million.

The company also staked 348 additional acres south of the leased property.

Plans for Four Square include diamond drilling later this year, which will focus on testing the Crown Point Vein's potential to host an underground bulk minable deposit.