New Jersey acquired the exploration and mining lease over the 218-acre Buckskin claim group for annual payments of $12,000 and a 2% NSR on future production.

CEO and president John Swallow said the NSR demonstrated the recognised value to nearby landowners of the company having an operating mine and mill within the district.

"In my opinion, the real ‘home run' from the lease comes when a mineable gold deposit is located, developed, and mined," he said.

The company also staked about 700 acres of unpatented mining claims, giving it control of more than 4,500 acres along the historic mining belt.

Exploration vice president Rob Morgan, who was appointed mid-month, said the Buckskin addition demonstrated a number of characteristics found at Golden Chest.

The company produced 2,609oz and sold 2,564oz of gold in the first nine months of 2017 and recorded a net income of US$144,407 in the third quarter.

It developed and started the Golden Chest openpit last year and added an underground mine in the fourth quarter.

Shares in the company, which traded around US12c-13c for much of last year, were up 1.23% to 16.5c.