VANCOUVER, BC, Sept. 9, 2020 /PRNewswire/ - Northern Vertex Mining Corp. (TSXV: NEE) (OTC: NHVCF) (the "Company" or "Northern Vertex") is pleased to announce additional high-grade gold and silver drill results have been received from its multi-phase drilling and resource expansion program (the "Program") at the Moss Mine in NW Arizona. Most notable results include:
Ken Berry, President & CEO stated: "We are very pleased to report further high-grade gold and silver results from our ongoing drilling and resource expansion program on Moss. Paramount to the success of our current program, drilling continues to indicate continuity of the rapidly evolving high-grade Ruth vein structure, which runs parallel to our currently producing Moss Mine vein structure and has been traced for 500 to 700 meters on surface. Based on our advancements to date, we fully expect the Ruth vein structure to play a vital role in our new updated resource and mine plan. In addition to the exciting news from the high-grade Ruth Vein results, we remain equally enthused with our ongoing gold and silver results at Gold Bridge. The successful Gold Bridge results will enable us to achieve an even more efficient and profitable mine as we look to combine the currently active Centre pit and West pit areas within the next year."
Adds Mr. Berry: "As Arizona's largest pure gold and silver producer, health and safety and social responsibility has always remained our number one priority. I would like to personally thank our entire team and our contractors as we continue to work safely and prudently in our host community of Bullhead City, Arizona during these unprecedented times."
Current drilling advancements for Northern Vertex follows a period of sustained operational success for the Moss Mine in Arizona that includes three consecutive quarters of increased gold production and a record $18 million in revenues for the quarter ending June 30, 2020 (see NEE News Release dated August 6, 2020).
The Ruth Vein
The Ruth Vein hosts high grade mineralized shoots common to those in the Oatman District as evidenced by historical mine records and intercepts in drill holes AR20-313R and AR20-286R. The Oatman high grade shoots located at the United Eastern Mine hosted ore bodies as large as 770,000 ounces in only 700,000 tons (a grade of 1.1 ounce per ton). The Ruth Vein has the potential to materially increase the Moss Mine resource base with high grade ounces.
The 2020 drilling program has successfully intercepted the Ruth Vein in 25 holes over a strike length of more than 500 meters and to a vertical depth of approximately 198 meters below the original topography (click to view: Plan Map). Assay results have been received on 16 holes drilled, with six holes reported August 12, 2020. Drilling results for 10 new holes received since August 12th are provided below.
Assay results received to date show gold grades up to 69.3 gpt gold and 716 gpt silver. Without the two highest gold grades encountered this year (69.3 gpt gold and 25.2 gpt gold), the Ruth Vein and adjacent stockwork averages 1.85 gpt gold and 8.56 gpt silver over an estimated average true thickness of 14.4meters meters).
Click to view: Ruth cross section that displays the analytical results from hole AR20-313R, which was collared 160 meters northeast of hole AR20-286R. As previously released, AR20-286R intersected 15.2 meters of 9.11 gpt gold and 85.99 gpt silver, while hole AR20-313R intersected 6.1 meters @ 9.77 gpt gold and 36.28 gpt silver. These results indicate a second high-grade ore shoot may be present along the strike of the Ruth Vein. Table 1 displays a compiled list of results received since the August 12 News Release on holes targeting the Ruth Vein.
Gold Bridge is an area between the active Center Pit, and the West Pit that is currently being pioneered. Gold Bridge is approximately 60 meters wide by about 260 meters long bounded by the Moss Vein to the north and the Ruth Vein to the south (click to view: Plan Map). Previously thought to be waste, current drilling indicates this area to contain hanging wall stockwork mineralization with an average gold grade of 0.594 gpt gold for all 2020 intercepts drilled in this area above a cut-off of 0.313 gpt gold. The area also contains localized higher-grade intercepts (up to 1.68 gpt gold).
Hole AR20-278R was drilled due south from Gold Bridge Pad 3 with a dip of -45 degree, targeting the western extension of the Ruth Vein. AR20-278R successfully intersected the Ruth Vein from 44.2-50.3 meters, containing 6.1 meters (approximate true thickness 6.05 meters) @ 0.438 gpt gold and 1.35 gpt Ag. The drill hole also intersected a zone of elevated gold grades from surface to a true depth of 6.1 meters below surface containing 9.1 m @ 0.774 gpt gold and 2.43 gpt silver from 0-9.1 meters, in the Gold Bridge stockwork zone. The drilling program has demonstrated that Moss hanging wall stockworks veining persists from the Moss Vein, south to the Ruth Vein, for approximately 260 meters. Click to view: Gold Bridge cross section which displays the Gold Bridge area and all holes drilled in the area during the 2020 drilling program (see NEE news release dated August 12, 2020).
Encouraging initial results from our phase 1 drill program at Gold Tower are being received. Hole AR20-288R intercepted 0.59 gpt gold and 1.25 gpt silver over 15.3 meters, including 1.0 gpt gold and 1.93 gpt silver over 4.6 meters from 74.7 – 79.3 meters. Hole AR20-291R intercepted 2.4 gpt gold and 0.9 gpt silver over 3.1 meters near surface. These holes indicate continuation of Gold Bridge style mineralization south of West pit pioneering. Assay results for 12 holes drilled at Gold Tower are pending.
No Significant Intersection
No Significant Intersection
No Significant Intersection
No Significant Intersection
Samples of drill cuttings were collected by the drilling crew using a wet rotary splitter to ensure a representative sample of each five-foot interval. Field notes were recorded for each sample documenting what was sampled and how the sample was taken. Samples were collected in bags with a sample tag inserted and delivered to a secure on-site location prior to pick-up by Skyline Labs, a commercial laboratory in Tucson, Arizona. Skyline Labs is an ISO 9001:2008 qualified assay lab that uses and makes available internal assaying controls. Quality control consisted of one certified gold standard, one blank, and one duplicate sample inserted into every 20 samples submitted to Skyline Laboratories.
At the lab, rock samples are dried, crushed and pulverized to 85% passing through a 200-mesh sieve. The pulps are assayed for gold using a 30 g split, Fire Assay (FA) and Atomic Absorption (AA) finish. Over limit assays for both gold and silver (10 gpt for gold and 100 gpt for silver) were rerun using a gravimetric procedure. Rejects and pulps are stored at Golden Vertex's warehouse in Bullhead City for future reference.
The foregoing technical information contained in this news release has also been reviewed and verified by Mr. Joseph Bardswich, P.Eng., a director of the Company and a Qualified Person ("QP") for the purpose of National Instrument 43-101 (Disclosure Standards for Mineral Projects).
Additionally, the Company is pleased to announce that further to its press release dated July 9 and August 5, 2020, it has completed the final tranche of debentures and issued an additional $0.41 million in new subordinated unsecured convertible debentures that mature on June 30, 2025 (the "New Debentures"). An aggregate gross total of $6.71 million of New Debentures have been closed. See news release of August 5, 2020 for details of the New Debentures.
The New Debentures and the common shares of the Company issuable under the New Debentures, if issued before December 1, 2020, are subject to a hold period that expires on December 1, 2020, in accordance with applicable Canadian securities laws and policies of the TSX Venture Exchange (the "Exchange"). The Private Placement is subject to the final approval of the Exchange. No finder's fees were paid in respect of the Private Placement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Northern Vertex Mining Corp.
Northern Vertex Mining Corp. is focused on low cost gold and silver production at its 100% owned Moss Mine in NW Arizona. The Company has experience across all areas of operations, mine development, exploration, acquisitions, and financing of mining projects. With operations at the flagship Moss Mine achieving commercial production the Company intends to consolidate additional producing or near-term production gold assets within the Western US. Through mergers and acquisitions Northern Vertex's corporate goal is to become a mid-tier gold producer.
ON BEHALF OF THE BOARD OF NORTHERN VERTEX
President & CEO
Cautionary Note Regarding Forward-Looking Statements:
This news release contains statements about our future business and planned activities. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements including but are not limited to comments regarding the timing and content of upcoming work and analyses. Forward-looking statements usually include words such as scheduled, may, intend, plan, expect, anticipate, believe or other similar words. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations. US investors should be aware that mining terminology used for Canadian mineral project reporting purposes differs significantly from US terminology.
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