Northern Vertex is a Canadian based exploration and mining company focused on the development of precious metals deposits in Canada and the United States. The Company’s objective is to acquire, develop and advance precious metal projects that demonstrate near term production potential and long term sustainable growth.
In the last 12 months Northern Vertex has successfully negotiated the acquisition of two US based properties that fit within its mandate and implememted a strategy designed to convert historical resource estimates into National Instrument 43-101 standards.
The Moss Gold-Silver Project in Arizona was acquired in March 2011. Since the acquisition, Northern Vertex has completed an extensive 27,000 foot drill program, which has resulted in the delineation of a substantial NI 43-101 compliant gold-silver resource. As a result of the success of the program, Baseline and Scoping studies have been initiated to fast-track the project towards its ultimate goal of gold-silver production.
The Company is targeting a low-cost heap leachable gold-silver resource at Moss in the order of one million ounces of gold equivalent. A recently released 43-101 Independent Resource Calculation conducted by the engineering firm Scott E. Wilson Consulting, Inc. pegs the total indicated and inferred resource at Moss at 590,400 Gold Equivalent ounces (483,792 indicated ounces and 106,628 inferred ounces.
Upcoming drilling on the western extension of the resource offers significant potential for even further resource expansion. This is an area where an extensive, previous surface sampling program by Northern Vertex returned promising gold-silver values extending an additional 1,135 feet on strike and beyond the current 43-101 resource.
A 25,000 foot drill program is now underway on the Project.
The Lemhi Gold-Silver Project in Idaho represents a milestone acquisition for the Company. Northern Vertex plans to mirror the success of the Moss program on Lemhi with a similar 30,000 foot infill drill and resource definition program to begin aggressively validating the property’s non-compliant historical gold resource.
The Lemhi Property has a historical non-compliant 43-101 resource of 32.36 million short tons at a grade of 0.0375 ounces per short ton for 1.21 million contained ounces of gold, as reported by Pincock Allen & Holt in 1996 (the “PAH Report”).
Northern Vertex and ISGC (the “JV Partners”) have agreed to an initial funding commitment totaling US$15 million that will cover the cost of the Acquisition and the initial work program in connection with the upcoming 30,000 foot drill program.
The Company’s Copley Gold property is situated in the emerging Nechako Plateau of Central British Columbia, Canada. The 2,926 hectare property, which contains a large gold-bearing epithermal system measuring 7 kilometers long x 2 kilometers wide, lies on trend to the recent Blackwater-Davidson bulk-tonnage discovery 40 km to the south.
A recent 1100 meter, 11 hole drilling program conducted on the Copley property was successful identifying several large gold bearing structures encountering significant gold intersections over a large area and promising gold values in 9 out of 11 holes.
December 5, 2016, Vancouver, B.C. - Northern Vertex Mining Corp. (TSX.V:NEE) (the Company”) is pleased to announce that it has entered into a drill contract with BDW International to conduct a 3,000 meter drilling program on its Moss Mine Gold-Silver property located in Mohave County, Arizona, U.S.A. The Company further reports it has closed an oversubscribed Non-Brokered Private Placement (the "Private Placement") issued an aggregate of 3,386,250 units (each a "Unit") at a purchase price of $0.40 per Unit raising gross proceeds to the Company of $1,354,500.
Each Unit consists of one common share ("Common Share") of the Company and one half transferable share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to acquire one Common Share of the Company at an exercise price of $0.65 expiring on December 3, 2018. Cash finders fees to arm’s length parties of 6%, totaling $61,600 will be paid on a portion of the Private Placement.
The Company intends to use the net proceeds of the Private Placement to conduct a multi-phase drill program on several prospective gold-silver targets identified from its ongoing property wide exploration program on its Moss Mine Gold-Silver property located in Mohave County, Arizona, U.S.A. and for general working capital purposes. The Company has identified four high priority targets that will be the focus of an ongoing multi-phase drill program on Moss. These include the West Oatman stockwork vein target, the high-grade Old Timer East and West targets and the Western Extension of the Moss.
The Private Placement remains subject to certain conditions including, but not limited to, regulatory approval and the acceptance of the TSX Venture Exchange.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of, or a solicitation of an offer to buy, securities in the United States.
The foregoing technical information contained in this news release has been approved by Mr. L.J. Bardswich, P. Eng., General Manager Moss Project, and a Qualified Person (“QP”) for the purpose of National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
About Northern Vertex
Northern Vertex Mining Corp. is an exploration and mining company focused on the reactivation of its 100% owned Moss Mine Gold-Silver Property located in NW Arizona, USA. The Moss Mine Gold-Silver Property is a development phase epithermal, brecciated, low sulphidation quartz-calcite vein and stockwork system. The Company's management comprises an experienced management team with a strong background in all aspects of acquisition, exploration, development, operations and financing of mining projects worldwide. The Company is focused on working effectively and respectfully with our stakeholders in the vicinity of the historical Moss Mine and enhancing the capacity of the local communities in the area.
ON BEHALF OF THE BOARD OF NORTHERN VERTEX
"Kenneth Berry "
President & CEO
For further information, please visit www.northernvertex.com
or contact Investor Relations at: 604-601-3656 or at 1-855-633-8798.