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.
February 17, 2017,Vancouver, B.C. - Northern Vertex Mining Corp. (TSX.V: NEE) (the “Company” or “Northern Vertex”) announces a warrant exercise incentive program (the “Program”) designed to encourage the early exercise of up to 29,010,924 of its outstanding unlisted warrants (the “Warrants”).
Kenneth Berry, President and CEO, stated “This is an opportunity for warrant holders to exercise their Warrants early and receive an incentive to do so which will provide additional capital to continue the advancement of the construction of the Company’s Moss Mine gold-silver property located in Mohave County, NW Arizona.”
Moss Mine Development Highlights:
- Key Federal and State Permits for Phase II are in hand. The final amendment to the Aquifer Protection Permit is expected in March 2017, the closure costs calculation has been approved and thetotal bond of $1.4m bond submitted.
- The ramp-up of site construction is continuing with bulk earthworks initiated, with the earthworks contractor having mobilized to the site and, the purchase of the main crushing plant scheduled for delivery and installation by Q2 2017.
- Detailed engineering and mine planning for Phase II nearing completion and is advancing to a planned 95% completion by Q2 2017.
- Procurement progress is tracking well, with all major items.
- Completion of two new groundwater production wells that will supply make-up water for leaching of Moss ores.
- Exploration program underway, eight drill holes complete, assays pending.
- Engaging services of Mine Development Associates, of Reno, NV to initiate mine design for the Phase III Mine Plan of Operations and Permitting.
- Continued advancement of local community initiatives, human resources initiative underway to enhance access to local labor pool and skilled work force.
There are currently five tranches of exercisable warrants outstanding, which are shown in the table below:
||July 3, 2014
||July 3, 2017
||July 8, 2015
||July 8, 2017
||July 11, 2014
||July 11, 2017
||March 31, 2016
||March 31, 2019
||April 4, 2016
||April 4, 2019
Pursuant to the Program, the Company is offering an inducement to each warrant holder that exercises their Warrants during a 30 calendar day early exercise period (the “Early Exercise Period”), consisting of an additional one-half of one transferable share purchase warrant, with each whole warrant (the “Incentive Warrant”) entitling the holder to purchase one additional common share for a period of 48 months from the date of issuance of such Incentive Warrant at a price of $1.00 per common share. The Early Exercise Period will commence on Monday, February 20, 2017, at 9:00 a.m. PST and expire on March 22, 2017 at 4:30 p.m. PST (the “Early Exercise Expiry Date”). The Incentive Warrants will be subject to a four month hold period in Canada from the date of issuance. The Company will use its reasonable commercial efforts to apply to list the Incentive Warrants for trading on the TSX Venture Exchange (the “Exchange”), subject to compliance with the policies of the Exchange, including satisfying the public distribution requirements of such a listing, on the expiry of the four month hold period.
The terms and conditions of the Program and the method of exercising Warrants pursuant to the Program are set forth in a letter which is being delivered to the registered address of each eligible warrant holder. Warrant holders who wish to participate in the Program will agree to exercise their Warrants and deliver the other necessary documents in consideration of the issuance by the Company of the Incentive Warrants.
Any Warrants that are not exercised prior to the Early Exercise Expiry Date will remain outstanding and continue to be exercisable for common shares of the Company on their current terms.
The Program is subject to the receipt of all final regulatory approvals, including the final approval of the TSX Venture Exchange.
The Incentive Warrants to be issued pursuant to the exercise of the Warrants have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any 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 (as defined in Regulation S promulgated under the U.S. Securities Act) unless registered under the U.S. Securities Act and any applicable state securities laws or an exemption therefrom is available.
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 Project located in NW Arizona, USA. 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