Click here to close now.




















Welcome!

News Feed Item

Northern Vertex Provides Corporate Update on Moss Gold-Silver Property

VANCOUVER, Canada, November 15, 2012 /PRNewswire/ --

Preliminary Economic Assessment Underway 3 Phase Mine Development Model Planned

Northern Vertex Mining Corp. (the "Company") (TSXV: NEE) is pleased to provide a corporate update on exploration and project development plans for the Moss Gold-Silver Project located in Mojave County, Arizona, USA with highlights as follows:

  • NI 43-101 compliant mineral resource 956,800 AuEq (oz) measured and indicated, 266,340 AuEq (oz) inferred (see resource estimate summary below)
  • Low strip ratio in initial mining areas possible
  • Amenable to low cost, heap leach, open pit mining
  • Major stockwork vein system outcropping at surface for 5,000 feet
  • Metallurgical test-work underway
  • Additional resource definition drill program currently underway to increase resources adjacent to proposed pits and for data use in mine design and planning - targeting an additional 250,000 AuEq (oz)
  • 3 Phase model approach now in place for mine development, to minimize initial Capex and to ensure technical and economic objectives are met for subsequent Phases prior to proceeding
  • Application for Aquifer Protection Permit for 90,000 tonne Pilot Phase I quarry/leach pad will be submitted to Arizona Department of Environmental Quality (DEQ) by month end
  • Phase II production target, 5,000 tpd
  • Phase III production target 10,000 tpd
  • Preliminary Economic Assessment (PEA) underway and expected early in new year

Location and Property Description:

The Moss Gold-Silver Property is located in the northern part of the Oatman Mining District, Mojave County, Arizona, USA.  The Moss deposit is a mineralized quartz-calcite vein and stockwork up to 45 feet wide; it strikes approximately N70°W and dips 65-75° SW; the outcropping surface trace has a strike length of 5000 feet.  The Moss property hosts low sulphidation epithermal vein-type gold mineralization.

The Moss property has easy access to supplies, accommodations, workforce, infrastructure and power.  The nearest town is Oatman, Arizona (6.2 miles); the nearest cities are Bullhead City, Arizona and Laughlin, Nevada.  Las Vegas, the nearest major city, is located only 80 miles northwest of the Moss Property and is a short 2 hour drive.

Exploration Program Update:

Exploration will focus on two elements:

  1. Mine exploration program
  2. Surrounding property exploration program

The mine exploration program is the Company's current exploration priority.  A comprehensive resource definition drilling program is currently underway in the starter open pit mine area with a focus on two central hills with significant vein outcropping at surface.  Drill results will be utilized in testing the extensions of the known mineralization, in mine modeling, to streamline the initial mine design of the starter pit and to add additional resources to the planned Phase 2 Mine Plan.  Drilling to expand the resource is expected to continue into 2014 also targeting increasing the resources available for the Phase 3 Mine Plan. The internal target is to add 250,000 ounces of gold equivalent adjacent to the currently planned pit areas thereby extending the mine life by three years or enabling expansion of the current design capacity from 10,000 tpd to 13,300 tpd.

The surrounding property exploration program is expected to see a drilling program commence in early 2014 and will be ongoing throughout the first few years of mine operation. This will be a property wide program looking to add a million ounces to the Company's resource statement.  The target for the Moss property as a whole will be 2 million ounces of gold equivalent.

Moss Project Current Resource:

On September 10, 2012, an updated NI 43-101 compliant mineral resource estimation was announced for the Moss Property with results as follows:

Scott E. Wilson Consulting Inc. Summarized Updated Resource Estimate: Table 1 Reported at 0.3 gpt Au Cutoff

                        AuEq*
    Resource Category   (oz)    Au (oz)  Ag (oz)    Tonnes         Grade
                                                             AuEq   Au    Ag
                                                             (gpt) (gpt) (gpt)
    Measured           427,820  348,000 3,991,000 12,465,000 1.07  0.87  9.96
    Indicated          528,980  432,000 4,849,000 18,414,000 0.89  0.73  8.19
    M+I                956,800  780,000 8,840,000 30,879,000 0.96  0.79  8.90
    Inferred           266,340  216,000 2,517,000 11,915,000 0.70  0.56  6.57


* Gold equivalency is based on a silver:gold ratio of 50:1 and assumes 100% recovery of all metals.;* Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves estimate.;* Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.;* Resources were based on 28,871 m of drilling in 330 exploration drill holes and 590 meters of channel sampling from surface and underground trenches and cross-cuts. There were a total of 5,872 drill composite samples and 269 rock channel samples used in the estimation of gold and silver. SEWC used Inverse Power Distance (ID3) as the preferred estimation technique for the Moss Project.

3 Phase Mine Development Plan:

The 3 Phase mine development plan is designed to sequentially progress the project from conceptual design and laboratory test work to pilot plant testing in the field and, if this is successful, to secure financing and permitting approval for building a 5000 tonnes per day mine initially and, if this is successful, then move to 10,000 tonnes per day ultimately. The mine, should it proceed to production, will be a classic heap leach operation.

The business plan has been specifically designed to take advantage of the natural attributes of the Moss deposit while minimizing the capital required to get into production and minimizing the lead time in doing so, thereby reducing project development risk and capital risk.

Phase I is a pilot plant operation with operations expected to commence in Q2 2013.  Phase II operations are expected to commence in Q1 2014 at a rate of 5,000 tpd.  Phase III operations are expected to commence in Q4 2017 at a rate of 10,000 tpd.  These numbers are being used as the basis of the Preliminary Economic Assessment now underway and are subject to review.

Please find below the link for the proposed development schedule.

Employment:

The Company's objective is to support the local communities and business wherever possible for both employment and mine supplies and services.  Preliminary estimates of direct and indirect employment for each mining Phase are listed below and utilize a multiplier effect of 3:1.

    Development Phase: Direct Employment Indirect Employment Total Employment
               Phase I                40                 120              160
              Phase II               100                 300              400
             Phase III               150                 450              600


Engineering and Design:

The immediate goal of the Company's engineering studies is the completion of a Preliminary Economic Assessment (PEA). The PEA will incorporate mine, processing and heap leach designs, and will include estimates of capital and operating costs and pre-tax cash flows for Phases I and II.  A scoping level analysis will be subsequently prepared for Phase III.

The Preliminary Economic Assessment is expected to be completed early in the new year.

The project team will be led by Project Manager Mr. Joe Bardswich.  The following consultants have been engaged to carry out the Preliminary Economic Assessment and initial mine design work:

          Mine Exploration                Northern Vertex Mining Corp.
        Resource Calculation        Scott E. Wilson Consulting Inc., Colorado
         Project Engineering             CDM Smith Engineering, Arizona
                  Mine Design            CDM Smith Engineering, Arizona
              Mine Infrastructure        CDM Smith Engineering, Arizona
              Mineral Processing         CDM Smith Engineering, Arizona
         Tailing Management              CDM Smith Engineering, Arizona
     Mine Electrical Engineering             M3 Engineering, Arizona
                   Powerline                 M3 Engineering, Arizona
                  Substation                 M3 Engineering, Arizona
             Metallurgy               McClelland Laboratories, Inc., Nevada
         Community Relations              Northern Vertex Mining Corp.
          Government Liason               Northern Vertex Mining Corp.


Financing:

Current and future financing for the Moss Project is anticipated in a three part plan.

  1. A non-brokered private placement financing for $7.5 million, plus a potential overallotment option, was announced on November 13, 2012 and is expected to close on or about November 26, 2012.
  2. An anticipated brokered private placement will likely be announced in Q1 2013 primarily to supplement funding for Phase I of the Business Plan and to fund detailed design studies for Phase II.
  3. In Q4 2013, a third financing is anticipated and will be for construction of Phase II - if approved - and will focus on a combination of debt and equity with debt financing of up to 50% of the capital required. 

Qualified Persons:

The mineral resource is reported in accordance with Canadian Securities Administration (CSA) NI43-101 and has been classified in accordance with standards as defined by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) CIM Definition Standards for Mineral Resources and Mineral Reserves.

The foregoing geological disclosure has also been reviewed and verified by Northern Vertex's Chief Geologist, Dr. Bob Thompson PhD, PEng (a qualified person for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects).

For full QC/QA procedures please visit: http://www.northernvertex.com/QCQA.html. For complete drill results and estimates please visit: http://www.northernvertex.com/extras/drillresults.pdf

Ownership:

Northern Vertex has the right to earn a 70% interest in the Moss Gold-Silver Property located in Mohave County, Arizona from Patriot Gold Corp. Subsequent to the Northern Vertex earn-in, financing of the project will be on a proportional basis.  The Company paid $500,000 upfront with a work plan commitment of $8 million to earn the 70%.  A Bankable Feasibility Study is a condition of the earn-in and will be included in the $8 million requirement.  The Company has spent $4.5 million to date and will complete this condition with the expenditures anticipated prior to and during Phase I.

About Northern Vertex:

Northern Vertex Mining Corp. is a Canadian based exploration and mining company focused on the development of precious metals deposits in Canada and the United States. The Company comprises an experienced management team with a strong background in all aspects of acquisition, exploration, development and financing of precious metal mining projects. It's flagship Moss Gold-Silver Project located in Arizona, USA contains 956,800 oz of Au-Eq in the measured and indicated categories and is rapidly progressing the project to a production decision.

ON BEHALF OF THE BOARD OF DIRECTORS

J.R.H. (Dick) Whittington, President & CEO

Cautionary Note to US Investors:  This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such Statements.

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.

Image with caption: "Map of Moss Gold-Silver Property (CNW Group/Northern Vertex Mining Corp.)". Image available at: http://photos.newswire.ca/images/download/20121115_C8765_PHOTO_EN_20773.jpg

Image with caption: "Proposed Development Schedule (CNW Group/Northern Vertex Mining Corp.)". Image available at: http://photos.newswire.ca/images/download/20121115_C8765_PHOTO_EN_20775.jpg

For further information:

Please visit http://www.northernvertex.com
or contact Investor Relations at: +1-604-601-3656 or 1-855-633-8798


More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
Learn how to solve the problem of keeping files in sync between multiple Docker containers. In his session at 16th Cloud Expo, Aaron Brongersma, Senior Infrastructure Engineer at Modulus, discussed using rsync, GlusterFS, EBS and Bit Torrent Sync. He broke down the tools that are needed to help create a seamless user experience. In the end, can we have an environment where we can easily move Docker containers, servers, and volumes without impacting our applications? He shared his results so yo...
Palerra, the cloud security automation company, announced enhanced support for Amazon AWS, allowing IT security and DevOps teams to automate activity and configuration monitoring, anomaly detection, and orchestrated remediation, thereby meeting compliance mandates within complex infrastructure deployments. "Monitoring and threat detection for AWS is a non-trivial task. While Amazon's flexible environment facilitates successful DevOps implementations, it adds another layer, which can become a ...
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, discussed h...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...