|By Marketwired .||
|April 1, 2014 09:30 AM EDT|
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/01/14 -- Northern Vertex Mining Corp. (the "Company") (TSX VENTURE:NEE) (OTCQX:NHVCF) is pleased to provide an update on the Company's property wide exploration plans and opportunities on its Moss Mine Gold-Silver property located in Mohave County, Arizona, USA.
Recent interpretation of an airborne magnetic survey carried out on the Company's Moss Mine property has shown that magnetics are effective in helping to map potential mineralized structures on the property - the resulting surveys are attached. Both magnetic highs and lows correspond with known mineralized structures on the Company's property. Highlights of this interpretation are:
-- The main Moss resource and hosting structure lies along a well-defined magnetic high and importantly shows there are 3 kilometers of unexplored potential on the one structure. -- The current Moss resource sits along 1500 meters of strike exclusive of the 3 kilometers of untested structure. -- Including the Moss structure there are 9 magnetic linear anomalies associated with known mineral occurrences or historic workings indicating potential for hosting new discoveries along these structures. -- One of these structures includes nearly 6 kilometers of the mapped extension of the structure hosting the Gold Road deposit which produced nearly 500,000 ounces at 0.32 opt gold. -- In all, there are approximately 21 kilometers of potential strike length along these structures defined by the magnetics. As well as the magnetics, field mapping and the abundance of historic mineral occurrences and old workings were used to interpret the data. -- Several other linear magnetic lows and highs occur across the property and require ground work to determine if they are mineralized. -- Historic production in the Oatman District is recorded at 2.2 million ounces gold production with 2 million coming from the United Eastern, Tom Read and Gold Road mines at a combined average grade of 0.59 opt. gold. The principle ore bodies in these mines occupied strike lengths of 130 meters (450 feet) to 1160 meters (3800 feet). These are outlined on the attached chart.
In conclusion, this new data, and the implications of its interpretation, indicate that the exploration potential of the Company's Moss mine property - with 21 kilometers of structure to be explored - is very good. Given that the Moss Mine structure contains 654,000 ounces of M+I AuEq (see below for a detailed breakdown and assumptions used) and 82,000 ounces of inferred (see below for the details and assumptions used) along 1500 meters of mineralized structure and that the United Eastern, Tom Reed and Gold Road mines produced over 2.0 million ounces along a combined strike length of approximately 2 kilometers of mineralized structure, the Blue Sky exploration potential of the Moss mine property can be considered highly prospective. The Company is designing an exploration programme to assess this potential to run concurrent with completion of the feasibility study and development of the Phase II - Operations phase of the Company's business plan..
Dick Whittington, President & CEO Northern Vertex Mining Corp., states, "The Moss Mine property is in a highly prospective area for gold discoveries. This new data highlights the potential for further discoveries on the Company's Moss Mine property. This is pure "Blue Sky" right now but this type of airborne magnetics, along with site mapping, in a region of extensive historic workings, has been the foundation for many successful early stage exploration programmes."
The Company's operations currently focus solely on the leaching of gold from the pilot plant leach pad operation. The Company continues to exercise fiscal responsibility and has reduced costs, corporately and in the field, in order to preserve cash in the current market environment. Work on the Feasibility Study continues with the immediate focus on reviewing and enhancing the Company's block model based on the most recent drilling (see News Release dated October 17, 2013); and additional geological information made available as a result of the Company's Phase I - Pilot Plant operations.
The foregoing geological disclosure has been reviewed and verified by James McDonald, P.Geo. Mr. McDonald is a director of Northern Vertex. and a Qualified Person ("QP") for the purpose of National Instrument 43-101 (Disclosure Standards for Mineral Projects).
Moss Mine Mineral Resource Estimate:
The Moss Mine deposit is an epithermal, brecciated, low sulphidation quartz-calcite vein and stockwork system which extends over a strike length of 1,400 meters and has been drill tested to depths of 200 meters vertically. The Moss mineral resources as estimated in the Company's recent preliminary economic assessment as outlined in the Company's News Release dated June 18, 2013, are as follows:
Grade --------------------- AuEq Au Ag --------------------- Resource Au Category Eq(i)(oz) Au (oz) Ag (oz) Tonnes (g/t) (g/t) (g/t) ---------------------------------------------------------------------------- Measured 419,000 345,000 3,688,000 12,611,000 1.03 0.85 9.10 ---------------------------------------------------------------------------- Indicated 235,000 192,000 2,142,000 9,978,000 0.73 0.60 6.70 ---------------------------------------------------------------------------- M+I 654,000 537,000 5,830,000 22,589,000 0.90 0.74 8.00 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Inferred 82,000 66,000 801,000 3,957,000 0.64 0.52 6.30 ---------------------------------------------------------------------------- -- Gold equivalency is based on a silver:gold ratio of 50:1 and assumes 100% recovery of all metals. -- A 0.30 g/t Au cut-off grade was used. -- 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 estimates. -- 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 36,805 meters of drilling in 658 exploration drill holes and 530 meters of channel sampling. There were a total of 7,677- 5 meter composite samples used in the estimation of gold and silver. MMC used Inverse Power Distance (ID3) as the preferred estimation technique for the Moss Project. -- MMC capped gold assays, prior to compositing 5 meter samples, at 17 grams per tonne and silver at 140 grams per tonne in order to limit the effect of high grade outlier grades in the estimation of mineral resources. -- MMC applied Industry Standards in the selection of the drill hole and assay information gathered from historic and current exploration programs in its determination of Measured Mineral Resources, Indicated Resources and Inferred Resources.
About Northern Vertex:
Northern Vertex Mining Corp. is a Canadian based exploration and mining company focused on the reactivation of the Moss Mine Gold-Silver Project located in NW Arizona, USA where the Company has the right to earn-in to a 70% property interest through a Joint Venture with Patriot Gold Corp. The Moss Mine Gold-Silver Project is an epithermal, brecciated, low sulphidation quartz-calcite vein and stockwork system which extends over a strike length of 1,400 meters and has been drill tested to depths of 220 meters vertically. It is a potential heap leach, open pit project being advanced under a three-phase business plan, specifically designed to ensure that technical, economic, permitting and funding requirements are met prior to each phase proceeding. The Company's management comprises an experienced 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.
To view photos of the Moss Mine Gold-Silver Project, please click on the following link: http://www.northernvertex.com/s/PhotoGallery.asp
ON BEHALF OF THE BOARD OF DIRECTORS
J.R.H. (Dick) Whittington, President & CEO
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.
Cautionary Note About Forward Looking Information
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 may, intend, plan, expect, anticipate, believe or other similar words. 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. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.
Cautionary Note to U.S. Investors: This news release uses the terms "Measured", "Indicated", and "Inferred" resources. U.S. investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. U.S. investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. U.S. investors are also cautioned not to assume that all or any part of a Mineral Resource is economically or legally mineable.
To view graphs associated with this press release, please click on the following link: http://media3.marketwire.com/docs/936868A.pdf.
2014 number 03
Northern Vertex Mining Corp.
604-601-3656 or 1-855-633-8798
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