Welcome!

News Feed Item

Northern Vertex Secures Option to Silver Creek Property

Property Adjoins The Moss Claim Block on The East and South East

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/16/14 -- Northern Vertex Mining Corp. (the "Company") (TSX VENTURE:NEE) (OTCQX:NHVCF) is pleased to announce that it has secured an option on the adjacent Silver Creek property, located to the east and southeast of the current Moss claim block on the Company's Moss Mine Gold-Silver earn-in property located in Mohave County, Arizona, USA.

The Silver Creek Property is 1450 hectares (ha) in size and consists of 180 claims (1198 ha) and one leased State section (259 ha). It adjoins the Moss property to the east and southeast and is located between the Moss property and the main Oatman mining district.

The Silver Creek property has good exploration potential for both Moss type disseminated low grade gold deposits and high grade bonanza type deposits of both the Oatman, low sulfidation type deposits (about 2.2 million ounces produced at average grade of 0.58 opt gold)(1) and Goldfields, high sulfidation type deposits (about 4 million ounces produced at an average grade of 1.0 opt gold)(2).

Dick Whittington, President & CEO Northern Vertex Mining Corp., states, "The Silver Creek property is in an exciting addition to the Company's interests in the region and will add to our potential to make further gold discoveries. We look forward to evaluating the property in conjunction with our Moss Mine property wide exploration programme. The Blue Sky potential of the combined properties is significant and we are hopeful of establishing that potential as reality."

(1) Durning and Buchanan, The Geology and Ore Deposits of Oatman, Arizona. Arizona Geological Digest Volume 15, 1985.

(2) Rockwell, Barnaby W., The Goldfield Mining District, Nevada: An Acid Sulfate Bonanza Gold Deposit. U.S.G.S. October 2000.

The property contains exploration potential in the following areas:


--  The eastern extension of Moss vein (approx. 760 m strike length) 
--  Several known epithermal veins with grades up to 4 g/t Au in surface
    samples 
--  5 target areas within a large (approximately 1.5km by 5km) high-level,
    high-sulfidation alteration system with anomalous Au, Ag, Hg, F levels. 
--  Widespread gold anomalies up to 997 ppb exist. Alteration and textures
    are indicative of high-level mineralization above possible blind bonanza
    ore bodies. 
--  Exploration targets include extension of the Moss vein system and the
    extension of the Gold Road vein structure where it intersects the United
    Eastern structure (Gold Road produced 484,000 ounces at 0.32 opt gold to
    1942 and United Eastern produced 769,000 ounces at 1.15 opt gold)(1).

To date, only surface work has been carried out (rock sampling, mapping, geophysics). No drilling has taken place. The Company will be developing a comprehensive ground level exploration plan to evaluate the various exploration targets mentioned above. This will complement the Company's property wide exploration plan described in an earlier news release (dated April 1st, 2014) that outlined the prospectivity of the Moss property as a result of a recent Airborne Magnetics Survey and will run concurrent with completion of the feasibility study and development of the Phase II - Operations phase of the Company's business plan.

This property, given its strategic location, will add to the Company's already significant exploration upside in the region. Given that the Moss Mine structure contains 654,000 ounces of M+I AuEq resources and 82,000 ounces of inferred AuEq resources (see below for a detailed breakdown and assumptions used) along 1400 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 combined Moss mine property and the Silver Creek property can be considered highly prospective.

Terms of The Option Agreement

The mineral lease and option agreement is between the Company and La Cuesta International Inc. (LCI) of Kingman, Arizona and is dated as of May 7, 2014. The key terms are:


--  Term of 35 years. 
--  US$5,000 cash on execution plus 100,000 Northern Vertex shares (subject
    to TSXV approval). 
--  Annual expenditures commence in year 1 at US$10,000 in cash plus a work
    commitment of US$15,000 and increase gradually to US$50,000 with no work
    commitment in year 5. In year 3, a one-off $200,000 work commitment is
    included. 
--  A production royalty will apply as follows: 1.5% NSR on claims owned
    100% by LCI and 0.5% NSR on third party claims within the claim block.
    NSR rates will be reduced by half once US$4 million is paid in total
    royalties. All payments other than work commitments are credited against
    the royalty. 
--  Option to purchase. Northern Vertex can acquire the claims at any time
    for US$4 million in any combination of aggregate royalty payments and
    lump sum payments at its sole discretion.

Ongoing Activities:

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.

Qualified Persons:

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:


Resource                Au                                                  
 Category        Eq(i)(oz)   Au (oz)    Ag (oz)     Tonnes       Grade      
                                                            AuEq    Au    Ag
                                                           (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. Metal Mining Consultants Inc. (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.

2014 number 06

Contacts:
Northern Vertex Mining Corp.
Investor Relations
604-601-3656 or 1-855-633-8798
www.northernvertex.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"We provide IoT solutions. We provide the most compatible solutions for many applications. Our solutions are industry agnostic and also protocol agnostic," explained Richard Han, Head of Sales and Marketing and Engineering at Systena America, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are focused on SAP running in the clouds, to make this super easy because we believe in the tremendous value of those powerful worlds - SAP and the cloud," explained Frank Stienhans, CTO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
DX World EXPO, LLC., a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"DX encompasses the continuing technology revolution, and is addressing society's most important issues throughout the entire $78 trillion 21st-century global economy," said Roger Strukhoff, Conference Chair. "DX World Expo has organized these issues along 10 tracks with more than 150 of the world's top speakers coming to Istanbul to help change the world."
"Peak 10 is a hybrid infrastructure provider across the nation. We are in the thick of things when it comes to hybrid IT," explained , Chief Technology Officer at Peak 10, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I think DevOps is now a rambunctious teenager – it’s starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are still a relatively small software house and we are focusing on certain industries like FinTech, med tech, energy and utilities. We help our customers with their digital transformation," noted Piotr Stawinski, Founder and CEO of EARP Integration, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We've been engaging with a lot of customers including Panasonic, we've been involved with Cisco and now we're working with the U.S. government - the Department of Homeland Security," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I will be talking about ChatOps and ChatOps as a way to solve some problems in the DevOps space," explained Himanshu Chhetri, CTO of Addteq, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, provided a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services with...
The financial services market is one of the most data-driven industries in the world, yet it’s bogged down by legacy CPU technologies that simply can’t keep up with the task of querying and visualizing billions of records. In his session at 20th Cloud Expo, Karthik Lalithraj, a Principal Solutions Architect at Kinetica, discussed how the advent of advanced in-database analytics on the GPU makes it possible to run sophisticated data science workloads on the same database that is housing the rich...
SYS-CON Events announced today that Massive Networks will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Massive Networks mission is simple. To help your business operate seamlessly with fast, reliable, and secure internet and network solutions. Improve your customer's experience with outstanding connections to your cloud.
"We are an IT services solution provider and we sell software to support those solutions. Our focus and key areas are around security, enterprise monitoring, and continuous delivery optimization," noted John Balsavage, President of A&I Solutions, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.