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
With more than 30 Kubernetes solutions in the marketplace, it's tempting to think Kubernetes and the vendor ecosystem has solved the problem of operationalizing containers at scale or of automatically managing the elasticity of the underlying infrastructure that these solutions need to be truly scalable. Far from it. There are at least six major pain points that companies experience when they try to deploy and run Kubernetes in their complex environments. In this presentation, the speaker will d...
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
When building large, cloud-based applications that operate at a high scale, it's important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. "Fly two mistakes high" is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Le...
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...
As Cybric's Chief Technology Officer, Mike D. Kail is responsible for the strategic vision and technical direction of the platform. Prior to founding Cybric, Mike was Yahoo's CIO and SVP of Infrastructure, where he led the IT and Data Center functions for the company. He has more than 24 years of IT Operations experience with a focus on highly-scalable architectures.
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
CI/CD is conceptually straightforward, yet often technically intricate to implement since it requires time and opportunities to develop intimate understanding on not only DevOps processes and operations, but likely product integrations with multiple platforms. This session intends to bridge the gap by offering an intense learning experience while witnessing the processes and operations to build from zero to a simple, yet functional CI/CD pipeline integrated with Jenkins, Github, Docker and Azure...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
Dhiraj Sehgal works in Delphix's product and solution organization. His focus has been DevOps, DataOps, private cloud and datacenters customers, technologies and products. He has wealth of experience in cloud focused and virtualized technologies ranging from compute, networking to storage. He has spoken at Cloud Expo for last 3 years now in New York and Santa Clara.
Enterprises are striving to become digital businesses for differentiated innovation and customer-centricity. Traditionally, they focused on digitizing processes and paper workflow. To be a disruptor and compete against new players, they need to gain insight into business data and innovate at scale. Cloud and cognitive technologies can help them leverage hidden data in SAP/ERP systems to fuel their businesses to accelerate digital transformation success.
Containers and Kubernetes allow for code portability across on-premise VMs, bare metal, or multiple cloud provider environments. Yet, despite this portability promise, developers may include configuration and application definitions that constrain or even eliminate application portability. In this session we'll describe best practices for "configuration as code" in a Kubernetes environment. We will demonstrate how a properly constructed containerized app can be deployed to both Amazon and Azure ...
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.