Press release from CNW Group
Northern Vertex Files NI 43-101 Technical Report; Updates Gold Eqv Resource to 954,800 Measured & Indicated Ounces and Increases Previously Announced Inferred Resource to 266,340 Ounces
Monday, October 29, 2012
Northern Vertex Files NI 43-101 Technical Report; Updates Gold Eqv Resource to 954,800 Measured & Indicated Ounces and Increases Previously Announced Inferred Resource to 266,340 Ounces00:25 EDT Monday, October 29, 2012VANCOUVER, Oct. 29, 2012 /CNW/ - Northern Vertex Mining Corp. (TSX.V:NEE) (OTCQX:NHVCF) ("Northern Vertex") is pleased to announce that it has filed a technical report prepared in accordance with National Instrument 43-101 ("NI 43-101") in support of the Company's September 10, 2012 news release, which included a mineral resource estimate at its Moss Gold-Silver Project in Mojave County, Arizona, USA.The independent technical report, entitled "Technical Report Northern Vertex Mining Corp. Moss Mine, Mohave County, Arizona, USA" (the "Technical Report"), dated October 25, 2012, effective date of September 10, 2012, was prepared by Scott E. Wilson Consulting, Inc. of Colorado, USA ("SEWC"). The Technical Report was authored by Scott E. Wilson, CPG, and Dr. Stewart D. Redmond, FIMMM all Qualified Persons as defined by, and independent of Northern Vertex, for the purposes of NI 43-101 requirements and who have prepared or supervised the preparation of the scientific and technical information contained herein. The Technical Report is available on SEDAR at www.sedar.com and will be available on the Company's website www.northernvertex.com.The Technical Report estimated 956,800 ounces of Measured and Indicated gold equivalent resources and 266,340 ounces of inferred gold equivalent resources. The Company's September 10, 2012 news release reported 199,100 ounces of inferred gold equivalent resources. Upon final review and compilation of results by Scott E. Wilson Consulting Inc., it was determined an additional 67,240 ounces of gold equivalent resources met the 0.3 gpt Au cut-off criteria and therefore were added to the inferred resource total. The table below is updated to show the final Technical Report resource estimate.Scott E. Wilson Consulting Inc. Summarized Updated Resource Estimate: Table 1Reported at 0.3 gpt Au CutoffResource CategoryAuEq* (oz)Au (oz)Ag (oz)TonnesGradeAuEq (gpt)Au (gpt)Ag (gpt)Measured427,820348,0003,991,00012,465,0001.070.879.96Indicated528,980432,0004,849,00018,414,0000.890.738.19M+I956,800780,0008,840,00030,879,0000.960.798.90Inferred266,340216,0002,517,00011,915,0000.700.566.57* 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 Ongoing Mine Development Initiatives: The Company reports samples from a total of 75 percussion drill holes has recently been sent for assaying from its current 5,000 meter resource definition drilling program on Moss. Initial results from current drilling are expected in the near future.Through the current drill program, the proposed drill hole spacing on hill #2 is expected to allow for similar cross sections and pit bench plans as previously confirmed on hill #1.A versatile, track-mounted, hydraulic- percussion rig, capable of operating on the hillsides, is being used to drill closely spaced holes to provide sufficient data for mine design and mine planning purposes.The Moss mine is a low-sulfidation epithermal deposit having grade consistency and homogeneity along its 2 km strike length (ref. Northern Vertex News Releases at: http://www.northernvertex.com/s/NewsReleases.asp)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).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.For full QC/QA procedures please visit: www.northernvertex.com/QCQA.html. For complete drill results and estimates please visit: www.northernvertex.com/extras/drillresults.pdfAbout Northern Vertex: Northern Vertex is a gold exploration and development company operating principally in the United States and Canada. The Company comprises an experienced management group with a strong background in all aspects of acquisition, exploration, development and financing of precious metal mining projects. The Company's stated mandate is to acquire, develop and advance gold projects that demonstrate near term production potential and long-term sustainable growth.ON BEHALF OF THE BOARD OF NORTHERN VERTEX"Kenneth Berry", CEOThe TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.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 insuch statements.This press release uses the terms "Measured", "Indicated", and "Inferred" resources. United States 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. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of a Mineral Resource is economically or legally mineable.SOURCE: Northern Vertex Mining Corp.For further information: please visit www.northernvertex.com or contact Investor Relations at: 604-601-3656 or at 1-855-633-8798.