Press release from Marketwire
Northern Vertex Announces Positive Results from Drill Program at Moss Mine Gold-Silver Project, NW Arizona
Thursday, October 17, 2013
Northern Vertex Announces Positive Results from Drill Program at Moss Mine Gold-Silver Project, NW Arizona08:30 EDT Thursday, October 17, 2013
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 17, 2013) - Northern Vertex Mining Corp. (the "Company") (TSX VENTURE:NEE) announces that, further to the Company's news release dated July 3, 2013, all remaining assays have now been received for Phase 4 Drilling, a 19-hole, 2,643.8 meter drilling program on the Moss Mine heap leach project in Mohave County, NW Arizona. All holes were drilled on patented claims as part of the Mine Exploration and Geotechnical Programs. A number of results were achieved:
- Near-surface stockwork mineralization extension potential exists in western section of deposit
- Mineralization was extended to depths up to 220 meters vertically from surface and remains open to depth in the eastern and central portions of the deposit
- An upgrade in resource classification may be possible based on additional information received on inferred mineralization in the eastern portion of the Moss deposit
- Sufficient data were gathered from the oriented core drilling and structural mapping of the Moss underground workings to allow for pit slope optimization.
Highlights of the results are as follows:
Table 1: Drill Hole Highlights from Additional Assays Received
|1. Widths are core lengths and are not true widths. Composited widths based on a 0.30 g/t Au cut-off grade and maximum internal dilution between above cut-off grade samples of 1.5 m|
|2. Gold equivalent values are calculated as Au g/t + (Ag g/t/50) and assumes 100% recovery of both metals|
To view drill locations please click the following link: http://www.northernvertex.com/s/Exploration.asp
Please see Tables 1 and 2 appended to this release for further information on the significant intercepts from results and drill hole locations.
Results are now complete for AR-196, 197, 199, 200, 201, 206, 207, 208, 210, 211, and 212, and assays for all drill holes in the 15-hole drill program have now been received. Please note additional intercepts that were not reported previously because of partial assay results. The previous resource estimate is not inclusive of results from these drill holes.
In addition to the 15-hole drill program, assay results were received on AR-180, AR-202 & AR-203. AR-180 was an oriented core hole aimed at collecting a portion of the data required for pit slope optimization. AR-202 & AR-203 were short holes drilled beneath the Phase I leach pads for geotechnical test purposes.
The additional intercepts in AR-211, located in the western portion of the deposit, build on the potential of the widespread stockwork mineralization announced in the July 3, 2013 news release. The new intercept received for AR-211 extends mineralization to within 17 meters of surface.
In the central portion of the Moss deposit, drill hole AR-196 extended mineralization to depths up to 220 metres vertically from surface and it remains open. Drill hole AR-180 helped confirm grades in the core of the Moss Deposit.
On the eastern portion of the Moss deposit, drill hole AR-208 was successful in verifying the presence of inferred mineralization and may allow for an upgrade of inferred resources. Drill hole AR-210 extended the mineralization to depths up to 175 meters vertically from surface where it remains open.
Dick Whittington, President and CEO, Northern Vertex Mining Corp., states, "We are pleased to have concluded this drill program with a number of goals being achieved: near surface stockwork mineralization does extend in the western section, our depth drilling indicates mineralization is continuing to occur at depth, some 'inferred' resources may be reclassified to 'indicated' and our pit slope optimization studies can now progress further with this new drill and map data as a result of this program."
Logging, Sampling and Assaying Procedures:
The holes were drilled by drill contractors, Timberline Drilling Inc., Coeur D'Alene, Idaho, using HQ drill tools. The core is logged at the Company's logging facility in Bullhead City, Arizona. Nominal 1.5 meter (5 ft) samples are selected by Northern Vertex geologists, then systematically sawn in half at the facility. Geotechnical measurements such as core recovery, fracturing and veining, rock quality designations (RQD's), hardness and photographic logging are performed systematically prior to sampling and assaying. The one half core sample is numbered then sealed in a bag and delivered by bonded courier to Inspectorate America Corp. in Sparks, Nevada. The other core half is retained on the site.
At the lab, core samples are dried, crushed and pulverized to 85% passing through a 200 mesh sieve. The pulps are assayed for gold and silver using a 30 g split, Fire Assay (FA) and Atomic Absorption (AA) finish. Rejects and pulps are stored at the lab for future reference.
Quality Assurance / Quality Control (QA/QC):
The Inspectorate lab is an ISO 9001:2008 qualified assay lab that performs and makes available internal assaying controls. Duplicates, certified blanks and standards are systematically introduced into the sample stream as part of Northern Vertex' QA/QC program for a total control sample insertion rate of about 10%. Periodically randomly selected pulps are sent to a third party lab for additional check assays. Control sample results are reviewed and re-assays carried out when results fall outside established criteria.
The foregoing technical information contained in this news release has been approved by Mr. Dan Kilby, P.Eng. Consultant for Northern Vertex, and a Qualified Person ("QP") for the purpose of National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
About Moss Mine Gold-Silver Project:
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||AuEq*(oz)||Au (oz)||Ag (oz)||Tonnes||AuEq||Au||Ag|
- 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 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 70% property interest through a Joint Venture with Patriot Gold. The Moss 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 management 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.
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 including the completion of a feasibility study. 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.
2013 number 20
Appendix Table 1: Significant Intercepts from Results to Date
|AR-202||No significant intercepts (geotechnical testing purposes)|
|AR-203||No significant intercepts (geotechnical testing purposes)|
|AR-207||No significant intercepts|
|AR-209||Abandoned and no samples taken|
|AR-212||No significant intercepts|
Appendix Table 2: Exploration Drill Hole Locations
|Hole #||Section||Easting NAD27 Zone 11 CONUS||Northing NAD27 Zone 11 CONUS||Elevation||Inclination||Orientation||Depth|
FOR FURTHER INFORMATION PLEASE CONTACT:
Northern Vertex Mining Corp.
604-601-3656 or 1-855-633-8798