"Exploration Drilling and Resource Expansion Program Update"
VANCOUVER, Jan. 30, 2017 /PRNewswire/ - Northern Vertex Mining Corp. (TSX.V:NEE) (the Company") is pleased to report holes WW-16 and WW-17, which comprised nine inch diameter holes drilled as water wells, intercepted gold and silver mineralization 130 feet below the established Moss Mine gold-silver open-pit resource. The intercept in WW-16 calculates as 1.178 g/t gold plus 24.152 g/t silver (1.58 g/t gold Eqv.*) over 115 ft (645-760 ft), which converts to a true width of 39.3 ft (12.0 meters) at 70 degree dip of the Moss vein. The mineralization was in the hangingwall slightly above the main Moss vein.
In an effort to test the Moss Structure at depth, Management made the decision to drill water well holes 16 & 17 using Reverse Circulation drilling rather than conventional well drilling techniques, with minimal extra costs, to ensure that representative samples could be collected in accordance with industry exploration (NI 43-101) standards.
- Drill hole WW-16 - intercepted 115 ft (39.3 ft true width) @ 1.178 g/t gold plus 24.152 g/t silver.; 1.58 g/t gold Eqv. *
- Drill hole WW-17 - intercepted 25 ft @ 0.6596 g/t gold plus 1.59 g/t silver.; 0.686 g/t gold Eqv.* (not in Moss vein)
*Gold Eqv. values estimated at gold:silver ratio of 60 based on metal prices of US$1200/oz gold and US$20.00/oz silver. Metallurgical recoveries are assumed at 100%.
Five Drill Holes Completed in 3,000 Meter HQ Program
In addition to WW holes 16 & 17, the Company has now completed five drill holes of a multi-phase 3,000 meter HQ drill program designed to test four priority gold-silver targets (see news release dated Dec 19, 2016). Assay results from the program will be reported once received and compiled.
Kenneth Berry, President and CEO, stated: "We are very pleased with progress from our 3,000 meter drill campaign, which is running simultaneously with the Company's ongoing Moss Mine construction and development program. The interception in reverse circulation water well hole 16 that intercepted the Moss gold-silver structure at depth is a highly significant development that demonstrates the Moss gold-silver mineralization extends below depths previously recognized. This multi-phase core drilling program is intended to demonstrate the potential for discovery of new zones of gold and silver, which would help us achieve our goal of sharply increasing resources and potential future production without significant incremental costs."
Reverse Circulation WW Drill Holes 16 & 17
Well WW-16 intersected 115 feet (35 meters) averaging 1.178 g/t gold, 24.152 g/t silver at an oblique angle (~20o) to the Moss vein. The true intercept is about 39.3 feet (12 meters). The mineralization occurs at 645-760 feet down hole in strong quartz-calcite stockwork veining immediately above the main Moss vein.
Two duplicate samples from the mineralized zone had unusually high variance (1.407 vs 3.215 g/t gold in a split taken at the drill; 0.599 vs 2.027 g/t gold in a split taken at the prep lab). The variance in the splits is attributed to a nugget effect from fairly coarse gold, which is not common at Moss, but does occur locally.
Well WW-17 had only weak to moderate stockwork quartz-calcite veining, most of it in the upper half of the hole (47-50 feet, 513-621 feet) and one deeper interval (887-902 feet). The best gold encountered was 25 feet (7.6 meters) grading 0.6596 g/t gold, 1.59 g/t silver at 530-555 feet. The well boring crossed the Canyon fault and did not intersect the Moss vein.
Fault zones were hit at 589-632 feet and 662-670 feet. A rubbly fault zone was encountered at 1227-1238 feet. This is likely the Canyon fault, which may have faulted off the main Moss vein so that it was never intersected.
The key assay results can be found by accessing this link: (Full Table of Results).
Samples of drill cuttings were collected by the drilling crew using a wet rotary splitter to ensure a representative sample of each five-foot interval. Field notes were recorded for each sample documenting what was sampled and how the sample was taken. Samples were collected in bags with a sample tag inserted and delivered to a secure location prior to shipment by bonded courier to Inspectorate America Corp., a commercial laboratory in Sparks, Nevada. The Inspectorate lab is an ISO 9001:2008 qualified assay lab that uses and makes available internal assaying controls.
At the lab, rock samples are dried, crushed and pulverized to 85% passing through a 200 mesh sieve. The pulps are assayed for gold using a 30 g split, Fire Assay (FA) and Atomic Absorption (AA) finish. Pulps were further analyzed using a 15 gram split using 32 elements ICP. Silver assays used the ICP data. Overlimit assays for both gold and silver (10 gpt for gold and 100 gpt for silver) were rerun using a gravimetric procedure. Rejects and pulps are stored at the lab for future reference.
The foregoing technical information contained in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 (Standards for Disclosure for Minerals Projects) and reviewed on behalf the Company by Robert Cuffney, P.Geo, and a Qualified Person.
About Northern Vertex
Northern Vertex Mining Corp. is a exploration and mining company focused on the reactivation of its 100% owned Moss Mine Gold/Silver Project located in NW Arizona, USA. The Company's management comprises an experienced technical and operations team with a strong background in all aspects of acquisition, exploration, development, production 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 NORTHERN VERTEX
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.
Forward-Looking Statements: 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 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 in such 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.