AskMuncher
3 years ago
$NHVCF Northern Vertex Intersects 64.01 Meters Grading 1.65 g/t Au and 15.39 g/t Ag at the Moss Mine, NW Arizona
Press Release | 09/08/2021
Northern Vertex Intersects 64.01 Meters Grading 1.65 g/t Au and 15.39 g/t Ag at the Moss Mine, NW Arizona
Canada NewsWire
VANCOUVER, BC, Sept. 8, 2021
VANCOUVER, BC, Sept. 8, 2021 /CNW/ - Northern Vertex Mining Corp. (TSXV: NEE) (OTC Nasdaq Intl.: NHVCF) (the "Company" or "Northern Vertex") a U.S.-focused gold producer with district-scale exploration projects in the Walker Lane Trend, is pleased to report recent results from its multi-phase infill and resource expansion drilling program at the Moss Mine in NW Arizona.
Northern Vertex Mining Corp. Logo (CNW Group/Northern Vertex Mining Corp.)
Douglas J. Hurst, Northern Vertex Chairman, commented, "The increase of our geological understanding of the Moss Mine and surrounding district is a testament to the work of Dr. Warwick Board, Vice President of Exploration of the Company, and the geological team at site. We believe the potential of the district is largely untapped and we see the potential for a generational mine at Moss"
Results presented in this release are focused on the Moss-Ruth Intersection drilling project beneath the active Center and East pits, and on the greenfield West Oatman Target (Figure 1. Moss Project Drilling Update Location).
Key Points, Moss Mine Drilling:
Multiple high-grade epithermal gold and silver intervals of the Moss vein and its associated hanging wall stockwork zone were intersected in numerous drillholes along the approximately 600 meters strike length tested in this round of drilling:
Drillhole AR21-486R, drilled beneath the eastern flank of the Center pit, returned 64.01 meters grading 1.65 g/t gold and 15.39 g/t silver, including 35 g/t gold and 252 g/t silver over 1.52 meters
Drillhole AR21-490R, drilled below the highwall between the Center and East pits, intersected 50.29 meters grading 1.61 g/t gold and 20.39 g/t silver, including 18.29 meters grading 3.55 g/t gold and 40.04 g/t silver
Drillhole AR21-469R, drilled beneath the East pit, returned 65.53 meters grading 0.49 g/t gold and 6.15 g/t silver, including 4.57 meters grading 2.19 g/t gold and 20.90 g/t silver, and 6.10 meters grading 1.01 g/t gold and 16.05 g/t silver
Drillhole AR21-479R, under the eastern side of the East pit, intersected 83.82 meters grading 0.44 g/t gold and 4.67 g/t silver, including 9.14 meters grading 2.34 g/t gold and 10.17 g/t silver
A broad interval of 207.46 meters grading 0.77 g/t gold and 11.80 g/t silver was intersected in drillhole AR21-491R, also drilled beneath the highwall between the Center and East pits. Although this drillhole was drilled down dip of the Moss vein, it highlights the potential extent of mineralized Moss vein to depths of at least 200 meters beneath this part of the mine.
Drilling continues to intersect thick, quartz stockwork zones, up to 205.74 meters grading 0.42 g/t gold and 4.07 g/t silver (AR21-488R)
Northern Vertex President, Michael G. Allen commented, "Thick zones of gold-silver mineralization beneath the current mining operations at Moss mine continue to highlight the opportunity for substantial intra-mine resource growth. We are excited for our upcoming resource update and subsequent resource updates in the future as we continue to demonstrate the significant district-scale potential of our 168 square kilometer land package surrounding the Moss Mine."
Moss-Ruth Intersection Geology
The Moss and Ruth veins are fault-hosted epithermal quartz-calcite veins with associated vein stockwork that are younger than and cut across the Moss quartz monzonite porphyry host rock in the vicinity of the mine. The Moss vein strikes slightly north of west (~275-285 degrees) and dips steeply (~70-75 degrees) to the south in the vicinity of the mine. Locally, the Moss vein develops a more northerly strike. The Ruth vein, which is approximately 175 meters to the south of the Moss vein on surface, is sub-parallel to, and dips moderately (~50-60 degrees) north towards the Moss vein, with the distance between the two veins diminishing with depth. The two veins intersect at depths of between 180 meters and 230 meters below the current surface. Moss vein hanging wall stockworks are present both above and below the intersection between the two veins.
Moss Mine Drill Results
Assay results for 20 reverse circulation (RC) drillholes, and one diamond core hole drilled from five different locations are presented in this news release (Table 1). These results are from drilling spanning a strike length of greater than 600 meters (Figure 2. Moss and Ruth Drilling Location). The majority of these drillholes were drilled towards the north and northeast, from the south side of the active Center and East pits, targeting the Moss vein. Drillholes AR21-490R (subvertical) and AR21-491R (inclined to the south) were drilled in the highwall area between the Center and East Pits, targeting the Moss vein in this area. Drillhole AR21-491R was drilled down dip of the Moss vein due to drillhole location challenges associated with active mining in this part of the pit. Drillhole AR21-489R was drilled subvertically, targeting the Ruth vein and associated vein stockwork to the south of the Center pit.
Results continue to indicate the presence of thick zones of epithermal gold and silver mineralization in the Moss vein and its hanging wall stockwork beneath the current mine (Figure 3. Cross Section Line C, Moss-Ruth Intersection Drilling). Higher grade gold and silver mineralization was generally intersected in the main Moss vein, with narrow intersections of high-grade gold and silver also intersected in parts of the hanging wall stockwork zone. Drilling continues to intersect significant precious metal mineralization in undrilled parts of the highwall area between the Center and East pit, with mineralization being intersected from surface in drillhole AR21-490R down to a depth of at least 200 meters below the current base of mining in drillhole AR21-491R.
Table 1: Results of Northern Vertex's 2021 Resource Expansion Drilling targeting the Moss vein, the Ruth vein, and the Moss-Ruth Intersection beneath the Moss Mine
Location
Hole ID
Target
Az/Dip
(Degrees)
From
(m)
To
(m)
Length
(m)
Au
(g/t)
Ag
(g/t)
AuEq
(g/t)
Otto
Load 2
AR21-463R
Moss vein
032/-60
190.50
196.60
6.10
0.53
3.75
0.58
AR21-464R
Moss-Ruth
Intersection
032/-67
161.54
170.69
9.14
0.47
2.98
0.51
and
211.84
237.74
25.91
0.28
3.94
0.33
incl.
224.03
227.08
3.05
0.66
8.65
0.77
and
277.37
284.99
7.62
0.27
1.56
0.29
Fuel
Tanks
AR21-469R
Moss vein
004/-45
193.55
259.08
65.53
0.49
6.15
0.57
incl.
199.64
204.22
4.57
2.19
20.90
2.47
incl.
249.94
256.03
6.10
1.01
16.05
1.22
AR21-470R
Moss vein
004/-51
228.60
263.65
35.05
0.48
3.85
0.53
incl.
237.74
246.89
9.14
1.05
4.83
1.11
and
294.13
301.75
7.62
0.30
1.12
0.32
AR21-472R
Moss vein
032/-45
176.78
179.83
3.05
0.46
4.60
0.52
and
219.46
222.50
3.05
2.20
13.50
2.38
and
236.22
256.03
19.81
0.55
11.17
0.70
AR21-473R
Moss vein
032/-53
181.36
280.42
99.06
0.29
3.35
0.34
incl.
181.36
187.45
6.10
0.71
4.43
0.77
incl.
196.60
202.69
6.10
0.85
11.80
1.00
AR21-474R
Moss vein
032/-60
234.70
237.74
3.05
0.51
9.25
0.63
and
303.28
307.85
4.57
0.28
10.10
0.41
Butt
Dumps
AR21-456C
Moss vein
025/-55
173.13
210.62
37.49
0.41
3.19
0.45
incl.
177.70
182.91
5.21
0.81
5.40
0.88
AR21-479R
Moss vein
330/-60
164.59
248.41
83.82
0.44
4.67
0.51
incl.
234.70
243.84
9.14
2.34
10.17
2.48
AR21-480R
Moss vein
003/-45
143.26
175.26
32.00
0.27
3.07
0.31
AR21-481R
Moss vein
003/-52
156.97
172.21
15.24
0.37
3.48
0.41
and
202.69
204.22
1.52
1.07
2.00
1.10
AR21-482R
Moss vein
003/-65
No significant Intersection
AR21-483R
Moss vein
003/-70
163.07
185.93
22.86
0.27
3.13
0.31
Line C
AR21-484R
Moss vein
013/-45
118.87
158.50
39.62
0.74
15.12
0.94
incl.
138.68
149.35
10.67
1.37
34.34
1.83
AR21-485R
Moss vein
013/-63
103.63
167.64
64.01
0.59
7.44
0.69
incl.
123.44
128.02
4.57
3.89
74.97
4.89
incl.
161.54
164.59
3.05
2.13
7.30
2.23
AR21-486R
Moss vein
013/-70
128.02
192.02
64.01
1.65
15.39
1.85
incl.
167.64
181.36
13.72
6.46
62.28
7.29
incl.
167.64
169.16
1.52
35.00
252.00
38.36
AR21-487R
Moss-Ruth
Intersection
013/-75
120.40
252.98
132.59
0.51
5.78
0.59
incl.
120.40
129.54
9.14
2.28
6.77
2.37
incl.
204.22
217.93
13.72
1.12
26.26
1.47
AR21-488R
Moss-Ruth
Intersection
013/-80
73.15
278.89
205.74
0.42
4.07
0.47
incl.
73.15
79.25
6.10
3.83
54.23
4.55
incl.
100.58
108.20
7.62
0.81
3.78
0.87
incl.
149.35
152.40
3.05
3.11
2.15
3.14
incl.
274.32
278.89
4.57
1.51
0.73
1.52
AR21-489R
Ruth vein
013/-88
132.59
243.84
111.25
0.33
3.12
0.37
incl.
155.45
160.02
4.57
0.70
15.53
0.91
incl.
173.74
179.83
6.10
0.72
3.95
0.77
incl.
208.79
213.36
4.57
0.80
8.40
0.91
Site F6
AR21-490R
Moss vein
180/-88
0.00
50.29
50.29
1.61
20.39
1.88
incl.
4.57
22.86
18.29
3.55
40.04
4.08
AR21-491R*
Moss vein;
Moss-Ruth
Intersection
180/-68
24.38
231.65
207.26
0.77
11.80
0.93
incl.
24.38
89.92
65.53
1.48
17.96
1.72
Note: True thickness ranges between approximately 30% of the reported interval thickness for subvertical drilling and 88% for drilling inclined at -45 degrees to the Moss vein; *Note that drillhole AR21-491R was drilled down dip of the Moss vein due to drillhole location issues in this part of the active mine, and hence is not representative of the true thickness of the vein. Assay data are uncapped. AuEq = Au + Ag/75. RC Drilling was completed by Boart Longyear, core drilling was completed by Timberline Drilling. RC samples, were collected every 1.52 m. Both core and RC samples were transported in sealed bags to Skyline Assayers and Laboratories (Skyline) in Tucson, AZ. Field control QAQC samples, including standards, blanks, and field duplicates, were inserted into the sample stream at a rate of three field control samples every 20 regular samples. Gold was determined by fire-assay fusion of a 30 g sub-samples with atomic absorption spectroscopy (method FA-01). Overlimit samples of gold were assayed by gravimetric means (FA-02). Skyline Laboratories is accredited in accordance with ISO/IEC 17025:2017 and ISO 9001:2015.
The 2021 Moss-Ruth Intersection drilling program is ongoing, with two RC drill rigs currently in operation. One of the rigs is targeting the eastern extension of the Moss vein to the east of the East pit. The other RC rig is working on connecting the West and Center pits in the Gold Bridge area. Results from this program will continue to be released following receipt, compilation and review.
West Oatman Vein System
The West Oatman vein system is located approximately 2.3 kilometers south of the Moss Mine crusher. The fault-hosted vein, vein stockwork, and quartz-calcite breccia system is sub-parallel (N70W) and appears to be analogous to the Moss vein system. The vein system dips moderately steeply (~50-65 degrees) to the north. A significant zone of silicification and stockwork veining is present in the footwall to the vein. The host fault has been mapped over a strike length of approximately 4.5 kilometers and is interpreted to be an extension of the Gold Road structure to the southeast. Previous drilling on the West Oatman structure indicated that mineralized intersections appear to increase in both grade and thickness with depth (see News Release dated 11 May 2021).
West Oatman Drill Results
Seven diamond core drillholes were drilled from three sites on the West Oatman Target, covering a strike length of approximately 275 meters of the vein system (Figure 4. West Oatman Target Drilling Location Map). Two drillholes were drilled from each of Sites 5 and 6, with three drillholes drilled from Site 1. The three holes drilled from Site 1 followed-up on drillhole AR21-259R which was drilled in 2020 (see News Release dated 12 August 2020; Figure 5. Cross Section: West Oatman Target Site 1).
Highlight results include drillhole WO21-20C, which intersected:
35.97 meters grading 0.36 g/t gold and 1.64 g/t silver, including
10.97 meters grading 0.63 g/t gold and 0.98 g/t silver
and 19.51 meters grading 0.31 g/t gold and 0.82 g/t silver, including
7.01 meters grading 0.46 g/t gold and 1.32 g/t silver
and 3.05 meters grading 0.59 g/t gold and 11.35 g/t silver
and 1.68 meters grading 0.37 g/t gold and 14.60 g/t silver
Results continue to indicate the presence of relatively broad zones of epithermal gold and silver mineralization in the upper parts of the West Oatman vein system with an apparent increase in grade at depth. Importantly, these drilling results indicate that the footwall silcification zone contains gold and silver mineralization, suggesting the presence of thicker than expected mineralization zones that are open at depth and along strike.
This tranche of drilling targeted gaps in the upper parts of the large quartz-calcite breccia in the central parts of the West Oatman vein system. Drilling locations have been permitted along approximately 2.7 kilometers of the West Oatman vein system. More drilling is being planned for Q4 2021 to test the deeper parts of the West Oatman vein system and the footwall silicification zone.
Table 2: Results of Northern Vertex's 2021 West Oatman diamond core drilling program
Location
Hold ID
Target
Az/Dip
(Degrees)
From
(m)
To
(m)
Length
(m)
Au
(g/t)
Ag
(g/t)
AuEq
(g/t)
Site 5
WO21-014C
West Oatman
200/-45
46.12
53.95
7.83
0.36
2.63
0.40
WO21-015C
170/-45
27.65
30.33
2.68
0.55
4.96
0.62
and
46.63
55.78
9.14
0.27
4.60
0.33
and
96.62
101.50
4.88
0.53
0.68
0.53
Site 6
WO21-016C
160/-53
22.04
41.91
19.87
0.28
2.54
0.31
and
63.40
67.97
4.57
0.61
0.90
0.62
WO21-017C
160/-65
20.73
25.30
4.57
0.30
5.83
0.38
and
37.49
43.59
6.10
0.44
1.80
0.46
and
61.87
65.96
4.08
0.26
0.75
0.27
Site 1
WO21-018C
210/-45
32.16
77.42
45.26
0.25
1.14
0.26
Incl.
32.16
36.88
4.72
0.35
1.98
0.38
Incl.
63.09
71.93
8.84
0.38
0.97
0.39
WO21-019C
210/-65
31.42
99.97
68.55
0.25
2.33
0.28
Incl.
35.97
39.01
3.05
0.94
17.40
1.17
WO21-020C
210/-80
44.96
80.92
35.97
0.36
1.64
0.38
Incl.
62.94
73.91
10.97
0.63
0.98
0.64
and
91.74
111.25
19.51
0.31
0.82
0.32
Incl.
95.10
102.11
7.01
0.46
1.32
0.48
and
121.46
124.51
3.05
0.59
11.35
0.74
and
136.86
138.53
1.68
0.37
14.60
0.56
Note: True thickness ranges between approximately 94% and 64% of the reported interval thickness for drilling inclined at between -45 degrees and -80 degrees, respectively, to the West Oatman vein. Assay data are uncapped. AuEq = Au + Ag/75. Core Drilling was completed by Timberline Drilling. Core samples were transported in sealed bags to Skyline Assayers and Laboratories (Skyline) in Tucson, AZ. Field control QAQC samples, including standards, blanks, and field duplicates, were inserted into the sample stream at a rate of three field control samples every 20 regular samples. Gold was determined by fire-assay fusion of a 30 g sub-samples with atomic absorption spectroscopy (method FA-01). Overlimit samples of gold were assayed by gravimetric means (FA-02). Skyline Laboratories is accredited in accordance with ISO/IEC 17025:2017 and ISO 9001:2015.
Qualified Person
Dr. Warwick Board, P.Geo., Vice President Exploration of Northern Vertex, is the Qualified Person as defined by NI 43-101 responsible for the Moss Regional Exploration Project and has reviewed and approved the scientific and technical information in this news release related thereto.
About Northern Vertex Mining Corp.
Northern Vertex offers investors a rare combination of cash flow, production, top-tier management, and exceptional exploration potential within two projects on the Walker Lane Gold Trend of western Nevada and Arizona. Management is executing a clear strategy that expands production and resources at the Moss Mine in Arizona while aggressively exploring the Hercules Project in Nevada.
ON BEHALF OF THE BOARD OF NORTHERN VERTEX MINING CORP
"Michael G. Allen"
President
TSXV: NEE | Nasdaq Intl: NHVCF | Frankfurt: 54N | ISIN: CA6660061012 | WKN: A1JUA0
Neither the 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 Statement Regarding Forward-Looking Information
All statements, trend analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein, are forward-looking statements. Although Northern Vertex believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since Northern Vertex can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in Northern Vertex's periodic filings with Canadian securities regulators. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from Northern Vertex's expectations include risks associated with the business of Northern Vertex; risks related to reliance on technical information provided by Northern Vertex; risks related to exploration and potential development of Northern Vertex's projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risk factors as detailed from time to time and additional risks identified in Northern Vertex's filings with Canadian securities regulators on SEDAR (available at www.sedar.com). Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Northern Vertex does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
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AskMuncher
3 years ago
$NHVCF
Northern Vertex Provides Hercules Gold Project Exploration Update: Surface Exploration Identifies Four New Target Areas and Potential Links Between Existing Target Areas, Highlighting Property-Scale Exploration Potential
Press Release | 09/07/2021
Northern Vertex Provides Hercules Gold Project Exploration Update: Surface Exploration Identifies Four New Target Areas and Potential Links Between Existing Target Areas, Highlighting Property-Scale Exploration Potential
PR Newswire
VANCOUVER, BC, Sept. 7, 2021
VANCOUVER, BC, Sept. 7, 2021 /PRNewswire/ - Northern Vertex Mining Corp. (TSXV: NEE) (USOTC: NHVCF) (the "Company" or "Northern Vertex") a Western U.S. gold producer with district-scale exploration projects in the Walker Lane Trend, is pleased to provide an update on its 100 square kilometer Hercules Gold Project in western Nevada. Integration of recent and historic surface mapping, sampling, drilling, and property-scale geophysical survey data has resulted in the generation of four new verified gold target areas on the property, as well as indicated the potential for links between existing targets.
Northern Vertex Mining Corp. Logo (CNW Group/Northern Vertex Mining Corp.)
Northern Vertex President, Michael G. Allen commented "We continue to advance the Hercules Project using both traditional and innovative exploration techniques. The results that we have received continue to show that the Hercules Gold Project has the potential to be a significant new discovery in Nevada, and we look forward to drilling on new and expanded targets on the Project."
Key Points:
Four new exploration target areas, Ursa, Como Ridge, Hades, and Jurassic Park have been identified
A sample from the eastern parts of the Hercules exploration target area returned 72.40 g/t gold and 2,690 g/t silver, making it the highest-grade surface rock sample collected on the property to date
Ongoing surface exploration continues to identify and further delineate structure-hosted epithermal precious metal mineralization in multiple areas, highlighting the exploration potential of the broader Hercules property
Results obtained from sagebrush phytogeochemical line sampling conducted over target areas in the north of the property indicate that they may be linked into one large mineralized system
Notice of Intent (NOI) permits have been received for drilling the Sirens and Como-Comets target areas
Exploration target area prioritization is ongoing ahead of the anticipated Q3/2021 receipt of an Exploration Area Plan-of-Operations (PoO) permit, which allows for more flexibility in drillhole location, including parts of the new Jurassic Park target
Exploration drilling is planned for Q4/2021
Northern Vertex Vice President of Exploration, Warwick S. Board commented, "Ongoing surface mapping, sampling, and integrated data reviews are providing support for our geological model of a collapsed volcanic center and our thesis that volcanic hydrothermal systems utilized collapse-related growth faults resulting in epithermal-style mineralization and alteration in multiple locations across the western and northwestern flanks of this volcanic feature. This highlights the exceptional exploration potential of the Hercules property. Additionally, we are very excited that our phytogeochemical vegetation sampling is indicating potential continuity of the epithermal mineralization and alteration zones between outcrop and exploration targets. We are planning additional phytogeochemical sampling to further expand our knowledge of the property."
Geology of the Hercules Gold Project
The Hercules Gold Project, which is located about an hour by car southeast of Reno, consists of a district-scale (approximately 100 square kilometers) property that straddles the flanks of a large collapsed volcanic center in the Walker Lane extensional belt (see News Release dated 20 April 2021). Gold and silver epithermal-style alteration and mineralization appears to be associated with an extensive volcanic center-related hydrothermal system that was variably controlled by extensional structures and rock permeability, being hosted in veins, vein breccia, vein stockwork, and zones of elevated silica alteration in faults, fractures, and, where available, permeable volcanic and volcaniclastic host rocks. Property-scale curviplanar listric faults concentric about the volcanic center and associated lower order structures represent important exploration targets on the Hercules property, especially where these developed in and adjacent to more permeable rock units. Similar volcanic center-related epithermal gold-silver mineralization systems in the Walker Lane tectonic belt include Round Mountain and Bullfrog.
New Exploration Target Areas
Four new exploration target areas have been identified on the Hercules Gold Project through a combination of surface mapping, rock chip sampling, detailed review and integration of the recently reported geophysical data (see New Release dated 20 April 2021), compilation and integration of historic data, and iterative 3D modelling using available drilling data (recent and historic): Ursa, Como Ridge, Hades, and Jurassic Park (Figure 1. Hercules Gold Project Exploration Target Areas).
The Ursa target area is in the central parts of the property and targets listric-fault-hosted epithermal-style veins and altered permeable lithic tuff. There are several historic workings in the area. Limited rock chip sampling conducted to date returned gold grades ranging from below detection to 0.71 g/t and silver grades ranging from below detection to 14.6 g/t (see Table 1).
The Como Ridge target area is located towards the south of the property, along trend of the historic Como mine. The presence of ledges of vuggy silica, diaspore, alunite, and kaolinite in association with intense argillic alteration indicate the potential for the presence of a high sulphidation-style epithermal system in this part of the property. Numerous historic workings are present in and adjacent to the target area. Limited recent rock chip sampling on the target area returned gold grades ranging from below detection to 1.66 g/t and silver grade ranging from below detection to 2.7 g/t.
The Hades target area is in the southernmost part of the property and occurs along a curviplanar listric fault that is along trend of the Como Ridge target area. Historic workings have been found on the target area, as well as epithermal quartz vein float proximal to the large listric fault. Limited recent rock chip sampling returned gold grades ranging from below detection to 4.74 g/t and silver grades ranging from below detection to 70 g/t.
The Jurassic Park target area, which is located towards the east of the Hercules and Sirens target areas, contains numerous epithermal-style quartz veins, silicified outcrops, and associated argillic alteration that parallel and may be a splay off the property-scale Pony Meadows curviplanar listric fault. Limited recent rock chip sampling on the target area returned gold grades ranging from below detection to 0.76 g/t and silver grades ranging from below detection to 5.6 g/t.
Table 1. Surface Rock Sample Assay Summary, New Exploration Target Areas
Target Area
No.
Samples
Gold (g/t)
Silver (g/t)
Range
(g/t)
Average
(g/t)
Range
(g/t)
Average
(g/t)
Ursa
43
<0.005-0.71
0.06
<0.5-14.6
1.3
Como Ridge
21
0.012-1.66
0.16
<0.5-2.7
0.7
Hades
4
<0.005-4.74
1.50
<0.5-70.0
18.2
Jurassic Park
9
<0.005-0.76
0.17
<0.5-5.6
1.3
Additional secondary target areas have been proposed, based on this work, but require further follow-up prior to being elevated to exploration target status.
Existing Exploration Target Areas Update
Rock sampling continues to indicate the presence of elevated structure-hosted epithermal gold and silver mineralization in multiple areas across the property, highlighting the exploration potential of the broader Hercules property (Figure 2. Gold in Rock Samples, Hercules Gold Project; Figure 3. Silver in Rock Samples, Hercules Gold Project ). The Sirens, Pony Meadows, and Como-Comets target areas have expanded as a result of our recent work.
A summary of the rock sample assay results for the existing target areas collected to date is presented in Table 2.
Noteworthy observations from the ongoing surface exploration on the Hercules property include:
Further delineation of the elevated gold and silver mineralization footprint in the Hercules, Sirens, and Como-Comets target areas ahead of drill planning
Collection a rock sample from the easternmost exposed structure on the Hercules target area, which returned 72.40 g/t gold and 2,690 g/t silver (sample 565923), making it the highest-grade rock sample collected on the property to date
Confirmation of the eastward-dipping curviplanar nature of the major mineralization-hosting structures on the Hercules, Cliffs, Sirens, and Pony Meadows target areas.
Rock chip samples were analyzed at the ALS Global Geochemistry Analytical Laboratory in Reno (AU-AA23, Au-AA13, ME-ICP61, Hg-MS42, and Se-MS46 methods).
Table 2. Surface Rock Sample Assay Summary, Hercules Exploration Target Areas
Target Area
No.
Samples
Gold (g/t)
Silver (g/t)
Range
(g/t)
Average
(g/t)
Range
(g/t)
Average
(g/t)
Hercules
220
<0.005-72.40
2.21
<0.5-2,690
41.9
Rattlesnakes
8
0.007-3.58
1.40
<0.5-28.6
12.2
Sirens
41
<0.005-17.00
1.30
<0.5-81.3
12.9
Como-Comets
61
<0.005-7.65
1.03
<0.5-168.0
18.1
Lucky Rusty
18
<0.005-9.22
0.97
<0.5-792.0
53.7
Cliffs
99
0.009-18.00
0.84
0.6-317.0
17.4
Northeast
34
<0.005-3.49
0.74
<0.5-39.2
6.5
Loaves
57
0.018-10.75
0.62
<0.5-113.0
6.4
Sprite
4
0.01-0.69
0.29
0.5-12.7
6.2
Pony Meadows
78
<0.005-6.22
0.22
<0.5-60.1
4.3
Phytogeochemical Sampling
Phytogeochemical sampling uses vegetation as the sample medium for exploration where regular rock chip, soil, and stream samples cannot be taken due to lack of outcrop, subcrop, or in areas covered by alluvium. Vegetation can scavenge and absorb elements in their roots subsurface and move them to surface where samples are collected.
A total of 422 samples of sagebrush were collected along nine biogeochemical lines, following the guidance of Shea Clark Smith/MEG Inc. The sampling covered the Sprite, Lucky Rusty, Rattlesnakes, Loaves, and Northeast target areas, (Figure 4. Gold in Sagebrush, Hercules Gold Project, Figure 5. Silver in Sagebrush, Hercules Gold Project). This part of the Hercules Gold Project is characterized by areas of outcrop separated by areas of alluvium.
Gold assays received range from below detection to 14.9 parts per billion (ppb) with silver assay values ranging from below detection and 4,290 ppb. Values above 1 ppb for gold and silver are considered significant in phytogeochemical sampling.
The samples indicate the presence of anomalous gold and silver metal concentrations in the sagebrush over and between existing targets, particularly along interpreted structural trends in the gap between the Loaves, Cliffs, Northeast, and Hercules target areas, as well as in the gap between the Lucky Rusty and Loaves target areas. These trends indicate that epithermal-style mineralization in outcrop in the main target areas potentially continues underneath the alluvium, and that the various target areas are linked.
Similar trends are noted in other indicator elements including arsenic, antimony, selenium, barium, and mercury.
Sample preparation was conducted by MEG Inc. with sample analyses conducted at the ALS Global Geochemistry Analytical Laboratory in Reno (ME-MS23 method). QA/QC standards and replicate samples were included in each batch at a rate of approximately one in 20 samples.
Permitting for Drilling
The Company has received Notice of Intent permits to conduct drilling on the Sirens and Como-Comets target areas and expects to receive its Exploration Area Plan-of-Operations permit in Q3/2021 (Figure 6. Exploration Area Plan-of-Operations Outline ). The larger PoO permit allows for more flexibility in drillhole location in and around the main Hercules target areas than the previous point-based Plan-of-Operations. This will allow step out drilling to the east of the currently defined target areas to effectively target the interpreted east-dipping host structures to the epithermal mineralization.
Additional Work
Iterative exploration target area refinement is ongoing with continued exploration on the property. Exploration target prioritization has been conducted ahead of an anticipated Q4/2021 drilling program.
Additional phytogeochemical sample lines are in progress over the Pony Meadows, Ursa, and Como-Comets target areas. Further lines are being investigated over geophysical anomalies in areas with no rock outcrop.
Other exploration work that is currently being conducted on the property includes alteration mineral mapping for deposit vectoring, geochronology to constrain the age of mineralization, and fluid inclusion analyses to establish system depth.
Qualified Person
Dr. Warwick Board, P.Geo., Vice President Exploration of Northern Vertex, is the Qualified Person as defined by NI 43-101 responsible for the Hercules Gold Project and has reviewed and approved the scientific and technical information in this news release related thereto.
About Northern Vertex Mining Corp.
Northern Vertex offers investors a rare combination of cash flow, production, top-tier management, and exceptional exploration potential within two projects on the Walker Lane Gold Trend of western Nevada and Arizona. Management is executing a clear strategy that expands production and resources at the Moss Mine in Arizona while aggressively exploring the Hercules Project in Nevada.
ON BEHALF OF THE BOARD OF NORTHERN VERTEX MINING CORP
"Michael G. Allen"
President
TSXV: NEE | USOTC: NHVCF | Frankfurt: 54N | ISIN: CA6660061012 | WKN: A1JUA0
Neither the 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 Statement Regarding Forward-Looking Information
All statements, trend analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein, are forward-looking statements. Although Northern Vertex believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since Northern Vertex can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in Northern Vertex's periodic filings with Canadian securities regulators. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from Northern Vertex's expectations include risks associated with the business of Northern Vertex; risks related to reliance on technical information provided by Northern Vertex; risks related to exploration and potential development of Northern Vertex's projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risk factors as detailed from time to time and additional risks identified in Northern Vertex's filings with Canadian securities regulators on SEDAR (available at www.sedar.com). Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Northern Vertex does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/northern-vertex-provides-hercules-gold-project-exploration-update-surface-exploration-identifies-four-new-target-areas-and-potential-links-between-existing-target-areas-highlighting-property-scale-exploration-potential-301369471.html
AskMuncher
3 years ago
$NHVCF Northern Vertex Reports Revenue of US$16.6 Million Financial Results for Quarter Ending June 30, 2021
Press Release | 08/13/2021
Northern Vertex Reports Revenue of US$16.6 Million Financial Results for Quarter Ending June 30, 2021
PR Newswire
VANCOUVER, BC, Aug. 13, 2021
VANCOUVER, BC, Aug. 13, 2021 /PRNewswire/ - Northern Vertex Mining Corp. (TSXV: NEE) (OTC Nasdaq Intl: NHVCF) ("Northern Vertex" or the "Company") a U.S.-focused gold producer with district-scale exploration potential in the Walker Lane Trend in Arizona and Nevada, is pleased to announce financial results for the quarter ending June 30, 2021. All figures are expressed in US dollars unless otherwise noted.
Northern Vertex Mining Corp. Logo (CNW Group/Northern Vertex Mining Corp.) (CNW Group/Northern Vertex Mining Corp.)
Highlights for the Quarter ended June 30, 2021
Revenue of $16.6 million
Cash on hand at quarter-end of $6.9 million
Earnings from mine operations of $5.0 million before depreciation and depletion
Gold equivalent production of 7,823 ounces1
Gold sales 8,045 ounces
Gold equivalent sales of 9,160 ounces1
1Gold equivalent is calculated at a 75:1 ratio
Michael G. Allen, President of Northern Vertex stated, "The completion of the 3A Heap Leach construction project marks the close of the largest capital project at Moss since mine construction in 2018. The team now has a refreshed focus on continuous improvement initiatives, which include:
Further debottlenecking the crusher, which has already delivered more than a 40% reduction in unit costs year over year moving from 1/4" to 3/8" crush size,
Improving drill and blast operating procedures to improve fragmentation and throughput,
Improving our mine plan as we advance our ambitious infill and exploration drill program, and
Reducing mining and overhead costs."
Consolidated Three and Six Months ended June 30, 2021 Financial Results
US$'000 (except per share amounts)
Three Months Ended June 30, 2021
Six Months Ended June 30, 2021
Revenue
16,590
32,991
Costs of sales (including depreciation and amortization)
(13,848)
(27,129)
Operating income (loss)
1,504
3,051
Net income (loss)
7411
(834)2
Net income (loss) per share (basic)
0.00
(0.00)
1.
Includes a non-cash accounting derivative revaluation gain of $805 driven by a decrease in the NEE share price that decreased the warrant ($860) and convertible debenture ($236) derivative liabilities, and offset by the silver stream embedded derivative ($291) due to an increase in silver price during the quarter.
2.
Includes a non-cash accounting derivative revaluation loss of $834. The silver stream embedded derivative loss of $3,793 tied to an increase in silver price, was offset by convertible debenture derivatives gains of $809, and warrant derivative gains of $2,150 due to a decrease in the NEE share price.
Consolidated Three and Six Months ended June 30, 2021
Operating Statistics
US$'000 (except per ounce amounts)
Three Months Ended June 30, 2021
Six Months Ended June 30, 2021
Average realized gold price ($/oz)
1,793
1,797
Ore Tonnes Mined (t)
682,970
1,388,624
Ore Stacked (t)
640,358
1,333,045
Grade (g/t Au)
0.47
0.48
Gold Ounces Produced
7,054
15,842
Gold Ounces Sold
8,045
16,166
Total Cash Costs ($/oz)
1,168
1,158
Moss Mine AISC ($/oz) 1
1,973
2,007
Capital Expenditures
6,4101
13,5912
1.
AISC includes $6,410 of quarterly capital expenditures, including $4,833 on the construction of a new heap leach pad and $1,264 of exploration drilling.
2.
AISC includes $13,591 of half-year capital expenditures, including $9,901 on the construction of a new heap leach pad and $3,030 of exploration drilling.
Qualified Person
The foregoing technical information contained in this news release has also been reviewed and verified by Mr. Joseph Bardswich, P.Eng., a Qualified Person ("QP") for the purpose of National Instrument 43-101 (Disclosure Standards for Mineral Projects).
Dr. Warwick Board, P.Geo., Vice President Exploration of Northern Vertex, is the Qualified Person as defined by NI 43-101 responsible for the Moss Regional Exploration Project and has reviewed and approved the scientific and technical information in this news release related thereto.
Full Condensed Interim Consolidated Financial Statements and the Management Discussion & Analysis can be found at www.sedar.com and the Company's website at northernvertex.com.
Non-IFRS Performance Measures
The following tables represent the calculation of certain Non-IFRS Financial Measures as referenced in this news release.
Reconciliation to Cash Costs and All In Sustaining Costs
US$'000 (except per ounce amounts)
Three Months Ended June 30, 2021
Six Months Ended June 30, 2021
Gold ounces sold
8,045
16,166
Cash costs reconciliation
Cost of sales
$
13,848
$
27,130
Less: Depreciation and depletion
(2,286)
(4,463)
Add: Refining and transportation
57
151
Less: Silver revenue
(2,219)
(4,092)
Cash costs
9,400
18,726
Cash costs per ounce of gold sold
$
1,168
$
1,158
Sustaining capital expenditures
6,410
13,591
Accretion
66
134
15,876
32,451
Moss Mine AISC per ounce sold
$
1,973
$
2,007
About Northern Vertex Mining Corp.
Northern Vertex offers investors a rare combination of cash flow, production, top-tier management and exceptional exploration potential within two projects on the Walker Lane Gold Trend of western Nevada and Arizona. Management is executing a clear strategy that expands production and resources at the Moss Mine in Arizona while aggressively exploring the Hercules Project in Nevada.
ON BEHALF OF THE BOARD OF NORTHERN VERTEX
"Michael G. Allen"
President
TSXV: NEE | US: NHVCF | NEE.WT | Frankfurt: 54N | ISIN: CA6660061012 | WKN: A1JUA0
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 Regarding 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 scheduled, may, intend, plan, expect, anticipate, believe or other similar words. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. 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. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations. US investors should be aware that mining terminology used for Canadian mineral project reporting purposes differs significantly from US terminology.
Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/northern-vertex-reports-revenue-of-us16-6-million-financial-results-for-quarter-ending-june-30--2021--301354869.html
SOURCE Northern Vertex Mining Corp.
the cork
5 years ago
Two Scenarios For Gold Next Week As Fed Reveals Its Hand
Anna Golubova
Friday July 26, 2019
(Kitco News) - Next week can play out one of two ways — the Federal Reserve introduces a 25-basis point rate cut and gold consolidates, or the central bank doubles down on easing with a 50-basis point cut and gold rallies to new highs, analysts told Kitco News.
Gold has traded in a range between $1,430 and $1,411 this week, looking to end the session on Friday down 0.55% on the week. August Comex gold futures were last at $1,418.50, up 0.27% on the day.
All eyes turn to the Federal Reserve’s rate decision next week, scheduled for Wednesday. Markets are currently pricing in a 78.6% chance of a 25-basis point cut and a 21.4% chance of a 50-basis point cut, according to the CME Group’s FedWatch Tool.
Markets are widely expecting for the Fed to begin its easing cycle, but what will matter the most is whether the central bank is embarking on a major easing cycle or just a couple of rate cuts.
“The fact that overall the U.S. economy is not dropping off a cliff is consistent with our view that we are only looking for a quarter-point cut now, another quarter-point cut before the end of the year, and then the Fed going on hold in 2020,” said CIBC Capital Markets chief economist Avery Shenfeld. “For the Fed to continue on cutting into 2020, you’ll have to have the economy remain very slugging next year.”
25-Basis Point Rate Cut Scenario
Gold is likely to consolidate but hold above the $1,400 an ounce mark if the Fed sticks to a 25-basis point cut this Wednesday.
“[The metal] might go a little bit lower because there is still a portion of the market that is expecting a 50-basis point cut next week.
Ultimately, we’ll get a 25-point cut and we’ll [see] a bit of a re-pricing lower in gold,” said TD Securities commodity strategist Ryan McKay.
A break lower in gold and testing of the $1,400 level is most likely in a quarter-point cut scenario, said LaSalle Futures Group senior market strategist Charlie Nedoss.
Overall, gold is expected to remain a great long-term buying opportunity to investors, McKay added. “Ultimately, any dip will be a buying opportunity for the longer-term … Gold is very well supported due to global central banks shifting to this easing tone,” he said.
The U.S. GDP data from Q2, which came in slightly better-than-expected, will play a role in the Fed’s decision, especially when it comes to inflation.
With the U.S. economy slowing to 2.1% in Q2 and Fed’s key inflation metric — core PCE (Personal Consumption Expenditures) — coming in below expectations at 1.8%, it might just be enough to see the Fed cut rates by 25 basis points.
“Core PCE at 1.8% is further ammunition for the doves at the Fed meeting next week,” McKay noted.
The overall economic slowdown, however, was not particularly severe, noted Shenfeld, which is why a 25-basis point cut is the likely scenario.
“The items that the Fed is worried about — a decline in global growth rate, the impacts of trade wars on exports, and the impacts on business confidence all showed up in the report,” he said. “A modest dose of interest rate relief will help turn the corner on housing, which has been a drag and support on the continuation of reasonable growth and consumer spending, which together should be enough of a tailwind to offset the drag from a softer global economy.”
50-Basis Point Rate Cut
A major cut by 50 basis points would see gold rally to fresh multi-year highs and test the $1,454 levels and possibly higher, according to analysts.
“If the Fed does a 50-point cut, we would come back up and test those recent highs $1,454-40,” said Nedoss. “What gold is looking at is that we are in an easing cycle, but where are we in that cycle. We started the year by talking about one rate cut, then two, then three, then back to two.”
https://www.kitco.com/news/2019-07-26/Two-Scenarios-For-Gold-Next-Week-As-Fed-Reveals-Its-Hand.html
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