VANCOUVER, British Columbia, Sept. 06, 2017 (GLOBE NEWSWIRE) -- Northern Empire Resources Corp. (TSXV:NM) (the “Company” or “Northern Empire”) today announced that it has entered into an option agreement to acquire six strategic claims within the Sterling Property, known as the Rosy Claims.
The six claims lie immediately south of the past producing Secret Pass deposit, which hosts an inferred resource of 188,000 oz Au grading 1.65 g/t using a 1 g/t cutoff.
Michael G. Allen, President of Northern Empire said, “The Rosy claims are a strategic acquisition to allow for expansion of the Secret Pass deposit to the south. An intercept of 56.4 meters grading 3.13 g/t Au* was drilled within meters of the property boundary and mapped structures extend onto the Rosy Claims.”
* True thickness of this intercept is not known at this time.
Rosy Claims Acquisition Terms:
To complete the option, the Company must make three cash payments totaling US$200,000. Upon completion of the option, the Company will grant a 3% Net Smelter Royalty (NSR) to the Vendor. The Company shall have the right to purchase two-thirds of the NSR for US$1,000,000 for each one-third, subject to certain inflationary adjustments. The Company shall have a Right of Refusal on one-half of the remaining one-third, while the Vendor shall retain a Right of First Offer on the remaining one-half of one-third of the NSR.
Sterling Property Drilling Update:
To date the Company has completed two Reverse Circulation (RC) holes into the Daisy Deposit and an additional RC hole into the Secret Pass deposit. The rig is completing its final hole into Secret Pass then moving to the Sterling Mine. Samples for the three complete holes have been shipped for assay and the Company expects results in due course.
The Company is mobilizing a core rig to the Sterling Mine and it is expected to commence working in the coming days.
Sterling Property Highlights
- District Scale Exploration in the Walker Lane. 95 square kilometer land package features five past producing open pit and two underground gold mines with resources open for expansion.
- Permitted to begin operations. The Bureau of Land Management has issued a Finding of No Significant Impact (“FONSI”) and approved the next phase of mining at the Sterling Mine. This permit was issued on May 12, 2016, is transferable, and has an indefinite term.
- Location. The Sterling Property is located approximately 185 kilometers NW of Las Vegas on the eastern flank of the Bare Mountains, in the Walker Lane Trend.
For further information on the Sterling Property please visit the Company’s website, or refer to the technical report on the Sterling Property filed on June 18, 2017.
About Northern Empire
Northern Empire is an aggressive, Vancouver based, gold explorer working to take advantage of the current improving market conditions by assembling a value driven portfolio of properties.
Qualified Persons
Michael G. Allen, P. Geo., President of Northern Empire, and a Qualified Person as defined by NI 43-101, has reviewed the technical information contained in this news release. He is the non-independent qualified person for this news release and has verified the data.
ON BEHALF OF THE BOARD OF NORTHERN EMPIRE RESOURCES CORP.
“Michael G. Allen”
President, CEO and Director
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 NEWS RELEASE.
Certain information set forth in this news release contains “forward-looking statement”, and “forward-looking information” under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements, which include the Company’s expectations about the completion of the proposed private placement future performance based on current results and expected cash costs and are based on the Company’s current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as “will”, “expects”, “anticipates”, “believes”, “projects”, “plans”, and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which, may cause the Company’s actual performance and financial results in future periods to differ materially from any projects of future performance or results expressed or implied by such forward-looking statement. These risks and uncertainties include, but are not limited to: ability to raise sufficient funds for the acquisition; liabilities inherent in mine development and production; geological risks, the financial markets generally, the results of the due diligence investigations to be conducted by the Company, the ability of the Company to complete the Private Placement or obtain requisite TSX Venture Exchange acceptance. There can be no assurance that forward-looking statement will prove to be accurate, and actual results and future events could differ materially from those anticipate in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.