VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 24, 2016) - Northern Vertex Mining Corp. (TSX VENTURE:NEE) (the "Company") is pleased to provide an update on the Company's ongoing property wide exploration program on its Moss Mine Gold Silver property located in Mohave County, Arizona, U.S.A. The Company has identified four high priority targets that will be the focus of a proposed, upcoming multi-phase drill program on Moss. These include the West Oatman stockwork vein target, the high-grade Old Timer East and West targets and the Western Extension of the Moss.
Kenneth Berry, President and CEO, stated: "We are very pleased with results from our comprehensive reconnaissance mapping and ground sampling program on Moss that has identified four premier gold targets that we plan to immediately advance to the drill stage. It is a credit to our technical team led by Bob Cuffney P.Geo, that each target, based on its own merit, offers potential to substantially boost our current gold and silver resources now and into the future. We remain committed to advancing the Moss Mine Gold Silver project to commercial production at the earliest possible date and the concurrent development of entirely new resources that are situated in close proximity to our planned operations facility presents a tremendous growth opportunity for the Company."
Northern Vertex reports an extensive recent mapping and sampling program combined with previous geologic and geochemical investigations (see news release dated March 24, 2015), has defined four high-priority drill targets on the Moss property, adjacent to and outside of the main deposit area. These include: Old Timer East, Old Timer West, West Oatman and West Extension of the Moss Stockwork Vein System.
Key Targets for Planned Drilling and Development
- The Old Timer vein system prospect contains two advancing targets: Old Timer East, a high-grade vein and bulk stockwork-vein target, and Old Timer West, a high-grade vein target lying along the northern projection of the Canyon fault.
- Old Timer East is a broad zone of veins in the hangingwall of the Old Timer vein system and extends approximately 480 meters along strike of the vein and the vein system is 50 to 100 meters wide, with mineralization from 30 to 50 meters wide. Within the zone a core area of closely spaced veins were identified that returned multi-gpt gold assays measuring 250 meters long by 20 to 35 meters wide. The average grade of all samples collected within the core zone is 1.96 gpt gold. Old Timer East presents a walk-up drill target providing easy access. The core zone of the vein system indicates potential both for high-grade veins and a bulk-tonnage stockwork gold silver deposit.
- Old Timer West is a wide calcite vein occupying the northward projection of the Canyon fault, the bounding structure and a possible mineralization control of the strong mineralization at Hill #1 (site of Phase I pit) on the Moss vein. The vein splits into a series of calcite and quartz-calcite veins, which may represent a sigmoid loop in the vein system. Preliminary rock-chip sampling at Old Timer West in 2014 discovered gold mineralization, ranging from 1 gpt gold to 20.26 gpt gold over an area measuring 60 meters E-W by 55 meters N-S. Mapping and additional sampling during the 2016 exploration program expanded the anomalous area to approximately 225 meters north-northwest by 100 meters wide. The target remains open to the north. A re-sample of the 20.26 gpt sample assayed 5.04 gpt Gold, confirming strong mineralization. Of 24 samples collected in 2016, 12 samples contained more than 1 gpt up to 18.6 gpt gold.
- The West Oatman Vein System is a large area of stockwork quartz-calcite veining and breccia on the south side of Silver Creek, similar to the Moss vein/stockwork system and is a bulk tonnage exploration target. The target area measures 270 meters along strike and from 40 to 80 meters wide in outcrop. True width of the breccia zone is 30-50 meters. The breccia body strikes roughly 290° and dips about 65° to the north. Extensive rock-chip sampling (143 grab and channel samples) collected in 2014 yielded an average value of 0.608 gpt gold with individual samples as high as 7.47 gpt gold. Fieldwork in 2016 consisted of further evaluation of the mineralization and determining access routes and drill sites for the upcoming drilling program to evaluate the tonnage potential and grade of the stockwork system.
- The West Extension of the Moss extends for at least 1.5 kilometers west of the westernmost drilling by Vertex. Geologic mapping was conducted to follow-up chip sampling done in 2011. Rock-chip sampling in 2011 found numerous strong gold anomalies along the vein projection and in hangingwall structures. Reynolds Metals drilled (1991) several vertical holes in the westernmost area and encountered thick sections of anomalous gold (>100 ppb gold) including 0-300 feet (TD) in hole 91-6 and 95-335 feet in hole 91-11. Hole, 91-7, contained 98 meters averaging 0.496 gpt gold with an internal zone of 18 meters averaging 0.714 gpt gold. Historic drilling data provides additional evidence for a bulk tonnage target in the western area.
- The Ruth and Rattan veins are parallel to, and south of, the Moss Vein (250 meters S and 375 meters S respectively) and dip northerly at 70 degrees towards the south-dipping (70 degrees) Moss vein. The intersection of the Moss vein with the Ruth vein (at a projected depth of 350 meters) is considered a very favorable target for possible thickening of the Moss mineralization. In 2011, a single condemnation RC hole (AR 136) intersected the Rattan vein at a vertical depth of 33 meters assaying 13.07 gpt gold and 67.0 gpt Ag over 1.5 meters (projected 90% true width).
Additional Areas of Exploration Interest:
- Arrastra: This new discovery lies about 1.8 km southwest of Pit #1 on the Moss vein. Two calcite-quartz veins crop out for about 150 meters of strike length and intersect in an area of old mine workings. Up to 18.4 gpt gold was obtained from samples of calcite veins. In addition to vein gold potential, the intersection of the two veins may produce a high-grade ore shoot. Two of the highest grade samples taken during the program are from this area.
- The Grapevine, Florence Hill and Oatman Amalgamated areas, were investigated Geologically and by rock-chip sampling. Preliminary exploration work suggests a possible deep high-sulfidation epithermal vein target may exist at Florence Hill. Further work is ongoing to define the extent of the system.
Assay Results to Date
The systems highlighted above were the subject of rock-chip sampling programs 2011, 2014 and 2016. The 2014 and 2016 sampling program were done in conjunction with reconnaissance geological mapping and previous work in an effort to build a geological framework for the results. A significant number of samples showed evidence of gold mineralization with a portion having gold grades in excess of 1 gpt indicating that a number of vein exposures in addition to the ones previously recognized on the property are auriferous at surface. Others showed alteration and trace elements that indicate their surface expression is above the boiling zone where gold is typically found in the system.
The key assay results can be found by accessing this link: (Full Table of Results).
Current Exploration Objectives
In anticipation of a comprehensive multi-phase drill program on the Moss Mine Gold Silver project, Northern Vertex's exploration team is currently assessing drill pad locations on two of the property's most advanced new mineralized gold targets, the Oldtimer West and West Oatman targets. Concurrent with the strategic drill preparation program, the Company is preparing to conduct a comprehensive trenching and sampling program across the core area of the Old Timer East target to confirm average grades across the stockwork zone and to further define additional drill targets. Drilling of angled reverse-circulation holes are expected to follow the trenching program. Contingent on the results of the current detailed ground reconnaissance program, additional drill holes may be identified that could accelerate the scope of the proposed upcoming exploration drilling program on the Moss.
Sampling and Assaying
Rock-chip samples from the 2016 program were collected by professional prospectors and were located using a hand-held GPS. 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 by 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 James McDonald, P.Geo & Director for Northern Vertex, a Qualified Person.
About Northern Vertex:
Northern Vertex Mining Corp. is an exploration and mining company focused on the reactivation of its 100% owned Moss Mine Gold/Silver Project located in NW Arizona, USA. The Moss Mine 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 370 meters vertically. It is a potential heap leach, open pit project that has been advanced to the Feasibility Study stage to ensure that technical, economic, permitting and funding requirements are met prior to proceeding with the development of the mine. 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 NORTHERN VERTEX,
Kenneth Berry, President & CEO
For further information, please visit www.northernvertex.com.
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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.
2016 number 21