Northern Vertex Announces Wide Intersections of Gold-Silver Mineralization From the Moss Mine Gold-Silver Project, Mohave County, NW Arizona: 36.6 m of 1.16 g/t AuEq and 18.3 m of 2.13 g/t AuEq
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/03/13 -- Northern Vertex Mining Corp. (the "Company") (TSX VENTURE: NEE) announces assays received to date for its recently completed 15-hole, 2,527 meter exploration diamond drilling program on the Moss Mine project in Mohave County, NW Arizona. All holes were drilled on patented claims as part of the Mine Exploration Program. The program was designed to:
-- Evaluate the potential for extending the near-surface, stockwork style
mineralization in the western section of the deposit
-- Test for deep extensions of the Moss mineralization below the previous
deepest drilling
-- Provide additional mineral resource information from two areas of
inferred mineralization near the eastern end of the planned Phase II pit
The drilling was completed as part of a recommended $1.15 million exploration program of which approximately two-thirds has now been spent. Highlights of the assays received to date are given below. To view drill location maps and related cross sections please click the following link: http://www.northernvertex.com/s/Exploration.asp
Table 1: Drill Hole Highlights
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AuEq
g/t
From To Width Au Ag (50:1)
Hole (m) (m) (m)(1) g/t g/t (2)
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AR-195 182.3 218.9 36.6 0.91 12.1 1.16
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AR-197 125.9 144.2 18.3 1.80 16.4 2.13
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AR-198 41.8 61.6 19.8 1.08 5.8 1.19
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AR-199 149.0 153.6 4.6 2.05 58.9 3.23
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AR-200 106.1 118.3 12.2 2.03 47.2 2.97
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AR-201 218.8 233.7 14.9 1.53 31.5 2.16
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AR-204 133.5 136.5 3.0 4.27 37.5 5.02
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AR-206 140.2 152.7 12.5 2.05 24.5 2.55
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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
Please see Tables 1 and 2 appended to this release for further results.
Assay results reported here are complete for holes AR-195, 198, 204, 205 while partial results are reported for AR-197, 199, 200, 201, 206 and 211, for a total of 10 holes. Results are pending for the remaining five holes, AR-196, 207, 208, 210 and 212, and will be reported once received. None of the diamond drill holes in this program have been included in previous mineral resource estimates (see Northern Vertex news release June 18, 2013).
Drill holes AR-204, 205, 211 and 212 were drilled in the western section of the deposit known as the Western Extension. The holes tested near surface quartz-carbonate stockwork zones that were open to the south of the evaluated mineral resource. Multiple zones of stockwork veining were encountered in AR-204, 205 and 211 all within a maximum depth of 150 meters from the surface. The results substantiate the potential of the widespread stockwork mineralization to continue to the south beyond the current limit of the mineral resource estimate.
The other eleven exploration drill holes were drilled in the central and eastern part of the Moss deposit. Eight of the holes were deep tests of the down dip extension of the Moss mineralized zone. The results from AR-195, 197, 199, 200 and 206 demonstrate that the strong development of quartz-carbonate veins, breccias and stockworks continue at depth to at least 200 meters vertically from surface. In addition, two shallow holes (AR-198 and 207) tested the Moss mineralization on two sections containing relatively widely-spaced drill holes. AR-198 cut a nearly 20 meter wide zone of mineralized veining while assays are awaited for the 3.2 meter quartz vein encountered in AR-207.
Logging, Sampling and Assaying Procedures:
The holes were drilled by Northern Vertex 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 site. 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.
Qualified Person:
The foregoing technical information contained in this news release has been approved by Mr. Colin McKenzie, P.Geo and General Manager of Exploration for Northern Vertex, a Qualified Person ("QP") for the purpose of National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
Ownership:
Northern Vertex has the right to earn a 70% interest in the Moss Gold-Silver Property located in Mohave County, Arizona from Patriot Gold Corp. Subsequent to the Northern Vertex earn-in, financing of the project will be on a 70:30 proportional basis. The Company paid a $500,000 upfront cash payment, and that, along with an $8 million work expenditure requirement and the preparation of a feasibility study (as defined in the earn-in agreement) are conditions of the 70% earn-in.
About Moss Mine Gold-Silver Project:
The Moss Mine deposit is an epithermal, 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:
Moss Mine Mineral Resource:
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Resource Au Eq(i) Au Ag
Category (oz) (oz) (oz) Tonnes Grade
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AuEq Au Ag
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(g/t) (g/t) (g/t)
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Measured 418,760 345,000 3,688,000 12,611,000 1.03 0.85 9.10
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Indicated 234,840 192,000 2,142,000 9,978,000 0.73 0.60 6.68
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M+I 653,600 537,000 5,830,000 22,589,000 0.90 0.74 8.03
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Inferred 82,020 66,000 801,000 3,957,000 0.64 0.57 6.65
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-- 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. 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
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.
Table 1: Significant Intercepts from Results to Date
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AuEq
Width Au Ag gpt
Hole From To (m) gpt gpt (50:1)
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AR-195 165.5 174.6 9.1 0.54 0.9 0.56
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and 182.3 218.9 36.6 0.91 12.1 1.16
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AR-196 Results pending
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AR-197 110.6 113.7 3.1 1.08 10.2 1.28
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and 119.8 123.8 4.0 0.72 7.7 0.87
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and 125.9 144.2 18.3 1.80 16.4 2.13
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AR-198 41.8 61.6 19.8 1.08 5.8 1.19
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AR-199 133.8 139.9 6.1 1.81 3.9 1.89
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and 149.0 153.6 4.6 2.05 58.9 3.23
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AR-200 106.1 118.3 12.2 2.03 47.2 2.97
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AR-201 194.5 197.5 3.0 0.54 5.1 0.64
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and 203.6 211.2 7.6 0.70 5.6 0.81
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and 218.8 233.7 14.9 1.53 31.5 2.16
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AR-204 75.6 84.4 8.8 0.37 3.3 0.44
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and 114.9 121.0 6.1 1.06 49.3 2.04
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and 133.5 136.5 3.0 4.27 37.5 5.02
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AR-205 86.3 98.5 12.2 0.49 3.25 0.56
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and 106.1 109.1 3.0 0.53 25.0 1.03
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AR-206 140.2 152.7 12.5 2.05 24.5 2.55
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AR-207 Results pending
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AR-208 Results pending
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AR-210 Results pending
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AR-211 93.9 98.4 4.5 2.01 6.2 2.14
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and 104.5 112.2 7.6 0.44 4.1 0.52
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AR-212 Results pending
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Table 2: Exploration Drill Hole Locations
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Elev Orientatio Depth
Hole # Section Easting Northing (m) Dip n (m)
AR-205 200E 732355 3886745 643 -45 Grid N 154.9
AR-204 500E 732443 3886720 657 -45 Grid N 170.1
AR-212 800E 732555 3886787 702 -45 Grid S 250.0
AR-211 1200E 732648 3886726 691 -45 Grid N 184.1
AR-195 2000E 732917 3886700 641 -65 Grid N 222.0
AR-196 2400E 733051 3886750 636 -90 vertical 230.2
AR-200 2700E 733143 3886732 614 -65 Grid N 136.6
AR-201 2900E 733191 3886665 628 -65 Grid N 239.0
AR-206 3100E 733249 3886666 706 -45 Grid N 166.5
AR-198 4000E 733541 3886716 648 -45 Grid N 70.1
AR-197 4000E 733534 3886674 644 -60 Grid N 150.0
AR-199 4200E 733588 3886633 636 -70 Grid N 175.0
AR-208 4400E 733649 3886652 688 -55 Grid N 114.9
035
AR-210 4600E 733643 3886607 684 -60 degrees 203.0
AR-207 4600E 733713 3886732 687 -45 Grid N 60.1
Total 2527.0
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Contacts:
Northern Vertex Mining Corp.
Investor Relations
604-601-3656 or 1-855-633-8798
www.northernvertex.com