Northern Vertex Announces Resource Definition Drill Program to Expand Initial Pit Design at Moss Gold-Silver Project in Northwestern, Arizona
VANCOUVER, Sept. 26, 2012 /CNW/ - Northern Vertex Mining Corp. (TSX.V:NEE) (OTCQX:NHVCF) ("Northern Vertex") is pleased to announce plans to commence a resource definition drill program to expand the parameters of a potential starter pit at the Moss Gold-Silver Project in Arizona. The program will focus on two central hills on patented (private) ground within the property where mineralization is exposed at surface. Drilling is designed to assist Northern Vertex's technical team in the preliminary design and modeling of a starter pit in the central area of the mineralized gold-silver corridor. The drill program is also specifically targeted to convert a substantial portion of the NI 43-101 resources situated in close proximity to this area, from the Inferred category into the Measured and Indicated category.
States Chief Geologist, Dr. Bob Thompson PhD, PEng. "Our goal of advancing Moss into a near-term precious metal producer is clearly coming into focus. The upcoming closely-spaced drill program will enable us to optimize our initial pit design, and expand our established 956,800-ounce Measured and Indicated gold-silver resource. The extensive development of the gold-silver bearing stockwork system in this region of the property, makes this an ideal target location to pursue the initial pilot phase of our planned, multi-phase commercial development of the Moss gold-silver resource."
Previous underground sampling of a cross-cut in hill #2 yielded a width of 24 Meters Averaging 4.9 gpt Gold Equivalent including 9.14 Meters of 10.83 gpt Gold Equivalent Grade (see NR Aug 16, 2012). The current drill hole spacing on hill #1 is sufficiently close that cross sections and pit bench plans can be constructed. Through the upcoming drill program, the proposed drill hole spacing on hill #2 is expected to allow for similar cross sections and pit bench plans. A versatile, track-mounted, hydraulic- percussion rig, capable of operating on the hillsides, will be used to drill closely spaced holes to provide sufficient data for mine design and mine planning purposes. A mine plan and mine design is a prerequisite for the submission of an application to the Arizona Dept. of Environmental Quality (AZ DEQ) for an Aquifer Protection Permit (APP). The upcoming drill program on Moss is expected to allow Northern Vertex to construct a mine plan and mine design as required by APP.
The Company reports it is currently finalizing drill contracts for the estimated 5,000 meter, multi-hole, upcoming definition drill program on Moss. Drilling is expected to commence in the first week of October 2012.
The company recently (see NR Sept 10, 2012) announced an up-dated mineral resource estimate prepared by Scott E. Wilson consulting Inc. of Denver, Colorado as follows:
Scott E. Wilson Consulting Inc. Summarized Updated Resource Estimate:
Reported at 0.3 gpt Au Cutoff
|Resource Category||AuEq* (oz)||Au (oz)||Ag (oz)||Tonnes||Grade|
* 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 estimate.
* 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 28,871 m of drilling in 330 exploration drill holes and 590 meters of channel sampling from surface and underground trenches and cross-cuts. There were a total of 5,872 drill composite samples and 269 rock channel samples used in the estimation of gold and silver. SEWC used Inverse Power Distance (ID3) as the preferred estimation technique for the Moss Project.
The foregoing geological disclosure has also been reviewed and verified by Northern Vertex's Chief Geologist, Dr. Bob Thompson PhD, PEng (a qualified person for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects).
Northern Vertex has the right to earn a 70% interest in the historic 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 proportional basis.
For full QC/QA procedures please visit: www.northernvertex.com/QCQA.html. For complete drill results and estimates please visit: www.northernvertex.com/i//pdf/Moss_Drillresults.pdf
About Northern Vertex: Northern Vertex is a gold exploration and development company operating principally in the United States and Canada. The Company comprises an experienced management group with a strong background in all aspects of acquisition, exploration, development and financing of precious metal mining projects. The Company's stated mandate is to acquire, develop and advance gold projects that demonstrate near term production potential and long-term sustainable growth.
ON BEHALF OF THE BOARD OF NORTHERN VERTEX
"Kenneth Berry", President & CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of this release.
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.
SOURCE: Northern Vertex Inc.For further information:
please visit www.northernvertex.com
or contact Investor Relations at: 604-601-3656 or at 1-855-633-8798.