VANCOUVER, Sept. 10, 2012 /CNW/ - Northern Vertex Mining Corp. (TSX.V:NEE) (OTCQX:NHVCF) ("Northern Vertex") is pleased to announce that an updated resource estimate prepared by Scott E Wilson Consulting Inc. of Denver, Colorado, on its Moss Gold-Silver Project in Mohave County, Northwestern Arizona, has resulted in an increase to 956,800 ounces of Measured and Indicated gold equivalent resources and 199,100 ounces of inferred gold equivalent resources.
| Scott E. Wilson Consulting Inc. Summarized Updated Resource Estimate: Table 1
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
Northern Vertex President and CEO, Kenneth Berry, B. Comm. states, "The outstanding results achieved from the resource study is a tribute to the quality work of our entire exploration team in Arizona led by Chief Geologist Dr. Bob Thompson and Project Manager Joe Bardswich. Supported by a substantial near surface, open-pittable resource, our objective of fast-tracking Moss into a near-term, low-cost gold-silver producer is clearly coming into focus. Concurrent with our drilling and exploration activities, we continue to advance the project forward through strategic development that includes ongoing environmental baseline studies, metallurgy work, preliminary pit-design, economic evaluation and permitting."
Northern Vertex's Chief Geologist, Dr. Bob Thompson, PhD, P. Eng. adds, "We are delighted with the conclusions returned from the updated independent resource study on Moss. Not only have we dramatically increased the size of our current gold-silver resource, the deposit remains open for even further resource expansion. With close to one million gold equivalent ounces now established on the project, our immediate goal will be to continue to expand the Moss gold-silver resource to the west and east of the main deposit and to advance the current 199,100 ounce inferred gold-silver resource to the measured and indicated category."
Updated NI 43-101 Resource Estimate:
The updated 956,800 ounce gold-equivalent resource at Moss, classified as measured and indicated, comprises 30,879,000 tonnes having an average gold grade of 0.79 grams per tonne, and an average silver grade of 8.90 grams per tonne. An additional inferred gold-equivalent resource of 199,100 ounces comprises 7,096,000 tonnes having an average gold grade of 0.71 grams per tonne and an average silver grade of 8.13 grams per tonne.
The following material changes contributed to the (significant) increase in the mineral resource estimate:
- Substantial additional drilling (Phase 2) consisting of 42 RC and core drill holes totaling 5105 m (ref. Northern Vertex News Releases);
- Comprehensive underground channel sampling consisting of 148 five-foot (1.52 m) intervals oriented across and along the strike of the deposit;
- Reliance on post 2004 drill results (161 RC and core holes) and underground sampling to calculate measured and indicated resources.
Current Exploration and Development Initiatives:
The current ongoing phase II exploration and development program on Moss, designed to expedite the path to a production decision, consists of the following components:
- Infill drilling to render 'inferred resources' into the 'indicated' category;
- Continued scoping and baseline studies to advance the permitting process;
- Comprehensive metallurgical testing to determine precious metal recoveries;
- Preliminary pit design for open-pit, heap-leach mining and;
- The initiation of environmental impact and feasibility studies in a timely fashion.
The technical report on the Moss deposit in Oatman Mining district in Mohave County, Northwestern Arizona will be filed within 45 days of this news release.
The Moss mine is a low-sulfidation epithermal deposit having exception grade consistency and homogeneity along its 2 km strike length (ref. Northern Vertex News Releases at: http://www.northernvertex.com/s/NewsReleases.asp)
The mineral resource is reported in accordance with Canadian Securities Administration (CSA) NI43-101 and has been classified in accordance with standards as defined by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) CIM Definition Standards for Mineral Resources and Mineral Reserves.
The mineral resource estimate was completed by Mr. Scott E. Wilson, C.P.G. of Scott E. Wilson Consulting Inc. and independent qualified resource evaluators; this estimate has an effective date of September 9, 2012, and complies with National Instrument 43-101 for the Standard of Disclosure for Mineral Projects as adopted by the Canadian Securities Regulators. Mr. Wilson is an independent Qualified Person as defined under NI 43-101 and is responsible for the mineral resource estimate presented in the release. The technical report on the Moss deposit in Oatman Mining district in Mohave County, Northwestern Arizona will be filed within 45 days of this news release.
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.
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
"Joseph Bardswich", Director
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.
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. 2012 number 15
Video with caption: "Northern Vertex Announces Updated NI 43-101 Resource Estimate Totals 956,800 Measured and Indicated Gold Equivalent Ounces on Moss Gold-Silver Project, Arizona". Video available at: http://stream1.newswire.ca/cgi-bin/playback.cgi?file=20120910_C5141_VIDEO_EN_17614.mp4&posterurl=http://photos.newswire.ca/images/20120910_C5141_PHOTO_EN_17614.jpg&clientName=Northern%20Vertex%20Mining%20Corp%2E&caption=Northern%20Vertex%20Announces%20Updated%20NI%2043%2D101%20Resource%20Estimate%20Totals%20956%2C800%20Measured%20and%20Indicated%20Gold%20Equivalent%20Ounces%20on%20Moss%20Gold%2DSilver%20Project%2C%20Arizona&title=NORTHERN%20VERTEX%20MINING%20CORP%2E%20%2D%20Northern%20Vertex%20Announces%20Updated%20NI%2043%2D101%20Resource%20Estimate%20Totals%20956%2C800%20Measured%20and%20Indicated%20Gold%20Equivalent%20Ounces%20on%20Moss%20Gold%2DSilver%20Project%2C%20Arizona&headline=Northern%20Vertex%20Announces%20Updated%20NI%2043%2D101%20Resource%20Estimate%20Totals%20956%2C800%20Measured%20and%20Indicated%20Gold%20Equivalent%20Ounces%20on%20Moss%20Gold%2DSilver%20Project%2C%20Arizona
SOURCE: Northern Vertex Mining Corp.
For further information:
Please visit www.northernvertex.com
or contact Investor Relations at: 604-601-3656 or at 1-855-633-8798.