VANCOUVER, Feb. 27, 2012 /CNW/ - Northern Vertex Mining Corp. (TSX.V:NEE)(OTCQX: NHVCF) ("Northern Vertex") is pleased to announce results from the first 18 holes of its 20,000 foot (6500 meter) in-fill drill and resource expansion program on the Moss Gold-Silver Project situated in the historic Oatman Mining district in Mohave County, Northwestern Arizona.
States Northern Vertex Chief Geologist, Dr. Bob Thompson. "We are pleased to report all five of the Phase II infill holes, AR-124, 125, 127, 128 and 133, designed to convert resources from the inferred to the indicated category, were successful, with each hole intersecting at least 24 metre widths of mineralized material.
The significant intersections returned from Phase II drilling are consistent with results from our Phase 1 drill program. Importantly, they demonstrate the consistent internal distribution of gold we've come to expect from the Moss gold-silver system. Holes AR-121, 122 and 123 returned a series of promising intercepts, despite being stopped in mineralization grading 1 gpt gold equivalent. These holes were collared approximately 160 meters south from the outcropping Moss stockwork system, where intersections suggest a broader zone of mineralization at depth."
Hole AR-136 intersected 1.52 m averaging 19.39 gpt gold equivalent. "We're encouraged because 19.39 gpt gold equivalent is an order of magnitude higher than typical Moss grades and implies there are volumes of high-grade material yet to be drilled," remarks Thompson. The hole was drilled near historic workings located at the southern boundary of the patented claims, about 400 meters south of the Moss stockwork system.
The second part of the Phase II program, designed to test the western extension, is now underway using a specialized core-drilling rig. "We are optimistic heading into this next phase of drilling, based on results from the one RC (reverse circulation) drill hole (AR-132) that we were able to drill into a considerably steeper part of Moss's terrain, which returned mineralization from nearly top to bottom, over a total of 84 metres," adds Thompson
Highlights From Phase II Drilling at Moss (see following table for detail)
Hole AR 121: 0.51+ gpt Gold Eqv over 84+ metres including 2.13 gpt Gold Eqv over 7.6 m
Hole AR 123: 0.52+ gpt Gold Eqv over 22+ metres including 0.89 gpt Gold Eqv over 6.1 m
Hole AR 124: 1.45+ gpt Gold Eqv over 24+ metres including 2.27 gpt Gold Eqv over 13.7 m
Hole AR-128: 0.75+ gpt Gold Eqv over 57+ metres including 1.46 gpt Gold Eqv over 15.2 m
Hole AR 136: 19.39 gpt Gold Eqv over 1.52 metres
|Hole ID|| Interval
|AR-134||No Significant Results|
|AR-135||No Significant Results|
|AR-137||No Significant Results|
* AuEq (gpt) = Au (gpt) + 1/40th Ag (gpt)
* Estimated True Width calculated using 70 degree dip to zones of mineralization, it ranges from 34 to 91%;
* opt = troy ounces / short ton
*gpt = grams / metric tonne
*Assumes 100% metallurgical recovery
The geological disclosure in this press release has been reviewed and verified by Northern Vertex's Chief Geologist, Dr. Bob Thompson, PhD P.Eng (a qualified person for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects).
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 asset-based gold projects that demonstrate near term production potential and long-term sustainable growth.
ON BEHALF OF THE BOARD OF NORTHERN VERTEX
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.
For further information:
please visit www.northernvertex.com
Or contact Colin Clancy at Telephone: 604-601-3656 Toll Free 1-855-633-8798